marketing 101 term project cutco with bookwords highlited

Marketing

Plan

Klotzman

Nathan

By

2014

1 | Nathan Klotzman

1. Executive Summery…………………………………………………………………………………….3

2. Marketing Plan Assumptions and Limitations……………………………………………..4

3. Situation Analysis……………………………………………………………………………………….4

a. Company Analysis…………………………………………………………………………….4

i. Market Shares………………………………………………………………………..6

b. Target Market Analysis……………………………………………………………………..7

i. Customer Value Analysis.……………………………………………………….7

c. Competitor Analysis……………………………………………………………………….11

d. SWOT Analysis for Cutco…………………………………………………………………13

i. Strengths………………………………………………………………………………13

ii. Weaknesses………………………………………………………………………….14

iii. Opportunities……………………………………………………………………….14

iv. Threats…………………………………………………………………………………15

e. PEST Analysis for Cutco…………………………………………………………………..16

i. Political Factors…………………………………………………………………….16

ii. Economic Factors………………………………………………………………….16

iii. Social Factors………………………………………………………………………..17

iv. Technological Factors……………………………………………………………17

4. Consumer Market Segmentation………………………………………………………………19

a. Vector Marketing Corporation………………………………………………………..19

b. Cutco Retail Stores………………………………………………………………………….20

5. Alternative Marketing Strategies………………………………………………………………21

a. Recruiting Additional Sales Representatives……………………………………21

i. Strengths………………………………………………………………………………21

ii. Weaknesses………………………………………………………………………….21


iv. Threats…………………………………………………………………………………21

b. Expanding Internet Channels for Follow-up Orders………………………..22

i. Strengths………………………………………………………………………………22

ii. Weaknesses………………………………………………………………………….22


iv. Threats…………………………………………………………………………………22

c. Opening Retail Stores……………………………………………………………………..23

i. Strengths………………………………………………………………………………23

ii. Weaknesses………………………………………………………………………….23

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iv. Threats…………………………………………………………………………………23

d. Pursuing International Expansion……………………………………………………25

i. Strengths………………………………………………………………………………25

ii. Weaknesses………………………………………………………………………….25


iv. Threats………………………………………………………………………………...25

e. Growth Driver Table………………………………………………………………….26-27

6. Selected Marketing Strategies………………………………………………………………….28

a. Marketing Mix Decisions (4 P’s)………………………………………………………30

i. Product…………………………………………………………………………………30

ii. Price……………………………………………………………………………………..30

iii. Place (Distribution)……………………………………………………………….30

iv. Promotion…………………………………………………………………………….31

7. Short & Long-Term Projections………………………………………………………………...32

8. Conclusion………………………………………………………………………………………………..35

9. Bibliography……………………………………………………………………………………………..37

3 | Nathan Klotzman

Executive Summery………………………………………………………………………………………………

Cutco Corporation has made sales in North America and on all other

continents, excluding Antarctica. Most of the desired target market who have

bought in North America were educated and aged 35-59, having an annual

household income above $50,000. For the past thirty years, Cutco has relied

heavily on Vector Marketing to make most of their sales by way of direct selling,

unlike other companies who mainly use retail stores. Therefore, over the past

twenty years, Cutco’s name brand recognition has had a growth to the point

where very little investment is needed to maintain it.

At this stage, to accomplish Cutco’s goal of attaining $2.5 billion as revenue

annually in the next five years and eventually earn revenue of $5 billion annually,

Cutco has to attain new customers and retrieve previous customers.

After researching four different alternatives of drawing in more customers,

I have come to the conclusion that recruiting additional college sales

representatives, with opening retail stores is the best marketing plan for Cutco.

The main strategy will be to attain new customers through the sales

representatives, with the retail stores picking up the customers that fell out of the

loop.

You will see through my analysis that in the next five years Cutco will reach

its goal of potentially generating revenue of $2.5 billion or more. Furthermore,

this plan is consistent with previous strategies used by Cutco and will be the least

impacted by the kitchen knife manufacturing industry decline stage.

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Marketing Plan Assumptions and Limitations………………………………………………………

This marketing plan is dependent on these expectations:

A multitude of good sales representatives will be hired.

The market potential will not run out.

Consumers will prefer Cutco cutlery over other brand cutlery.

Previous customers will come to the stores to buy more cutlery.

