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Marketing Plan for a New Product

   

Added on  2020-03-16

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MKT00075 Marketing Principles 2017Marketing Plan for Solar Panel in Solar Inc.Assessment 3: Marketing Plan for Sustainable OfferingStudent Name:Student ID:Subject Name:Subject ID:Date Due:Professor Name:Page | 1
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MKT00075 Marketing Principles 2017Executive SummaryGlobal 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. Abudget 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. Page | 2
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MKT00075 Marketing Principles 2017Table of ContentsExecutive Summary.........................................................................................................................21. Current Situation..........................................................................................................................42. Objectives....................................................................................................................................43. Target Market..............................................................................................................................54. Marketing strategies.....................................................................................................................64.1 Positioning.............................................................................................................................64.2 Product.................................................................................................................................64.2.1 People (Internal marketing; customer service)................................................................64.2.2 Process (systems; procedures).........................................................................................74.2.3 Physical Evidence (Internal marketing; customer service).............................................74.3 Price.......................................................................................................................................74.4 Placement...............................................................................................................................74.5 Promotion/Marketing communications..................................................................................85. Marketing Implementation..........................................................................................................86. Budget..........................................................................................................................................87. Evaluation and Control................................................................................................................9Reference Lists..............................................................................................................................10Page | 3
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MKT00075 Marketing Principles 20171. Current SituationSolar 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[ CITATION Fer121 \l 1033 ]. 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 measuresstrength, weakness, threats and opportunities that can reflect internal analysis. Analysing these helps to achieve easy success for product offerings[ CITATION Cri11 \l 1033 ]. 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. ObjectivesThe stakeholders of the Company has various objectives which can be further elaborated using SMART techniques[ CITATION Aak081 \l 1033 ]. Specific financial objectives of the organisation isto 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[ CITATION Dom09 \l 1033 ]. Page | 4
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