ENT203 Venture marketing proposal

Executive Summary

The report was aimed at making a venture marketing plan consisting of market potential, brand story, marketing strategy, and marketing mix. It was found that the solar energy industry in Australia is rising rapidly and ultimately driving competition. Competitors of the Luzprest brand in Australia will be Powerark Solar; Solar Brother; and more. Further, the findings suggest that Luzprest brand should focus on adding more humour to its campaigns for its solar lighter products for clients. Also, the pricing strategy effective for the Luzprest brand will be a penetration strategy that prioritises marketplace share over profits for a specific period of time. The brand should partner with influencers to promote its offerings using the Instagram platform.

Introduction

Luzprest is a brand which offers a product namely electric lighter which charges with solar energy. This product will be a portable solar lighter which starts a fire with external solar sunshine simply and fastly. The main purpose of the brand is to produce portable and lightweight solar-powered lighters which are made to be rejoiced outdoors. This report aims to make a venture marketing plan consisting of market potential, brand story, marketing strategy, and marketing mix.

Market Potential

The main motive of the Luzprest brand is to harness energy from the sunshine. In view of this, the target market of the Luzprest Brand will be the millennials who fit the product offerings by brand since this set of individuals is more conscious of the environment and thrive to be greener or sustainable. Such an attitude is vital since the millennials are deemed an upcoming market and might be a vital contestant in forthcoming sales in the market. With respect to market size, it can be said that the Solar Power Market in Australia with respect to installed capacity is predicted to develop from 36.5 GW in 2023 to 70.49 GW by 2028 (Mathews et al., 2023). It is further found that because of its higher installations share, the solar PV (photovoltaic) segment is predicted to dominate the entire solar energy market. There is no doubt that the solar energy industry in Australia is rising rapidly and ultimately driving competition (Van Opstal & Smeets, 2023). Competitors of the Luzprest brand in Australia will be Powerark Solar; Solar Brother; and more. The brand will be established with excellent products and authentic services that can facilitate Luz Prest to stand out from rivals. The key remains in distinguishing from rivals with focus on reliability and quality of the electric lighter while providing lower priced products for long-run (Shuai et al., 2022).

Brand Story

The primary research method most appropriate for testing the Luzprest brand with the chosen target market can be survey questionnaire technique. Survey research indicates the quantitative technique wherein the scholar asks questions to a set of individuals to attain their feedback about some subject. This method will further allow the marketer to conduct market research to superiorly understand their target market’s desires and preferences and to make vital corporate decisions. It can be said that using survey techniques to carry out the product testing is considered a successful component of a market research and a valued method to evaluate what individuals perceive of the electronic lighter during its early developmental phases. This research tool will be suitable since it might help the scholar to segment the target people since the answers it offers might enable him to know diverse teams which everyone shares mutual attributes that they demand from the product (solar-powered electronic lighter). Moreover, it might facilitate the marketers to customise the marketing strategy to diverse sets of people consequently and refine the overall chances of victory. It can also enable to attain valued perceptions through the whole life of the new product from its starting conceptual notions right through to client gratification (Daqa et al., 2020).

Marketing Strategy

The most suitable digital media platform for Vezprest and its target customers will be Instagram channel which enables users to develop a public or private profile, exchange pictures, and videos, and involve others' content via commenting, liking, and saving posts. It usually serves as a communication platform between companies and their clients. It is true that visual power is deemed to possess more attraction to bring clients to transform in relation to other methods (Agung & Darma, 2019). The feature of Instagram namely Insta Story will help the marketers at Luzprest to collaborate with prospective clients directly. Besides, findings suggest that the brand should use more hashtags in their story and hide them under the image to attain more involvement from customers. The shopping attribute might also be utilised for stories to assist clients discovering the goods instantly. The existence of story attributes on Instagram media platform can actually assist the brand to understand client desires. Therefore, this platform is considered to be utilised as a technique to cooperate with other brands or others. Luzprest can make its instagram page and attain the prospect to demonstrate its offerings as high-quality pictures. (Lee & Weder, 2021). According to the customers responses’ and feedback, it can be said that one of the crucial aspects of an Instagram channel is content. The customers are of view that an involving content combining the value, data, and entertainment are more strong than a beautiful picture. It has been suggested by the customers that the Luzprest brand should focus on adding more humour to its campaigns for its solar lighter products for clients. This brand is suggested that when initiating writing, they should caption a line that piques the interest or stimulates engagement by asking a question at the end of the post’s end. Furthermore, the company is required to make more effective videos or images to keep the customers seeing the posts longer. Hence, it can be said that it is important for Luzprest to give priority to engagement by putting up hashtags and captions which appeal to the eye Also, these should motivate the collaborations by posting questions and inspiring the users to tag the brand subsequently contributing to enhanced web traffic and client engagement (Katajisto, 2023).

Moreover, as per the customers’ responses, it can be said that running ads mainly via Instagram is deemed an ideal manner to surge engagement with individuals who don’t presently follow the account. This will benefit the Luzprest brand with a surge in profile visit, website traffic, and messages of the brand. Furthermore, the majority of the customers suggest that the Luxprest brand on the Instagram channel should post a creative mix of diverse types of pictures namely customer-centric pictures; employee-centric; instagram contest pictures; product pictures; and photos with bloggers; and so on. There should be a red thread throughout Instagram's gallery and decent structure amongst the pictures. There must be precise captions, geotags, hashtags, and more. Through the mode of Instagram contests, the Luzprest brand can receive green marketing from clients when they publish on Instagram and lucky participants might get a prize (Šikić, 2021).

