Bright Light Innovations has a top management team made up of students and faculty from Colorado State University’s Colleges of Business and Engineering. The management team has developed a product known as the Starlight Stove. This stove was developed in hopes to improve the overall quality of life for less fortunate people. The management team wishes to address the everyday consumer needs for safe cooking and electricity. The Starlight Stove requires less biomass fuel and also has the ability to convert heat from the stove into electricity. This new feature gives everyday people the opportunity to enjoy safe cooking and electricity at an affordable price. The management team …show more content…
Having a good product, once out on the market, can sell itself. “No amount of advertising helps a poor product” (Belosic, 2011). One the other hand, “a good product advertises itself” (Belosic, 2011).
The Bright Light Innovation team needs to be aware that there is a relationship between the advertising objectives of a product and the market strategy planning of the company. They need to come up with certain advertisement objectives that will fit their market. The management team also needs to be aware that since this is a new product they will need to allow for a bigger budget for advertising. More advertising will have to be done in order to get consumers aware of the product and interested in purchasing it. Once the product has an established name, the advertising budget can be cut down. Hopefully the product works as intended and the best and free advertisement starts to take place, “word of mouth”.
In order to decided on a reasonable price for the Starlight Stove the management team should consider what they are offering. “Developing a pricing strategy begins with determining the true value of your offerings to customers” (Pricing: The Magic Number, 2006). We are aware that the Nepalese people are poor and can not afford a lot, but a company can not just price a product low thinking that it will sell better (that they will sell more of). Competitors are always looking for a