Marketing Research Paper Example on the Green Outlet project

The inception of the solar powered outlets dubbed Green Outlets will serve as an ideal option for provision of green energy through the establishment of free electrical power sources. The functionalities of the product have been determined to be capable of sufficiently meeting the energy demands of both business and home users. Moreover, the core marketing plan is to position the outlets strategically in public areas including beaches and parks where solar energy may be harnessed to supplement the energy requirements of individuals in these regions. Contemporary research denotes that the intensification in technological gadgets especially for the young adults has augmented the energy demands for this equipment, which have formed an integral part of their lives. Consequently, this predicament creates additional costs regarding purchasing wireless charging devices, and their safety measures have come under scrutiny in recent times. In essence, the solar outlets will provide and economical, secure and an environmentally friendly power source for the millennials who are either in the working class or those who require energy to sustain their leisure moments on their devices.

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Methodologies of Market Segmentation

The fundamental principle for market segmentation may be defined as being bilateral comprising of the consumer market and the business market. In the consumer market, the geographical aspect integrates components such as the population density, the climate of the region and the population growth rate. Regarding demographic information, elements such as gender, religion, occupation, age, and income are considered. Additionally, the consumer behavior may be scrutinized through components such as usage patterns and rates, sensitivity to prices and brand loyalty. On the other hand, the business market may be fragmented in geographic, type of customers and behavior of clients. Geographically speaking, macroeconomic factors, clientele concentration, location, and industrial growth rates come into play (Armstrong et al., 7). Regarding the facets of the customer's factors such as the corporate image, size of the organization and the position in the value chain are taken into consideration. The buyer behavior infers components such as usage patterns and demand for the product.

Specific Variables Utilized in Marketing Segmentation

The specific variables to be used are derived from classification variables that are predominantly used to categorize survey participants into various market segments. Some of these variables include demographic variables such as gender, income, age, the level of education and occupation (Menegaki 32). The geographical variables encompass the region, state, census tract and whether the area is metropolitan or rural. Psychographic variables may also be considered, and this includes personality traits, lifestyle choices, hobbies, and attitudes toward technology. Additionally, behavioral variables may also be considered and may comprise of brand loyalty, distribution channels, usage levels and the underlying marketing factors.

Profile for Selected Market Segments

In both the consumer and business market, the solar outlets would be able to be geographically inserted in both metropolitan and rural areas. The portability and the cost effective nature of the product would allow it to thrive in such markets. Moreover, the electrical power is harnessed from a natural resource which makes it the more efficient regarding its geographical setting. Such a project would be virtually thriving in areas that are accessible and that receive plenty of sunshine including beaches and parks where individuals go for leisure. Regarding demography, age as a variable plays a crucial role as it forms one of the fundamentals of the targeted market for the solar outlets. It is estimated that the average young adult spends approximately 162 minutes on his mobile device where 86% of the device charge is devoted to applications for gaming, social media, and video blogs while the remaining 14% is devoted to browsing the internet. Due to this event, the demand for energy has soared proportionately with the mushrooming of technological devices such as laptops and tablets.

Consequently, the green outlets will come in handy in supplementing cost-effective approaches in the ever-increasing demand for electricity to power these devices (Newton & Denny 1222). Other factors such as income, the level of education and occupation may consider due to the economic implications regarding the purchase and affordability of the gadgets above within a given population. When considering the behavioral patterns of consumers, their loyalty to the product becomes of the essence. Brand loyalty, in the green outlet model, may be intertwined with the level and frequency of usage of the solar outlets. Due to the convenience of location especially in leisure hubs, the long-term effect would be that these two components will develop a symbiotic relationship where they will be dependent on each other.

Selected Target Markets

When the above market segmentation is taken into consideration, individuals pooled from the younger generation will predominantly characterize the subsequent target markets. The advent of technology has had a significant bearing on this age group as they have extensively interacted with the contemporary technological paradigms and are dynamic enough to adapt the ever-changing nature of the technical environment. Additionally, millennials have made the most of the ease of communication channels, which has allowed them to keep in touch with their professional duties even while they are on the move. Family responsibilities, especially for single parents, have necessitated the incorporation of technological gadget, which facilitates timely communication with their loved ones. All these factions present the relevant markets for the Green Outlet power project as they demonstrate energy characteristics that are aligned with the solar outlet's objectives.

Positioning

Competitive products

Competition is usually inevitable in any business model. Hence, one of the competitive products would be the flooding of markets with wireless batteries, which are portable and may charge devices from any location. Besides, rival companies with a similar business notion may reproduce the solar outlets to imitation to compete directly with the Green Outlets.

Attributes to Employed in Positioning Strategy

The characteristics to be considered are embedded in the energy preferences for the young adults who form the bulk of the target audience for the Green Outlet project. One of the essential attributes that are to be taken into consideration is the attitude of consumers concerning the innovation of the Green Outlets. Through their feedbacks, the company would be at a vantage point of comprehending the mechanisms for product improvement. Another attribute would be the lifestyle choices and the leisure activities and routines of the consumers. For instance, millennials who go to work online in quiet places such as parks may require a power source to supplement the energy requirements of the devices being used.

Perceptual Maps that Justify Positioning

It is widely known that young adults, regardless of their marital status, have higher tendencies of spending more time outdoors especially during leisure. The health conscious groups prefer jogging or taking walks in parks while listening to music gadgets such as the iPod. A young couple may decide to take their children for a family outing at the beach, and in the modern era, it is likely that these kids possess cell phones that are equipped with applications customized to their entertainment needs.

Positioning Statement

Green Outlets Co. embodies cost-effective powers sources that are custom made to provide energy requirements for all ages. We do this through the harnessing of solar energy and establishment in convenient locations to provide green energy to minimize dependency on non-renewable sources.

Works Cited

Armstrong, Gary, et al. Principles of Marketing. Pearson Australia, 2014.

Menegaki, Angeliki N. "A Social Marketing Mix for Renewable Energy in Europe based on Consumer Stated Preference Surveys." Renewable Energy 39.1 (2012): 30-39.

Newton, Peter, and Denny Meyer. "Exploring the Attitudes-Action Gap in Household Resource Consumption: Does Environmental Lifestyle Segmentation Align with Consumer Behavior?" Sustainability 5.3 (2013): 1211-1233.