Market Analysis Of Green Kinetic Product Essay

Question:

Create a Marketing Plan to Introduce the Green Kinetic Product into the Melbourne Metropolitan Market.

Answer:

In order to introduce the Green Kinetic product into the Melbourne Metropolitan market, it is important to scan the micro and macro environments in this particular area. PESTEL analysis is an effective tool that can be used to assess the attractiveness of the market environment of a particular place (Strydom, 2006). The factors characterising this market analysis tool are outlined below.

Political- Melbourne enjoys a stable political environment that is characterised by peace. There are no reported cases of conflicts in this city since these can negatively impact on the viability of business. This gives Green Kinetic Ltd the green light to invest in this city since its business operations will not be disturbed by conflicts.

Economic- According to Invest Victoria (2016), this city is an affluent society where a two income family with children earns a weekly income of A$2,346 while 32 % of one person households have a weekly income of between A$300 – A$599 and more than 30 % of the residents in this city earn above A$1,000 per week. This shows that the economy is stable such that Green Kinetic Ltd can be in a better position to sustain its operations.

Social- The demographic profile of Melbourne shows that it has a relatively young population out of the 4.5 million people in this city (Invest Victoria, 2016). This age group is widely viewed as technological savvy and they are likely to be attracted by the handsome features of the Green Kinetic product. More importantly, Melbourne is comprised of a well-educated and multicultural society with a good sized workforce constituting about 61 % of the population. This shows that here are quite a number of opportunities of grabbing a large market share for Green Kinetic Product given that the market in this city is comprised of many potential buyers.

Technological- Melbourne is characterised by advanced information and communication technology such as the internet. The majority of citizens in this city have access to the internet and this can help Green Kinetic Ltd to successfully harness this communication tool for conducting business through online marketing.

Environment- Environmental laws are enforceable in Melbourne and Green Kinetic Ltd will also be compelled to abide by them. Companies are compelled to ensure that they limit greenhouse gas emissions in their operations since these negatively impact on the environment.

Legal- the legal framework in Melbourne guides the operations of various businesses in this particular city. For instance, the competitive laws are enforced to promote competition among businesses in a bid to improve the services offered to the consumers. In this case, it can be seen that Green Kinetic Ltd is not the only player in this energy sector since it is characterised by other competitors.

As such, it can be concluded that the company stands better chances of successfully penetrating the Melbourne market since its product is characterised by key features that make it unique from other substitutes offered by other competitors. On top of that, the market is characterised by favorable conditions for business.

References

ABS (2016). “Australian Demographics Statistics Catalogue, 3101.0.”

Invest Victoria, 2016. “Greater Melbourne Demographics.” Retrieved from:

Kotler, P. & Armstrong, G. (2010). Principles of marketing. Cape Town, CT: Pearson.

Strydom, J. (2006). Marketing principles. CT: JUTA.

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