Target market for portable chargers

The SunBox Marketing Plan

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Contents 1.0 EXECUTIVE SUMMARY ............................................................................................................... 1

2.0 COMPANY PROFILE .................................................................................................................... 1

2.1 MISSION ...................................................................................................................................... 2

2.2 POSITIONING STATEMENT ................................................................................................... 2

3.0 MARKET ANALYSIS ..................................................................................................................... 2

3.1 TARGET MARKET SEGMENTATION ................................................................................... 2

3.2 SIZE AND POTENTIAL OF TARGET MARKET .................................................................. 2

3.3 S.W.O.T. ANALYSIS ................................................................................................................. 3

3.3.1 STRENGTHS ...................................................................................................................... 3

3.3.2 WEAKNESSES ................................................................................................................... 3

3.3.3 OPPORTUNITIES .............................................................................................................. 3

3.3.4 THREATS ............................................................................................................................ 3

3.4 PESTEL ANALYSIS .................................................................................................................. 4

3.4.1 POLITICAL/LEGAL ........................................................................................................... 4

3.4.2 ECONOMIC ......................................................................................................................... 4

3.4.3 SOCIAL ................................................................................................................................ 4

3.4.4 TECHNOLOGY ................................................................................................................... 4

3.4.5 ENVIRONMENT.................................................................................................................. 5

3.5 INTERNAL ANALYSIS.............................................................................................................. 5

3.5.1 PROCUREMENT ................................................................................................................ 5

3.5.2 TECHNOLOGY DEVELOPMENT ................................................................................... 5

3.5.3 MARKETING AND SALES ............................................................................................... 5

3.5.4 SERVICE ............................................................................................................................. 6

4.0 COMPETITOR ASSESSMENT .................................................................................................... 6

4.1 INDUSTRY BUSINESS DECRIPTION ................................................................................... 6

4.2 PORTER’S FIVE FORCES ANALYSIS .................................................................................. 6

4.2.1 THREAT FROM NEW ENTRANTS ................................................................................. 6

4.2.2 BARGAINING POWER OF CUSTOMERS (BUYERS)................................................ 7

4.2.3 BARGAINING POWER OF SUPPLIERS ....................................................................... 7

4.2.4 THREAT OF SUBSTITUTE .............................................................................................. 7

4.2.5 INTENSITY OF RIVARLY ................................................................................................. 7

4.3 CRITICAL SUCCESS FACTORS ............................................................................................ 7

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4.4 CURRENT MARKET CONDITIONS ....................................................................................... 8

5.0 MARKETING STRATEGY ............................................................................................................ 8

5.1 MARKETING OBJECTIVES .................................................................................................... 8

5.2 OVERALL MARKETING STRATGEY .................................................................................... 8

5.2.1 PRODUCT DECISIONS .................................................................................................... 8

5.2.2 PRICING DECISIONS ....................................................................................................... 9

5.2.3 DISTRIBUTION DECISIONS ............................................................................................ 9

5.2.4 PROMOTIONAL STRATEGIES .................................................................................... 10

6.0 FORECAST AND BUDGET ....................................................................................................... 11

7.0 IMPLEMENTATION AND CONTROL PLANS ........................................................................ 11

7.1 ACTION PLAN .......................................................................................................................... 11

7.2 CONTROL PLANS ................................................................................................................... 12

7.2.1 MEASURING PERFORMANCE .................................................................................... 12

7.2.2 ORGANIZATION CONTROL ......................................................................................... 12

8.0 CONTINGENCY PLAN................................................................................................................ 12

9.0 CONCLUSION .............................................................................................................................. 12

10.0 APPENDIX..................................................................................................................................... 14

11.0 BIBLIOGRAPHY .......................................................................................................................... 27

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1.0 EXECUTIVE SUMMARY The SunBox would be the very first wireless solar power bank launched in Singapore. Solaris Technologies have collaborated with GP batteries and Trina Solar, creating an eco-friendly and user friendly power bank for the growing mobile industry. The SunBox would feature wireless charging and the convenience of solar charging outdoors. With the improved and advanced engineering from GP batteries and Trina Solar, SunBox is able to store energy and be solar charged more efficiently than others available in the market. With an ever growing population in Singapore, increasing number of the market are using smartphones and tablets, creating the perfect market for the SunBox to be launched.

The SunBox provides many perks for users, the greatest of all would be its convenience and cable free charging, eliminating any cable knots and mess created. Additionally, the solar energy industry has just received S$12M of funding in future developments, favouring Solaris Technologies in its future endeavours.

Being the pioneer in providing consumers with portable solar charging devices allow Solaris Technologies to set benchmarks and carved out greater market share in this populated country. Furthermore, Solaris Technologies would also be able to reach to the ASEAN region with Singapore being the hub. It will be able to reach and connect to neighbouring countries such as Malaysia, Indonesia, Thailand and the Philippines as a pioneer in the portable solar charging devices industry.

The great demand of smartphone set by Apple and Samsung has created a world market. However, battery efficiency and life still poses a constant problem for users. Therefore, the SunBox would be marketed in the following briefed campaign strategy to address this issue. 

Through the use of research and market analyses done, we are able to determine factors and strategies that would allow us to achieve 10% market dominance within the first year of launch. The market share dominance would than grow and increase as we establish a strong user base. 

