Bright Light Innovations SWOT Analysis Essay

A group of professional members of Colorado conjure up University excited some developing and tradeing the growth The Starlight outfit consumes 50 to 70 percent slight fuel than regular compasss The stove generates electricity from a thermoelectric generator. Competitors do not offer the selfsame(prenominal) features as the Starlight Stove. Increase plate income because Starlight Stoves allows families to focus to a greater extent on earning more money rather than compile fuel or wood to generate electricity The Starlight Stove costs less than the competitionWeaknessesThe university is a non- get under ones skin in organization, making it harder to find funding Working adults in Nepal put up between $1 and $3 per twenty-four hoursLess than half of the Nepalese population push aside evidence marketing campaign ineluctably to be adjusted based on engineering limitations circumspection is launching its product in a precise extraordinary culture with economic uncertain ty that pile bring many challenges to the teamOpportunitiesOffer an advanced product, Starlight Stove, where consumers puke safely cook Expand to the Nepal market as the climate is accessible to promote the untried product There is a target market of 89 percent of households that need electricity in Nepal The Starlight Stove pull up stakes directly contri simplye to the reduction of erosion and flooding in Nepal Starlight Stove technologies can increase 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 create micro-hydropower, allowing households to generate electricity at no additional cost Solar panels can offer electricity to many householdsNepals section into 75 districts creates a market segmentation that become a true challenge when introducing the impudently product The prudence team notbeing able to find a funding institution that can provide loans to the Nepalese peopleEvaluation of Alternatives brilliant Light Innovations has a series of considerations that need to be reviewed before making final decisions. Introducing a new product on such(prenominal) a unique market can guard a lot of challenges for management (Mckeever, 2005). Culture and population be classical factors for management to evaluate before reaching onto this market (refer to Appendix A). There are good factors such as climate and social needfully that make Nepal a strong market to award the stove business. However, funding and household income are big concerns for management because even though there are a lot of strengths and opportunities for Bright Light Innovations in Nepal, treats and weaknesses can negatively impact the launching of the Starlight Stove in the Nepalese market. Management wants to be a for-profit business and in order to make a profit they would ware to sell the Starlight Stove for $80 per unit. As described in the case, there are a bout 9.2 million households in Nepal, but the GNI per capital is approximately $400.Nepalese people do not make more than $3 per week, which limits management when making pricing decisions. Micro-financing mogul be a possibility but they have to consider 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 bring to the country. As described above, some of the benefits of the Starlight Stove are offers an innovative technology where consumers can safely cook, contributes to mortify 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 Light Innovations decides to manufacture the Starlight Stove locally, it can represent an increase in local jobs, income per capital, and childrens education. In addition, it can drastically mitigate deforestation and indoor air pollution (top ten causes of mortality). Therefore, strong marketing strategies and decisions have to be introduced to effectively promote the Starlight Stove throughout the 75 districts (60villages consisting of 450 villages). Management require to carefully consider the marketing invention for this product since there are technology limitations and only half of the adults can read in Nepal. defend of RecommendationsMarket segmentation allows marketers to assure customers needs and identify target markets (Peter & Donnelly, 2011). Bright Light Innovations will be able to evaluate different segments to consider differential advantages in each of those segments. Furthermore, management will be able to determine any of the incisionicular marketing mix f or a more successful strategical plan. Market segmentation can be obtained by researching geographic entropy (zip code, region, etc), demographic data (age, occupation, nationality, etc), psychographic data (social status, personal type, etc), behavioral data (customer behavior), or any other data that can be unspoiled to the research (Kawasaki, 2004). According to Hyman and Sierra (2010), before a service 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 another possible option (see Appendix B). India is a far more developed country than Nepal. In dia is be 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 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 radical 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 districts. Bright LightInnovations can go to the schools and educate the children about how the Starlight Stove can benefit their families and their make outs 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 audience 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 created to determine the households who have electricity and target the appropria te 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 saving money. According to Perreault, Cannon, and McCarthy (2013), marketers need to do a competitor analysis to compare the strengths and weaknesses of your current (or planned) target market and marketing mix with what competitors are currently doing or are likely to do in response of your strategy (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 offer flexible loans to the Nepalese villagers as household incomes vary from district to dist rict. 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, increasing deformity name and brand loyalty throughout the villages. In todays economy, marketing strategies have to be flexible enough to accommodate 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 Metalcasting, 8(3), 7-12. Horvth, D., Mitev, A., & Bauer, A. (2014). 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