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On Solar market - Essay Example

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On Solar market

The marketing plan for solar panels will consider the marketing mix elements such as product, price, place and promotion along with other environmental aspects such as the economic and the social conditions. The objective of the paper is to develop a marketing strategy for solar panels on behalf of XYZ Company. Solar Market of the United States The solar market of the United States is considerably large and is growing at a significant rate. The high cost of generating power along with high customer demand for energy and monetary inducements from federal government has accelerated the growth of solar market in the United States along with California. In the year 2009, almost 107,000 new solar heating, refrigeration and solar electric connections were implemented in the United States. In the long-run, the growth opportunity for this industry is measured to be quite bright. The market growth of solar products is a result of long-run extension of Investment Tax Credit (ITC) policy by the federal government (Sherwood, 2010). Solar Market Trend in California California is considered as one of the most populated states in the United States. It is also a reputed state with respect to the use of solar system. In California, a significant development for utilization of solar energy can be observed in the recent times. It is expected that by 2030, solar energy will represent almost 16% to 18% of total state energy consumption. California has the highest solar insolation levels in the entire United States. In present days, California accounts for almost 61% of entire United States’ solar energy plans. The state hosts around 27 organizations which are involved with solar energy related functions, comprising manufacturing of silicon cells, modules and solar chips among others. Therefore, these solar marketing trends represent favorable conditions for marketing the solar products of XYZ Company (Barber, 2003). Economic Condition of California In order to develop any marketing plan, the economic condition must be considered as it can determine the probability of success or failure of the product in the market. The Californian economy is driven by three major sectors which are technology, exports and hospitality. California was considered as the 9th biggest economy in the world in 2010. With respect to size, the Californian economy is learnt to be the second best in comparison to Brazil. According to the statistics of California Department of Finance, the Gross Domestic Product (GDP) of the state was almost US$ 1901 billion in the year 2010. The GDP growth of California is calculated to be almost 1.6% per annum. With respect to GDP Per Capita, California is considered as the 10th biggest state. In the year 2010, the GDP Per Capita of California was around US$51,470 which represents its robust economic condition (Center for Continuing Study of the California Economy, 2012). The key manufacturing goods in California comprises of electronic equipments, computer peripherals, industrial machines and transportation equipments among other tools (EconomyWatch, 2010). As the economy of California grows, there will be demand for more power. The consumers have the capability to purchase solar products which increases the probability of success for such products in the market of California. Social and Cultural Aspects The use of solar energy is continuingly becoming a concern for people, government and ...Show more
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Market a Business Introduction Solar market is considered to be amongst the potential industry that is increasingly growing in the United States. This particular industry is unexploited by organizations and thus, there is immense opportunity in marketing solar panels in the United States, specifically in California…
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