The decline in the industry will have little or no effect on Cutco.

Situation Analysis…………………………………………………………………………………………………

Company Analysis

Cutco Corporation, currently located in Olean, N.Y., is the owner of many

subsidiaries, they are: Cutco Cutlery Corporation, Cutco International Inc., KA-

BAR, Schilling Forge, and Vector Marketing Corporation. Through these

subsidiaries, Cutco manufactures a large range of kitchen cutlery and accessories.

Included in the Cutco production lines are: kitchen gadgets, utensils, and flatware;

military, sporting, and all-purpose utility knives; cookware and garden tools. A

small part of Cutco though, manufactures and markets precision forging that is

not ready for customer consumption.

After the manufacturing of its products, Cutco uses its subsidiary Vector

Marketing to sell its products. Within itself, Vector Marketing employs around

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60,000 college students each year as independent contractors, to take the sales

to homeowners, as the salespersons.

The Flipside

As the authorized college student goes from door-to-door selling Cutco’s

products, they practice the direct sales approach. This is opposed to retailing

sales, which is in-store selling.

In 2006, Cutco’s first retail was opened in PA to do business. Since then,

seven more stores were opened in GA, IN, MN, MO, TX, and two in MI with more

to come. There are two reasons Cutco is opening stores, one is to bring back the

customers they lost when the college student graduated and the other reason is

to have the ability to service customers’ products. About 95% of people who visit

the store are already Cutco customers to either get their knives sharpened or

replaced as part of the company’s “forever” guarantee or stop by to find out

about new products.

The retailing has to move slowly so it doesn’t cannibalize sales of the

representatives’.

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31%

3%

11%

55%

Kitchen Knife Manufacturing Indusrty Revenue

Cutco

Dexter-Russell

Other AmericanCompanies

Imported

Market Shares

Cutco’s market share in the kitchen knife manufacturing industry as of 2012

is 31%. According to the US

Industry Market Research

Report found on IBISWorld,

the kitchen knife

manufacturing growth stage

was to continue through 2013, before declining sharply through 2017. Rising

input costs and the fact that more than 50% of the industry’s revenue is imported

are just two of the reasons that the industry is declining. As of 2012, after Cutco,

Dexter-Russell, the next largest player in the kitchen knife manufacturing, only

accounted for 3%. The differentiation between Cutco and Dexter-Russell shows

the importance of brand name recognition.

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Target Market Analysis

Only in 2011, when Cutco started using eSite, did Cutco start to be able to

identify who they were marketing to. Most, 60%, of Cutco customers are between

35 and 59 years old. Over the past four years, 2008-2012, it has been noted that

the median household income in the United States was $53,046, meaning half of

the amount of households were in the desired target market. On April 25, 2012

Tim McCreadie, a Cutco executive spearheading the store expansion stated that

Cutco has over 15 million customers in the United States.

Customer Value Analysis

People usually buy Cutco products for four reasons, its exceptional quality,

it’s really sharp, it’s made in America, and it’s backed by The Forever Guarantee.

Exceptional product quality relative to Cutco’s kitchen cutlery is defined by

the perfected strength, ergonomics, and utility of every Cutco product. Strength

in this definition, means resistance to deformation, which is very helpful in the

kitchen when one is dealing with food especially vegetables with grit on them.

Another exceptional quality is Cutco’s ergonomic handle which is a universal fit

for large or small, right or left hands. Its fatigue-resistant design locks in one’s

hand, between thumb and forefinger, for safety and control. Furthermore, the

8 | Nathan Klotzman

quality of the metal rivets, made of nickel-silver alloy, has the ability to resist

staining and tarnishing.

Cutco knives go through a three step heat treating process to ensure the

innovative Double-D® and straight-edge blades are

durable, flexible, and hold a cutting edge. The blades

first go through a process called blanking where they

are punched out of 440A high-carbon stainless steel.

440 series high-carbon stainless steel, is also known for a much better edge

retainer, than other metals with low or no carbon,

when it is heated properly, also being class A means

it has the least amount of carbon in the series, so it is

the most surgically stain resistant. Since most people

have little or no experience with sharp knives, when they get knives with the

Double-D® features they will enjoy the fact that they cut, unlike other knives in

most people’s homes, and start using them for all cutting purposes.

