Discuss about the Introduction to Qualitative Market Research.
The world fossil fuel is finite. So it is very important to find out an alternative energy that can be used to power homes and business globally. To fulfil the high demand of energy solar is the only solution. So solar system in our daily accessories is also important today. Solar power is also useful in those areas where electricity is not available. When fossil fuels release harmful greenhouse gasses into the atmosphere which cause serious environmental problems, but the solar system had no such effect as well as it is eco-friendly. For electricity, we have to pay a daily cost for production but solar system is a one-time investment policy. Thinking all this legion solar system is the better way for the energy independence. This solar solution is very faster than the traditional system and it is more efficient than another traditional system.
The electronic market is comprised of the profit that generated through the selling of this product. In electronic industry, there is an increasing demand for electronic devices that are easily compatible with daily life. Consumers want a wide variety of new products with more capabilities and greater services.
As solar system is the fastest growing market technology today and going to play the main role in Australian electricity production. The growth of the solar system depends on the need and popularity of customers.
As Australia is already practiced with the solar system and it is among the top ten solar countries and by March 2015 Australia had installed photovoltaic (PV) solar power of 4100 megawatts. So to launch a new solar system is difficult until it provides something new that helps the customer for more service.
Customers always want effective and more compatible product than traditional, so a new product must have to maintain the product quality as the competition is very high. Here Legion solar system is more efficient than any other solar system because it provides extra output than any other solar system. But the product popularity and growth depends on customer need and how they take the new product. The customer always wants something new and innovative,this solar system is highly innovative and can fulfill the customers need.
A company background effects the selling of the new product. And before buying newly launched product customer depends on the company background and the advertisement of the product. In the advertisement, the company must give all the details specification and company should focus more on special features that will attract the customer.
SWOT analysis means to explain the strength, weakness, opportunity and threats of a company that will help the company to take the step for the growth of the company in future. The company will also find what major difficulties that they have to face (Barrows and Blackall, 2007).
With the increasing population and climate change, a major question arises, that how long the fossil energy serve us in future as the fossil energy is finite. So we have to think about the other source of energy. Sun is only reliable to fulfil the increasing demand of energy with the change of our lifestyles.
The new product of PLX devices the Legion solar service is a better way for the energy independence (Birn and Forsyth, 2002). It is efficient than the other traditional solar system which will key points for the marketing. It is easily comfortable for the electrical devices like mobile, computer, etc, so it will have a high demand in the digital market.
Why will people choose such like product in Australia which is listed in top ten solar countries?
People always demand something more. PLX provides such like solar technologies that will easily solve the problem of electricity and energy resources. PLX introduced lithium battery that can produce more output than that of a silicon acid battery. The previous solar system can only produce 50% output than input. But PLX technology provides 250 % feedback energy as output. So the main strength of PLX solar system is the output system and the quality (Chadwick, 2014).
Australia is already among the world top most solar countries , so the new solar system is not so essential for the customer as most of them already installed PV system and the installation charge is not so less. For that customers will not go for a new solar device easily. Today’s digital device like a mobile phone has an inbuilt powerful battery so need of an extra charging devices is not so essential. Also in the case of solar system users have to depend on the climate (Emling, 2009). In rainy season and in the night sun is not available so solar system is useless at that time. There is also a possibility of damaging of solar panel that effect customers to buy a solar system which is not less costly.
The innovative idea of Legion solar devices with more effectiveness will easily attract the customer to buy this. The price of the product is not so high so a normal buyer can buy it. Today the solar system is a most demanding idea as the natural resources like fossils energy are going to the end so solar devices are the only best option. One more important thing is that it has no harmful effect on the environment that will help on its promotion. The PLX devices have already a good place in the digital market, which can capture the market easily.
There is large no of the company are doing their business in Australian trade market so competition is very high (Fillis and Rentschler, 2006). Customers have the negative view of solar system for the rainy season when the sun is not available to recharge the solar device. So they must think of an optional energy supply, but for all family and business company, it is not possible to go for dual energy system. This is a big thread for the company. It is not the only product of this type as Australia is already have practiced with so it is a matter of thing that how many customers will go for it.
