Research-based Marketing Plan Initial Proposal- Product Differentiation and Positioning
Chart: Where Solar & Wind Power Are Thriving | Statista
Current Annual Sales Volume in Dollars and/or Units Sold in the Market
NextEra Energy Resources has a current yearly sales volume of $50-55 billion, and the total megawatts of bet generating capacity of 45,500. With total registered customers account of 5.6 million, the company runs on the basis of reducing the dependency on foreign oil.
Current Competitors and their Offerings
In the electricity production industry, NextEra Energy Resources is up against a slew of competitors. Invernergy LLC, Tradewind Energy Inc, Pioneer Green Energy, Avangrid Renewables and EDP Renewables North America LLC are just a few of the major rivals. NextEra Enera Energy Resources is however among the top 20 company according to forune when it comes to generation of wind energy. The company serves a range of customers from residential and business customers across much of Florida, to utilities, retail electricity providers, municipal electric providers and power cooperatives across the U.S. and in Canada. With increased knowledge and understanding of sustainable development, the supply of renewable and sustainable energy has increased. Customers’ expectations are to reduce the carbon footprint and focus on the effective utilization of wind energy to minimize on dependency of oil and other sources of electricity.
Renewable energy projects are economically beneficial since they make use of rural labor, local supplies and businesses, local shareholders, and local financial services. Furthermore, renewable energy projects such as what Vestas has done around the globe, have aided communities by establishing a trust fund with the goal of investing money obtained from power sales in the local economy. This has allowed a select group of communities to invest in the organization resulting it is success in the renewable energy industry. Consumers pay less for electricity as they have conventional energy sources, and the overall economy benefit since the region’s diverse renewable energy sources provide various options for power generation. It is extremely useful to consider the economy in connection to future power generation.
Wind energy businesses concentrate on building systems that can fulfill high power generation demands in order for their systems to be economically viable for clients. As the cost of manufacturing wind turbines fell, so did the prospects for constructing wind turbines for usage in low-yielding areas. Now that such systems are becoming economically viable, there is a need to design wind generators that can provide power in places with lower yields. For instance, Gansu Wind Farm features several turbines that allow the organization to supply wind energy in various provinces of China.
Wind power is one of the most environmentally friendly methods of generating electricity since no hazardous emissions are produced; it does not contribute to global warming; it is one of the most readily available forms of renewable energy; and it is theoretically a limitless source of energy. Wind turbines are one of the most cost-effective ways of generating electricity in suitably windy places, making them desirable to many individuals, governments, and businesses. Orsted (DNNGY), for example, is an international power corporation established in Denmark that specializes in renewable energy solutions. The wind power section of the corporation develops, builds, and maintains offshore wind farms.
Current Price Points of Competitors
Competitors in the business have adopted a vibrant pricing model, in which prices for services are easily adaptable and are determined by market demand, which is based on supply and demand forces (Mcdonald & Wilson, 2016). Because market participants rely on technical applications, the pricing method allows them to make adjustments to reflect current trends (Richards, 2019). Because it is a real-time pricing model, the pricing point enables for rapid development in revenue and profitability. The cost is determined on the energy generated and consumed by customers rather than the length of use.
Projected Overall Market Growth Rate for the Next Five Years
The renewable energy industry is expected to grow significantly during the next five years. After achieving success in the United States and Canada, NextEra Energy Resource plans to expand its market to Europe. The company is focusing on bringing on board utilization of green energy in the bulk of its activities by 2025 in order to capture a substantial market share as well as create a sustainable environment. Consumer prices are anticipated to rise as a result of the consumer’s desire to participate in the reduction of the effects of global warming.
Projected Changes to Overall Pricing in the Market for the Next Five Years
Because of the projected strategic changes in the industry, overall market price is likely to shift. Since renewable energy generation is costly to produce in addition to having a high initial cost of acquisition, their adoption will result in higher prices. Even if prices are expected to rise, the dynamic pricing technique will be used in the future.
Recommended Position and Points of Differentiation for the NextEra Offering
Attributed to the reason that most clients have become environmentally sensitive, NextEra Energy Resources needs to accelerate the adoption of wind energy vehicles in order to grow its market share. Aside from wind energy, the company should select a distinct market goal, similar to other companies such as Vestas, Siemens Gamesa and Goldwind who focus generally on global sustainability. Micromobility, in which the firm’s products can accommodate larger population, should be pursued. The idea will provide a smart choice for people who want to embrace clean and renewable energy while protecting the environment and giving back to the community. With the pursue on complete reliability on renewable energy, the company addresses the need to reduce carbon emissions and confront climate change. Since renewable energy is the future of living, NextEra Energy Resources Company must prepare itself to accept the promotion as it will result in environmental sustainability and able to tackle climate change.
Complete Buyer Profile of the Target Customer
NextEra Energy Resources Company target consumer market is the whole population regardless of their generation as well as economic backgrounds due to an upsurge in demand among the demographic for sustainability and a health environment for all. NextEra Energy Resources Company will emphasize on respecting the environment, delivering outstanding customer value, supporting communities, empowering its team and growing its shareholder value.
References
Burns, P., & Dewhurst, J. (Eds.). (2016). Small business and entrepreneurship. Macmillan International Higher Education.
McDonald, M., & Wilson, H. (2016). Marketing plans: How to prepare them, how to profit from them. John Wiley & Sons.
New International Version. (2011). BibleGateway.com. https://www.biblegateway.com/versions/New-International-Version-NIV-Bible/ (Original work published 1973)
Racco, P. (2019). Positioning, differentiation and value proposition in marketing. Advantagemedia.com.au. https://advantagemedia.com.au/positioning-differentiationvalue-proposition/
Richards, L. (2019). The Importance of Product Positioning to the Marketing Plan. Demand Media, Houston Chronicle.
