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UNIT CODEhi5004UNIT NAMEmarketing managementDUE DATE03/02/2023GROUP NUMBER44
GROUP MEMBER DETAILS – This section must be completed for all contributing members.
Members not listed will not receive marks.
STUDENT NUMBERSTUDENT NAMESECTION COMPLETED e.g. A, B, C, DEMV29026Reemaben patel1,2,3,4EMV29313Keshab rijal5,6,7,8QCE2138Charul9,10,11,12
Declaration
We certify that:
☒ This assignment is our own work.
☒ We have acknowledged and disclosed any assistance received in its preparation and cited all sources from which data, ideas, words (whether quoted directly or paraphrased) were taken.
☒ This assignment was prepared specifically for this unit only.
☒ The reference list is truthful and accurate and in Holmes approved referencing style.
STUDENT SIGNATURE / NAME
(only one required on behalf of group) REEMABEN PATEL
Table of Contents
Group Assignment Cover Sheet 1
1. Introduction. 3
2. Competitive Information. 3
3. Environmental scanning. 4
4. Demand forecasted. 4
5. Specific market segmentation, targeting, and positioning statements. 5
6. Product or service’s brand positioning. 5
7. Market leaders. 6
8. Consumer-adoption process. 7
9. Pricing strategy. 7
10. Retailing, wholesaling, and logistical marketing plans. 8
11. The integrated marketing communications matrix. 8
12. Communication media. 9
References. 11
1. Introduction
A technology that can store thunderbolt lightning in the form of energy and utilise that electricity for residential use. It may be incredibly difficult to capture lightning and convert it into useable electricity. Finally, the quantity of electricity generated by the sophisticated collecting, storage, and transportation systems is most likely not worth the expense. To begin with, enticing a thunderbolt requires much more than a core material on a silken string. Installing long metal poles elevated above the ground may achieve the goal of catching vibrations in the air and channelling it within. However, dependable, and durable results are reliable should also be built so that the tremendous energy spike can be controlled in a moment and the primary structure is not annihilated.
However, due to the high cost of this technology, it is not economically practical. Once this device is built, the cost of electricity in a typical house would be essentially negligible, as a single thunderbolt might conserve enough energy to power a house for over a year.
The fluxes of approaching thunderbolt hits must be balanced; therefore, inductance and converters may be necessary. To stop the positively charged ions of any discharges from wiping out everything that of the other person’s bad energy, some type of device might be necessary. However, due to the high cost of this technology, it is not financially viable.
2. Competitive Information
Since this Thunder Lightning Transformer technology is fresh on the market, it will encounter a slew of direct and indirect competitors. As a result, some of its competitors for producing power are:
• Wind energy: Wind energy and energy projects create electricity by revolving rotor blades. The energy released of the wind turbine is converted into electric energy by rotating a driving wheel and geared box, which is linked to a converter. After that, the power is transferred to voltage regulators and sent into the power network.
• Solar: Because sunlight represents one of the most abundant energy resources on this planet, you’d think it’d be the greatest alternative source of energy. However, the quantity of sunshine we receive varies dramatically depending on their position, period, and moment of day.
Even the best business needs robust market competition. According to basic economic theory, when enterprises battle for consumers, it leads to cheaper costs, greater quality merchandise and services, huge range, and more development. So, according to this hypothesis, Thunder Lightning Generator must compete against a plethora of competing devices or methods (Lazzaretti, et al, 2015, p2(1)).
3. Environmental scanning
Political Factors
Political influences are macro-environmental factors based on governmental activity. This political external factor increases the demand for digital technologies, including some of the digital industrial technologies available. From political perspective Thunder Lightning Transformer device need recognition from government also.
Economic
This PESTEL/PESTLE analysis considers the economic growth of developing countries as a macro-environmental factor that creates an opportunity for Thunder Lightning Transformer to increase its revenues. For example, the company can improve its performance by increasing its operations in Asian markets.
Sociocultural Factors
The increasing popularity of green lifestyles brings opportunities Thunder Lightning Transformer. For example, the company’s Renewable Energy operating segment benefits from the increased demand associated with this external factor. Factors Technological
Technological Factors
In General Electric’s market sector, growing digitalization adoption across all industries offers an opportunity. This technical external element increases the likelihood that enterprises will pay for thunder lighting transformers. Furthermore, the growing popularity of internet mobile telephones supports smart phone services across businesses.
Environmental Aspects
From an environmental standpoint, this invention is incredibly unique and successful since it produces energy with thunder, which can power a house for nearly a year. As a result, it is beneficial to the environment.
Legal Considerations
Online legal problems are a key factor. A legal blunder might have an impact not just on the bottom line, but also on our opinion of the item. The more prominent a mistake is, the more our business may suffer, perhaps alienating a profitable target market.
