Identifying Sociocultural and Demographic Trends for Solar Products
1. Identify key changes in demographics, values, attitudes, and lifestyles that may help suggest potential product concepts, as well as potential target markets for these product concepts. Some of your MRI+ data may be helpful in identifying the frequency of activity engagement, or product category/brand purchase, as well as the market size (‘000) for product concepts that relate to one or more activities, product categories, or brands. Also consider trends, events, attitudes, values and factors that may impact the industry in the future, potential product concepts in the future, or the viability of product markets in the future.
2. Identify any ethical or social responsibility issues that the product, firm or the industry faces. How do these issues affect the firm or its customers and are they expected to change in the future?
3. How have recent technological advances affected potential customers concerning needs/wants/preferences, access to information, the timing and location of purchase decisions, the ability to compare competing product offerings, or the ability to conduct transactions more effectively and efficiently (in the context of the specific product offering being proposed)?
4. Have customers embraced or rejected these technological advances? How is this issue related to customers’ concerns over privacy and security?
5. How have recent technological advances affected the solar industry or product category you improving with solar features concerning manufacturing, process efficiency, distribution, supply chain effectiveness, promotion, cost-reduction, or customer relationship management in the context of products that target a consumer market?
6. What future technologies offer important opportunities for the solar product? Identify any future technologies that may threaten the product's viability or its marketing efforts.
7. Specific emphasis should be placed on how various economic conditions impact potential customers’ ability to purchase the proposed solar product concept or solar products as a whole. Any information pertaining to demand for solar products of various types would be excellent information to add to this section.
1. Identify any events or outcomes tied to the environment and the use of natural resources that may open up opportunities or threaten efforts to market the solar products now or in the future. Consider natural disasters, weather patterns, pollution, landfills, climate change, and fossil fuels, recycling, reusing, and reducing reliance on natural resources, as well as solar energy, wind energy, and sustainability practices. Remember to erase all of the information above after you finished writing this section.
2. In the context of your proposed product or product category, identify any political activities affecting the product or the industry concerning changes in elected officials (domestic or foreign), potential regulations favored by elected officials, industry (lobbying) groups or political action committees, and consumer advocacy groups. Changes in trade restrictions, tariffs, and government stability abroad are an important consideration for products that compete in a global arena. Tax policies and subsidies that impact the product, the industry, or its competitors should also be considered.
3. What are the current and potential hot-button political or policy issues at the national, regional, or local level that may affect the firm’s marketing activities?