Marketing Management of Mobile App Selling Recycled Products
AIM OF THE PROJECT:
The surface of this service is to learn the values of marketing and apply its use in the promotion of services.
This service teaches the four p’s :
- Product
- Price
- Place
- Promotion
The project work enables us to work on and understand the way to start up a venture.
Planning & Activity Done During Project:
- Market research analysis
- Forming a service blueprint
- Branding of the service
- Designing logo & tagline for service
- Deciding the channel of distribution
- Deciding promotional activities.
MARKETING MANAGEMENT:
Marketing management means management of the marketing function. In other words, marketing management refers to planning, organizing, directing, and control of the activities which facilitate the exchange of goods & services between producers and consumers or users of products and services, thus the focus of marketing management is on achieving desired exchange outcomes with the target markets, taking a management perspective, the term marketing has been defined as “the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods & services to create exchanges that satisfy individual and organizational goals” by American Management Association, Similarly, Philip Kotler has defined Marketing management as the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer values of management.
FIVE CONCEPTS OF MARKETING MANAGEMENT:
Production Concept:
This concept is used when demand for a product is higher than its supply. The philosophy here is that “ supply creates its demand.”
Therefore, the focus is on manufacturing more products to make sure it’s widely available.
Product Concept:
Contrary to the production concept, this concept assumes consumers value products of a higher quality as opposed to price and availability. Therefore the focus is more on quality and less on quantity. The product concept is that if you’re selling a product of great quality, minimal marketing will be required to sell it.
Selling Concept:
Where the production and product concepts focus on manufacturing, the selling concept focus on the making of an actual sale. The number one focus for the manager is to make money no matter the quality needs to consumers supply, on-demand. Because of this, the selling concept entails very aggressive marketing.
Marketing Concept:
The marketing concept works on the philosophy that consumer buy products that fulfill their needs. A manager that takes the marketing approach will conduct extensive market research to determine the needs of consumers and how to fulfill them better than its competitors.
Societal Concept:
Marketing managers with this approach are also concerned about the well-being of society and feel a responsibility to tend to the world around them. The societal concept creates a balance of social and environmental welfare, customer, relationships, and sales.
ABOUT MY SERVICE:
An App For Sale Of Recycles Products:
Recycling is the process of converting waste into new useful objects. The recyclability of a material depends on its ability to require the properties it had in its virgin state. It is an alternative to “conventional” waste disposal that can save material and help lower greenhouse gas emissions. Recycling can prevent the waste of potentially useful materials and reduce the consumption of raw materials. Thereby reducing energy usage air pollution & water pollution.
- Recycling is a key component of modern waste reduction and is the 3rd component of the “Reduce Reuse Recycle” waste hierarchy. Thus, recycling aims at environmental sustainability and raw materials input & redirecting waste outputs.
Brand Name:
- WASTAGE PRO (Name of the app)
- www.wastagepro.com (URL of the website)
Tagline:
- THINK SMART THINK GREEN: RECYCLE!
- DON’T THROW AWAY, RECYCLE
Where Can My App Be Accessed:
I’ll try to have a collab with the Google play store for Android users and App Store for Apple users where they can simply download the app for free without giving any customer information.
FEATURES OF THE SERVICE:
Reduce Pollution:
Recycling means that material that is closed as waste and simply left to sit on the ground can now be reused. By reusing materials we can decrease the demand for new materials. Through this process, we can reduce the levels of pollution which are emitted as we create new materials. In addition to this, waste store in landfill sites can contribute to damaging the environment, so avoiding unnecessarily stuffing waste into landfill is highly desirable.
Lower Costs:
Recycling makes financial as well as environmental sense for business. The cost of using recycled material is much less than the cost of creating brand new material with which to work. Therefore by using recycled material, a business can lower its costs, when implemented on a large scale the savings become hugely significant.
Saving Energy:
In a similar way to reducing costs, it’s much more energy-efficient than creating new material. It leads to lower energy consumption. A decrease in energy consumption leads to lesser pollution & environmental damage.
Cultivating A Green Image:
Recycling is now an important part of life and business that don’t do it are san negatively. So it’s beneficial for the business to be seen as environmentally responsible. As people increasingly become aware of environmental damage caused by landfill waste recycling becomes even more championed. From a business perspective being green makes a lot of sense.
NEED FOR WASTE MANAGEMENT IN INDIA:
The amount of rubbish we create is increasing because :
- Increasing wealth means that people are buying more products and ultimately creating more waste.
- Increasing population means, more people create waste.
