The following article explains the marketing of companies and their role in the organisation. Also, the company here claims that it must have a tactics to offer goods and services such that they can be sustainable on the sector. While the company here believes that new products can always allow to have good hold in the market and to serve the customers better, whenever the business satisfies the customer needs there is a tendency for the same to grow. The company does try to provide products and services through a well-planned and coordinated set of activities so that they can achieve its aims and goals quickly. The latest offering, Solar LED Christmas curtains, will be introduced at the Leeds German Christmas Segment. This report also discusses primary market research and a detailed discussion for market analysis, segmentation, target audience and positioning of the newly launched product.
Foundation Degree in Business and Management
Business Environment and Marketing
TITLE OF ASSIGNMENT
Case study report
DEADLINE DATE FOR SUBMISSION BY STUDENTS
Turn it in only
NOTES FOR STUDENTS
This is a case study report, which is weighted 60% of the overall module. Your message should be professionally presented and be 1800 words (+/- 10%).
Students are required to do individual experiments and participate in lectures and seminars to complete this assignment.
NB: Formative feedback will be given on a draft outline of your report only during w/c 13.11.17
LEARNING OUTCOMES ASSESSED
2.0 Market Analysis
The selected business wants to expand its business scenario by launching the new products at the upcoming Leeds German Christmas Market. The company has planned to launch the Solar LED Christmas curtains for windows. These Solar LED curtains can be ideal for the Christmas decorations in a much eco-friendly and economical way (Hogue, 1970).
The following is a SWOT Analysis for the Solar LED Christmas curtains idea:
Eco-friendly product- The Solar LED Christmas curtains are eco-friendly. They will work on solar energy and will light up the Christmas decorations in a practical yet eco-friendly way (Kraushar, P., 1986).
Economic working- Since they work with solar energy, they are very economical to use. Not only on Christmas, but these LED lights curtains can light up the windows of the house and reduce the electricity bills. This renewable source of energy is a highly creative way to light up one’s place.
Highly efficient- They have a bright and clear white light that is highly effective as they have a running life of more than ten years. Once fully charge, they light up the area of the house for 12-15 hours (Hogue, 1970).
Innovative concept- The emerging eco-friendly market highly appreciates this innovative concept. It is specially designed for the windows of the house that get straight sunlight for the significant part of the day.
Costs more than traditional LED’s- this is a significant weakness as the cost of the Solar LED Christmas curtains is more than conventional LED lights available in the market.
Limited awareness- Though the emerging eco-friendly market highly appreciates this innovative concept, there is little awareness of this type of product in the market. It is specially designed for the windows of the house that get straight sunlight, so if your windows face a direction which the sun does not hit, then this may not be as efficient (Gunay, H, 2008).
The growing market for energy-efficient products- there is an emerging market for energy-efficient products or products that use a renewable source of energy (Hogue, 1970).
Technological innovation- The emerging eco-friendly market highly appreciates this innovative concept. It is built especially for those who want to+ use this in a celebratory event or make their house more attractive (Stokes, 2000)
The emergence of a new market- Newmarket of users that prefer eco-friendly products over the standard energy forms is emerging whole over the world
Recognised for Tax credits- Government bodies all over the globe prefer such products and motivating their production by providing them tax benefits and credits (Friett, K, 2015).
Cheaper competitive products- various more affordable and competitive LED products on the market may hamper the product market.
Easy market entry- entry to the LED lights market business is not difficult for competitors as government rules and regulations are not that strict, and new small startups may not be fully compliant before going to market (Hogue,1970).
3.0 Market Research
Market research is a process that collects the information to analyse the market for the proposed product. The information that is contained in this process of market research helps the business to make decisions much more efficiently and understand where the product fits in the market. (Curry, Loftus, and Lowery (2010)
The need for market research is to understand the customer's expectations and then deliver to them what they desire in a way that is profitable to the business.
The information is collected in two main ways, the primary data collection method and secondary data collection method. Direct data collections refer to the data collection done through questionnaire filling, surveys or interviews, first-handed by the data researcher. Whereas, secondary data collection is done from data sources available from government publications, market surveys, and even organizational records. (Friett, K, 2015).
The data collection for this idea was done in the secondary data collection form by collecting numbers from published data. Data was collected from the surveys of the electricity consumption in each household during Christmas time. Also, from the question, what is average bill consumption on the decorations for festive seasons for the normal households? Another data captured was from the earning records of the population, which states ‘What is the number of products that each household buys?’ (Zаiri, Yоussef, 1995)
In order to identify and compare the result, a survey was done with a questionnaire that was completed from more than 50 consumers in relation to purchasing LED lights in order to understand their trends towards solar LED lights. More than 70% of the consumers were interested in the solar LED lights. Almost 83% of the participants of the survey claimed that this is innovative technology and will rule in the coming times. (Curry, Loftus, 2010)
So, the market analysis done on the basis of primary and secondary data were collected through different means. The points that were cleared in the analysis were:
More than 70% of the consumers were interested in the solar LED lights.
