Bright Light Innovations SWOT Analysis Essay

A group of professional members of conscientious objector State University excited astir(predicate) developing and securities industryplaceing the growth The Star glister fit consumes 50 to 70 sh atomic number 18 less fuel than regular desexualiseing stoves The stove fusss electricity from a thermoelectric generator. Competitors do not claim the same(p) features as the Star brightness level Stove. Increase firm income because Starlight Stoves allows families to focus more(prenominal) than on earning more money rather than collecting fuel or wood to generate electricity The Starlight Stove costs less than the competitionWeaknessesThe university is a non-profit organization, fashioning it harder to find funding Working adults in Nepal make between $1 and $3 per dayLess than fractional of the Nepalese universe of discourse piece of tail readMarketing campaign demand to be adjusted establish on engineering science limitations wariness is launching its return in a ve ry unique culture with economic uncertainty that toilette catch many challenges to the teamOpportunitiesOffer an innovative product, Starlight Stove, where consumers butt end safely cook Expand to the Nepal foodstuff as the mood is accessible to promote the new-made product There is a target market of 89 percent of house find outs that need electricity in Nepal The Starlight Stove will directly set up to the reduction of erosion and flooding in Nepal Starlight Stove technologies stop profit household efficiency by more than 20 percent per day Children can focus more on education because Starlight generates more hours of lightThreatsStreams and rivers can pee micro-hydropower, allowing households to generate electricity at no additional cost Solar panels can offer electricity to many householdsNepals division into 75 districts creates a market segmentation that become a true challenge when introducing the new product The focus team notbeing fitting to find a funding inst itution that can yield loans to the Nepalese peopleEvaluation of Alternatives capable exculpated Innovations has a series of decideations that need to be reviewed earlier making final decisions. Introducing a new product on such a unique market can represent a lot of challenges for counsel (Mckeever, 2005). Culture and population ar important factors for management to evaluate before reaching onto this market (refer to Appendix A). There are undecomposed factors such as climate and social needs that make Nepal a strong market to deliver the stove lineage. However, funding and household income are big concerns for management because rase though there are a lot of strengths and opportunities for Bright shed light on Innovations in Nepal, treats and weaknesses can negatively partake the launching of the Starlight Stove in the Nepalese market. Management desires to be a for-profit business and in mold to make a profit they would baffle to sell the Starlight Stove for $80 per unit. As described in the case, there are close to 9.2 trillion households in Nepal, exclusively the GNI per capital is somewhat $400.Nepalese people do not make more than $3 per week, which limits management when making set decisions. Micro-financing competency be a possibility but they have to conceptualise that not all households have a fixed income. Consequently, finance institutions might be hesitant to provide loans to some of the families. Since management does not want to look to donations, grants, or government relief, they will have to reach onto business leaders, government members of Nepal, and other institutions to expose the product and all the benefits it can exploit to the orbit. As described above, some of the benefits of the Starlight Stove are offers an innovative technology where consumers can safely cook, contributes to reduce erosion and flooding in the area, increases household efficiency by more than 20 percent per day, and generates more hours of light which can help children focus more on education.If Bright lower Innovations decides to manufacture the Starlight Stove local anaestheticly, it can represent an increase in local jobs, income per capital, and childrens education. In addition, it can drastically decrease deforestation and indoor(a) air pollution (top ten causes of mortality). Therefore, strong selling strategies and decisions have to be stash awayd to in effect promote the Starlight Stove byout the 75 districts (60villages consisting of 450 villages). Management needs to carefully consider the marketing plan for this product since there are technology limitations and only half of the adults can read in Nepal. championship of RecommendationsMarket segmentation allows marketers to understand customers needs and identify target markets (Peter & Donnelly, 2011). Bright Light Innovations will be able to evaluate different segments to determine differential advantages in each of those segments. Furthermore, management will be able to determine any of the particular marketing mix for a more successful strategic plan. Market segmentation can be take ined by researching geographic data (zip code, region, etc), demographic data (age, occupation, nationality, etc), psychographic data (social status, personal type, etc), behavioural data (customer behavior), or any other data that can be beneficial to the research (Kawasaki, 2004). According to Hyman and Sierra (2010), before a serving or product is introduced into the market, the marketer needs to have a good understanding of the consumers needs and preferences. For that reason, it is recommended that management considers all of the limitations and challenges that the Nepalese market has for the Starlight Stove.Major decisions need to be made by management to effectively make profit on this product. Therefore, since there are similar characteristics in northern India, management should consider this other market as some other possible op tion (see Appendix B). India is a far more substantial country than Nepal. India is ranked in the lower-middle-income group with a GNI per capital of approximately $1500 (The World Bank, 2014). On the other hand, Nepal is ranked in the low-income group. There are other possible markets in South Asia that can be consider and might represent a less challenge, especially since management is looking for to make profit. Bright Light Innovations needs to consider GNI numbers before deciding where this product will be launched. Because there are technology limitations in Nepal, management will need to create a marketing campaign that can be clear and easy to understand by the Nepalese citizens. Magazines are always a great source of marketing, but these can represent a challenge in Nepal since only half of the adults can read and 11% of the households have electricity.Therefore, visuals and signs can be strategically placed among the different villages to target the corresponding distric ts. Bright LightInnovations can go to the schools and educate the children about how the Starlight Stove can benefit their families and their lives as they represent the future generations in Nepal. In this way, children can speak to their parents about everything they have learned about this new innovative and affordable new product. Management can also arrange meetings with each of the local governments to introduce the product and explain all the benefits that can bring to the local communities. In this way, local government officials can help Bright Light Innovations hold local gatherings with audio-visual systems that can attract as many villagers as possible. Management can speak to the crowd about the benefits of the Starlight Stove and demonstrate its features through a live demo or lively entertaining video.The earreach will get to know the product and understand the positive impact that can have for their families and environment. A market segmentation process has to be c reated to determine the households who have electricity and target the appropriate market to obtain an analysis of consumers needs and preferences (Fiore, 2005). Management will have to create a strategic marketing plan to reach those customers who already have electricity (e.g. solar panels) and might be interested in thriftiness money. According to Perreault, Cannon, and McCarthy (2013), marketers need to do a competitor analysis to comparing the strengths and weaknesses of your current (or planned) target market and marketing mix with what competitors are before long doing or are likely to do in response of your system (p. 63).For example, promotional materials are important factors in the success of a marketing plan (Horvth, Mitev, & Bauer, 2014). Management need to create advertisement with lots of visuals that provide information about the Starlight Stove to attract villagers from different areas. Bright Light Innovations needs to find a financial institution that can offe r flexible loans to the Nepalese villagers as household incomes vary from district to district. If the product is manufactured locally, which can save a lot of import taxes, management might consider establishing a discount program for the employees.As a result, more locals will be able to afford buying the Starlight Stove, increase brand name and brand loyalty throughout the villages. In forthwiths economy, marketing strategies have to be flexible enough to maintain market needs and preferences. The long-term success of a product comes from strategic marketing plan ideas and long-term marketingand brand building that can directly impact the competitiveness of a company, especially by differentiating it from competitors, and product placements part of long-term marketing and brand building (Kramoli & Kopekov, 2013, p. 98).ReferencesFiore, F. F. (2005). Write a business plan in no time. Que Publishing. Hayrynen, K. L. (2014). Its all about marketing. International Journal Of Metalc asting, 8(3), 7-12. Horvth, D., Mitev, A., & Bauer, A. (2014). 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