6.1 Discussion: Devotional – Is Business Growth a Gift, a Task, or a Reward?
1. There is certainly a theme in Proverbs that a hard-working righteous person will be rewarded more than the lazy slackard. Many of the mega-churches today preach what is sometimes called prosperity theology or the “prosperity gospel” in which blessings are expected by those who believe. Success in this world is the just reward of believing in God and supporting various ministries that are in need of financial support, the kind that can only be found from the donations of a large number of cheerful givers. There is a subtle message, and sometimes not so subtle, that if you are not successful, you are probably not working hard enough and are not faithful enough in supporting the church. This is certainly a popular message for those who are successful and want to minimize their possible feelings of guilt. It’s also a popular message for those who wish to have success and hold out hope that hard work and faithful giving and service will lead to both temporal and everlasting rewards.
2. But are those thoughts and feelings correct? Are they spiritually healthy?
3. You identified a company or industry of interest for your degree program. Consider these questions and share your thoughts on them.
a. What is the relationship between righteousness and success in business in that industry of interest?
b. Are some industries more suited to righteous leadership and management? Why?
c. What is inherently right or wrong about trying to grow a successful and therefore profitable business in your industry of interest?
d. Is business growth a gift, a task, or a reward? Why?
6.2 Assignment: Research-based Marketing Plan Revised Final Proposal – Pricing, Promotion, and Distribution Channels
1. This is your revised final draft of the pricing, promotion, and distribution section of your consultant’s report. It is based on what you posted in the 4.3 Discussion and on your peer’s comments and response posted in the 5.2 Discussion. (Included below)
2. Your revised final report must integrate your peer’s alternative analysis or recommendation as an alternative perspective as part of your final report. You must either accept your peer’s perspective as a replacement to your initial proposal based on adequate credible theory and current marketing practice to accept it or you must provide adequate credible theory and current marketing practice to reject it. If you accept it as the correct analysis or recommendation, then the peer alternative will become the primary focus of your final paper, and your original analysis and/or recommendation will be noted as an alternative perspective that you have rebutted through cited research. If you do not accept the alternative, then you only need to discuss it as an alternative and provide objective and qualified reasons to reject it.
3. Use the titles in the Market Analysis Report Template to create six sections for this part of the consultant’s report:
a. Analysis of Current Pricing Models in the Market
b. Analysis of Current Promotional Models in the Market
c. Analysis of Current Distribution Models in the Market
d. Recommended Pricing Strategy for NextEra Inc.
e. Recommended Promotional Strategy for NextEra Inc.
f. Recommended Distribution Strategy for NextEra Inc.
4. The body of your paper (i.e. excluding title page, graphics, appendices, and references page) must be 1300 words (+/- 50 words). In the event that your peer did not provide feedback, your length must be 1000 words (+/- 0 words) and you will not be penalized for not including the missing feedback.
5. You must use, cite, and reference at least five credible sources not provided in the course documents, plus at least one source provided in the course documents.
4.3 Discussion: (Mine)
Analysis of Current Pricing Models in the Market
Pricing a product or service is one of the most important decisions a company can make. Several small and medium sized businesses, on the other hand, lack a method for evaluating competitive, market pricing, as well as a pricing strategy, or plan. One of the most critical decisions a firm will make is the “opening” or “initial pricing point” for a product or service. However, this choice is made only based on financial considerations and the usage of renewable energy, with no regard for market pricing, line pricing, bundle pricing, penetration pricing methods, zone pricing, promotional pricing, or other pricing strategies. Premium pricing is used by companies like Invenergy LLC and Duke Energy to portray themselves as a higher-quality product and service provision than their competitors. Based on their size and power producing capability, the firms provide a range of electric rates ranging from 8 to 12 cents per kilowatt hour. NextEra Inc, on the other hand, has the ability to reach numerous regional and demographic groups and adapt their look to fit in with the prevention of global warming thanks to its innovativeness and concentration on green energy.
Analysis of Current Promotional Models in the Market
The combination of promotional components used by a company to communicate with present or future consumers about its products or services is referred to as promotion. In today’s market, promotion activities are focused on the final customer, an intermediary such as a retailer, wholesaler, or distributor, or both. Promotion is critical to a company’s success because without it, potential clients will be unaware of your product or service’s existence and advantages. Personal selling, advertising, direct marketing, public relations, and sales promotions are the five key promotional aspects employed in today’s market. Personal selling and direct marketing are “personal” communication aspects, whereas advertising, public relations, and sales promotion are “non-personal” communication elements. A strong mix of “personal” and “non-personal” communication aspects is required for an efficient promotional program.
Analysis of Current Distribution Models in the Market
The fundamental activity in the marketing management of mass-market items for customer demands is product distribution strategy. Product placements are distributed or implemented with the goal of getting a product closer to potential buyers or its target market. The distribution strategy aids in the delivery of high-quality products and services to the company’s target customers (Matisoff et.al, 2020). One of the stated factors to determining product success in the market rivalry is the electricity distribution plan (Li et.al, 2018).
Recommended Pricing Strategy for NextEra Energy Inc.
