Write the The Marketing Mix (The 4Ps of Marketing)
Use the 4Ps elements of the marketing mix (product, price, place, and promotion) to identify and attract potential buyers for the product.
(a) Develop a product strategy: Based on features, quality and benefits, convenience, size, shape, etc. (note
points of difference)
(b) Develop a pricing strategy: Based on income, product type, competition (see your STP, refer to the notes on pricing strategies). You must choose one or more of these strategies
(c) Develop a distribution strategy: Where and how will you sell the product? Refer to your notes on supply chain and retailing.
(d) Develop a promotion strategy: How will you communicate (a, b and c) to your potential customers?
Financial Projection (See chapter 13 for formula)
a. How many units of your product do you expect to sell in 1 year?
b. How much will 1 unit cost you to make?
c. What will be you fixed cost – long term cost, e.g. machinery, vehicles?
d. What price do you intend to charge per unit?
e. What is your breakeven quantity? How many units will you have to sell to make no profit and no loss?
Write a Marketing PlanFollow the marketing plan example in the attached files belowI wrote the previous steps of the marketing plan in the question section and the expert has to continue writing from that.
1.
Executive summary
“Super gadgets” is an organization that designs innovative gadgets that are handy, easy to use and are meant to make life easy. This marketing plan illustrates the market segments along with discussing the strategies that we will be employing so as to attract customers as well as to create a strong revenue stream for the business. We are dealing currently in solar sheets which are a popular product as used for storing the solar energy. This could be easily connected with device for providing the electric energy using chip. Now our new focus is on the Energy brick that is made up of rich quality crystalline silicon that could help in storing solar energy as well a slight energy and will further convert them into electric energy. This would be connected with underground storage too.
The funding of this new product would be done by existing operating cash of the firm with the existing product, solar sheets. 4Ps will be product that is energy brick, price would be competitive to existing market prices, place would be same as of solar sheets and promotion would be done with the help of leaflet distribution, social marketing and tele-marketing to existing clients and interested database.
Product strategy based on the features, quality, benefits, size, shape, convenience is analyzing the market need (easy to charge energy backup), features and innovation (solar energy storage using the bricks that can be included during construction) and corporate goals (business expansion).
Pricing strategy adopted would be competitive pricing and experience curve pricing. Distribution strategy adopted would be intensive distribution. Product would be sold to energy sector as well as construction sector and for this supply chain and retail would be opted along the existing solar sheets. Promotion strategy adopted be social marketing, telemarketing, and leaflet distribution to being awareness about the product and enhances the reach to target customers.
Financial projections for super gadgets include expected units that is expected to be sold in 1 year are 80,000 units of energy bricks. One unit will cost me around $60 to make, our of which fixed cost will be $45 each unit and price per unit I intend to charge is $66. Break-even quantity would be 1,10,000 and to reach breakeven point that is no profit no loss, I need to sell 1,00,000.
2. Company description
Super gadgets, Innovation Company for handy gadgets dealing in solar sheets that can store solar energy and a chip may be connected for converting it to electric energy. A novel product called energy brick will be introduced that is made of rich quality crystalline silicon. And will store as well as convert solar energy into electrical one. Easy to recharge, connected with underground storage energy bricks will lead to reduction in power backup dependency.
3. Strategic focus and plan
Mission
of super gadgets is to provide reduction of dependency on power backups along with securing the future by using the renewable energy source.
Goals
Non financial goals
of Super gadgets’ Energy brick is to provide backup for energy, utilizing renewable energy source and providing an option wherein recharging is easy and included that is no separate charging required like chips.
Financial goals
include earning huge revenue with new product by solving the problem of power backup for users while offering them easy to handle and manage product. Also penetrating the market potentially for higher profits.
Core competency
of the new product is it’s easy to recharge feature along with just installing 2000 bricks may resolve the issue. It is cost effective and highly efficient product.
4. Industry Analysis
Solar chips and Energy bricks belong to solar panel market that was valued at $115.2B in 2019 and is almost to grow at CAGR 4.3% from 2020-2027. This growth in demand for the renewable based clean electricity is basically merged with the rebates on the government policy along with the incentives that encourages for installation of solar based equipment like chips and energy bricks for driving the market in upcoming years.
Product is mass produced and is standardized. Also, the solar sheets are not customizable, but the energy brick are mass produced by company. The benefits of the product are the clean energy will be stored in bricks and storage. Around 2000 bricks per house will be enough to charge within an hour with a backup of one month.
Positioning
The competitive advantage of the product is it is one of the most popular and reliable solar energy storage and conversion devices. It is one of the most reliable equipment for charging the electronic devices.
5. Competitor analysis
Direct Competitor
The direct competitor of super gadgets is LG solar, Sun Power, Panasonic, and Jinko Solar. These are some of the most popular and active companies in the meanwhile that is giving tough competition to the super gadgets. All these companies deal in solar sheets as well as the solar panels. All these companies are providing different kinds of solar products to the customers and are present in the market for a longer period.
Indirect Competitor
The indirect competitors are the companies that sell products that are generally considered as the substitute products of the products offered by the company super gadgets. The indirect competitors are also making the things pretty difficult for the company to channelize its product in the market as it is also occupying a large customer base due to the cheap prices it allocates to its product. Though super gadgets products have a competitive advantage as it is well inherited by the customers, the quality of the product is superior and the price range is also subsequent.
6. Company analysis
Company “Super gadgets” is working with solar sheets only till now and the now will be dealing in energy bricks as well. This product will be made up of high quality crystalline silicon and would store solar energy as well as light energy and further will convert it to electrical energy. Connection with underground storage is done to which wires will be connected. A.C, lights and heaters etc. could easily work through this energy. Company is working for renewable energy resource specially the solar energy and also getting into energy brick which could be used in construction and certainly reduce the power backup issues.
7. Customer analysis
Customer characteristics
Demographics of the customers are age group varying from 18 to 55 years. They act as potential buyers as they are interested in new technologies and familiar with the systems as well. Also the common population facing electricity issues in small offices and apartments are the customers along with the earning family members who are indulged in work from home now-a-days.
The core feature of energy brick would be helping storing the light and solar energy that would connect device for providing electric energy by converting with the help of chip. Customers will be able to charge their devices using solar sheets. It will help customers dealing in situation when there is power off or electricity cut in locality and area.
Target Market
The target market of the product would be channelized on the verge of demographic factors. The major group that would be considered as the target market is the public within the age group of 18-55 yrs. The solar sheets are preferable by the people who have a piece of knowledge regarding it, capacity to afford and willingness to learn. The product would be targeted to the audience on the verge of their age, income, education as well as the culture. As for the products like solar sheets the customer needs to be a bit familiar with them.