Strategic Marketing Evaluation of BYD Energy

Strategic
marketing
evaluation

Table of Contents
Introduction......................................................................................................................................3
TASK 1............................................................................................................................................3
ANSOFF matrix.....................................................................................................................3
STP approach..........................................................................................................................5
Marketing mix for Build your dream venture........................................................................7
Task 2...............................................................................................................................................9
Innovation strategies of BYD energy.....................................................................................9
International marketing strategies of BYD energy...............................................................10
Conclusion.....................................................................................................................................12
REFERENCES..............................................................................................................................14

Introduction
BYD energy stands for build your dreams energy which is a high-tech company only
devoted towards technological innovation in order to bring in better life for people. The company
is aiming at building efficient and safe stable storage solutions of renewable energy is for the
world. The slogan of the company stands to be ‘New energy give us new future ‘. Company is
also aiming towards non-toxic energy with zero emission and zero pollution (Sahaf, 2019). This
is the main mission of BYD energy. Their core values stand to be excellence, passion,
pragmatism and innovation. Following report consist of strategic marketing as well as critical
evaluation of challenges to the successful strategic marketing for business. In order to do so
various models are used including Ansoff’s matrix, marketing mix and STP. The following
report also consist of various theories in order to examine different sector of market along with
the potential customer for the company. In the second part of the report a detailed description of
expansion of the company is mentioned. Basic two strategies including innovation strategy as
well as international marketing strategy which can be used by the company in order to
effectively expand their business is described in the following report.
TASK 1
ANSOFF matrix
It is a Framework which is used by the organisation for strategic planning for its different
functions in current market. It is a tool which provides a framework to the organisation which
can be used by the firm for its market device strategy and for achieving its future growth. This
matrix is also known as product of market expansion grid which is used by the organization's
strategic growth as well as achieve its goals and objective by implementing different business
strategy related to the products offered by the organisation within the market. This method was
developed by Igor Ansoff. The main aim of the author is to developer proper strategy which can
be used by the organisation to achieve its goals and objective. In relation to BYD, detailed
strategies within the ANSOFF matrix which can be used by the organisation for marketing and
achieving its goals and objective in a particular market will be discussed below:
Market penetration: This strategy can be adopted by the organisation to increase the sale
of existing products within the existing market. By adopting this strategy organisation can use
different kind of promotional and marketing tools which are helpful to the firm in implementing

its existing product within the existing market by increasing the market cover. BYD can use this
strategy to increase the sale of its existing product by help of decreasing the price to attract the
new customer and increasing the promotional and distribution effort by acquiring a competitor in
the same marketplace. This will directly help the organisation in increasing its channel of
distribution and increasing the market cover in the existing market for the existing products
related to renewable energy.
Product development: product development is also important strategy which can be used
by the organisation to achieve the maximum market share as well as increase its value within the
market. In relation to BYD, company can introduce new product within the existing markets so
that it can achieve a product specification within the market and can attract large number of
customers because of new and innovative ideas which are used by the organisation to introduce
the new product within the market (Farinloye, Adeola and Mogaji, 2020). All the strategy will
help the organisation in achieving its goals and objective and attracting a large number of
customers because of new and innovative products offered by the firm within the existing market
related to renewable energy. The strategies impactful for the organisation because developing
new product is it key to success for the firm within the existing market because it will attract
large number of customer as well as help firm in achieving its goals related to product
development. For this organisation can use a proper research and development within the
existing market so that it can launch a product which can easily compete with the products of
competitors and can attract large number of customers.
Market development: This is also effective strategy which promotes the marketing
activity of the organisation within the new market where firm can launch its existing product
within the new market to start market development. This kind of strategies impactful strategy for
the organisation because it help the firm in dealing with the new market where from the priority
technology that can leverage into the new market to the organisation as well as also identify the
potential customers within the new market which can be profitable for the firm because
consumer behaviour in new market can easily diverted toward the organisation by use of
innovative ideas and new product. In relation to BYD, organisation can also use market
development strategy because company is offering innovative products which are related to the
storage of renewable energy and the scope of the product offered by the organisation is
increasing continuously but for achieving maximum competitive advantage within this territory