Because the fitness smart ring industry is so competitive, NextEra Company would use a variety of pricing techniques. Although quality will be an important component of the firm’s brand, the corporation will adopt a penetrative price strategy and competitive tactics. The increase in sales of other rival brands with similar tactics, such as Duke Energy and Invenergy LLC, has been accelerated by NextEra Company’s product form pricing strategy; NextEra Company will offer its brands with the same characteristics as competitors at cheap prices. Another recommended price strategy is to provide a combination of high-quality services, with an emphasis on wind energy receiving the majority of the attention. The geographic pricing strategy is another subject that should be included. If it is made in the market state, expenses may be lower than importing the items from another state, allowing the price to better represent the state’s acceptable pricing.
Recommended Promotional Strategy for NextEra Energy Inc.
The corporation will use penetrative marketing approaches, such as direct selling, to circumvent the dealer margin. This would assist lower the additional expenses imposed on the goods by retailers and distributors; consequently, the company’s products would be far less expensive than those of rivals. In addition, the corporation will promote its products through a variety of channels, including outdoor, television, and print media. The device would also leverage social media platforms to advertise online, allowing customers to learn more about the Circular, smart ring. The cost-effectiveness of internet marketing as a primary advertising strategy is the rationale for its utilization. Sales are increased when fresh value propositions are made to customers and sales reps. Companies selling the Circular, smart ring would leverage internet platforms like Facebook, Instagram, and Twitter to reach out to the younger generation who like utilizing social media (Matisoff et.al, 2020). Viral marketing will also be employed, with the product being recommended by well-known environmental activists in order to encourage the usage of wind energy and aid in the fight against climate change.
Recommended Distribution Strategy for NextEra Energy Inc.
The NextEra firm will employ both direct and indirect marketing methods. Clients would be able to access the organization’s products and services at their convenience, and those interested in switching to wind energy may apply directly on the company’s website or contact the company’s representatives. Clients who buy the goods online will be able to pick up the product at their preferred location for free, with the only costs being the cost of power per kilowatt (Obiora et.al 2021). All clients interested in switching to wind energy should pay a visit to the company’s headquarters.
Another suggested distribution approach is to concentrate on gaining market share in other parts of the United States. The present societies in the United States are propelling expansion in the wind energy industry, resulting in a vast market for renewable energy (Obiora et.al, 2021). One important point is that after this market has been cornered, people may be hesitant to switch to a different product due to habit, choice, or even financial considerations. This shows that the market may still be profitable. The question is how to get your hands on it. Buyers are less sensitive to a product’s pricing if its replacement has a high cost; customers assume that well-known brands indicate high quality (Lopez, 2014). Integrating all of this with an online presence that is easy to find and can provide services with a short lead time would be a fantastic approach to finish out the distribution plan. The items will get awareness if they are listed on prominent web sites such as Amazon in the United States. Interacting on these sites will allow people to compare your goods to those of other comparable businesses.
5.2 Discussion: (Peer Reviewed)
I really enjoyed reading from your 4.3 post, here are a couple of alternative responses you could investigate as you continue working through this project!
Recommended Pricing Strategy for NextEra Energy Inc.
In the recommended pricing strategy section, I was slightly confused on the description of the product as a “fitness smart ring”, as I thought your product was wind powered turbines for personal home use? I also noticed that you opted to go for a low price point strategy. While this may drive up interest from some consumers, it also makes it much harder for your company to make a profit in the long run after initial consumer sales drop down. It can also lead to reduced credibility from potential buyers, as they see your product as inferior to others because of the lower price (Parlak, 2021). I think it would also be helpful if you described what kinds of high-quality services that you plan on offering along with your product, as these services may justify a higher pricing point for your product.
Recommended Distribution Strategy for NextEra Energy Inc.
In this section, you mentioned that customers could purchase your product via your website and “pick up the product at their preferred location for free, with the only costs being the cost of power per kilowatt.” What exactly do you mean about the only costs being the cost of power per kilowatt? And when it comes to the customers preferred location, does that mean they could have it shipped anywhere, or just a location of your own specification? A negative part of offering free shipping is that postage costs are constantly changing and if the prices rise, you either have to charge your customer more money for the product or eat the cost yourself (Fulfillrite, 2022).
Overall, you did a great job! If you have any questions, feel free to reply and I would be happy to elaborate!
6.3 Assignment: Video Presentation and Executive Summary (NextEra Energy)
1. You will submit a 10- to 12-minute video and a 300-word executive summary, encapsulating all 4 sections of the client report (your consultant’s report).
a. Create a professionally appearing and sounding video suitable for presentation to a client. You need an opening image with your name, your client name, and the industry. You need a closing image thanking the client and providing your contact information (real or fabricated).
b. Include highlights from all four sections of your paper. Focus is critical so be sure to discuss only the most important elements of each section so that you are within the 10- to 12-minute time limit.
c. Include a minimum of six graphs or charts that are shown while you are describing and discussing them.
2. Write a 300-word executive summary of your consultant’s report and submit it as a Word document.