Nature and scope of marketing:
Marketing involved all the business activities involved in getting goods and services. Marketing is the way in which a product hands off to the producer or seller to the hand of the buyer. In this process ownership of a product istransferred from the seller to the buyer. Before marketing a product a company should have some essential functions (Foster, 2009). At first, they have to understand the changing need and want of the customer's. Also, they have effectively managed the services and the demands of the products and they have to promote the payment and the distribution process. Marketing of a good product also depends on upon the consumer's satisfaction. So the product quality should be maintained. So the company should sincerely analysis the buyer behavior before market segmentation and targeting. Marketers have to make pricing policy thinking about their product quality and market competition. The major objectives of the marketing are the customer's satisfaction and the service offered to the product (Grüner, 2016). Because the profit depends on this criteria. One more thing that the company has to take carethat is the promotion including selling and advertising to reach their goals.
There should also be a feedback process for the reviews of the users and buyers. So they can give their personal view about the product, which will help the company to improve their product and service. The company must have to assure about the services that they offered so the buyers can buy a product without any hesitation. The feedback process will also help the company to improve their scope of marketing in future.
Marketing research techniques and analysis:
To develop a business first any company have to look care about some criteria depend on upon the business type. Market segmentation, targeting market, advertising, promoting and popularity are some criteria that one company have to look care of to develop the product’s growth. Now a day’s energy solution is the main problem (Imms and Ereaut, 2002). So everyone wants something new. The solar system is the key to solving and to introduce a new energy source. But as Australia is already a leading country in solar energy production, so to launch a new product of solar energy any company should provide some new features.
The company first need to know the popularity of the thing they are going to launch so they need a market survey, which should on the basis of area and population.For the growth of market, company needs to segment the market in geographic, demographic, psychographicsegmentation. Geographic segmentation will provide data to the company about the area in which it is mostly needed. Demographic segmentation will give an idea about the population and service man and the economic picture of customers. So the company can target the area more. It should target most of the area full of school, office, industry, and over a populated area (Jindal, 2015).
The advertisement is the basic and main thing to aware people about the product. But the company also maintain some basic rules to do it.
For offline advertisement, it should choose the popular TV channels, well-populated area and most of the locality and they have to look care that people can get a clear image of the product and difference of the products with others. New features should be highlighted.
For online advertisement, that is easier to promote,one need to create an attractive ad .The add should contain every detail and new features of the product. New features should be highlighted more. Advertisement page must be well decorated thus a customer can get a clear picture of company and product. Most popular websites, emails, social networking service should be the medium to post ads (Kotler, 2006).
One more thing company have to look care of that is the competition presented. Australia is in top ten in this subject. So the competition will be very high and to introduce a new product is very tough. So to launch a new product company must provide some extra features and also price and quality should be maintained.
Difference between marketing mix and extended marketing mix:
The combination of elements that is used by a business to enable it to perform the needs and wants of the customer is marketing mix.The marketing mix is also known as the 4Ps of marketing. This 4P's are the parameters that have to control by the marketing manager in the marketing environment. The 4P's are product, price, place and promotion. The product terms refer to brand name styling quality as well as services that are warranty including repairs and support. In marketing pricing strategy should be followed (Malhotra, 2010). The company has to take a reasonable and affordable market price for the buyers and discount should be informed if have. Place refer to the distribution that is about getting the products to the customers. In promotion various aspects of marketing communication decisions include. All the information is taken by the marketers of the new product is the main part of the promotion.
In recent days three new elements are added to the traditional market mix. After addition, the combined form of marketing is called extended marketing mix this is also known as 7P's the three new additional is people, process and physical. Here peoples are referred to them who may conduct and deliver the product the customer. The process is the system according to which delivery of a product to the customer is done (Otubanjo, 2013). The element physical means the environment of the customer experiences. The main difference between marketing mix and extended marketing mix is –
The later is more develop marketing function that is closer to the management and the customer and operations.
After analysis, all the factors to make opportunity for a new product a company should take care of its market segmentation as per the customer needs and have to deliver the quality product that they offered. As the solar system is innovative as well as independence to the power system so this product can easily create a good place in the market of the high demanding energy state of the world.
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