Business Promotion Strategic Marketing Plan

Question: Discuss about the Business Promotion Strategic Marketing Plan. Answer: Introduction The aim of the present assignment, which is a continuation of assignment one is to establish a profound strategic marketing plan for the organization SolarCity of New Zealand. It is required to mention that while establishing convenient marketing strategies for SolarCity, the paper would first focus on the primary and secondary target markets of the considered organization, which has been thoroughly illustrated in the previous assignment. Thereafter, the present assignment will move on to construct apt strategic functions for product, pricing, distribution or supply chain and integrated marketing communication of SolarCity. From the previous assignment, it has been identified as well as understood that the organization is primarily a limited enterprise in the premise of New Zealand that is involved from developing and manufacturing product to financing and remote monitoring of the solar panels and solar power system. Most importantly, the first assignment has pointed out that the organization has three distinct kinds of target markets presently; the first one is the households of New Zealand while the second one commercial sector of the country. However, the third kind of target market has been identified to be the offshore clients. In case of establishing the product and pricing strategy, the present assignment would have to consider the key buying behavior and concern of the target market of SolarCity, which has been effectively diagnosed in the first assignment. It says that scarcity of natural resources is the main concern that drives the target markets of the organization to buy their products. However, from the competitor analysis, the present assignment have got a hint about what exactly SolarCity would adopt as strategy, which says that the organization would have to beat Green Energy Corporation, Agua Del Sol LLC and Solar Collector Inc mainly. Marketing plan In accordance with the SWOT, situational, stakeholder and competitor analysis from the previous assignment, it has been understood that the following goals and objectives are possessed by the concerned organization. Considering the buying behavior of the target markets and their kinds, marketing plan A would be to devise suitable positioning, distribution and communication strategy that would support SolarCity to influence the minds of the identified target markets and fulfill their demand (Hollensen 2015). Following the marketing goal A, two particular marketing objectives would be To identify needs and basic characteristics of the target markets Seemingly, the specific premise of the objective is to identify the needs and characteristic features of the target market, would be covered within two weeks by the hands of the chief marketing executive of SolarCity. To design appropriate communication and distribution strategy The above goal has been designed keeping in mind about the prime purpose of the assignment, which is to grow the sales and market expansion for SolarCity considering their chief target markets. Therefore, the specific premise for the second objective is understandably the establishment of the suitable strategies with the help of executive marketing director of SolarCity within the time of fifteen days. Marketing goal B Keeping in mind about the marketing goal A, the second goal of SolarCitys marketing would be to increase the profit margin by implementing appropriate pricing and product development strategy. More precisely, the second goal would be to expand in the market by beating the existing rival organizations alongside advancing the rate of sales. Therefore, two accompanying objectives for this distinct goal would be To procure appropriate strategies for developing product The specific premise of the objective, which is to procure strategies for product development would be done within the time of one month through the hands of the chief executive of product scrutiny and development management. To design strategy for selecting appropriate price On behalf of this particular objective, it can be said that the specific aspect of the objective would be to identify the average financial status of the primary and secondary target markets within the time limit of two months. In this context, it should also be mentioned that the responsible person for accomplishing this objective would be the assistance-marketing executives and assistance finance manager of SolarCity. Primary target market According to the market audit report of SolarCity, the primary target market of the considered organization is divided into two major types, which are the commercial sector and the household owners of New Zealand. More elaborately, the primary target market of the concerned organization can be segmented into both males and females of the society. However, if the primary target market can be identified with psychographic attributes, then it can be said occupation wise most of the household owners are homemakers, service men and business professionals. On the other hand, the other part of the primary segment involves the ministry of the economic development and department of conservation. Identifying characteristics and needs of the primary target market The demographic characteristics of the household owners involves both male and female inhabitants of New Zealand whose age range from 24-65. Furthermore, this individual target market possesses the value of saving non-renewable energies alongside they have the strong concern for the increasing the use of renewable energies like the solar power. Therefore, the preference of this kind of target market rests on the unique and most up-to-date design and potentiality of the solar panels. On the other hand, the other kind of the primary target market possesses the value to unique and effective energy solutions. Therefore, understandably the preference of this part of the target market depends on the efficiency of the solar panels and their capacity to resolve energy issues. Therefore, their individual energy issues understandably determine the buying habit of the commercial sector of New Zealand (Slack 2015). However, the buying preference of the households owners unlike the other one main ly depends on the price range of the solar panels as per the fact the solar energy is used for everyday energy needs in the house. Secondary target market According to the previous report of marketing audits, there has been found a third target figure for the organization SolarCity, who are predominantly the offshore or oversees organizations those like the commercial sector of New Zealand searches for innovative energy solution. SolarCitys desire to provide energy solution to other countries in form of market expansion is an indication of the fact that the organization has already planned to beat their archrivals with their preference for target market. Characteristics, basic needs and buying preference The secondary target market is the commercial market of the other countries; therefore, it is understandable that their needs and buying preferences would be approximately similar with commercial sectors of New Zealand. Therefore, it can be said that commercial