3608QCA Innovation and Entrepreneurship : Market Entry Strategies

Product description

The prime product on which the presented business plan is focused is the solar camping tent. Ergonomically design is the firm that has been used by the business entity for designing the solar camping tents, this form of design is practically used for developing the product. (Arrawatia, 2018). The tents are fully advanced with some upgraded features such as they are bright and peculiar and is also attached with a USB adaptor with lithium batteries. The given features are very easy to use after the solar camping tent is connected to the given solar panels. The individual who will be camping under the sola tent will be able to make use of all the features and electronic equipment charged and get lighting facilities as well and that to without making any kind of additional expenses. And these features are the biggest reasons due to which the business entity will be able to stimulate and attract the consumers on large scale thus offering them set of innovative solutions. If the electronic devices and equipment refuse to function the camping trip will become quite difficult in nature. And this is another reason or the main purpose, due to which the product is able to seek more and more attention of the customers who love camping and will also be able to enjoy the technological aspects as well. Moreover, the solar camping tent will also allow the tourists to travel to remote areas with their technological devices such as mobile, lights, small fridge, laptop, fan.

Mission and vision statement

Solar is a renewable source of energy and by making use of this energy number of products has been developed and the same is the solar camping tent. The prime objective of the presented article is to develop and establish the image of the solar camping tent in the markets and new regions. Hence, if any individual is planning for a trip and for which require a tent then this article will aid in making the choice for the best will suit the needs (Caroline, Compte & Leite, 2018). The vision of the business entity is to provide best quality of product by making use of solar energy which is a renewable source of energy, thus supporting the environment and revolutionizing the technological sector with the innovative solar product.

Market entry strategies:

Two areas that the company needs to consider when marketing the product to New Zealand are the legal requirements and the style. For the legal requirements, the New Zealand Federal Government has placed policies concerning important requirements for products such as the product having to be of accepted quality and the product has to be fit for the purpose it was made, which are the most important regulations for the product known not only in this specific country, but worldwide. Otherwise the consumer has the right to have the product purchased, replaced with another product or one of the same type, or have it refunded. There are many colours which appeal to the New Zealand population. Some of the main colours are black, blue and red. All these colours represent New Zealand and are appealing to the New Zealand population. For our product to be successful the style must appeal to New Zealand. The tents will come in blue, red and black/orange. We will also imprint a silver fern on each of our tents. Representations of colours in New Zealand Red represents power, energy, passion, desire, speed, and strength Black represents sophistication, formality, elegance, wealth, and mystery. Blue Represents peace, harmony, unity, trust, truth, security, confidence, conservatism and loyalty The silver fern is a powerful and emotional symbol of inspiration for New Zealand people at times when it matters. A badge of a silver fern is worn by soldiers in the military and is also imprinted on the New Zealand cent

Pricing strategy

The business corporation is planning to make use of a decentralized strategy as a pricing strategy. The organization prefers this methodology over the unified procedure on the grounds that the decentralized technique concentrates more on a particular goal for the promoting of the product (Lane & Dieterlen, 2018). With this procedure, an assembling plant for the material of the tents could be set up in another nation like the one can be promoted the item in, New Zealand, and the business entity could procure a business drive in that nation, and even permit the brand to a neighbourhood manufacturer that it very well may be effectively trusted. Despite the fact that the lowest pay permitted by law is very high in New Zealand, it would not be intelligent to ship to a nation up until this point. In this manner, opening the assembling plant in New Zealand is a sensible choice. The most ideal approach to achieve the clients is through web based business. The organization will dispatch a site that will give buyers the chance to purchase the item online through an assortment of charge card choices and in addition PayPal. The business association will offer the item in stores too, yet e-distribution will be a principle path through which the conveyance of the item will likewise be finished. The exchanges will incorporate B2C (business to consumer), in which the business association offer lessened transporting charges to buyers in light of the estimation of their buy.

