New Product Offering-Melyn Refrigerator-Myassignmenthelp.com

Question: Use creative problem solving (CPS) principles to collaboratively develop a concept for a new or improved sustainable offering and provide a situation analysis for the offering. Answer: The new/improved sustainable market offering Apply CPS Problem identification: In the recent decades, there has been an increase in the cost of energy, and therefore, consumers across the globe are forced to depart with a huge amount of money to acquire energy for domestic and industrial use (Willetts, Guadagno, Ikkala, 2010). Domestic appliances, and in particular, refrigerators have been listed as the major consumers of large amounts of energy leading to huge financial burdens to fridge users. The increased demand for electricity to power fridges has led to a global increase in the demand for energy, which is already limited in supply. The generation of more electricity has led to the over-exploitation of available natural resources such as geothermal power sources, water bodies, and coal mines. The overstretching of these natural resources is a serious threat to environmental sustainability due to land, air and water pollution that they come a long with. Besides, the high financial costs are unsustainable for users of fridge faciliti es. Problem delineation: The increased usage of refrigerators has contributed to the increased demand for energy supply for domestic use. Fridges consume an estimated 25% of total energy in domestic energy consumption. In this regard, refrigeration facilities have greatly increased the costs and the demand for energy. As a result, natural resources have been overstretched, causing a major threat to environmental sustainability as well as the financial sustainability among energy consumers who use refrigerators. Information gathering: The use of coal energy, geothermal power and water turbines to generate electricity to power refrigerators destroys natural environment. These are major contributors to land, water, and air pollution that are major threat to the health and safety of the global population and environmental sustainability. Coal is the major source of electricity in Australia; however, it is a major threat to environmental sustainability because it accounts for more than 80% of greenhouse gasses (Strohbacha, Arnoldc, Haase, 2012). The mining and generation of electricity is expensive and this increases the cost of electricity by an estimated 10%. These costs are transferred to end consumers, and those who use refrigerators are required to bear higher costs, hence, lack of financial sustainability. Idea generation: The majority of current sources of energy and electricity are expensive yet they are non-renewable. Therefore, one of the solution is to turn to the use of renewable sources of energy like wind power and solar energy to generate electricity for domestic and industrial consumption. Renewable sources of energy are clean and safe, and re less costly to produce and for consumers to purchase (Clark Richard, 2011). To promote environmental and financial sustainability among consumers, it is advisable to manufacture refrigerators that are powered by wind or solar energy. As a consultant working with Melyn Refrigerator Manufacturers, we are going to launch the New Melyn Photovoltaic Refrigerators that will be powered by solar energy. The Green Refrigerators will be equipped with a fuse combiner box that will receive and convert solar energy from a 50cm2 solar panel that will packed together with the fridge appliance. The new product conserves energy and is able to maintain refrigeration quality for seven days in the absence of electricity. Idea evaluation and refinement: Offering clients with the photovoltaic refrigerator provides them with an efficient alternative to the normal refrigerator appliances that consume large amount of electricity. As a result, this solution will enhance financial sustainability by reducing the cost of acquiring energy among users of fridge appliances. Besides, this new product is durable and conserve energy, hence promoting environmental sustainability. Profile the sustainable market offering Nature- Melyn Green Refrigerator is a tangible consumer good that is created for the purpose of domestic use. Type It is a product that offers enhanced food storage and preservation services in homes. This product also offers a solution to the increased demand of energy in homes. Value provided- The core level offering of Melyn Green Refrigerator is the products ability to offer safe food storage and preservation solutions to end-users at a much reduced cost to promote financial sustainability by using solar power as the primary source of energy (Kuhlman John, 2010). The actual product is high-quality and a durable refrigeration equipment for food storage purpose in domestic settings. Finally, the augmented offering of this product is its ability reduce the amount of domestic energy consumption that is attributed to the use of refrigerators in homes. In addition to this, Melyn Green Refrigerator come along with addition photovoltaic solar panel at a subsidized cost and free installation services to ensure that the customer uses solar energy to power the fridge. Sustainability benefits Firstly, Melyn Green Refrigerator relies on solar energy to function. Solar energy is a renewable source of energy. Solar energy is also a clean source of energy, and hence, it is sustainable to the environment. Secondly, the new product to be offered will reduce the amount of money spent by fridge users and promote energy conservation, and hence, it is promotes financial sustainability and sustainable use of energy in domestic setting. Existing brand perceptions- consumers consider the companys products to be of high-quality and durable food storage equipment. Situation analysis of the selected sustainable market offering The geographic location of the target market of this new product is the Australian market; therefore, the situation analysis is going to be based on Australia. Environmental analysis PESTE analysis The Australian political environment is very stable, and this provides a conducive environment for the growth and expansion of Melyn Green Refrigerator. The