Eco fueling marketing report - Research Paper Example

? Eco-fuelling Marketing Report: Two Parts PART MARKETING AUDIT REPORT Executive Summary Implementing a viable marketing strategy is centered on extensive collection of information and strengthening current strategies or establishing new ones altogether. Marketing strategies refer to process, which allows a company to channel its limited resources into the most critical opportunities that present themselves in the market environment. In order for a marketing strategy to be deemed as successful, it has to have potential to generate gains to the company in terms of increasing sales quantities, as well as providing continuous competitive advantages against its competitors. The value of strategic planning is manifest marketing plans aimed at fulfilling customer needs and demands, setting out marketing objectives and formulating ways to meet the objects. Measuring the effectiveness of marketing a plan is a significant step towards arriving at the most effectual and cost friendly way to strategically position the company. In order to establish a comprehensive marketing strategy, a critical analysis of key market factors is required, which forms the backdrop for performance analysis and plan implementation. This report provides a market audit of a company dealing in production and distribution of eco fuel. In addition, the report maps out a strategic plan that aims at providing the company a crystal clear platform to augment its positioning within the eco fuel market. Extensive research is required to meeting these objectives, and a critical analysis of the eco-fuel sector is paramount. The key to formulating an effective marketing strategy is to maintain marketing plans in line with company missions and goals. Table of Contents 1.0 Introduction……………………………………………………………………………… 4 2.0 Environmental Scan…………………………………………........................................... 4 3.0 PEST Analysis 3.1 Political factors……………………………………………………………………… 6 3.2 Environmental factors…………………………………………………………......... 7 3.3 Socio-cultural factors……………………………………………………………….. 8 3.4 Technological factors………………………………………………………….......... 8 4.0 Customer Analysis………………………………………………………………………. 9 5.0 Competitor Analysis…………………………………………………………………….. 10 6.0 Stakeholder Analysis…………………………………………………………………..... 11 7.0 Internal and External Analysis (SWOT) 7.1 Strengths…………………………………………………………………………….. 11 7.2 Weaknesses………………………………………………………………………….. 12 7.3 Opportunities………………………………………………………………………... 12 7.4 Threats…………………………………………………………………………......... 12 8.0 Conclusion………………………………………………………………………………. 13 References…………………………………………………………………………………... 14 1.0 INTRODUCTION The creation of utility, the power of goods and services to satisfy wants or needs, is of utmost importance to a marketer. For a service or product to be considered valuable in the market, it has to benefit customers and offer lucrative returns to a company (Boone and Kurtz, 2009, p. 5). Critical analysis of marketing strategies is required if a company is to attain utility for its products and services. PEST, SWOT, stakeholder, customer and environmental scan analysis must be conducted to appraise current business strategies and formulate recommendations for the establishment of new strategies or improving on current ones. E-cofueling, a company based in Brisbane, is the focus of this marketing audit report. The company, which dealing in the development and distribution of ethanol co-fueling of diesel engines, as well as development of viable emission technologies, was established in 2009. 2.0 ENVIRONMENTAL SCAN Environmental scanning refers to the progressive process of gathering data regarding different phenomena in the market with a view to identify opportunities, as well as threats. As the current market remains active, changes are inevitable, which presents its fair share of threats and opportunities to a company. In order to carry out appropriate environment scans, a marketer must carry out extensive research and gather information pertaining social, technological, competitive, regulatory and economic factors that have a direct impact on market trends. According to Kerin, Hartley and Berkowitz, (2005, p.71-72), maintaining environmentally sustainable measures is one of the most viable ways through which a company can position itself strategically in the market. Following the drastic transformations taking place in the global environment, where global warming and climate change have become commonplace, the general public and customers prefer products that save energy and are entirely environmental friendly. E-cofueling needs to establish marketing plans that inform the general public and its customers of its high regard for utilization of renewable energies and its measures for limiting environmental depletion. Bansal and Hoffman (2011, p. 348) assert the importance of sustainability in terms of environmental and ecological factors in today’s market as consumers are now more informed on the aforementioned aspects. This has led to a culture of corporate social responsibility, with the term “green” gaining massive popularity among companies and countries. Posts on the E-cofueling website exemplify the company’s desire to focus on green-economy opportunities as contrary to developing frameworks that enhance global warming and climatic changes. This is seen through the company’s generation of renewable energies from Hydro and Ethanol, which are environmentally friendly sources of power. In order to generate renewable energy, E-cofueling uses over nine million gasoline vehicle powered by Ethanol mixtures. The government has implemented policies and agenda aimed at reducing market inconsistencies. In addition to the government’s stake in the renewable energies’ market, consumers have also taken an active stance in terms of mandating companies to adopt environmentally friendly systems of production (Sorensen, 2010, p. 5). This presents a formidable opportunity, which enables E-cofueling to market its products. The prevailing trends in terms of technologies available to companies dealing with production of renewable energy include technologies such biogas, geothermal power and biofuels. In an effort to take advantage of these technologies, E-cofueling must take advantage of technological advancements in the technology sector, as well as hiring innovative staff. 