Situational analysis

PESTEL Analysis

1. Political- Political factors are considered to be associated to the governing legislations and the political climate within the region in which the business will be operated. The political factors that will affect the solar camping tent are product rights and licensing and trade regulations. As the product is based on solar energy and is an eco-friendly product, it will be favourable for the business entity as there will be less legal and governing interferences. (Pavlou & Stewart, 2015).
2. Economical- Purchasing power of the consumers, inflation rate, interest rate and exchange rates are the prime elements which are considered under the economical factor. The income level, standard of living and the economic situations of the region and the individual will be stimulating the product and hence are required to be considered as significant which will be stimulating the product and the business organization.
3. Socio-cultural - The society, lifestyle, standard of living, the behavioural aspects and the perceptions of the individuals, buying behaviour are some of the prime elements which are considered as significant under social factor. These elements will surely affect the product and hence are required to be considered as significant while developing the product as society plays a crucial role in the success and growth of a business corporation and same will be for the Solar camping tent.
4. Technological – Technology is one of the most significant aspects for the business organization as the core operations and functions are totally associated with the technological environment. Solar camping tent is a product which is manufactured by making use of technology and hence the business entity is required to keep itself ahead in this aspect. Coping up with the technological environment will be proven beneficial for the business entity.

SWOT analysis 

SWOT analysis will enable the business entity in recognizing the strength and weakness of the product and also the threats and opportunities will be known (Johnston, JZawawi, 2009). The presented SWOT analysis is developed for the solar camping tent:

Strength

• Price of the product is moderate as it is totally based on the making use of solar energy and which will be proven beneficial for the consumers as they will not have to invest any more money while using it. And this is one of the biggest strength of the product.
• As the product is very much eco-friendly it have a societal advantage, which has increased level of goodwill in the market. High level of goodwill will counted at the top in the list of the strengths of the business entity.
• The camping tent is very much compact and handy to use. It consumes very less space and hence it very much easy to carry along on trips. This is strength for the product as this feature has increased the popularity of the product.

Weakness

• The product is developed by combining various complex parts and solar panels and hence some it becomes difficult and tough for the tourists to un-wrap and assemble the camping tent (Hollensen, 2015).
• As the product is totally based on solar energy so sometimes bad climatic conditions may create problems. The tent requires a particular amount of solar rays to get charged up and if not done so the tent will have be no use (Reich, 2017).
• Moreover, necessary adaption of safety measures and controls is required and hence sometimes it can be complicated for and will turn into weakness.

Opportunities

• As the product is unique hence it will have a possibility of attaining and attracting high level of attention in the market. This can also be considered as strength for the product as well as an opportunity if considered in future terms.
• Business establishment is always one of the biggest opportunities for any of the business corporation and same will be with the solar camping tent (Foxall, 2014). As the product is not so familiar in the market it will have great expanding opportunities in the new market regions.
• As the product runs on a renewable source of energy (solar energy), the product will have great opportunities for success in future.

Threats

• Competitive environment is one of the biggest threats for any of the company and its products and same is with the solar camping tent (Luchs, Swan & Creusen, 2016). Innovation and technological up-gradation in the business environment has increased the level of competition for the solar camping tent.

Marketing mix strategy

Marketing mix is a well-blended combination of the elements which are considered the most significant while conducting the market research and are used by the business corporation for promoting the product in the market. 4 P’s are the main elements of this strategy and conducting research over these elements the entity will be able to establish the product in the market (Gustavo, 2013). Marketing mix strategy is one of the best tools that will aid the business entity in knowing all the aspects of the marketing which will be proven advantageous in developing the other strategies for the establishment of the product in the market. This assessment procedure educates the components of a sun powered showcasing plan.