4. Demand Forecasted
The forecasting procedure must include for the impact of emerging technologies that could be used in the present on power demand, efficiency, and costs. These, together with the direct influence of new equipment, have a considerable impact on power usage. Clients are interested in the Thunder Lightning Transformer device since it is both practical and long-lasting. It saves a significant amount of cash because you just have to spend once, and it is highly helpful for the rest of your life. Because no background information is readily available, conventional methodologies are inapplicable here (Lazzaretti, et al, 2015, p3(1)).
When others learn about this type of thing, they will get enamored of our equipment, increasing its market; it is an investment opportunity in which you must invest once. Methods of subjective forecasting are psychological characteristics that humans utilize to training as part. They might be simple or complicated, and their supplies can be quantifiable or qualitative data. This approach is simple to execute and minimal in cost because it is based on the forecaster’s knowledge and views. And it is possible that our service may gain popularity in the future.
5. Specific market segmentation, targeting, and positioning statements
Our product is attracting an increasing number of customers. Organizations in the energy sector could be compelled to develop new methods of operation and alter their internal processes to react to these developments. The ever-increasing volumes of energy data acquired by smart devices, equipment, and networks, together including rapid technological progress, are allowing the creation of new types of commercial prospects. Energy data may be used for a variety of purposes, including the development of innovative products and services, the controlling and monitoring of applications and software, and real difference processing. Demand flexibility necessitates customer authorization for numerous voices to gather information from intelligent gadgets on the customer’s properties, as well as a written agreement allowing a 3rd player to operate the customer’s equipment as authorized when needed.
Electricity marketplaces are changing, and consumers’ roles are becoming more important. Customers are now engaged as producers and consumers, while also becoming more energy-aware, understanding the impact of their own activity on energy usage. If the prevailing market structure is altered, future electricity markets may even allow consumers to take part in some jobs related, if only in a minor capacity.
6. Product or service’s brand positioning
Service quality
Showcasing the firm’s customer satisfaction is an excellent method to market the Thunder Lightning Transformer product. It is critical that customers understand that while we charge a greater price that our rivals, it is matched by the excellent level of service they receive as a reward (Selivanov & Efimov, p3(1)).
Price
Whether our price is low-cost or high-end, what consumers perceive our price structure will influence how consumers rank our brand. Focusing on an excellent customer service that is lower priced than rivals can position you as the go-to for budget-conscious audiences.
Many buyers, in contrast hand, choose higher-priced goods since they identify them with excellence, elegance, and uniqueness.
Convenience
We will illustrate why our product is more efficient than rivals using this form of positioning strategy. Whether these are based on the availability, appearance, or help alleviate of our item, particularly if it’s at a more expensive price point, its efficiency will be making it an appealing alternative for consumers who rely on quick fixes.
Niche service
Customers tend our branding niche since the service or product that our company provides is not normally accessible. Rather than concentrating on how to differentiate oneself from the market, we should concentrate on the fact we offer someone distinct that cannot be discovered anywhere else.
7. Market leaders
Product and service strategy: The power company’s principal commodity is energy. In along with their selling power, sales businesses can also supply users with items and services.
We can deliver smart meters since the demand for advanced meters at the consumer end will skyrocket. Mechanical meter reading is no longer required with smart meters. Historically purchasing information may be stored. Customers may easily enquire, and electricity firms can do power analyses.
Analysis of energy demand: Monthly power usage assessment supplied by electricity distributing firms can allow consumers increase load control for businesses or industrial people with high power usage. Electricity marketing firms can give customers with energy bundles and save them money by evaluating the peculiarities of their energy demand.
Load management service: For advanced users, predictive control service can start increasing energy savings, decrease the expense of organization’s progress, and keep improving household; for power good manufacturing, it can start reducing the heyday of electricity acquisition, enhanced energy reliability of supply, and customer service; and for societal structure, it can sanely distribute solar panels, focus on promoting synchronized industrial prosperity, enhance the consumption of power generation instrumentation, and decrease the expense of organization’s progress.
8. Consumer-adoption process
Being aware
During the consideration phase, consumers become aware of our product and its huge potential. They may not yet understand how this might help them—or even that they are experiencing a condition.
The following are key characteristics that impact consumers at this stage:
Brand credibility: We will earn our customers’ trust so that they would be more willing to test our business.
We will create top-of-funnel advertising messages (blogs, white papers, etc.) to inform visitors about specific problem spots but also how our solution may assist. This increases brand recognition while also enhancing brand authority, respect, and trust. Understand what people would look for online by using Simple Analytical and SEO research tools.
Interest
Prospective investors acquire a more actual interest in our offering throughout the engagement phase. They begin collecting information and diving headlong into what it could assist people in achieving their objectives.
