Bright Light Innovations: The Starlight Stove

Introduction

            Starlight stove is a user friendly product that is developed by a group of people from the Colorado State collage and its market targets on those people who live in Nepal in places where there is no electricity. The stove has unique features that make it distinct from other stoves. It produces a lot of light after the thermoelectric generator converts energy that is used in cooking so as to produce electricity that is used in lighting a room for some hours. This paper therefore will focus its argument on the critical issues facing the sale of the star stove, the alternatives that the management can use and the recommendations that the company needs to implement so as to achieve their objectives.

Critical issues

The starlight stove is quite a unique product that makes it more competent in the market. The innovation and development of the starlight stove has led to much advantage in the market since the product is economical. The stove consumes less fuel as compared to the regular stoves and it also produces electricity from the thermoelectric producer (Pandey 2016). This feature makes it a better product in the market among the various competitors found in the market offering the same product but with regular features. This therefore assists the customers to save on their income since the stove is cost effective and allows them to focus more on earning money than spending it on heat production.  The management of the company is also the Strength of the starlight stove since the top managers are made up of professionals that are the engineers and businessmen. They have thus developed the stove with an aim of improving the overall quality of life for the less fortunate people.

            The company however, has some weaknesses that affect the operation of the company. One of the weaknesses is that the university that develops these stoves operates as a non-profit organization thus making it difficult to find finances to fund their operations as the adults in Nepal earn very little. Less than half of the Nepalese citizens are able to read and hence this reduces the number of potential customers. The company faces technological limitations and thus they are facing a lot of challenges as the management is using distinctive cultures with economic insecurity. Another weakness is on the setting of prices which is a difficult task by the company which is caused by the poor location of the business within an area where people cannot be able to afford the product. Product awareness is not available since the product is new in the market.

            With the increase rate of globalization, there are more and more companies that have emerged so as to seize the opportunity to involve them in the international trade. Therefore most of these companies focus on maximizing their profits and expanding their market shares. The Bright light: starlight stove innovation is one of the companies that have realized this opportunity and they are working hard to seize the opportunity so as to globalize their operations. Thus the company offers stoves that are safe for consumption by the consumers as it offers safe cooking with no emission of carbon gases in the environment (McKay 2010). Thus due to its sustainability in the climate it has enhanced the promotion of the new product. The targeted market in Nepal amounts to 89% of households that are in need of electricity thus the use of this stove will enhance the conservation of forests hence reducing flooding as well as erosion. This can therefore increase efficiency in terms of education as the children from these households are able to read using the electricity.

Stream and water sources in Nepal can be used to create micro-hydropower and the solar energy from the sun offers electricity in many households in Nepal with no additional cost poses a threat to the company. In Nepal there is the market segregation which poses a threat especially during the introduction of new products.

Alternatives

            There are so many essential factors such as the culture and the populations which should be considered and evaluated before the company can reach to its final decision. Social and climatic factors are factors make Nepal a strong market that is used to market and introduce the star stove business. Though the business has so many strengths and so many opportunities, its biggest concerns in the business involve the funding and the household incomes. The management aims at making profits in the business by selling their products at affordable prices so as to be able to cover a wide range of customers. The management is evaluating the option of micro-financing but they have to consider the fact that the Nepalese people have fixed income and this makes it difficult for finance institutions to give those people loans. The management therefore is focused on getting donations; grants and government support which will enable them carry out their operations. They thus create connections with other business leaders and Nepal government officials as well as other institutions that assist them to advertise and to expose the products and its benefits. 

Recommendations

            It is important that the Bright light solutions should ensure that they understand the difference between market planning and market strategy so as to be able to succeed in the market. Therefore it is recommendable that the company should focus on the market strategy rather than the market plan. This is because a market plan basically refers to a statement that is made for marketing strategy and the related time details that are intended to undertake a market plan (Jain et al 2009). Whereas marketing strategy primarily deals with the targeted market together with an interlinked marketing mix. With this the company will be able to achieve its goals that they set within the marketing effort that it puts in as well as the business objective that shapes the marketing strategy of the company. This will enable the company to identify some of the important strategies that would help them enlarge and increase their customers (Smith 2008). As seen, earlier it is quite evident that the company are having a customer related problems since there are inadequate amount of potential consumers who are unable to read in Napal. This is a great problem to the company as they are unable to make maximum profits due to low demand as a result of reduced customers. Talking to people through personal selling in Napal would be a good start of implementation of the market strategy as it will help in the creation of awareness to the citizens of Napal. This would also enable the sales person to make clarification on the product and can be able to make the people understand the importance of using the stove. Making of contacts with government as well as non-governmental officials will help in the advertising of the products of the company hence resulting to increase in the demographics.

 

 

            Observation is another form of marketing strategy that the company is commended to use. This is because observation is one of the practices that enhance practical demonstration and tri-ability which will create a more impression onto the minds of the people thus allowing them to buy the stove as they would have observed how it works. This practice is interesting and it helps reduce the confusion that is within the minds of the people on how the stove can be used to produce electricity. The company is commended to adjust their marketing campaigns so as to increaser the technological management that would enhance the company to launch their products in a unique manner that is better enabling in their success (Cravens et al 2006).

            It is also recommended that the company should have an exit system which they can be able to use when things go wrong in the business hence allowing them to stay in the market. The company should have a clear vision and should have a semi-permanent obligation from the top management. It should also focus on maintaining their business as a customer centric business as this will enable them to produce quality goods thus meeting the customers’ needs. Being customer centric will also entail proper responsiveness to customer’s needs as well as preferences and this will see the company booming with high profits.

            The company should be able to seize the opportunities that unfold to the company while they avoid the various threats so as to be able to overcome their competitors. They are recommended to continually analyze their competitive forces where the market leaders in the company understand the customer’s desires and needs so as to innovate things that would better meet their needs and satisfy their desires.

             The company ought to carry out the market research where they will be able to understand the trends in the market and the changes that would enhance them to be able to be competent and to delight their customers.

 In carrying out the market research the company will be able to realize some of the various market gaps and opportunities so as to be able to take advantage on them so as to maximize their profits. This will also enhance them to realize the threats that face the stoves so as to make changes that would enhance the sale of stove to continue thus avoiding the threat.

            The company is recommended to use marketing mix where the company will use controllable as well as tactical marketing tools that would help them to produce the desired product in the market. This will help the company to impact demand for the star stove product and it will assist in marketing plan and its execution. The company should also use the online platform so as to be able to market their product as the world is globalizing.

 

 

 

 

 

 

 

 

 

 

 

References

            Cravens, D. W., & Piercy, N. (2006). Strategic marketing (Vol. 7). New York: McGraw-Hill.

            Jain, S. C., & Haley, G. T. (2009). Marketing planning and strategy. Cincinnati South-Western Publishing Company 1985..

            McKay, K. H. (2010). Socio-Cultural Dimensions of Cluster vs. Single Home Photovoltaic Solar Energy Systems in Rural Nepal. Sustainability, 2(2), 494-504.

            Pandey, A. (2016). Path of Darkness to the Ways of Bright Lights. SM J Public Health Epidemiol, 2(1), 1021.

            Smith, B. G. (2008). Representing PR in the marketing mix: A study on public relations variables in marketing mix modeling. Institute for Public Relations, 1-35.