The SunBox is also aesthetically built and designed to be of highest quality and sturdiness. The design favours people of all walks through the use of clean lines and simplicity, appealing to the market as a simple and modern looking clean technology that could be carried around easily.

Retailing at major outlets and shopping malls, the SunBox would be greatly exposed to the market. Advertising of the SunBox would be intensive and extensive to capture maximum exposure and awareness. 

2.0 COMPANY PROFILE Solaris Technologies is a technology company that is focused on providing real world resonant wireless solar power solutions to the mobile market. It will be classified under the manufacturing and retail business sector. It believes in the future of solar technology and we think it is paramount to enable this technology in a way that maximizes reliability, efficiency, value and convenience. It will co-partner with GP

Comment [JN1]: Writing in Third Person is required

Comment [JN2]: You have some “selling” in the report findings

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Batteries International Limited, to engage in the development, manufacture and marketing of wireless solar batteries and battery-related products.

2.1 MISSION Solaris Technologies is about innovation, suitability and trust integration. Exploring new technology innovation that aims to achieve convenience for end users. Trust is crucial on this new technology product and aims to be a widely accepted and commonly used in current society by 2015 and achieve more than 10% of the market share. Hence the brand value must portray trustworthiness, reliability and sincerity.

Our mission and vision is to serve and innovate high quality yet affordable wireless solar portable charger. Technical expertise and the continuous break though in innovative technologies will guide us in propelling Solaris Technologies products to be of highest quality and standards.

2.2 POSITIONING STATEMENT SunBox will be the first solar powered power bank in Singapore that provides users with effortless charging of their devices through wireless charging, it will also be the first to use solar energy to charge the power bank. SunBox would not require cables to charge the devices, it would be the first being offered into the Singapore market. Without the use of cables, it eliminates the need for cables and wires which easily create a mess inside the bags. Users would also not need to constantly remind themselves to bring the cables along with the power banks. Good

3.0 MARKET ANALYSIS

3.1 TARGET MARKET SEGMENTATION Solaris Technologies would need to target the right market segment in order to achieve maximum exposure and outreach and ultimately increase number of sales. As the target population is large we would need to segment it by demographic and psychographic segmentation in order to appropriately apply the marketing strategies and tools. Demographically, we are targeting mobile users of age 16 – 45, male and female, students to working adults. Psychographic segmentation, we are targeting users who are tech savvy, social media fanatics, heavy video streaming users, peer influential users who are constantly using their mobile phones and users who are always on the go with no charging point available. 

3.2 SIZE AND POTENTIAL OF TARGET MARKET The industry of external power is driven by the rise in demand for smartphones and tablets. In accordance to a statistics from the United States in Figure 3.2.1, Singapore is ranked 4th on the global stage in Smartphone penetration with almost 3 in 4 people in Singapore owns a smartphone (Richter 2013). Singapore has a population of 5.47 million in 2014 (Department of Statistics Singapore 2014). Taking 71.7% as shown in the data Figure 3.2.2, this represents 3.92 million of smartphone users in Singapore. Therefore, with smartphones becoming a necessity and a core to the mobile phone industry. A steady supply of battery power would greatly improve the mobile phone usage experience. 

Comment [JN3]: The SMART (specific, measurable, attainable, relevant and time- bound) objectives were not covered

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Low or empty battery is the daily concern of Singaporean smart phone users. 3G or 4G web content browsing contributes largely to the power usage. In the Asian context, over 80% of Asian mothers has gone digital and increase their internet usage. In Figure 3.2.3 depicts the usage of smartphone by mothers and their frequent social media accounts in terms of communicating with the world (Warsia 2014). With a growing population and ever improving technology, the market for external power sources and better battery capacity and performance would continue to grow in the future. Good, well covered

3.3 S.W.O.T. ANALYSIS

3.3.1 STRENGTHS The current USB power banks require consumers to use the cable to charge their smartphone and tablets. The cables are either coiled around the power bank or left as it is, creating a mess inside the bag. Users must also remember to bring the cables out with them which can be inconvenient at times. Our solar wireless charger would eliminate the need for cables and the mess it would create and the trouble for constantly remembering to bring it out. It can be left in the bag, pocket or hand carried without cables attached. Therefore, our solar wireless charger could bring greater convenience than the USB power banks. Furthermore, it is solar-powered, which is environmentally friendly, clean technology that is supported by the government. Being the pioneer of the solar wireless power bank product, gives us the competitive advantage of defining the standards of the industry and also an advantage in distribution.

3.3.2 WEAKNESSES Being a new start-up company and we are a small and medium enterprises (SMEs), we are faced with the challenges of having a good assortment of skilled workforce. We may also not be able to market to the mass audience within a short period of time. As the product is new in the market, it needs to educate the target market about the benefits of the solar wireless product and remove doubts about wireless charging. 

3.3.3 OPPORTUNITIES Since we are the only solar wireless charger in the Asian market, it would be of great opportunity to further expand our target market to other Asian countries other than just Singapore. It also brings us the opportunity to educate and change consumers’ attitudes on wireless charging and our green eco-friendly technology of solar charging. 

3.3.4 THREATS As technology can be easily replicated, this may prove as a threat for us. Just like other USB power banks that had been replicated since its first introduction into the market. New regulations to regulate foreign employment and new technology businesses may also impact us and affect the business operations both locally and overseas. 

Comment [JN4]: You have Identified the unmet needs of the target market