Marketing Mix

The marketing mix indicates the model which assists in defining the strategies to make the marketing plan happen. The components of the marketing mix might be regulated by a business and utilised to impact purchasing behaviour (Hanaysha et al. 2021). The marketing mix strategies which can be used to influence the marketing strategy of Luzprest brand is as follows:

Product

Notably, the key force for success of a new business or product is the uniqueness of the brand's offering which can simply make the product converted. The Luzprest brand will design imaginative solar solutions, namely solar-powered electronic lighters for outdoor enthusiasts and travellers pursuing a sustainable lifestyle. The exclusive benefits of this product entail the lighter will be ultra-compact; waterproof; and economical as well.

Price

The pricing strategy effective for the Luzprest brand will be a penetration strategy that prioritises marketplace share over profits for a specific period of time. This strategy will assist the brand to generate demand, quickly establish its customer base in the Australian market and increase brand trustworthiness in a small period of time (Ali & Anwar, 2021).

Place

The Luzprest brand is required to choose a pull strategy to attract customers to the company. This seeks to generate greater faith to increase sales indirectly. Further, it is based on the virtual endorsements performed by brands to place it in the market. Besides, the Luzprest company must emphasise initially on utilising SEO (search engine optimization) tools and social media ads by choosing a pull distribution approach (Caliskan et al. 2021).

Promotion

The Luzprest brand should make use of social media channels, public relations, the brand's website, and so on to endorse the solar lighter offered by its business. To promote further, the Luzprest brand can use the medium of live streaming, and advantages such as gift-giving games and lucky draws. These can be managed to improve clients’ engagement or impulse purchasing.

People

It can be said that whole workers and marketing workforcers might be involved in endorsing the company’s services. It is true that appealing influencers are effective to change clients; outlook,s and beliefs about a good, enabling buying decisions and engagement actions. It is suggested for Luzprest to partner with influencers who can play the role of endorsers or businesses in purchase of offerings.

Process

The process of new product offering on Instagram is found to be positively related with clients’ purchase intent. In order to offer effective customer services, the Luzprest brand should focus on the customer services section, quality management procedures, and more (Bouranta et al., 2019).

Physical evidence

The Solar powered products purchasers usually experience the substantial setting of the shopping environment wherein electronic products make customers more involved in the context. This environment is found to simply enable their attention and enthusiasm for engagement. The clients’ experiences will be improved via numerous consumption scenarios like in-person reflections and inclusive and vibrant products displays to elicit client purchases (Stauch, 2021).

Conclusion

From the above, it can be concluded that the proposed brand is named as Luzprest whose product offerings include an electronic lighter which charges with solar power. Moreover, it concludes that the brand will target the millennial generation since they are more conscious of the greener or sustainable solutions. Besides, it is inferred that the competitors of the brand might be Solar Brother, and other brands in the market. It is found that Instagram is the digital media platform suitable for the Luzprest brand to endorse its offerings via means of attracting stories, posts, and more. It is also concluded that the other channels which will be used for promotion include public relations, website, and other social media channels.

References

Agung, N. F. A., & Darma, G. S. (2019). Opportunities and challenges of Instagram algorithm in improving competitive advantage. International Journal of Innovative Science and Research Technology, 4(1), 743-747.

Ali, B. J., & Anwar, G. (2021). Marketing Strategy: Pricing strategies and its influence on consumer purchasing decisions. Ali, BJ, & Anwar, G.(2021). Marketing Strategy: Pricing strategies and its influence on consumer purchasing decisions. International journal of Rural Development, Environment and Health Research, 5(2), 26-39.

Bouranta, N., Psomas, E., Suárez-Barraza, M. F., & Jaca, C. (2019). The key factors of total quality management in the service sector: a cross-cultural study. Benchmarking: An International Journal, 26(3), 893-921.

Caliskan, A., Özkan Özen, Y. D., & Ozturkoglu, Y. (2021). Digital transformation of traditional marketing business model in new industry era. Journal of Enterprise Information Management, 34(4), 1252-1273.

Daqar, M. A. M. A., Arqawi, S., & Karsh, S. A. (2020). Fintech in the eyes of Millennials and Generation Z (the financial behaviour and Fintech perception). Banks and Bank Systems, 15(3), 20-28.

Hanaysha, J. R., Al Shaikh, M. E., & Alzoubi, H. M. (2021). Importance of marketing mix elements in determining consumer purchase decisions in the retail market. International Journal of Service Science, Management, Engineering, and Technology (IJSSMET), 12(6), 56-72.

Katajisto, M. (2023). Instagram marketing strategy: enhancing social media image and engagement: Tigo Clothing Oy.

Lee, E., & Weder, F. (2021). Framing sustainable fashion concepts on social media. An analysis of# slowfashionaustralia Instagram posts and post-COVID visions of the future. Sustainability, 13(17), 9976.

Mathews, D., Gallachoir, B. O., & Deane, P. (2023). Systematic bias in reanalysis-derived solar power profiles & the potential for error propagation in long duration energy storage studies. Applied Energy, 336, 120819.

Shuai, J., Zhao, Y., Wang, Y., & Cheng, J. (2022). Renewable energy product competitiveness: Evidence from the United States, China and India. Energy, 249, 123614.

Šikić, F. (2021). Using Instagram as a communication channel in green marketing digital mix: a case study of bio&bio organic food chain in Croatia. In The Sustainability Debate (Vol. 14, pp. 221-236). Emerald Publishing Limited.

Stauch, A. (2021). Does solar power add value to electric vehicles? An investigation of car-buyers’ willingness to buy product-bundles in Germany. Energy Research & Social Science, 75, 102006.

Van Opstal, W., & Smeets, A. (2023). Circular economy strategies as enablers for solar PV adoption in organisational market segments. Sustainable Production and Consumption, 35, 40-54.