Bright Light Innovation Case Analysis

Read Ch. 4 of Basic Marketing. Read Ch. 9 of Basic Marketing. Read Ch. 10 of Basic Marketing. Read Ch. 17 of Basic

I. Executive Summary II. Situation Analysis o Market Summary  Target Market Demographics  Geographic  Demographics  Behavior Factors Market Needs Market Trends Market Growth o SWOT Analysis  Strengths  Weaknesses  Opportunities  Threats o Competition o Product Offering o Keys to Success o Critical Issues III. Marketing Strategy o Mission o Marketing Objectives o Financial Objectives o Target Markets o Positioning o Strategies o Marketing Mix o Marketing Research o Action Plan IV. Financials o o o V. Controls o o o VI. Summary Implementation Marketing Organization Contingency Planning Breakeven Analysis Sales Forecast Expense Forecast

A1. Viability of Product or Service: Spice King is an Indian Cuisine and Sweets restaurant located in Renton, WA. Their current site, www.spicekingrenton.com, could use some work to increase their web imprint and bring more business to the company. The restaurant is located within a small ethnic grocery shopping mart on a side street in Renton. The restaurant is frequented by the local shoppers but offers so much more than just a quick lunch. They offer a range of Indian food and desserts and offer delivery and catering. Delivery and catering orders are primarily done via phone call. Customer feedback shows because of current site deficiencies, few orders are

Perreault, William D., Joseph P. Cannon, and E. Jerome McCarthy. Basic Marketing: A Marketing Strategy Planning Approach. 19th ed. N.p.: McGraw Hill, n.d. Print.

Brown, T. (2014). Basic Marketing Research, 8e, 8th Edition. [VitalSource Bookshelf version]. Retrieved from http://online.vitalsource.com/books/9781305178571/page/24

Using concentrated solar power to as a source of electricity has lowered the impact that other options would have had on Sparksville. We were able to convert sun light into steam in order to drive a conventional thermal power plant. In addition to that, we relied on natural gas, which is a naturally occurring hydrocarbon gas mixture consisting primarily of methane, and in a small part in carbon dioxide, to support the town. This sustem allowed us to reduce emissions and keep our economy growing and booming. After three years, we did notice a bit of a power drain, and we may have to consider investing in more solar panels able to capture the sun light during the day and powering the town. We believe that, with a combination of "environmentally

In terms of quality of the item, research by the company has been performed to state that the product will be hugely profitable. When they asked consumers what they would want in an item and how much they were willing to pay it allowed for Lanterns R Us to determine that the Excelsor is exactly what consumers are looking for. Furthermore, research on the risk of the product has been performed. While the Excelsor may look great, there is a 1 in 10,000 chance that the product may result in a catastrophic failure, dangerously overheating and sometimes catching fire. The lantern failures could result in serious property damage, injuries, or death. The percentage that someone may get hurt from our product is 0.01%. If a risk analysis manager who followed Kantian Ethics found this they would not release the product to the public. The manager would have to follow the Golden Rule of

Perreault, Jr., W.D., Cannon, J.P., & McCarthy, E.J. (2011). Basic Marketing: A Marketing Strategy Planning Approach [University of Phoenix Custom Edition eBook]. New York, NY: McGraw-Hill. Retrieved from University of Phoenix, MKT/421 website.

In order to market the product into the market successfully, marketers need to have some marketing strategy to enter the desired market and make profit. Market segmentation is the process of dividing a market into subsets of consumers with common needs or characteristics (Schiffman et al., 2011). Understanding the market size and segmentation is valuable, but the keys to effective targeting is to know just how valuable specific consumer groups are, and being able to quantify the impact of consumer trends ( Berry, 1999).

The segmentation has been done on the basis of buying behavior of the customers. Knowledge of segment buying behavior can help redirect marketing resources for profit gain.

Armstrong, G. Brown, L. Burton, S. Deans, K., & Kotler, P. (2010). Marketing (pp. 4-40). New South Wales: Pearson

As every customer has unique needs and expectations towards certain products, the ultimate goal of market segmentation is to organize customers into groups which allows targeting of customers with similar needs of and response to the products. The key is to minimize differentiation within each segment

The product will reach the segment of identified customers, through ads in social networks, television, newspapers and on-site promotion in the different markets where the product will be offered, giving samples of the same to consumers and at the same time defining the variety of East. One way to also bring the product to the segment of identified customers will be through the recommendation of customers to other consumers. Obviously the different attributes and benefits, as well as variety, stand out in the promotions, making it stronger in comparison to the competition and helping in its positioning.

Market segmentation is an approach used by a company to select their target market and provide data for a marketing plan. “Market segmentation consist of a two-step process; naming broad product markets and segmenting these broad products-markets in order to select target markets and develop suitable marketing mixes” (Perreault, Cannon, & McCarthy, 2014, p.97). There are 4 categories pertaining to market segmentation; behavioral, geographic, demographic, and behavioral.

‘Market segmentation represents an effort to identify and catergorise groups of customers and countries according to common characteristics’ (Keegan and Green 2016, p.228). For any business, it is crucial that they segment their market accordingly or they will risk forgoing sales opportunities. Fahy and Jobber (2015) identify the objective of market segmentation as distinguishing groups of customers with similar requirements so