Discuss about the Marketing Plan for Solar Panel in Solar Inc.
Solar energy is the substitute to fossil energy source, when world would lose every way to get electricity. Launching a solar panel is a sustainable offering around the globe at current situation. Solar power industry has shown significant growth in 2017 (Ferrell, 2012). Solar Inc. is a leading Company that is into designing alternative sources of energy. Energy is expensive and so is solar energy installation, however, people of Melbourne are now aware of solar energy benefits and are purchasing it to save electricity cost. Environmental analysis using PESTLE is very effective tool used by organisation to look through all internal and external fundamentals to improve performance during marketing. SWOT Analysis is one of the strategies, which measures strength, weakness, threats and opportunities that can reflect internal analysis. Analysing these helps to achieve easy success for product offerings (Crittenden, 2011). Global problem arising from higher cost of electricity and lesser fuel makes solar panel an attractive investment avenue. The scope of this report analyses solar panel which is a newly designed product’s marketing plan.
The stakeholders of the Company has various objectives which can be further elaborated using SMART techniques (Aaker, 2008). Specific financial objectives of the organisation is to attain a annual sales AUD 50,000,000. The estimated ROI will be 15%, whereas marketing objectives will be focused on creating a brand name for the Company in Melbourne, Australia. These are measurable and relevant objectives that will be aimed to be attained by the Company within 3 years of its operations. Other stakeholder’s objectives includes ecologically reducing wastes, creating awareness for the community and generating greater participation from the community in sustainable projects (Dominici, 2009).
Customer and market analysis is a survey about customer profile and target market analysis. Marketing plan also includes market and customer analysis by gathering data to successful launch the Solar panel product in the city Melbourne. This analysis cannot be neglected during marketing. Solar panel demand has risen in 2017 in Melbourne city of Australia along with other cities. As per research, it has been marked highest since last few years. Melbourne city is the best target to sell product Solar panel, as it is the second populous and sparkling city of Australia.
Demographics: Melbourne population has demographics characteristics of its people being highly educated (Perreault Jr, 2013). Whether it is a companies or general homeowners, saving money is their main motive. Solar Panel has very low maintenance cost. Young aged people are educated and working, they calculate how to gain profit from right product available in market. People find profit in terms of money and energy availability. The Company will aim at a targeted segment of age group 28 to 55 years from the working population (Rust, Moorman, & Bhalla, 2010).
Psychographics: As per survey in terms of psychographics, Melbourne people believe and tend to buy and install solar panel on their roof due to various reasons. Companies are keener to buy solar panel to save office cost. More Electricity in offices being use to run computers air-conditions and so on. These costs could be lower through solar power. General Home owners also belief that electricity cost could be save by its installation on house roof. Educated and young people of Melbourne always believe and has motto to value product, which saves money, energy and use of maximum gain from any product.
Geographic: The Company will target first the city of Melbourne and gradually increase its area of offering.
Launching product Solar Panel in Melbourne region currently in summer is the best time. People awareness and understanding the use of solar energy survey has found it at its pick (Rust, Moorman, & Bhalla, 2010). The Company will aim to position its product at a premium offering above its competitors product. Positioning strategy can be achieved with higher sales, brand recognition and good profit. Sales can be increase by offering potential customers free installation cost and low maintenance cost. To make understand people how they could save in dollars by installing their solar Panel on their house roof or office (Perreault Jr, 2013).
Solar Panel product will be offered in summers to attain maximum attention of Melbourne public. People should be given knowledge about advantages of its installation. The ways in which solar panel store power during blackout days and by which electricity bills can be lowered (Mullins, 2012). This could lead them to control their power bills. As solar installation cost is, higher company should assist them financial help. Company higher installation companies at an affordable rate for great relief to customers. Solar panel production by company for which drafting marketing plan has many special features explain to customers to gain attention. High quality Solar panel generates high power in higher temperature, which is the USP of the product. It also has capacity and quality to produce energy at low sunrays, which is another USP (Hollensen, 2015). Panel has given glass to absorb more strong heat. Commercial as well as residential customers are assuring with high efficiency panel, which will cover lower space.
