Bright Light Solutions, Essay Example

Published: 2021-07-07 03:35:05
essay essay

Category: Undergraduate, APA, Marketing

Type of paper: Essay

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The innovators behind Bright Light have created a sustainable idea that can provide long-term, green solutions for disadvantaged populations in the world. However, it is important that the marketing strategy is based on research and the knowledge of the industry, culture, in order to successfully enter the market.
Product. The product is attractive for those who are environmentally conscious. It is clear from the case study that the Nepalese government is supportive of green development, however, the overall perception of the technology is not known. Collaboration with government agencies to communicate the benefits of replacing wood stoves with the Bright Light product is recommended.
Price. The pricing of the stove is reasonable, but as most people earn less than three dollars a week in Nepal, affordability checks need to be completed. Further, financing plans need to be introduced that reflect the income situation of people who need the product the most. The pricing strategy of the innovative product, according to Micu (2006, p. 41) is best assessed and developed using direct sales and price-induced sampling.
Promotion. It is known that the majority of Nepal’s adults cannot read. Therefore, it is recommended that the company implements a direct marketing campaign that would approach potential customers in person. This might increase the operations cost of the company, but create employment in the area for local people who know the circumstances and the language of potential customers. Commissions would be paid separately for sales and finance. The barriers of market entry related to innovative products, in particular the product access barrier and the customer tradition barrier (Tesink, 2005) need to be assessed.
Place. Sales would take place at the home of potential customers, at the time of promotion. There would also be an option to visit a regional office where Bright Light stoves are on display and can be viewed in operation. Visual aids for understanding how the stove works, how it benefits the family, and how it increases household productivity would be printed and presented to potential customers.
References
Micu, A. (2006) Pricing the Innovation for market penetration. UPG Bulletin. Vol. LVIII No. 2/2006
Tesink, W. (2005) Barriers on market introduction of innovative products. 2nd Twente Student Conference on IT , Enschede 21 January, 2005 Retrieved from http://referaat.cs.utwente.nl/conference/2/paper/7075/barriers-on-market-introduction-of-innovative-products.pdf

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