According to a nationally representative survey by the Consumer Reports

National Research Center, given a choice between a product made in the U.S. and

Double-D® Edge

9 | Nathan Klotzman

78% 22%

46.80%

19.5%

American v. Abroad

Made in America

Made in Abroad

Pay 10% More!

Pay 20% More!

a similar one made abroad, 78% of Americans would rather buy the American

product. At least 80% of the people’s reasoning is keeping jobs in America

and keeping American manufacturing

strong in the global economy, while

more than 60% of the same people

were also worried about child

workers or cheap laborers overseas

with the belief that American-made goods are of higher quality as well.

Furthermore, more than 60% of the respondents indicated that even if the

product cost 10% more than the imported version they would buy the American-

made appliance; more than 25% said they would pay even 20% more.

All of Cutco’s products are backed by its Forever Guarantee, this covers its

products performance and sharpness. Whenever one needs a product fixed, all

they have to do is mail it to Cutco and they will take care of it. This excludes any

problems from misuse or abuse of a product where Cutco offers half off its

current retail price to buy the item new.

10 | Nathan Klotzman

Having these four qualities highly encourages consumers, who enjoy high-

quality American made products that have a secure guarantee. For they do not

have to be concerned about their cutlery breaking from things like cutting cheese

or being dropped in the sink from a small height because of the low quality in

their cheap knives from abroad.


Competitor Analysis

Dexter-Russell is Cutco’s main competitor, holding 3% of the market shares

in the industry as of 2012. Like Cutco, Dexter-Russell manufactures its high-quality

products in the United States, have designed their blades to be sharp, and are

sold by authorized people and stores as parts of their competitive marketing

strategies. However, Dexter-Russell has a specialty products with straight-edged

blades whereas Cutco has a specialty products with serrated, Double-D®, blades.

Comparing cutlery between Cutco and Dexter-Russell in use is not really

possible because their target markets for the most part not the same even though

the other’s target market might cross over the line and purchase the opposite

brand. Meaning, Cutco is made mainly for the average family, while Dexter-

Russell is made mainly for institutions and chefs and some chefs prefer Cutco,

while some families prefer Dexter-Russell. One of the decision factors, that effect

the consumer buyer behavior, is the balance of the knives, Cutco’s knife balance is

usually in the blade, while Dexter-Russell’s knife balance is usually between the

blade and handle. Another reason consumers take a preference is the shape of

the blade the knives have, knives that works for one person do not necessarily

work for another.


In creating a brand name, however, Cutco takes the blade with a

competitive advantage, cutting the 31% off the market share pie. Since Cutco has

Vector Marketing, to sell its cutlery by way of college representatives, people who

have families and friends, advertising by word of mouth, consumer-generated

marketing, and instigating sales in a convenient matter, company- generated

marketing. Dexter-Russell though, sells only through particular institution and

chef stores making it less convenient for the casual buyer, who heard about it

from a friend or chef.

Other Cutco competitors in the cutlery industry are mostly in-store sellers,

with similar designs to each other, and are made outside the United States. In

emphasizing its high-quality, unique designs, customer care, and the fact that it is

made in the United States, Cutco will separate itself from these other

competitors.


SWOT Analysis for Cutco

Strengths

10%: High-quality kitchen cutlery: CUTCO’s cutlery has unique designs

making it a higher-quality over store bought knives. A couple of the designs

are the Wedge-Lock handle, giving the cutlery a non-slip grip, and Double-D

stay-sharp recessed edge, keeping the blade sharp as well.

50%: Owner of Vector Marketing Co.: As the owner of Vector Marketing

Co., CUTCO utilizes its platform marketing model to sell its cutlery

throughout the United States and Canada. This is how CUTCO sells its

products and procures consumers.

30%: Brand name recognition: Through both direct marketing channel, by

way of Vector Marketing, and high-quality products, by way of design,

CUTCO has made a Brand name for itself. Furthermore, CUTCO also uses

promotions and advertisements to make itself a name in the kitchen cutlery

manufacturing.

10%: Made in America: 78% of Americans would rather buy American

products over abroad.


Weaknesses

50%: Seasonal sales: Since CUTCO markets itself solely through Vector

Marketing, the only major time for sales is during the summer season. The

reason for this is that the college representatives who are hired by Vector

Marketing to sell the products are more available at that time.

