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Biofuel from Residence Waste

Market Analysis

1.     Competitive Analysis

-major place in market place

- competitive strategy

2. customers analysis

-customer needs/perception

-current primary /secondary target market

-trends

3. Marketing strategy (using 7p’s)

Biofuel includes household waste which will be converted into biogas,biodiesl and fertilizers.

Answer

Biofuel from Residence Waste

Competitive Analysis

Today, with increased consumption of non-renewable sources of energy, it is found that the governments of developed nations and the developing nations are investing in research and development activities related to development of biofuels. The biofuels are generated out of residence waste through a specific process (Doshi, Nguyen, & Chang, 2013). 

There are advantages associated with biofuel due to which it seems that the demand of biofuel will increase in the near future. Also, with the increased consumption of other fuels and decreasing amount of resources, people will be required to use these fuels in their daily transportation activities. 

The major advantages associated with biofuel include - reduced emissions of CO2 gas from the vehicles, greater heat content, renewability features, and ready availability. It also possesses liquid nature portability and hence will become easy to transport to other locations (Doshi, Nguyen, & Chang, 2013). Despite the major advantages associated with biofuel, it is found that the key competitors - ethanol, crude oil, diesel and other fuels, gasoline, and electric vehicles will be posting direct challenges. 

It is thereby important to determine the consumption levels of the people, determine the total sources of biofuel, the net amount of biofuel that can be generated during a specific period, and the amount of efficacy that can be achieved (Doshi, Nguyen, & Chang, 2013). Only then biofuel will be able to overcome the challenges from these competitors in a given environment.

Customer Analysis

It is found that despite development and usage of biofuel, people are still preferring to use ethanol, crude oil, diesel, gasoline, and to a certain extent electric vehicles. It is important to note that these non-renewable sources of energy are getting exhausted on a daily basis (Kulcsár & Bolender, 2011). There are no other sources available that will provide such fuel characteristics and features as provided in the case of biofuel. 

However, for this purpose, the government of the nations need to motivate people to use biofuel in their daily transportation requirements. Further, as per the survey reports, it is found that more than 90% of the people are not aware of biofuel. Hence, there is a need of special lied campaign that will spread awareness about biofuel and thereby make people use them in their daily routine activities. 

Also, they can provide their reviews and feedbacks so that the respective authorities can accordingly work upon improving the efficiency of biofuel in a given environment (Tanaka et al., 2012). People need to start using biofuel so that they can get adjusted to using renewable sources of energy on a daily basis.

Marketing Strategy using 7Ps

The 7Ps of marketing mix refer to - price, place, product, promotion, people, process, and physical environment. Hence, it is important to analyze the product biofuel from these 7Ps aspects so that the organization will be able to formulate their marketing strategies accordingly in the organization. Also, they will be able to promote biofuel in a proper way that will catch the attention of people. 

  1. First, from the price perspective, it needs to remain competitive with other fuels available in the market. 
  2. From the place perspective, it should be made available similar to petrol and gas stations in the market (Tanaka et al., 2012). 
  3. Third, from the promotion perspective, the government needs to implement a specialized campaign to attract the customers (Tanaka et al., 2012). 
  4. From the product perspective, the researchers need to overcome the challenges of using biofuel on a daily basis and instead ensure that biofuel can be used on a daily consumption basis. 
  5. From the process perspective, the efficiency levels of biofuel can be increased to meet the criteria of other fuels in a given environment. 
  6. From the physical environment perspective, the research and development team needs to make sure that biofuel will be available at desired viscosity levels, with appropriate reactivity of hydrocarbon chains, and with proper portability features (Mallory, Hayes, & Babcock, 2011).
  7. Finally, from the people perspective, the companies generating biofuel need to motivate them by developing appropriate marketing strategies. It will thereby help them overcome the market challenges and competition and subsequently achieve desired sales in a given environment. 
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