- Usage of non-biodegradable products
- New lifestyle changes also create additional waste that is not biodegradable.
Environmental Importance:
- Harmful chemicals and greenhouse gases are released from rubbish at landfill sites. Recycling helps to reduce pollution caused by waste.
- Habitat destruction and Global warming are caused by deforestation. Recycling reduces the need for raw materials that have preserved the forests.
- Recycling requires much less energy and therefore helps to preserve natural resources.
Importance To People:
Recycling is essential to cities around like world and the people living in them.
- No space for waste. Our landfill sites are filling up fast, by 2021 almost half of Europe’s landfills will be full
- Reduce financial expenditure in the economy. Making products from waste is much cheaper than from raw materials
- Preserve natural resources for future generations. Recycling reduces the need for raw materials, it uses less energy, therefore preserving natural resources for the future.
WHY I SELECTED THIS SERVICE?
- Recyclable materials include many kinds of glass, paper, cardboard, metal, plastic, tires, textiles, batteries, and electronics. The composting or other reuse of biodegradable waste, such as food garden waste is also a form of recycling materials to be recycled center or picked up from cur bide Then sorted, cleaned, and reprocessed into new materials destined to manufacture new products.
- In the strictest sense, recycling a material would produce a fresh supply of the same material e.g. used office paper would give a new office paper. This is accomplished by recycling many materials like metal that can become a can again and again without losing their quality.
FIRST MOVER ADVANTAGE:
- By selecting this service I’ll get a first-mover advantage as there are many apps which are used for the sale of normal products like Amazon, Flipkart etc. but till date, there has been no app which sells only recycled products in the market. This would help me to have a hold on this type of market created as my service would be the 1st to be launched & it would take time for other competitors planning to join this market to set up their service.
- Being the 1st service in the market may not always guarantee an advantage. The first mover may invest heavily in persuading customers to try a new product. But later it builds a brand name & recognition which doesn’t need to spend as much on advertisement and sales to attract customers.
- A first mover is a service or product that gains a competitive advantage by being the 1st to market with a product or service. Being 1st typically enables a company to establish strong brand recognition and customer loyalty before competitors enter the arena. Other advantages include additional time to perfect its product or service and setting the market price for the new item.
- First movers in an industry are almost always followed by competitors that attempt to capitalize on the 1st mover’s success and gain market share. Most often the 1st mover has established sufficient market and shares a solid enough customer base that it maintains the majority of the market.
PACKING OF THE PRODUCTS IN THIS SERVICE:
Things to be kept in mind while packaging
- Product identity by the team packing the products
- Providing information on the package (shipping details, sender & receiver details, etc.)
- Meeting customer needs(avoiding the use of plastic packaging). Also, make the package in a neat & tidy way.
- Protecting the product: no physically or internally damaged products be packed, this affects brand repo & goodwill.
- Theft of products by employees packaging the products should not at all be a part of this process. It could cause blamed on the company’s goodwill by delivering empty packets.
SWOT ANALYSIS:
SWOT analysis is an analysis framework used to evaluate a company’s competitive position. It’s a tool that identifies the strength, weaknesses, opportunities & threats of a business.
Strength:
They describe what an organization excels at & separates it from the competition.
Weaknesses:
It stops an organisation from performing at its optimum level.
Opportunities:
It refers to favorable external factors that an organization can use to give it a competitive advantage.
Threats:
It refers to factors that have the potential to harm an organization
BRANDING:
The process involved creating a unique name and image of a product in the consumer’s mind, mainly through advertising campaigns with a consistent theme. It aims to establish a significant and differentiated presence in the market that attracts and retains loyal customers.
- Branding promotes recognition
- A brand sets us apart from the competition
- Branding sets expectations
- A strong brand adds value
PRICE:
Pricing is the number of money customers pay to obtain the product. In the case of most of the products, the level of price affects the level of their demand. The marketers have not only to decide about the objectives of price setting but to analyze the factors determining the price & fix a price for the firm’s product.
Price Range:
The price range may be defined as the amount of money paid by a buyer (or received by a seller)in a consideration of the purchase of a product or service.
Pricing Strategy:
As we plan to reach out to more customers, the pricing strategy that will be used for the products sold on our App is price penetration. This means we will start by keeping lower prices of the products to grab the internet of more and more people which will help the app to get a good place in the market. The mobile application would be free of cost through.
As my app is an eco-friendly app so there’s very less cost of production for goods sold via an app so the pricing would be Approx. 150-200 RS. So that each and everyone could afford the products.