50%: Current manufacturing is near capacity: When CUTCO increases its

customers, and more cutlery than available is bought, CUTCO will have to

limit its amount of sales or expand its manufacturing division.

Opportunities

20%: Increase brand awareness to customer base: There are always

opportunities for growth in this area because people always want the best

high-quality when they can afford it. CUTCO, by way of Vector Marketing,

gets college students who have networks of friends and families to sell and

tell about CUTCO cutlery to their networks.

20%: Broaden customer base: CUTCO can increase its customer base by

entering its cutlery into other markets around the globe. Targeting other

countries, for example China enjoys high-quality American products.


60%: Online sales: In today’s marketing world, CUTCO’s corporate web site

allows anyone who wants, to research and buy CUTCO cutlery without any

hassle.

Threats

40%: Competitors use department stores: Not everyone trusts the internet

or a person who comes to your door like a salesman. Some people enjoy

going someplace and checking products on their own without interference.

20%: Competitors have lower costs: Since other companies make their

cutlery cheaper, by using cheaper material or having it made in another

country, it is more affordable than CUTCO’s cutlery.

40%: Price increases 5% every other year: Now that material and labor

costs are rising, CUTCO has to markup its price to still come out on top. This

makes it harder and harder to sell to people who want to pay less for more.


PEST Analysis for Cutco

Political Environment

Sales Tax: Since Cutco is a direct sales company and does business in all 50

states, Cutco is required to collect and remit sales tax.

Environmental Sustainability: Over the past ten years, Cutco has hired

Leader Consulting Services, to do sampling and testing for its properties

and business. This included asbestos sampling and testing, test monitoring

wells, and sampling soil and groundwater. Leader Consulting Services has

also performed feasibility studies and remedial alternative designs for some

facilities.

Economic Factors

Economic environment: Atlanta, one of Cutco’s strongest areas, is having

significant economic growth. There approximately 80,000 customers in the

greater Atlanta area.

Inflation Rate: Cutco’s prices are rising 5% every other year due to material

and Labor costs rising.

Market: It has been predicted that the market will decline for kitchen knife

manufacturing industry.


Social Marketing

Health conscious: In the past, Cutco has donated more than half a million

dollars to support the American Heart Association’s Go Red For Women®

movement.

Distribution: Every year, more students go to college and get jobs with

Vector Marketing to sell Cutco’s cutlery; each college representative knows

more people who are not yet in Cutco’s customer database.

Vector Marketing: Some people, who have worked for Vector Marketing

and were not successful, are resentful of Cutco’s cutlery corporation,

having not completely understood the separation of the companies, and

are spreading their mistrust of Cutco to other people.

Safety and Control: All of Cutco cutlery has been fitted with an ergonomic

handle that secures itself in one’s hand for better control.

Moving: Nima Samadi, an IBISWorld industry analyst, indicated in her

report most kitchen knives are purchased when people move into new

homes.

Technological Factors

Websites: Buying and Researching Cutco cutlery is easier to do through

online sources, however it will take away some sales from the authorized

college representatives.


Online Social Network: Facebook is a way customers can learn new recipes,

watch how Cutco cutlery is used, and get customer insight from other

people enjoy Cutco’s cutlery. Cutco currently has a fan base of 39,505

people, 93.7%, 36,999 of which are in the United States.

Internet: Approximately 15 million United States residents have their

identities stolen each year. One of the many ways this is done, is through

internet payment services. For this reason many people are scared of

buying online.


Consumer Market Segmentation…………………………………………………………………………

Vector Marketing Corporation

Ever since 1981 – 1984, making more sales than any other independent

seller, Vector Marketing was bought-out to sell Cutco cutlery to consumers. Now,

Vector Marketing, Cutco Corporation’s exclusive distributor, owns 280 district

offices that work year round, plus 300 branch offices which run during the

summer only. These offices cover most of the 50 United States in 6 regions:

Northeast, Eastern, Midwest, Central Southwest, and Western; using the

territorial sales force structure. Being demographically placed Vector Marketing

hires college students to sell to the high income households, usually over $50,000.

To further their sales cause, Vector Marketing uses the college students to sell to

their families and their family’s friends either because of empathy or feelings of

obligation to the college student or student’s family. Other customers college

students sell to, are either impressed with the in-home demonstration or they

know other people who have had customer satisfaction.


