Discuss about the Marketing Principle for Melyn Green Refrigerator.
Melyn Green Refrigerator provides the high-quality home services related to food storage and preservation. This product also facilitates a resolution to gain demand of energy in the home. It also depends on the function of solar energy. Solar energy is a clean and renewable source of energy. Therefore, it provides sustainability to the environment. Furthermore, this new product will need to invest less amount of money. It will offer the fridge users (Jobber, and Ellis-Chadwick, 2016). This product promoted the energy conservation and also encourages the financial sustainability and sustainable use of energy in a home setting.
The environment of the political system is very constant in Australia which facilitates an effective environment for development and growth of Melyn Green Refrigerator. But, at the same time, the Australian economic environment can negatively impact on sales volume of the company due to global financial meltdown. Besides this, the social factor like beliefs, attitudes, and perception of consumers act in favor to Melyn Green Refrigerator. This product is designed by using advanced technology which makes sure the efficiency. Along with this, the Australian atmosphere is largely affected through pollution but Melyn Green Refrigerator promotes the sustainability in an environment (Goworek, and McGoldrick, 2015). Consequently, this product will be accepted in an Australian market.
This product is used in a consumer market hence this product can be directly delivered to retailers and consumers to increase their profits. There are a high amount of potential consumers who can be interested in solar-energy refrigerators.
Further, it is analyzed that current consumers are sensitive towards the environment and their consumption can impact on the environment. Hence, they need products which are eco-friendly such as Melyn Green Refrigerator. Moreover, consumers can get a renewable source of energy at affordable prices (Moriarty, et. al., 2014). The Australian consumers give priority to high-quality product hence it is beneficial for Melyn Company to sell Melyn Green Refrigerator to Australian consumers because this product delivers added value to them.
Melyn Company should target the market on the basis of geographical, demographical and psychographic factors. Under the geographical category, the company will target the urban areas of Australia. Under the demographical factor, the company should segment the market on the basis of age, gender, and income. For launching Melyn Green Refrigerator product, the company will select the above 24 years ages of people. Further, it will also target the both male and female to deliver the products because this can be used by both people. It will also target the middle-class income in order to cover a wide range of products (Weinstein, 2013). Under the psychographic factor, the company will select to that individual who gives priority to take eco-friendly products.
“To attract the medium class people, who need to keep safe food storage, Melyn Green Refrigerator is a food storage system that allows it to stay connected with people because it provides safe food storage and preservation solution at an affordable price than the competing technologies”.
The company can also create the positioning in the market by delivering the added value to customers. It will also provide the financial sustainability to end-users by delivering solar power in its products as it is a key source of energy. At the same time, it will also facilitate the durable and high quality of refrigeration equipment to store the food with the domestic purpose (McHugh, and Krukonis, 2013). As a result, it can be stated that Melyn Green Refrigerator will create a positive image in the customer’s mind.
Melyn Green Refrigerator will deliver the high-quality of food storage and also provides the facility of preservation services in their residence. This product also facilitates a resolution to gain energy demand in homes. This product is created for domestic purpose hence company will provide Melyn Green Refrigerator at an affordable price (Ennew, et. al., 2013).
The company should create the habit of thinking in the perspectives of people who are available inside and outside of the business. Since, these people are responsible for every activity related to sales and marketing. Melyn Company will recruit the right people at the right time for placing the right position as it would be beneficial to attract more customers towards this new product. Along with this, the company can hire HR manager who has proper skills and abilities to recruit the best workforce for influencing the customers (Moore, et. al., 2016).
Melyn Company should use effective procedure and flow of activities by which services and products will be delivered as it is essential to marketing strategy. In this way, the company can use information systems and queuing systems to make effective relation with the customers as it would be beneficial to create brand loyalty among customers. Further, the information system will enable the company to keep the record of customer’s data hence it can provide offers to their customers and also get feedback from them (Armstrong, et. al., 2014). Consequently, Melyn Company can attract a large number of customers towards their products and services.
Physical evidence is ability and atmosphere where products and services will be delivered to customers. In this way, the company will provide wide space to assess the products, self-service, and attractive light to check the product’s condition. It will also provide the different payment mode to pay the amount of swipe machine, cash, and e-channels. The company will also provide the brochures and data regarding the products as it will aid to the customer for selecting the products. As a result, it will increase the positive experience among existing customers because the company will satisfy to them (Wells, 2013).
Melyn Company should adopt the penetration pricing and competitors oriented strategy to attract the customers. In this way, it can set its prices of product at a lower marginal rate as compared to its key market participants. Since, economic pricing strategy aids the company to persuade the huge potential customer and gain their share in the consumer market. The actual manufacturing cost of Melyn Green Refrigerator is less as compared to other brands in the market because of cheap labor. Therefore, it can easily implement economic pricing strategy and still produce good revenues (Varey, and Pirson, 2013).
The place is a marketing strategy in which products will be actually sold. In this way, the company can create the habit of assessing and reflecting the exact location in which customer attains the salesperson. Moreover, Melyn Company can sell Melyn Green Refrigerator in many different places like direct selling where it can send their salespeople to personally meet and talk with the potential customers. It can also use telemarketing in which can take orders through email and phone. It can also sell their product at a trade show and in retail shops. It can also use a combination of these methods to increase the revenue of product. It can also use B2C marketing which is a modern marketing strategy to sell the products and services (Idowu, et. al., 2013). These channels can be beneficial for the company to increase the demand of customer towards their products.