Almost 83% of the participants of the survey claimed that this is an innovative technology and will rule in coming times
It was clear that the electricity bill of each household will cut to 20-35% if the decorative solar lights opted during the festive season.
The average family can easily afford the solar LED curtain lights (Gunay, 2008).
The costing is a bit more than the competitive LED products in the market, but owing to the high effectiveness and innovative idea, the work will be well accepted in the market.
4.0 Segmentation, Targeting and Positioning
The market research was done to understand the market segmentation:
The segment of the market that accepts the Solar LED Christmas curtains is middle class to the high-class household.
The segment of the population that loves the innovative technology introduction in the LED lights has accepted this product and believes it could work. (Curry, Loftus, and Lowery,2010)
The segment of the population that loves each step towards the Green Earth Initiative and accepts the renewable sources of energy as it will provide renewable energy without harming the environment.
The segment of the population that is well aware and wants to save the electricity consumption of their home, through other alternatives. (Hogue, 1970).
The target for the Solar LED Christmas curtains can be;
small families that want to decorate their personal spaces in a well innovative manner
Women and female population who tend interior decoration
Individuals who are looking for the Christmas gifs. (Stоkes,2000)
The positioning of the market understood from the market analysis was that if the product were launched in the early Christmas month and Leeds German Market, it would be a great success and the trend would be started from there.
5.0 Ethics and Corporate Social Responsibility
Business ethics is to understand the values in a business. Each company creates and follows a particular set of values so that they reach their company's aim and goals which is similar to the self-discipline an individual may go through to reach a goal. Creating values will set company's objectives clearly, which makes sure that each department and individual with objectives. These values are called business ethics (Zаiri, Yоussef, 1995). Some managers try to ignore the whole idea of business ethics since they feel the profits in the business guide the way to success. Many surveys reveal that more than 3/4 of big business organizations in the country are working to build strong business ethics in their organization. There are continuous efforts by the organizations to provide complete assistance to the managers in identifying an ethical course of actions, especially in critical situations (Curry, Loftus, and Lowery, (2010).
The business ethics that are set claim that the business will serve a segment of the population that loves each step towards the green earth initiative and accepts the reality of renewable sources of energy. More and more people are to be aware of the benefits of having the energy-efficient LED decorative lights or even other lights at home to increase the market trend and promote the product (Gunay, H, 2008).
Corporate Social Responsibility in the business provides an extensive view of the law to the managers and an expansive view of the business to the market. It may be noted that managers or organization ethical behaviour does have a cost on the company’s profit line but never does the proper action in the market go unrewarded. The business will have benefits in the longer run, in case it follows the ethical approach in its transactions (Stоkes, 2000).
The business finds the need for creating more awareness for the green earth initiative or the need to use renewable sources of energy. For this, the company has planned to grow more trees in its area of operation with the help of the local bodies and sapling, which is a young tree, is to be gifted to each customer along with the product as a festive offer and asked to plant so that it can grow to help the environment further.
The business needs to extend its business situation by propelling the new items at the upcoming Leeds German Christmas Market. They intend to dispatch the Solar LED Christmas drapes for the windows, and these Solar LED lights can be perfect for the Christmas improvements in a much eco-accommodating and gentle way. A sufficient amount of the public is settling on the vitality of the useful items or the items that utilise a sustainable wellspring of life. The rising eco-accommodating business sector immensely values this inventive idea. It is uniquely intended for the windows of the house that get straight daylight for the real part, but they can be used in areas where the sun may just appear for a small amount of the day. The forthcoming Leeds Christmas Market might have less costly and oriented LED products available that could delay the showcase of the item, however this has been established as a possible threat come at any time to any product in the market.
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Appendix 8.0 Market Survey
What kind of lighting you prefer for decorations on festivals?
Traditional bulbs______ LED’s ______ Others ____________
Do you hire professionals for decorating your home?
Do you prefer gifting decorations to others on festivals?
Do you think Christmas decorations raise your electricity bill?
Do feel pain of using depleting energy sources?
Do you want to keep your earth green and clean?
Are you looking for renewable source of energy for decorations?
What life do you expect from renewable source lighting product?
2_______ 5_________ 10______ 15_________
What is your budget for the same?
£ 25 _________ £ 50_______ £ 75______ or more_______
Do you favour innovative technology?