Cutco Retail Stores

Cutco Stores were started in 2006. They were geographically placed where

customers have bought Cutco cutlery the most, because after the college

students graduate some customers tend to lose touch with the company. The

retail stores were also placed where consumers have high-incomes

demographically and where it won’t inhibit the college students’ sales.

In 2011, Tim McCreadie, the director of Cutco stores, started working with

esiteanalytics.com. Esiteanalytics.com is made up of three companies the main

one being eSite and the two partners being esri and TOMTOM, to bring about

Powerful Trip Data and Analytics, competitive marketing intelligence, for the best

placement of company stores. Tim McCreadie plans to use the website to help

him find the best locations for Cutco’s stores in the future, to make sure both of

Cutco’s direct marketing and retail stores can coexist in the same market.

Moreover, Cutco does not want to have to close the stores in a couple a couple of

years, for not making enough profit. Furthermore the website assist Cutco in

realizing who they are marketing to and it’s segmenting of Cutco’s clientele.


Alternative Marketing Strategies… ………………………………………………………………………

Recruiting Additional Sales Representatives

Strengths

It is consistent with Cutco’s direct sales business model.

There are significant growth opportunities.

There is an existing infrastructure.

Weaknesses

Sales representatives are only available for 14 weeks in the summer.

There is a high sales representative turnover rate.

The managers are unexperienced.

Opportunities

An investment of $10-15 million is available.

A multitude of possible representatives are available.

Training technology is available for representatives.

Threats

The cutlery sales industry is reclining

The company loses touch with customers for additional sales opportunities.


Expanding Internet Channels for Follow-up Orders

Strengths

It’s easier to reach abroad customers.

It needs a small investment.

It has a high profit margin.

Weaknesses

There will be a lack of presence.

Opportunities

People are constantly buying off the internet.

It will encourage previous customers to buy more.

Sales will be easier to complete.

Threats

It will demolishing the college program.

It may create greater losses.

Some people don’t trust the internet.

People might look for something cheaper once they are on the web.

Cutco could lose its brand exclusiveness.


Opening Retail Stores

Strengths

ESite will supply good locations for the stores.

It will be a personalized sales force.

Weaknesses

Cutco has to train the managers and employees.

Cutco could lose its brand exclusiveness.

It has high startup costs.

Opportunities

Additional brand recognition could come about.

Stronger customer-company relationship can be created.

It will have an easier selling point.

Threats

If it is overdone it will cannibalize Cutco’s direct selling model.

Cutco will have to have competition-based pricing.

Vandalism of the store could be a problem.

Responsibility for cutlery injuries can come about.


There could be a low interest with general public.

Competitor retail stores have more experience.


Pursuing International Expansion

Strengths

Cutco has had success in exporting to Canada and Korea.

Cutco’s high-quality products are made in the United States.

Weaknesses

Cutco was unsuccessful in the past.

There is a high risk of failure.

Opportunities

Cutco could tap into $114 billion global market.

China likes high-quality American products.

Threats

There will need to be a high outlay of money.

Other countries have unstable economies.

International competitors could interfere with sales.


Growth Driver Table

The table above shows how much would be gained under the four

alternative marketing strategies. Additionally their profits followed up by the

desired results and what changes need to be met to attain the goal of $2.5 billion

over the next five years.


Selected Marketing Strategies… ………………………………………………………………………

With the decline stage in the kitchen knife manufacturing industry upon us,

I have come to the conclusion that only one of these growth drivers will succeed

in the marketing implementation. The growth driver that will succeed is recruiting

additional sales representatives, for there are multitudes of possible

representatives to hire from and it is consistent with Cutco’s direct sales business

model, with the added benefit of keeping up Cutco’s brand name. Therefore, to

best recourse for Cutco’s resources is to attract additional sales representatives

and train them with the best technology available.

Another option that would have been available if the industry wasn’t in a

decline stage would be to open more retail stores, even though it would destroy

Cutco’s direct sales model and has high startup costs; all of the other relevant

methods of growth will take Cutco into the red in either situation, with or without

the industry’s decline. However, as a secondary growth driver, opening retail

stores in locations that will have little or no effect on the company’s direct selling

model will be of avail. When a sales representative leaves, the customers that

were gained through their hiring tend to lose touch with the corporation, making

a loss of potential sales for Cutco. This is where retail stores come in, they will be


placed in areas where Cutco has had a lot of sales with previous customers. In this

way, retail stores will bring up the rear so to speak, in obtaining and retaining

customers.