Regardless of whether and advertiser will likely convince a client to visit a store, test another item, buy a current item, visit a site, make a gift to a non-benefit association, or ask about a sun powered motivating force program, the procedure is the same. Basically, advertising matches the correct client to the correct item, bringing about a deal (Chang, Yu & Lu, 2015). As states apply showcasing ways to deal with their sun powered activities, they will turn out to be more clients cantered, as opposed to program-cantered, and, accordingly, turn out to be more viable in accomplishing sun oriented objectives (Hollensen, 2015). On the off chance that one "begins considering the end," a sunlight based promoting plan recognizes how a state program will accomplish introduced megawatt objectives through obtaining of private, business and institutional clients. The 4P's guarantee that all parts of the "deal" are secured. Enhancing the way toward obtaining sunlight based won't the only one have any kind of effect in general deals if the value/esteem condition has not been tended to. On the off chance that buyers are not sure about the unwavering quality of sunlight based, enhanced estimating alone won't make any difference (Kleinaltenkamp, Plinke & Geiger, 2016). All components must cooperate to rouse the objective client to make a move. In this manner, the improvement of a sunlight based advertising plan must begin in view of the shopper.

Product

From the viewpoint of buyers' level-headed and passionate mentalities towards sun powered innovation. These states of mind influence the longing to buy (Kleinaltenkamp, Plinke & Geiger, 2016). Customer response to sun based revolution (e.g. value, stanch quality, quality issues) advises advertising and interchanges models by differentiating both the open doors the attributes and positive specifications that ought to be marshalled and the hindrances the worries and "issues" that avoid deals (Malhotra, 2015) 

Price

Price of the product is the value for which the consumer uses the product and is the most significant factor which will decide the buying behaviour of a consumer. The price of a product should be so developed that it offers expected level of satisfaction to the customer. The price of the product depend on various aspects such as the type and category of product, income level of the targeted consumers and their purchasing power (Meffert, 2013). He business entity can make use of low pricing strategy for stepping up in the new market regions and after establishing the image and brand in the market the prices can be increased gradually. Notwithstanding, states must guarantee that planned clients know about these new financing techniques and forcefully advance the monetary "esteem" of sunlight based items to purchaser targets.

Place

Place or channels through which Solar camping tent, likewise is a territory where sun oriented projects have an imperative job through their work with installers, designers, and providers (Pasquier & Villeneuve, 2017). Building a solid provider arrange is basic in staying aware of rising interest; guaranteeing that clients can without much of a stretch discover an installer is a piece of this undertaking. States additionally should take a gander at how complex the sunlight based deals process can be for purchasers and how sun oriented projects can limit and facilitate the exchange procedure.

Promotion:

The mediums or the channels that are used for advertising and promoting the products are the promotional tools and these are the mediators that influence the customers and intend them to buy the product. The prime promotional tools used by the business organization for promoting the Solar Camping Tent are a brochure (Babin & Zikmund, 2015). This brochure is well blended mixture of attractive images and a catchy description of the product which will be easily attaining the attraction of the consumers and thus increase the chances of promoting the product among local customer audience because it is easy to read, and can fit in more information than an average flyer and nowadays, brochure can also be looked at and can also be printed off to be viewed, so why not use it to contribute to the marketing of the social powered camping tent? Moreover the business entity is also making use of social media for promoting the product in global marketing regions (Ryan, 2016). The business entity will also have a website that will have a detailed description of our product as well as a payment option for customers to have the tent shipped directly to their address. Lastly, once our company reaches a targeted amount of sale we will be launching a commercial.

Target audience 

Target audience is the various segments of the consumers that are developed on the basis of the certain aspects of the consumers (Baker, 2014). Target audience can also be termed as the intended audience which will developed on the various elements and attributes of the consumers such as demographic, psychographic, geo-graphic etc.

For the product the target audience will be mainly youngsters who are interested in tracking and camping (Baker & Saren, 2016). All these camping and other adventurous stuffs are in trend today among youngsters. Therefore, in this situation solar camping tents will be a necessity and a reliable option for them. This can be done by following strategies:

Target strategy: Commit the advertising to educating the customer the utility of the product and its effect on the environment. If the organization knows when the local utility sends out bills to customers, the entity may wish to target those days with retargeted web-based advertising, or local TV, newspaper, and radio commercials.