The following are important affecting factors:
We shall do so. Create commercial sources that focuses on the problems of various user information and teaches them regarding our service, its advantages, and how it may assist them in accomplishing their objectives. Build a strong brand credibility and confidence by being on social media and in message boards.
9. Pricing strategy
We understand that the Thunder Lightning Transformer gadget is expensive, but we supply so many more services that it balances the issue. We will limit our delivery of batter on the marketplace because our market is very competitive, and it will demand time to fully comprehend its capabilities. The pricing of all alternative expenses and commodities that purchasers face and use to determine their decisions must appropriately represent the various economic burden of supplying them. The explanation for that is that desire for all merchandise and services is, to some extent, stretchy prices rise, buyers normally take something less; if prices fall, they often take slightly more.
If purchasers are to make individual decisions that will provide them with the most overall pleasure from our finite total productivity gains, the pricing by that they will be directed must represent the costs to society of providing just little bit greater, or its benefits from generating a little piece less. Only then could customers understand the costs they are inflicting on civilization by acting appropriately, and they will precisely purchase the proper quantity of each commodity and customer support too much not too little. In truth, our power price is far in excess of this need in numerous instances, of which we’ll just identify the most notable.
10. Retailing, wholesaling, and logistical marketing plans
Store retailing, the shopping Centre is the finest illustration. Self-service, self-selection, reduced capacity, and full-service shops are the four business levels offered by store sellers. Store retailing accounts for more than 90% of the way things reach the end user.
We are likely to partner with a company or open our own storefront for Thunder Lightning Transformer products. Traditional retailers are corporations that own retail outlets directly. Retail organizations make excellent customer experience and corporate communications simpler. To be successful, we must have a marketing or company plan. For in-store advertising and product availability, we must examine its target customers and audience. Because services are such an important element of the retail industry, merchants must determine the amount of service they will provide. Pre-purchase, post-purchase, and support services are all available.
Wholesaling
Wholesaling entails the process of acquiring items for consumer and commercial resale. A wholesaler is an essential component of the advertising chain. Wholesalers increase the visibility of the latest sales and decrease the danger of selling to consumers. Wholesalers can hold inventories of numerous product assortments, saving the organization money and time. Wholesalers may help the sufficient to elicit its competitors and customers by acting as its ears and eyes.
Logistics in Marketing
Distribution network management is critical for businesses looking to increase efficiency and cut expenses. The aim of marketing logistics is to build and current efforts that will transport commodities from the source to the point of sale in an efficient and cost-effective way. This unbalanced goal blend of good client happiness and minimum possible cost.
Retailing, wholesaling, and logistics decisions are critical to providing value to ultimate consumers.
11. The integrated marketing communications mix
Advertising is a sort of non-personal, paid interaction. It is considered one of the most successful kinds of communication since it may reach many people quickly. As a result, we will make the same decision. We will publicize our goods and generate excitement or intrigue about it. It not only promotes sales but also raises customer awareness. Marketers must make sure that the correct information is delivered to the ideal customers in the right way (Wijayapala & Karunananda, 2015, p2(2)).
Newsprint, radio, posters, tv, and other forms of media are utilized.
Individual selling
Personal selling entails face-to-face engagement with end-users with the goal of advertising the product and influencing the consumer to buy it.
Direct Marketing
It is the oldest type of communication in which firms engage with end consumers via email, telephone, faxes, text messaging, catalo, pamphlet, and marketing letter.
12. Communication media
A transmitter is something like our telephone, television, radio, computer, and so forth. A communication media outlet is a source for information such as a magazine, news programme, talk show, film, network, or cable channel. Nothing, just a means of spreading knowledge.
Traditional media has an advantage in several sectors. Customers tend to identify certain kinds of conventional media with a specific level of status. Have seen a corporation promoted on television, for example, gives the impression that the firm is prospering enough of it to need advertising. It also contributes to the customer’s perception of confidence.
When evaluating the efficacy of a marketing campaign, it is beneficial to examine both the outcomes of our traditional campaign and our modern media analytics. Collectively, the two may provide a more complete image of the type of customer that is fascinated by our product, which would in turn informs you who you ought to address. As a result, we employ both new and classic channels (Best, et al, 2014, p2(2)).
The following are the most widely used data communication infrastructure:
Pairs of wires
The coaxial wire
Electromagnetic communication
Satellites for connectivity
The communication systems serve as a conduit for various computer devices to communicate with one another. Email, videoconferencing, discussion boards, and a variety of certain other medium of expression enable conversation and data sharing between a significant number of individuals over large regions. Cell phones were transformed into mobile phones, that could be thought of as a little computing that simultaneously serves as a cell phone. Aside from making calls and transmitting data, a mobile may be equipped with a variety of programs that enable users to send mails and use the internet. Bluetooth earbuds and loudspeakers are just a few of the accessories that may be utilised with this smart phone.
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