Marketing Mix Decisions (4 P’s)

Product

500 (stock-keeping units)

Homemaker Set Plus Eight

5-piece set of flatware

6-serving pieces

Line of accessory kitchen products

Price

From $27-$2,659

Increasing by 5% every odd year (2009, 2011, 2013)

Place (Distribution)

United States and Canada

Vector Marketing directly sells Cutco through six regions of the United

States to households.

UPS and U.S. Postal services are used to deliver products to customers.

www.cutco.com (online selling)

8 Retail stores

http://www.cutco.com/


Promotion Mix

Direct selling

Retail selling

Online selling

Distributor: Vector marketing Corporation and CWE Industries


Short & Long-Term Projections… ………………………………………………………………………

For the moment, Cutco should use a marketing mix to attack the market

from two different directions sales representatives and retail stores, with a slight

input of online technology.

As of 2011, Cutco’s subsidiary, Vector marketing, has contracted about

60,000 college student workers each year to perform entry-level sales work and

should still be an ongoing project. Although Vector Marketing hires a lot of

College representatives, there is a high sales representative turnover rate

limitation, due to lack of initiative to instigate sales and lack of drive. All sales

representatives, depending on their level initiative and drive, subsequently earn

different amounts and a median or average cannot really be acheived. A good

representative example is Mike Dawid who sold over $218,000 in 2011, over

$302,000 in 2012, and over $400,000 in 2013. So, assuming a good college

representative makes about $50,000 in a year in commissions, depending on the

commission percentage Cutco will need 2,500 representatives at 5% commission

to 10,000 representatives at 20% commission, of the revenue. Over time, Vector

Marketing will lose and gain representatives some will be good and some will be

bad, the key is finding the good ones.


Starting in 2006, Cutco has started trying the retail marketing waters, to

test the market for retail sales. At the rate of about one new store a year, Cutco

has opened eight stores with the estimated income per store at $625,000

annually each coming to $5 million in estimated revenue; mostly from previous

customers. With the decline stage in-tow, Cutco should continue adding a store

each year through 2017 and the two years following three each. This will come

out to seventeen stores, fourteen of which will be fully functional and three

partially functional by 2019; meaning $10 million in estimated revenue that year.

Most of the retail stores should have paid for themselves at this point. With using

eSite’s spatial analytics, Cutco’s retail chain won’t upset Cutco’s direct marketing

model.

Online Activity for now is a little quite, slowly building up fan bases while

having online sales availability, with minimum investments in the websites.

Anyone who wants can look up Cutco and its reviews to help them decide on

whether or not to try Cutco. Furthermore, online sales availability makes it so the

customer doesn’t have to go to a faraway store or find a representative plus

customers across seas have the ability to purchase Cutco’s cutlery.


In the future, Cutco should continue to recruit additional sales

representatives to keep up its brand name and be personal with its customers.

According to Tim McCreadie, there could be prospects of a 150 retail stores, to

retrieve previous customers. For this to be possible, the retail stores have to be

successful and the market for kitchen knife manufacturing industry has to be

rising back up again. Furthermore, for the long-term projections Cutco should

maintain sales in Canada and Korea and slowly grow more into them, while at the

same time Cutco should look for bigger manufacturing plants and advance its

technology to produce its cutlery faster.


Conclusion… …… …………………………………………………………………

In my opinion, Cutco, should use two active strategic plans and one passive

strategic plan in its marketing mix. The two active ones being retail stores, the sub

strategy, and recruiting additional sales representatives, the main strategy.

With the market going down over the next three years, Cutco should

exploit the recruiting of additional sales representatives because of its low

investment, even though it has high representative turnover rate. While this

could be totally relied on to make Cutco’s goals, it has its potential gains that are

lost, when a representative leaves because the potential ongoing customer loses

touch with the company. Therefore, to retrieve these potential customers, for

future sales, Cutco has to strategically place retail stores using eSite’s spatial

analytics, so as not to interfere with the direct selling model. This way, both the

retail stores and the independent sellers can coexist and complement each other.

The retail stores after a big investment can also yield good result in

estimated profit, but with the decline there is too much of a risk, with a lot of

money. So, the solution of retrieving potential customers has to be accomplished


slowly and methodically in places where sales are still available to be had and in

places where the household income is over the median household income of

$50,000.

