Trends Related to the Social, Economic, Technological, Competitive, and Regulatory Forces - Assignment Example

Thus Greenomics will have access to a growing clientele.

Economic factors: These include interest rates, taxation changes, economic growth, inflation, and exchange rates. The current economic slowdown ensures that clients will start focusing on alternatives that will save their energy bills in the long run.

Technological factors: It has been observed that new technologies create new products and new processes. It may be observed here that solar installations have become must more cost-efficient in the least efficient. Continuous R&D has also ensured that the cost of production of other energy-conserving products has gone down.

Competitive factors: Greenomics has a distinct first-mover advantage as the market is still new for players to come in and set up shop. Since it is a very new market, Greenomics may enjoy unique benefits while negotiating with its suppliers and end clients.

Regulatory factors: These factors are the biggest positives that Greenomics have, and will continue to, encounter in their quest. With the current global trend favoring carbon credit regulations and the move towards the ‘Green Office’, clients seem to be lined up for Greenomics!

Perform a consumer analysis for the product or service in your marketing plan. You will use this in your marketing plan

The most important factor that needs consideration while calculating the target market for Greenomics is the fact that the concept of a ‘Green Office’, is still a new concept. So there are no set benchmarks, no set pattern, and no established rules concerning the use of energy efficient techniques.

The market for Greenomics will consist of all interested in having in place energy-conserving techniques in the place. The initial customers will be comprised of offices who are interested in saving money on the power bill in the long run. A more conscious clientele will however emerge, who are concerned about the immense environmental costs associated with traditional energy and thus focus on better and more efficient methods.

The main value addition that the stated consumer class may seem to derive from the Greenomics is the dual benefit of an aesthetically designed workplace along with a Green factor, i.e. the option of saving power in the long run and sticking to and upholding environmental norms.

Greenomics can aim at proving solutions to many problems of its clients – like proving a second opinion to office décor, providing two different alternative options including a cost-effective way.

Estimate the size of the market using the NAICS service

The NAICS service has no heads under eco-friendly furniture, office automation, and installation products – which just goes on to state the relative niche nature of business for Greenomics. Commercial and institutional building construction (NAICS 236220) snapshots are available as –

The different attributes of the business were –