Marketing Plan for a New Product

This assignment presents a comprehensive marketing plan for the launch of a new product. It includes sections on target market identification and analysis, competitive analysis, product positioning, pricing strategy, promotional mix, distribution channels, and budget forecasting. The plan also emphasizes key performance indicators (KPIs) for monitoring and evaluating the success of the marketing campaign.

MKT00075 Marketing Principles 2017
Marketing Plan for Solar Panel in
Solar Inc.
Assessment 3: Marketing Plan for Sustainable Offering
Student Name: Student ID:
Subject Name: Subject ID:
Date Due: Professor Name:
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MKT00075 Marketing Principles 2017
Executive Summary
Global warming from burning of fossil fuels had led to immense impact around the world. Solar
Inc. has been devising a number of renewable sources of energy one of which consists of Solar
Panels. The scope of the current report analysis deals in marketing plan and analysis of the
product of the product. The Company is well known in the market and provides low rates for its
various products. Consumer analysis for its target market has been done using demographic,
psychographic and social variables. Marketing strategies using positioning, product analysis,
price, placement and distribution along with their suitable implementation has been conducted. A
budget proposal has been done for the product along with evaluation and control procedure that
can help attain higher levels of success related to the product.
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MKT00075 Marketing Principles 2017
Table of Contents
Executive Summary.........................................................................................................................2
1. Current Situation..........................................................................................................................4
2. Objectives....................................................................................................................................4
3. Target Market..............................................................................................................................5
4. Marketing strategies.....................................................................................................................6
4.1 Positioning.............................................................................................................................6
4.2 Product.................................................................................................................................6
4.2.1 People (Internal marketing; customer service)................................................................6
4.2.2 Process (systems; procedures).........................................................................................7
4.2.3 Physical Evidence (Internal marketing; customer service).............................................7
4.3 Price.......................................................................................................................................7
4.4 Placement...............................................................................................................................7
4.5 Promotion/Marketing communications..................................................................................8
5. Marketing Implementation..........................................................................................................8
6. Budget..........................................................................................................................................8
7. Evaluation and Control................................................................................................................9
Reference Lists..............................................................................................................................10
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MKT00075 Marketing Principles 2017
1. Current Situation
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.
2. Objectives
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).
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MKT00075 Marketing Principles 2017
3. Target Market
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.
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MKT00075 Marketing Principles 2017
4. Marketing strategies
4.1 Positioning
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).
4.2 Product
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.
4.2.1 People (Internal marketing; customer service)
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.
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MKT00075 Marketing Principles 2017
4.2.2 Process (systems; procedures)
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.
4.2.3 Physical Evidence (Internal marketing; customer service)
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.
4.3 Price
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.
4.4 Placement
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.
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MKT00075 Marketing Principles 2017
4.5 Promotion/Marketing communications
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.
5. Marketing Implementation
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.
6. Budget
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
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MKT00075 Marketing Principles 2017
Less: Marketing Costs 50,000
Projected Profit 300,000
7. Evaluation and Control
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.
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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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