enterprises, which utilizes a huge amount of energy would have the preference to have energy solutions those are affordable yet efficient. However, it is fortunate that the demographic attributes of this target market would help the considered organization in expanding in an international ground (Baker 2014). Most importantly in this case, the organization has to keep in mind that the basic needs of the secondary target market would not be limited within energy solutions. The organization should anticipate that from offshore clients, demand for both household goods and energy solution devices would come (McDONALD et al. 2016). Product strategy for primary target market Product feature Prior to design a fruitful strategy for product, it is required to denote that for the primary target market, SolarCitys product will be the solar hot water, solar photovoltaic, evacuated panels, evacuated tube based system and installation devices of solar panels. The most significant aspect of the offered products of SolarCity for the primary target market is they are varied and usable for both household and business. Brand name and packaging The products and service will be offered under the brand name of SolarCity with its official logo. However, in case of both product quality and packaging it should be contemplated that the organization would adopt the product strategy of changing the design and performance of the existing products. Most significantly, in terms of packaging, SolarCity should provide two types of packaging for both kinds of the primary target market. One should be a trial package and the other one should be for the final use (Strauss 2016). Positioning strategy For the primary target market, the positioning strategy would be the packaging strategy itself. According to the packaging strategy, the organization would provide the privilege to the target markets to have a trial of the preferred products. Supplemental products and value Each of the offered products for the primary target market would retain the core values that the organization fundamentally proposes. However, the products provided as trial pack would contain experiential attributes as they are for trials (Grant 2016). On the other hand, in terms of supplemental products, SolarCitys service for implementation for both the trial and permanent purpose will act as supplemental products. Product strategy for secondary target market Product feature The product for secondary target market or the clients from other countries would be mainly the evacuated panels and evacuated tube based system and their service for the installation of solar power and technical support. Brand name and packaging Same as the brand name and packaging for the primary target market, the service for the offshore clients will be provided under the same brand name and the packaging strategy would be same (Khan 2014). Positioning strategy For the secondary target market, the positioning strategy would be to provide free installation service for providing tube based systems along with one year of guarantee to every customer. On the other hand, for the installation service, the positioning strategy would be to provide the technical support is relatively low rate than the normal market price (Goi 2015). Supplemental products and value As per the fact that the organization would mainly provide the evacuated tube based system and technical support in terms of implementation service, the organization would provide a twenty four hours of free online customer support to the customers offshore. On the other hand, as all the services are prime services of SolarCity, therefore reasonably the organization would be providing core values to all of them. Pricing strategy for primary and secondary target market Strategy for primary target For the primary target market, SolarCitys overall pricing strategy would be the discount policy as per the fact that the organization attempts to encourage a larger unit purchases. Therefore, the pricing objectives will be the rate of preference for having discount and the current usage rate of the commercial sector and household owners of New Zealand (Bag and Biswas 2013). Most importantly, the pricing strategy will be strongly supported by the proposed designing strategy, which is to provide the privilege of using the trial package. It is because, the fundamental tactic of the discount policy, which is to encourage larger units of purchase by quantity discount will be accomplished by the positioning strategy to provide free installation service (Ferguson and Higgins 2015). Strategy for secondary target The overall pricing strategy for the secondary target market would be the discount policy as well as it would help the organization to maintain a firm competition with the rival organizations of the offshore countries (Antoncic et al. 2016). Therefore, SolarCitys pricing objects for the secondary target market would be to know the usage rate of solar power of the offshore market and the current market rate of discount. The positioning strategy is to provide free installation and free online customer support, which would help to capture the minds of the target market and would accomplish the positioning strategy appropriately. Most significantly, considering the need of price competition to the competitors, it can be said that the organization would keep the rate of discount at least 10% less than their potential rivals would. In this context, one aspect is needed to be mentioned, which are both of the pricing strategies would have connection with the value of monetary costs unlike th e distribution strategy (Certo 2015). Distribution strategy for primary and secondary target markets Strategy for Primary target For the primary target concern, the overall distribution strategy would be to improve service. Therefore, the channels according to this strategy would be the leading national retailers and distributors of solar panels. Alongside, the proper place will be most of the local leading service centers, through which the local household owners will be able to easily become SolarCitys customers. Thus, understandably with the help of local service centers, accomplishments of the positioning strategy to providing free installation will be easy (Florian and Pajzos 2015). Strategy for Secondary target Unlike the primary target market, overall distribution strategy would be change channel strategy, as per the fact that the clients will be from offshore. Therefore, increase of own sales coverage and area specific distribution would be required (Milichovsk and imberov 2015). The channels would be local retailers and leading organizations with service centers of each specific country through which the agenda of providing discount in installation and online customer care would be flexibly maintained. Promotion strategy for the primary target Integrated marketing communication for the primary market will be to increase the exhibition coverage along with increase of social media. Consumer promotion elements For the purpose of promotion for the targeted consumers, SolarCity will advertise through online social sites, for which the organization would use e-mail shots, expand, and improvise its existing websites. Nevertheless, in terms of public relation strategy, the