A solar energy cover that can charge mobiles
Writer: Our product will be a solar energy cover that can charge mobiles so I want you to
answer these 4 questions about this product. 600 Words.
Industry/Market Analysis
Explanation: The industry/market analysis is critical. Is there a market for the product or service resulting
from the business? What are the current trends in this industry? What are the predicted trends for this
industry? Can any of this be validated? The market for the product/service may be obvious, yet the
feasibility analysis must validate its existence. In the business feasibility analysis, it may be enough to
prove that a sufficient market exists for the business and that no further in-depth research is warranted.
However, entrepreneurs should study their competitors in the marketplace. Lessons learned
from competitors provide opportunities for entrepreneurs to find the unique distinctions in their own
concept.
1. Explain the industry that this concept focuses on, as well as whatever trends may exist in that
particular industry today.
2. Discuss the target market analysis that has been used and what specific market niche that has
produced. In addition, identify the market size, it’s growth potential, and your plan for market
penetration based on research.
3. Explain the customer profile in terms of which the specific customer is and-again-what value
proposition (in terms of benefits) is being offered the customer.
4. Finally, be sure to include a competitor analysis that describes thoroughly the competition
existing today and how specifically your concept will match up or exceed the competition and
why.
Solution
Solar Energy cover that can charge mobile
Industry and the Trends
Market research founded on segmentation is the key to any marketing effort as it offers a
channel to which decision makers optimize their profitability by channeling their firm’s efforts
and resources in all aspects on the segments that have the potential of offering the best returns.
The industry that the concept of solar energy covers is the need based segmentation. Need based
segmentation imply that the market can be broken down depending on the customer needs. Need
based segmentation is ideal in this instance as the marketing concept is aimed at introducing a
product in the market that is aimed at satisfying consumer needs (mTab Survey Analysis, 2016).
The marketing trend likely to be involved in need based segmentation is consolidation whereby
research is outsourced to external providers. Outsourcing has been observed as the best option
since the returns from the venture are rewarding as the potential investor gets detailed
information on the nature of the market.
Target Market Analysis and the Specific Market Niche
The target market analysis brought out by the business concept is the geographic since
the product being produced relies on weather which is solar energy. It has been found prudent
that planning a marketing campaign to satisfy the geographical demands of the consumers in the
market place can strengthen the company’s importance and its necessity in the minds of
consumers. The implementation of the business idea has to be tactical since the investor has to be
visionary and innovative especially in his differentiation tactics. The market niche produced by
the concept is that of a new market thus contains all the features a new market which include no
customers, no competitors currently serving in the market and no products currently in the
market. In a new market, it is hard to postulate the size of the opportunity meaning it is difficult
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to tell the number of customers, growth rate, and total revenue (Lister, 2016). The marketing
penetration strategy that the company is likely to use is product placement and increasing
awareness as the major goal in the concept is making people start using a product which is new
in the market.
Customer Profile
The business concept to be introduced in the market is very selective as it targets specific
customers who are in the targeted geographical region. Solar energy covers with the capability of
charging phones will be ideal for individuals living in areas likely to experience sunny conditions
most of the times like during summer or geographical regions that are hot naturally like in the
arid and semi arid regions (Sarstedt & Mooi, 2014, p.23). The value propositions of the product
to the customer are many since the product is aimed at ensuring an individual phone is accessible
and operational at all times since he does not have to worry about his or her battery dying since
the phone will automatically be charged by solar energy which is usually in plenty and is free.
The other benefit is reduction in costs especially in electricity bills.
Competitor Analysis
The concept is a noble business idea which when utilized comprehensively in the market
has the potential of giving rewarding results in profits and in revenue. Establishment of the
organization producing solar energy covers with unique ability to charge phones is likely to
attract competitors in the market who usually act as major threat to the existence of a company.
However, the pioneers of the idea are prepared in all aspects to counter the anticipated
competition first is by having large economies of scale which will make it hard for other firms
wishing to venture in the market as they will require large capital to thrive (Sarstedt & Mooi,
2014, p.30). The other strategy is employing differentiation which in this instance will be to
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produce solar covers that have distinct characteristics especially in quality at favorable prices.
The approach scares competitors greatly thus ensuring that the business well.
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References
Lister, J. (2016). The Four Types of Target Marketing, Retrieved on March 2 nd 2016 from
http://smallbusiness.chron.com/four-types-target-marketing-30472.html
mTab Survey Analysis, (2016). 4 Main Types of Segmentation in Market Research Analysis
Retrieved on March 2 nd 206 from http://www.mtabsurveyanalysis.com/4-main-types-of-
segmentation-in-market-research-analysis/
Sarstedt, M. & Mooi, E. (2014). A concise guide to market research : the process, data, and
methods using IBM SPSS statistics. Berlin: Springer.
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