BP will embrace diverse communication strategies that will be effective in informing the target market in both the U.K and the U.S of the existence of the new product, Solar Shingles. Advertising will form the basis of the entire communication plan. The company will be keen to place adverts on Solar Shingles on mainstream media outlets in both the U.K and the U.S, as this will ensure that all target consumers understand the features and the efficiency of Solar Shingles. Yeshin (2012) affirms that celebrity advertising will be the key communication approach when using adverts because it will help connect most consumers to the product and ensure they are able to purchase it as it develops in the market. Advertising is advantageous because of its ability to reach a large part of the target population. Both television and print media will be used to market the new product in the market.
Another vital communication strategy that BP will use to communicate to the target population is through trade shows and trade fairs in both the U.K and the U.S. Marketing representatives will be used to communicate to the population on the use of the Solar Shingles in improving their energy needs. The environmental friendliness of the Solar Shingle will be communicated through well-managed trade fairs and trade shows emphasizing the advantages of purchasing the product. Yeshin (2012) reiterates that trade fairs and trade shows will be crucial in boosting the population’s understanding of the product, as they get the opportunity to ask questions about its advantages and disadvantages. This communication approach is advantageous because it will give many members of the target population the chance to explore the new product and purchase it on the spot at discounts.
Intended Marketing Objectives for Y1, Y2, and Y3
In the first year (Y1), BP’s marketing objective will be to gain a better understanding of the needs of customers and the mode of satisfying these needs in relation to solar energy. It is obvious that customers in both the U.K and the U.S will have questions relating to the use and installation of Solar Shingles on their house roofs. The company will be looking forward to understanding customer needs and address any gaps in the new product. Gilligan and Wilson (2012) agree that dealing with these gaps will present an effective opportunity for the company to move on with the introduction process. Gaining the trust of customers sets the pace in the market and could boost the bargain of the company in the market.
In the second year (Y2), the marketing objective of the company will be to place the product as a market leader. As noted earlier, the market is full of competitors that need to be handled in the most ethical manner. The marketing objective in this year will be to establish the product as a market leader by offering discounts of up to 20% on Solar Shingles. Placing Solar Shingles as a market leader will lead to the creation of a strong position in the market hence leading to a competitive edge over other companies.
In the third year (Y3), the marketing objective will involve the attainment of at least 50% profitability in both the U.S. and the U.K. Setting profitability targets gives any company an advantage in the market because of dedicated focus on reaching customers and meeting their needs. Gilligan and Wilson (2012) opine that profits will be indicative of the progress the new product would have made in the market for its three years of existence in the market. It will also highlight the ability of the company to meet the needs of consumers in the current and future market.