organization would consider setting up Facebook page and Twitter account for planning exhibitions and campaigns. Trade promotion elements In terms trade promotion elements, the considered organization would use both the advertising channels and the elements for public relation strategy. More precisely, company websites, industry specific websites, Facebook and Twitter account all will be used as trade promotion elements. Promotion strategy for the secondary target The overall integrated marketing communication strategy for the secondary target market will be to introduce a new product policy, as the organization would make their venture in several new countries (Willing et al. 2015). Consumer promotion elements In terms of consumer promotion elements, the organization would use industry specific websites and use online advertising campaigns. Similarly, like the public relation strategy of primary target market, for the secondary target market, the public relation strategy would be the same. Trade promotion elements In terms of trade promotion elements, in the offshore countries, online social media like Facebook, Twitter will help SolarCity. Moreover, a modified version of the existing website of SolarCity would also help. Therefore, reasonably both advertising and public relation strategy will be used. Implementation strategy for primary and secondary target markets In case of implementing the strategy for both the target markets o SolarCity, the organization would take concern about the structural issues at the very first. For the households and commercial sector of New Zealand, the organization would change the reporting relationships as well as they need to add some more positions for extending the service to free implementation and free online customer support. On the other side, for the offshore clients, the organizations would have to change some of the line of its authority as new positions of authority would be required in individual offshore places. Four internal marketing activities would be necessary regarding this concern Employee training for accomplishing the strategies for offshore clients Combating employee resistance through organizing meetings and incentives Motivate the existing employees and share each of the decisions regarding strategies through top-down and bottom-up communication (Pathak and Makwana 2015) Hire new employee for the installation and customer service department Evaluation and control Input controls Process control Output control (In general) A detailed outline of the possible capital expenditure Online and offline market research for two months ($50,000) Recruitment of twenty individuals within one month ($20,000) One month of training to the existing employees and management ($30,000) Revise the incentive policy and implement bottom-up communication policy within three weeks (McCormack and Johnson 2016) Regular survey on the field of product modification and development Number of ratings on Facebook and company websites from offshore places Construction of a separate team within one month for monitoring and measuring the marketing performance Use of checklist for measuring whether four objectives have been met or not (Mun et al. 2014) Use of an observing team for measuring and taking feedbacks from the product development field Output control Standards (In details) Options Overall performance 20% increase in dollar sale in the home ground would be monitored by the executive finance officer Acquisition of loyal customers would be monitored by the customer management executive Increase of sales volume up to 15% in the offshore zone would be controlled and monitored by the regional finance officer (Mosca 2016) Price performance Sales analysis and market share analysis will be controlled and evaluated by the finance department through online rating and by detail comparison of the revenue margin Product performance A thorough product testing after each modification and product development in the first three month through the hands of product development executives Distribution performance standards and IMC performance Quarterly survey for analyzing distribution efficiency and analysis of the supply chain integration would be undertaken Analysis of the brand awareness through comparing revenue margin and online ratings To evaluate the proposed advertising strategies, advertising research would be used, which is effective in improving the promotion systems Informal controls Employee self control It is a possibility that the employee may lack in confidence for handling the plans for offshore clients In that case the organization would consider providing training sessions Employee social control Workshop relationship may lack while hiring new stuffs from diverse culture and background for accomplishing marketing target for the offshore clients In that case, SolarCity would consider increasing communicational bond with the new employees Cultural control It is possibility that the marketing activities may not influence the minds of the offshore target market due to different culture and perspective Therefore, SolarCity should think about making a thorough market research and make suitable modifications prior to implement the strategies. Marketing audits (measuring effectivess) Options Measures Responsible person Profit-based Comparison between current profit margin and the previous profit margin Finance executive Time-based Strategy for primary target market would be implemented in the first week Strategy for the secondary target market would be implemented in the second month Marketing executives Measuring effectiveness of modified product and promotion activities Review of customer feedback Keep track of Facebook ratings Product testing on frequent basis and address the analysis made after each product testing Marketing executives Product development executives In case expectation does not meet Assessment and modification of the existing strategies Implementation of new strategies Marketing executives Conclusion The above marketing plan has identified two individual target markets of SolarCity, which are the household owners and the commercial sector of New Zealand in terms of primary and offshore clients to be secondary target market. The plan has been made considering different needs and expectation of the individual target market. The report has pointed out that for satisfying both of the target markets; the organization would provide the facility of using the trail package with discounts. Most importantly, the plan has implicated that for promoting the products for both kinds of target markets, SolarCity would concentrate upon creating online websites and Facebook page along with online exhibitions and campaigns. References Antoncic, B., Auer Antoncic, J. and Aaltonen, H.M., 2016. Marketing self-efficacy and firm creation.Journal of Small Business and Enterprise Development,23(1), pp.90-104. Bag, S. and Biswas, D., 2013. Four P's compass model in new paradigm of marketing mix.International Journal of Applied Services Marketing Perspectives,2(1), p.273. Baker, M.J., 2014.Marketing strategy and management. Palgrave Macmillan. Certo, S., 2015.Supervision: Concepts and skill-building. McGraw-Hill Higher Education. 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