The passive strategy should be Cutco’s presence on the web. It has a

website that shows off its knives, news articles, and allows one to buy Cutco’s

products. Facebook, is Cutco’s way of letting customers talk about their purchase

decisions, learn new recipes, and learn a whole lot more about Cutco. Cutco

moreover should use its presence to refute people who degrade it and its cutlery.

It is to my understanding, the only way for Cutco to reach its goal of $2.5

billion or more annual revenue in the next five years and $5 billion or more

annual revenue in the next ten years, they must recruit and retain good sales

representatives. Retail stores, will only assist the goal a little but not enough to

truly make a difference in its completion.


Bibliography …… …………………………………………………………………

http://www.cutco.com/home.jsp

http://vectormarketing.com/

http://vectormarketingnews.com/

http://cutcocorporation.com/companies.html

https://prezi.com/o2p-ep9s_swg/cutco-case-study/

https://www.sageworks.com/pdf/The_Detroit_News_04122013.pdf

http://www.schillingforge.com/

http://www.cheftalk.com/t/11067/cutco-knives

http://www.cheftalk.com/t/81277/i-love-my-cutco-knives

http://www.dexterrussellknives.com/

http://en.wikipedia.org/wiki/Surgical_stainless_steel

http://www.esiteanalytics.com/client-spotlight-how-cutco-uses-spatial-analytics/

http://en.wikipedia.org/wiki/SAE_steel_grades

http://en.wikipedia.org/wiki/Vector_Marketing

https://www.linkedin.com/in/cutcomike

https://prezi.com/dwkczutk2hit/cutco/

http://www.socialbakers.com/statistics/facebook/pages/detail/146029520432-cutco-cutlery?interval=last-month

http://webcache.googleusercontent.com/search?q=cache:I_Ishy8WACMJ:www.papsidero.com/media/cutco+&cd=2&hl=en&ct=clnk&gl=us

http://boards.straightdope.com/sdmb/showthread.php?t=554458

http://www.identitytheft.info/victims.aspx

https://www.facebook.com/CUTCOCutlery+&cd=1&hl=en&ct=clnk&gl=us

www.stltoday.com/business/local/cutco-sharpens-its-business-by-adding-retail-stores/article_707e846c-8fbc-11e1-a44a-0019bb30f31a.html+&cd=1&hl=en&ct=clnk&gl=us

www.prweb.com/releases/2012/4/prweb9449430.htm+&cd=6&hl=en&ct=clnk&gl=us

http://consumerreports.org/cro/magazine/2013/02/made-in-america/index.htm

http://www.cutco.com/home.jsp

http://vectormarketing.com/

http://vectormarketingnews.com/

http://cutcocorporation.com/companies.html

https://prezi.com/o2p-ep9s_swg/cutco-case-study/

https://www.sageworks.com/pdf/The_Detroit_News_04122013.pdf

http://www.schillingforge.com/

http://www.cheftalk.com/t/11067/cutco-knives

http://www.cheftalk.com/t/81277/i-love-my-cutco-knives

http://www.dexterrussellknives.com/

http://en.wikipedia.org/wiki/Surgical_stainless_steel



http://en.wikipedia.org/wiki/SAE_steel_grades

http://en.wikipedia.org/wiki/Vector_Marketing

https://www.linkedin.com/in/cutcomike

https://prezi.com/dwkczutk2hit/cutco/





http://boards.straightdope.com/sdmb/showthread.php?t=554458

http://www.identitytheft.info/victims.aspx

https://www.facebook.com/CUTCOCutlery+&cd=1&hl=en&ct=clnk&gl=us

http://www.stltoday.com/business/local/cutco-sharpens-its-business-by-adding-retail-stores/article_707e846c-8fbc-11e1-a44a-0019bb30f31a.html+&cd=1&hl=en&ct=clnk&gl=us



http://www.prweb.com/releases/2012/4/prweb9449430.htm+&cd=6&hl=en&ct=clnk&gl=us

http://www.prweb.com/releases/2012/4/prweb9449430.htm+&cd=6&hl=en&ct=clnk&gl=us




http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=2763538

http://quickfacts.census.gov/qfd/states/00000.html



http://quickfacts.census.gov/qfd/states/00000.html

marketing 101 term project cutco with bookwords highlited

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