Price Skimming:
Under this strategy a high introductory price is charged for an innovative product and later on the price is reduced when more marketers enter the market with some type of product, for example, Sony, Phillips etc. when they introduce a new technology then a high price is charged for the product.
The price skimming strategy can not be used by every marketer. For using their strategy following conditions are must :
- The product must be able to maintain its uniqueness for some time
- The product must be highly distinctive & demand for that product must be very inelastic.
Products sold on our App are price penetration. This means we will start by keeping lower prices of the products to grab the interest of more and more people which will help the app to get a good place in the market. The mobile application would be free of cost though.
As my app is an eco-friendly app so, there’s very less cost of production for goods sold via this app so the pricing would be approx. 150-200 Rs so that each and everyone could afford the products.
- There must be customers in the market who value the uniqueness of the product and are ready to pay a high price.
Penetrating Price:
This strategy means using the lower initial price to capture a large market these forces the customers to buy the product and company can capture a very big share and leave a very small share for competitors. Penetration pricing is attractive when the following conditions are satisfied :
- The price elasticity of demand is high and an easy substitute for that product is available.
- The firm can increase its production capacity with an increase in demand.
- When customers are highly price-sensitive it means customers easily shift to another brand if it’s available at a low price.
CHANNELS OF DISTRIBUTION:
It is making the goods and services available at the right place, in the right quantity, and at the right time so that the consumers can purchase the same.
The distribution channel is a chain of business or intermediaries through which a good or service passes until it reaches the end consumers. It can include wholesalers, retailers, distribution,, and even the internet itself. Channels are broken into direct and indirect forms, with a “direct” channel allowing the consumer to buy the good from a wholesaler or retailer.
PROMOTION:
Promotion refers to communication usage with the twin objective of informing potential customers about a product and persuading them to buy it.
Our Promotional Strategies:
- Branding at prime locations in the form of boardings.
- Events at schools and colleges will be organized.
- Young celebrity endorsements.
- Online promotion techniques like social media promotions, google, and YouTube Ads will be used to promote the visibility of the application and to increase the rate of its downloads.
PROMOTION MIX:
Promotion mix refers to the combination of promotional tools used by an organization to achieve its communication objectives.
Various tools of communication of promotional are used by the market to inform and persuade the customers about their firm’s product.
These include :
- Advertising
- Personal selling
- Sales promotion
- publicity
Advertising:
It is an impersonal form of communication that is paid for by the marketers to promote some goods or services.
Personal Selling:
Personal selling involves an oral presentation of the message in the form of conversation with one or more prospective customers to make sales.
Sales Promotion:
Sales promotion refers to short-term incentives, which are designed to encourage the buyers to make immediate purchases of a product or service.
Publicity:
Publicity is a non-personal form of communication. It is a non-paid form of communication.
SOCIAL MESSAGE:
- Our packaging will be entirely made of recycled newspapers & cardboard.
- An adequate percentage of our profits will be donated to physically disabled people.
- Free products will be distributed to certain orphanages.
- We will conduct a campaign to make people aware of the importance of reusing, reducing & recycling.
- The sale of our products will help to reduce toxic and non-biodegradable waste to a great extent
- Our products will also help in reducing the percentage of pollution in Delhi.
CONCLUSION:
From this marketing research, I have understood the importance of the marketing mix. I have learned to take the decisions regarding the 4PS by making the following things too :
- Gathering information and analyzing the market
- How to design a product
- Branding, labeling and packaging of the product
- Pricing of product
- Marketing and promotion of a product, etc.
BIBLIOGRAPHY:
- https://greenbusinessbureau.com/blog-8-companies-taht-only-sell-100-%-recycled-products/
- https://betterindia.com/207313/best-products-recycling-gardening-seed-pencils-eubber-wallets-bags-lifestyle/
- https://www.priceintelligently.com/blog/bid/ride-the-demand-curve-price-skimming/
- https://apiumhub.com/tech-blog-barcelona/innovative-recycling-apps/
CERTIFICATE:
This is to certify that of class —of—-school, has completed his project under my school supervision. He has taken proper care and shown the utmost sincerity in the completion of this project. I certify that this project is up to my expectations and as per the guidelines issued by CBSE.
ACKNOWLEDGEMENT:
I would like to express my special thanks of gratitude to my teacher—well as our principal—who gave me the golden opportunity to do this wonderful project on the topic of Marketing Management which also helped me in doing a lot of research and I came to know about so many new things. I am thankful to them.
Secondly, I would also like to thank my parents and friends who helped me a lot in finalizing this project within the limited time frame.
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