Target strategy: Talk to the customers about the long term costs of unstable fuel supplies. Coal, oil, natural gas, all these are non-renewable resources and will end someday) and other fossil fuels come with a diminishing supply and an increasing demand–an economic double whammy resulting in unending price hikes (Ryan, 2016). 

Budget allocation 

Conclusion:

After summing up the above presented analysis it has been inferred that the business plan is a relevant tool that is required to be developed while planning for the establishment of a new venture. The above presented business plan is a well-blended combination of various aspects and marketing segments Detailed market research has been executed for developing the various segments of the business plan for Solar Campaign Tent.

References:

Abam, E. N. (2018) Br&ing As a Means of Positioning Itself in the Marketplace –A Case Study of the Catholic University Institute of Buea –The Entrepreneurial University. Business, Management & Economics Research, 4(1), 11-14.

Armstrong, G., Kotler, P., Harker, M. & Brennan, R., (2015). Marketing: an introduction. Pearson Education.

Arrawatia, S. B. D. M. A. (2018). FUTURE PROSPECTS OF WOMEN Entrepreneurship in India. International Journal of Innovation in Engineering Research & Management ISSN 2348-4918, ISO 2000-9001 certified, E, 5(01).

Babin, B. J., & Zikmund, W. G. (2015) Exploring marketing research. Cengage Learning.

Baker, M. J. (2014). Marketing strategy & management. Palgrave Macmillan.

Baker, M. J., & Saren, M. (Eds.). (2016). Marketing theory: a student text. Sage.

Caroline, L., Compte, M., & Leite, J. (2018). Case study authors: &ré Brunoni & Felipe Fregni. Critical Thinking in Clinical Research: Applied Theory & Practice Using Case Studies, 417.

Chang, Y. T., Yu, H., & Lu, H. P. (2015) Persuasive messages, popularity cohesion, and message diffusion in social media marketing. Journal of Business Research, 68(4), 777-782.

Foxall, G. (2014). Strategic Marketing Management (RLE Marketing) (Vol. 3). Routledge.

Gustavo, N. (2013) Marketing management trends in tourism & hospitality industry: Facing the 21st century environment. International Journal of Marketing Studies, 5(3), 13.

Hollensen, S. (2015) Marketing management: A relationship approach. Pearson Education.

Johnston, J, Zawawi, C (2009) Public Relations Theory & Practice, 3rd edn, Allen & Unwin, Australia.

Kleinaltenkamp, M., Plinke, W., & Geiger, I. (2016) Business Relationship Management & Marketing. Springer-Verlag Berlin An.

Lane, J. E., & Dieterlen, F. (2018). Asia & the 21st Century: Decarbonization & Huge Energy Increase. European Journal of Economic & Business (ISSN-2456-3900), 3(01).

Luchs, M. G., Swan, K. S., & Creusen, M. E. (2016) Perspective: A review of marketing research on product design with directions for future research. Journal of Product Innovation Management, 33(3), 320-341.

Malhotra, N. K. (2015) Essentials of marketing research: A hands-on orientation. Essex: Pearson.

Meffert, H. (2013) Marketing-Management: Analyse—Strategie—Implementierung. Springer-Verlag.

Pasquier, M., & Villeneuve, J. P. (2017) Marketing management & communications in the public sector. Routledge.

Pavlou, P.A. & Stewart, D.W. (2015) Interactive Advertising: A New Conceptual Framework Towards Integrating Elements of the Marketing Mix. In New Meanings for Marketing in a New Millennium (pp. 218-222). Springer International Publishing.

Reich, M. (2017) Racial inequality: A political-economic analysis. Princeton University Press.

Ryan, D. (2016) Underst&ing digital marketing: marketing strategies for engaging the digital generation. Kogan Page Publishers.