economic environment of Australia was negatively impacted by the past global financial meltdown, and therefore, there is a major slowdown in the sales volume among major consumer industries (Lucintel, 2014). The general macroeconomic environment of Australia is relatively stable. Besides, there are low-interest rates, a competitive tax system and a stable currency that enhances the growth of new businesses. The social factors such as the attitude, beliefs, and perceptions of consumers work in favour of Melyn Green Refrigerator (Krishnan, 2011). Australian consumers regard Melyn Company products as high-quality brands, and therefore, they engage in the purchase of these products because of the brand value that it. The current century, the level of technology has greatly advanced, and most of the production activities are technolog y-driven. Melyn Green Refrigerators are designed using the latest technological tools to ensure efficiency. The Australian environment is hugely affected by pollution; however, Melyn Green Refrigerator comes as an agent that promotes environmental sustainability, hence, it will be accepted in the market. Competition This new product faces stiff competition from Samsung and LG. One strength is that these companies have a large market share 27% and 15% for Samsung and LG respectively. Another strength is that these companies produce high-quality fridge appliances and they have effective marketing strategies (Kotler, Keller, Manceau, Hmonnet-Goujot, 2015). However, one of their weaknesses is that their products are expensive. Besides, they lack photovoltaic fridge facilities. The main issue with suppliers is that they have a high bargaining power and this will negatively affect the new products profit margins. However, intermediaries are continuously being eliminated in the supply chain to maximize profits (Jttner, Christopher, Baker, 2007). SWOT analysis The major strength of Melyn Green Refrigerators is its high-quality and ability to use solar energy and to maintain refrigeration quality for seven days in the absence of power. Its major weakness is the reliance on solar energy, so it may not function in the absence of solar energy. Its major opportunity is the increased demand for solar energy, while its threat is the stiff competition and presence of substitute products in the market will limit its sales volume (Kotler, Keller, Manceau, Hmonnet-Goujot, 2015). The offerings ability to use solar energy can be matched increased demand for solar energy to reduce the cost of energy for consumers and promote environmental sustainability. However, when more substitute products emerge, the products market share will be reduced greatly, and losses will follow. The products inability to function in the absence of solar energy may prevent it from taking advantage of the current rise in the demand for solar energy (Kotler, Keller, Manceau, Hmonnet-Goujot, 2015). However, its strength of using solar energy is a unique feature the gives it a competitive edge above the available substitute products. Market and customer analysis Market analysis This is a consumer market because the new product is going to be offered directly retailers and to end-consumers to generate profits (Talaja, 2012). There is a large number of potential customers who are interested in the solar-powered refrigerators. This is attributed to the current environmental awareness in Australia and across the globe that has led to the increase in demand for clean energy and access to energy at lower cost for financial sustainability (Wilson Gilligan, 2012). The target market is composed of working class adults between 24 years and above, and this means that they have the disposable income to spend on the product (Kotler Keller, 2012). An estimated 50% of Australians use fridges in their homes, and therefore, current demand for fridge equipment is high; therefore, the product will easily penetrate the market. Consumer analysis The current consumers are sensitive to the environment and how their consumption habits impact the environment. Therefore, they need products that are environment friendly like Melyn Green Refrigerator. Consumers also need a clean source of energy at affordable prices. The consumer purchasing habits are influenced by their personal and social values (Schiffman Kanuk, 2010). The Australian consumers value high-quality products, and since Melyn Company products are of high-quality brands, hence, consumers will purchase Melyn Green Refrigerator because the brand value matches with the personality of the consumers (Tsao Chang, 2010). Bibliography list Clark, J. R. A., Richard, C., 2011, Local sustainability initiatives in English National Parks: What role for adaptive governance? Land Use Policy Vol. 28, no. 1, pp. 314-324. Print. Jttner, U., Christopher, M. Baker, S., 2007, Demand chain management integrating marketing and supply chain management, Industrial marketing management, vol. 36, no. 3, pp. 377-392. Kotler, P., Keller, K., 2012, Marketing Management (14th Ed.). Upper Saddle River: Prentice Hall. Kotler, P., Keller, K. L., Manceau, D. Hmonnet-Goujot, A., 2015. Marketing management (Vol. 14). Prentice Hall, Englewood Cliffs, NJ. Krishnan, J., 2011, Lifestyle: A tool for understanding buyer behavior, International Journal of Economics and Management, Vol. 5, no. 1, pp. 283-298. Kuhlman, T. John, F., 2010, What is sustainability? Sustainability, Vol. 2, no. 1, pp. 3436-3448. Schiffman, L. G. Kanuk, L. L., 2010, Consumer behavior, (10th Ed.). Pearson Education: Upper Saddle River, NJ. Strohbacha, M. W., Arnoldc, E., Haase, D., 2012, The carbon footprint of urban green spaceA life cycle approach, Landscape and Urban Planning Vol. 104, pp. 220229. Talaja, A., 2012, Testing VRIN framework: resource value and rareness as sources of competitive advantage and above average performance, Management, vol. 17, no. 2, pp. 51-64. Tsao, W. Chang, H., 2010, Exploring the impact of personality traits on online shopping behavior. African Journal of Business Management, Vol. 4, no. 9, pp. 1800-1812. Willetts, E., Guadagno, L., Ikkala, N., 2010, Addressing Climate Change, Issues and Solutions from around the World. 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