To launch and brand a Solar Panel product in Melbourne, customer service culture needs to be developed within the Company. Every employee from manufacturing to sales executive has to take active responsibility to win customers heart (Wilson, 2012). Employees should be hired, well trained and motivated to sell a product to gain brand name recognition and profit. Customer expectation can be fulfilled by hiring quality service provider for solar panel installation.
An information system about product should make with easy operative procedure. Every employee should be given special demonstration to understand it more effectively (Peter, 2011). Sales executive and installer should be able to solve queries of customers without any hurdles.
The company while marketing its Solar Panel product needs to depict its benefits to customers through various ways of marketing. Today’s world of technology, internet marketing offers the best way to launch and make product advertise. Marketing can be elaborate more precisely by giving Company’s uniform to the staff, broachers and creating and designing Logos to distribute knowledge about product detail.
Company pricing strategy should be set to gain higher sales with maximum profit. Strategy applied through considering competitors price for the same product. While setting price motive should be clear of whether to only gain profit, or for high sales target or to beat competitors and rivals. Once through survey demand should be highlighted. These will help to cover cost and profit. Special Tactics like special launch offer and discount could help to cover cost price and achieve product demand.
Final customers sales will be achieved mostly through direct channel through marketing by sales executives of the company itself (Proctor, 2014). Direct marketing will enable cost saving of launching product of such small company. Product distribution is targeted to only region of Melbourne, as it is relatively small manufacturing company of Solar Panel. Company cannot use intensive distribution strategy as it targets direct customers. Company will plan and execute selling product through selective and Exclusive distribution strategy to specified location and commercials of Melbourne to hit more sales.
Company has wisely used integrated marketing Communications IMC concept to advertise and launch product via internet, social media, advertising, promotion to target and achieve main goal of higher sells and gain maximum profit.
Effective Marketing Action plan is created with the vision and goal set to achieve clear defined objective during product launch. Creating a plan through detail research, contacts, following ideas developed (Hollensen, 2015). Action Plans strategy needs to maintain all the records through notes, and research follow-up. Foremost it should be clear main motive before executing plan to achieve success.
To target sales, marketing of Solar Panel should be a target. Once the marketing Plan executed it should completed as per time bound set. Company management should decide and handle the responsibility to capable employee. Budget is the main part of any business entity. Before launching a product initial target is to account and forecast expenditure. Higher the expenditure lowers the profit margin.
A budget developed for a period of 1 year including forecasted sales, cost of production, marketing costs and projected costs as mentioned below.
|
Heads |
Amount (in AUD) |
|
Forecast Sales |
500,000 |
|
Less: Cost of Production |
150,000 |
|
Less: Marketing Costs |
50,000 |
|
Projected Profit |
300,000 |
Marketing activities will be evaluated and controlled by means of Key Performance Indicators (KPI). There will be KPI designated for each aspect of stakeholder objectives (Varadarajan, 2010). Matching them will specifics obtained over a period of time will enable assessment of evaluation metrics for financial, marketing, environmental and then achieving their subsequent targets for the same.
Reference Lists
Aaker, D. K. (2008). Marketing research. John Wiley & Sons.
Crittenden, V. C. (2011). Market-oriented sustainability: a conceptual framework and propositions. Journal of the Academy of Marketing Science, 39(1), 71-85.
Dominici, G. (2009). From marketing mix to e-marketing mix: a literature overview and classification.
Ferrell, O. C. (2012). Marketing strategy, text and cases. . Nelson Education.
Hollensen, S. (2015). Marketing management: A relationship approach. Pearson Education.
Mullins, J. W. (2012). Marketing management: A strategic decision-making approach. McGraw-Hill Higher Education.
Perreault Jr, W. C. (2013). Basic marketing. McGraw-Hill Higher Education.
Peter, J. a. (2011). Marketing management: knowledge and skills: text, analysis, cases, plans. . Plano: Business pub., INC.
Proctor, T. (2014). Strategic marketing: an introduction. Routledge.
Rust, R., Moorman, C., & Bhalla, G. (2010). Rethinking marketing. Harvard business review, 88(1/2), 94-101.
Varadarajan, R. (2010). Strategic marketing and marketing strategy: domain, definition, fundamental issues and foundational premises. Journal of the Academy of Marketing Science, 119-140.
Wilson, R. a. (2012). Strategic marketing management. Routledge.
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