Therefore it is an advanced technology. The usage of solar technology as well as the presence of secondary input through the car lighter is evident that product is designed using the latest technology. The technological environment of the product is rapidly chaining and improvements are incorporated. The product should be analysed periodically for advanced features.
Environmental Environment:
The environmental aspects of the product are most favourable in terms of the product usage and technology used to manufacture the device. The product is considered as a contributor to the efforts of promoting renewable energy alternatives at small scale usage. The portability and environmentally friendly nature of the product is highly appreciated in terms of its benefits for maintain a clean and natural environment.
Legal Environment:
The legal environment of the product is also in favour of such technological products. There are no such legal implications in development, manufacturing, usage, sales, and distribution of the product. However the legal implications should be considered in terms of marketing and advertising materials. It should be clearly communicated to the customers that during extreme unfavourable condition solar charger can only be used with car lighter. It cannot use sunlight as a source of energy and it might affect the device's working capability.
7. SWOT Analysis
Strengths:
Brand Position
Quality Assurance
Reliability of Product
Critical usability
Weaknesses:
Product Positioning
Marketing and Promotion strategy
Market Reach
Opportunities:
Tourism Trends in favour of Caravan and Camping
Market decline for roadside rescue services
Solar energy promotion
Positive environmental factors
Threats:
Low Price differentiation
High market competition
8. Objectives
Marketing Objectives:
The marketing objective is defined in terms of three major variables. These components are important in terms of increasing the customer's awareness through marketing, market share, and sales of the product. These three marketing objectives are having a complimenting effect on each other. The integrated approach is required to achieve these objectives. The customer awareness increase is targeted at 40% as compared with the current customer's target. The market share is targeted at an increase of 25%. The sales should increase by 20% in the targeted period.
Financial Objectives:
Product: RSP-150 Solar Power Maintainer
Current
Projected
No of Units Sold
£ Price
Value of Units Sold (£)
No of Units Sold
£ Price
% Increase
Value of Units Sold
23000
20
460000
27600
20
20%
552000
9. Marketing Strategy
Target Market:
The target market segmentation is based on the key market factors influencing the growth potential for product sales through effective use of marketing and advertising strategy. The market is segmented on the basis of functional characteristics of the product. The travellers by cars for camping sites holiday destinations are the primary target market segment of the product. The second most important segment is the owners and users of cars older than five years. The sub-segmentation of the holiday makers segment is based on the age group as 15 to 25 years of age using their own cars for traveling to camping holiday destinations. The owners of cars older than five years are further segmented as the individuals not using roadside rescue services based on the low to middle income group individuals.
Unique Selling Proposition (USP)
The product has a unique standing in the market regarding its ability to use two inputs. The workability with sun light is the first input. However at the same time product can also be used using car lighter. Moreover the portability and ability of the product to charge car's battery is also a unique selling proposition. The additional lead provided with the product in same price is also and added feature. The product is also available in two different models with increased capacity that is not present in the market through any other competitor.
Marketing Mix:
The organizations can develop a marketing mix based on the target market dynamics and competitive advantage. It provides an understanding of the integrated approach towards the marketing and promotion of the products. The marketing mix is a term used for defining 4 P's of marketing. Individual strategies are developed to compliment the marketing strategy. The four notable elements of marketing mix are product, price, promotion, and place (Distribution)(Gitman & McDaniel2008).
Product:
The product is an important element of the marketing strategy. The product strategy is based on the key features of the product. It is concerned with the products technical, functional, and physical features. The product strategy should focus on satisfying customers' needs as well as providing value to the customers. The recession in the market requires the product to add additional features and value for consumers. The current product provides a number of features as an added value to consumer...
Schools/Healthcare/Government Institutions Use Product Mix: Many of the professionally developed products are well-suited to the educational market. Again, educational institutions can find high performance coupled with cost efficiency. In addition, Dell offers special pricing for educational facilities, their faculty and staff, healthcare institutions, as well as State and Local Government agencies, and government employees. Family Home Use Product Mix: Lastly, the family home market is a key target market for the organization. The
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