Answer

GreenLit Product Development

Name: GreenLit

Product: Solar Panels

Functional Benefits: The GreenLit solar is quick to install, cost-effective, minimal maintenance, and no operating cost required. For these reasons, GreenLit would be the best source of power and lighting for US homes. They can be used for all the power applications in the house including lighting and cooking as well as for garden and street lighting.

Emotional Benefits: The desire to be environmentally responsible through the use of renewable energy from the sun. The desire to make the compound/gardens beautiful and safe at night through decorated lighting.

Problem GreenLit is solving: In the current difficult economic times, the best thing would one that helps US families to reduce the number of bills they have to pay at the end of the month. With the GreenLit solar, families do not have to worry about the amount of power they use especially in heating water, ironing their clothes, cooking, and lighting their compound and garden. GreenLit uses the renewable energy from the sun and as such seeks to solve the problem of environmental pollution associated with the common sources of power in use today.

Category: Enerrgy-renewable energy

Target Consumer: GreenLit main target includes all households. This is because power is a necessity in all households. The other targets include business premises to provide security lighting and municipal governments for street lighting. These targets can be analyzed based on their demographic, behavioral, attitudinal, and aspirational characteristics.

• Demographic: GreenLit targets individuals of 21 years and above who are likely to be owners of businesses, houses and families.
• Behavioral: GreenLit is for people and agencies that have high levels of energy use in terms of lighting and heating.
• Attitudinal: Customers of GreenLit are those individuals, business owners, and government offices that are more cautious on cost efficiency environmental responsibility.
• Aspirational: GreenLit would appeal more to people who want to achieve better lifestyles but with minimal cost and environmental implication.

Channels: GreenLit will use a number of channels to reach out to its clients. One is the use of salespersons to reach out to target households, agencies, and business people. Secondly, we will use the various digital platforms including Facebook and YouTube to pass on the message of the new affordable Green lighting devices. The third channel is the use of TV to reach out to the target population.

Competitors: The major competitors include TouchStone Lights and Smart Solar USA.

Company Strategy: GreenLit will adopt a differentiation strategy whereby it will offer solar devices that can store energy for at least three days. GreenLit is a different approach from the current market products that are entirely weather dependent. Although the initial cost of installation will be higher compared with the existing products, the benefit accrued from this new product will be more appealing especially with the unpredictable weather changes in most states.

 Why GreenLit will succeed

• Product Innovation: GreenLit offers solutions to customers for a major problem through the innovation. This creates a new customer experience that is going to revolutionalize the current market.
• Winning product: Energy is a necessity in the current world. By developing a product that solves many of the problems associated with energy; cost, sustainability, storage, GreenLit brings the promise of a better lifestyle.
• Winning marketing proposition: marketing should be able to develop a product that satisfies customer needs and use strategies that reach out to target customers. By combining the traditional and new approaches; internet, salespersons, and TV, we will be able to reach to many customers.
• Winning concept: GreenLit has a new feature that solves the gaps presented by the existing products in the market; it can store energy for three days to solve the problem of unpredictable weather.

Summary: GreenLit is an innovation in the energy sector that is set to revolutionalize the market and improve customer experience in lighting and power use. In addition to the benefits offered by solar energy, GreenLit solves one of the major challenges of solar energy in terms of unpredictability due to weather change.

What we learn from GreenLit: Understanding the core consumer and their needs is a basic constituent of a marketing campaign. Understanding customers’ needs helped GreenLit identify the gap in the current market and capitalize on it to create new customer experience and create a competitive edge for the new product. The development of a new product/differentiation must be coupled with effective marketing strategies and channels in order to get to the right customers.