Melyn Green Refrigerator can be easily promoted due to its ecological status. In this way, Melyn Company can promote the concept regarding green ideas which is part of the community. Therefore, the community will actively support to save the energy and creating more demand of the customers. Further, the company can promote their product through different electronic media such as radio, television, print media, newspaper, magazines, and billboards. In the current scenario, customer highly uses social media hence company can use this media to promote their products (Brindley, and Oxborrow, 2014). In this way, it can use different modes such as Facebook, YouTube, and Twitter.
The company will implement the following action plan to advertising and marketing of Melyn Green Refrigerator:
The company will use different marketing channels like radio, and newspaper. It will also do hangout the handouts, discount vouchers, and brochures at a sports event. Along with this, it will gather the database of customers who comes under the loyalty member. It will also organize different types of public relations campaigns such as energy saving seminars and food storage and preservation events (Idowu, et. al., 2013). It can also provide small sponsorship to a local sports club.
This project will be completed at 2/11/2017 as it will facilitate the company to adequate time to get prepared the products in the first week of November.
Radio/newspaper marketing- salesperson
Handouts and social media marketing- marketing manager
Databases- all workforces who are on the job
Public relations and sponsorship- sales team will organize the event and seminars
Expenditure
Appropriately $7, 000,000 will be required to meet the project.
|
Projected Budget for Melyn Green Refrigerator |
|
|
Revenues |
(in $) |
|
Sales 10,000 units @ approximately $9000 each |
90,000,000.00 |
|
Less: Production cost |
|
|
Raw material 10,000 [email protected] approximately $6000 each |
60,000,000.00 |
|
Less: Distribution costs |
|
|
Fuel |
12000 |
|
Less: Marketing costs |
|
|
Advertising |
40000 |
|
Databases |
8000 |
|
Public relation |
7000 |
|
sponsorships |
18000 |
|
Sales promotion |
16000 |
|
Total marketing cost |
89000 |
|
Less: other expenses |
|
|
Utilities |
70000 |
|
Rent |
250,000 |
|
[email protected]% of sales |
10,800,000.00 |
|
Superannuation @9% of wages |
972,000.00 |
|
Insurance |
10000 |
|
[email protected]% of sales |
10,800,000.00 |
|
Total other expenses |
22,902,000.00 |
|
Projected profit |
6,997,000.00 |
|
Proposed Return on Investment |
|
|
Equipment purchased |
50000 |
|
Delivery truck |
27000 |
|
ROI |
77000 |
The method is used for evaluating the success of marketing strategies. However, it depends on the different types of objectives:
Revenue: it will be monitored on a weekly basis by cash register report to make sure targets are attained
Profits and ROI: It will be calculated annually at the end of financial year and it will be compared from projected budget and also applies to revenue
Wages: it will be monitored on weekly and determined against our sales to make sure the store uses are no greater than 15% of revenue on wages (Wells, 2013).
Market share-determines revenue at the end of financial year to assess if company has attained target of 12%
Customer satisfaction- Company will use online and in-store questionnaire to get feedback from customers and take satisfaction rating about the product
Endorsement- Company will approach the aforementioned organizations and request them to recommend our products (Varey, and Pirson, 2013).
Save energy- company will assess solar energy in each product. It will also compare their energy system with their key competitors.
Energy saving campaign- it will also participate in government energy saving research and demonstrates it on the television as a sponsor (Armstrong, et. al., 2014).
References
Armstrong, G., Adam, S., Denize, S., and Kotler, P. (2014) Principles of marketing. Australia: Pearson.
Brindley, C., and Oxborrow, L. (2014) Aligning the sustainable supply chain to green marketing needs: A case study, Industrial Marketing Management, 43(1), pp. 45-55.
Ennew, C., Waite, N., and Waite, R. (2013) Financial services marketing: An international guide to principles and practice. UK: Routledge.
Goworek, H., and McGoldrick, P. (2015) Retail marketing management: Principles and practice. Australia: Pearson Higher Ed.
Idowu, S. O., Zu, L., and Gupta, A. D. (2013) Encyclopedia of corporate social responsibility (Vol. 21). N. Capaldi (Ed.). New York: Springer.
Jobber, D., and Ellis-Chadwick, F. (2016) Principles and Practice of Marketing. Australia: McGraw-Hill Education.
McHugh, M., and Krukonis, V. (2013) Supercritical fluid extraction: principles and practice. UK: Elsevier.
Moore, K. N., Swisher, M. E., Rodriguez, J. C., Blevins, M., Hogan, M., Hunter, L., … and Redhage, D. (2016) Principles guiding practice: A case study analysis of the principles of sustainable agriculture for diverse farms, Journal of Agriculture, Food Systems, and Community Development, 6(3), pp. 61-89.
Moriarty, S., Mitchell, N. D., Wells, W. D., Crawford, R., Brennan, L., and Spence-Stone, R. (2014) Advertising: Principles and practice. Australia: Pearson.
Varey, R., and Pirson, M. (Eds.). (2013) Humanistic Marketing. Berlin: Springer.
Weinstein, A. (2013) Handbook of Niche Marketing: Principles and Practice. UK: Routledge.
Wells, G. (Ed.). (2013) Sustainable business: Theory and practice of business under sustainability principles. UK: Edward Elgar Publishing.
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