3.0 PEST ANALYSIS In addition to conducting environmental scans, formulation of marketing strategies entails the examination of both internal and external environments that affect the company. When considering environmental factors, marketers must look into as customer analysis, analysis of target markets and stakeholders, as well as elements such as external economic, legal, cultural, political and technological factors. Environmental factors often necessitate change and innovation, or in some instances absorption of the factors in question. PEST analysis provides a crucial platform in realizing this and maintaining company relevance in the market (Osborne and Brown 2005, p. 12). 3.1 Political factors According to Twidell and Weir (2006, p. 527), the question of energy, energy supply and renewability poses considerable apprehension in politicians aiming at maintaining national security and an abundance in national energy supply. The political elite is concerned about these issues as they seek ways of enabling utilization of indigenous energy sources, which will, in turn, protects the nation and its companies from political and international interference. E-cofueling is exceptionally attentive to its aim of providing dependable energy solutions in terms of diesel engine operations, augment proficiency and limit emissions and utilization of fossil fuel, which are the leading source of carbon emissions (E-cofueling, 2011). Currently, politicians and the entire nation are increasingly conscious of environmental changes occurring globally as a result of greenhouse gas emissions. The need for environmental sustainability has thus become of prime importance in the political arena. Following increasing global anxiety towards environmental factors such as ensuring sustainability, governments and various non-governmental organization and world bodies such as the UN have come up with mitigating factors to deal with environmental hurdles. For instance, the UN established The United Nations Framework Convention on Climate Change, tasked with implementing and controlling rules governing environmentally relevant factors (FCCC 1990). Legislation set in forums such as the Kyoto Protocol mandate nations to abide by rules such as emission standards and social responsibility. This has led politicians to seek systems of ensuring environmental sustainability in their different nations (Twidell and Weir, 2006, p. 528). 3.2 Economic factors In 2008, a financial recession engulfed the world adversely affecting companies all over the world. The fuel and energy sector was the most hit sector by the recession, which saw many fuel and energy companies shutting down or downsizing. This situation compelled emerging economies to focus their attention on renewable energies. With such an outlook, E-cofueling will offer reprieve to the nation as it focuses on renewable energy and development of the nation in terms of economic growth. The mitigating factor, when considering renewable energy, is how a nation acquires renewable fuels and energy, which save on resources and protect the environment. Through the establishment of companies that focus on ethanol and renewable energies, a country’s economy receives massive benefits in achieving effective industrialization and ways of meeting energy and fuel needs. E-cofueling has spotted the Brazil market’s lucrative opportunities, which allows for conversion of transportation systems from relying in fossil fuels to ethanol only. This exemplifies the positive influence of ethanol towards a nation’s economic standing. Beginning 2010, Brazil has to date produce up to 27 million litres of ethanol, which is attributed with the operation of more than nine million gasoline automobiles (E-cofueling, 2011). 3.3 Socio-cultural factors As earlier cited, the culture of social responsibility and consciousness towards societal needs has been entrenched into the corporate world, which sees companies all around the world seeking measures to ensure environmental stability, as well as promotion of cultural diversity. E-cofueling’s marketing strategies recognize the need for social responsibility, which, in turn, positively impacts the company’s reputation in the market. The company seeks measures and strategies that obtain public approval and recognition. Maintaining cultural and social diversity entails a vast array of systems that mitigate rejection by the public and the world in general concerning company actions. Because E-cofueling is keen on upholding environmental sustainability, its marketing strategies are bound to attract stakeholders whose mission is to boost environmental awareness and sustainability. 3.4 Technological factors Globally, Brazil and the USA are the most significant producers of ethanol, producing millions of liters of ethanol every month. However, Brazil has the best competitive advantage in ethanol production. This is because the total cost of production in the country is significantly lower than that of its counterpart, the USA (Sabonnadire and Lastsabonnadire, 2010, p. 382). Technological innovations and advancements present lucrative opportunities for nations and industries globally. In the renewable energies sector, immense technological developments have been witnessed, which increases profitability, while also reducing the time and cost of production. This is immensely appealing to E-cofueling as ethanol production is bound to become increasingly profitable. However, such as scenario is only possible is mitigating factors such as retail prices, which are primarily controlled by government, effective and efficient maintenance of ethanol plants are kept constant. If the local and international markets reject ethanol-based energies, the profitability of E-cofueling will be adversely affected. While utilization of renewable energy technology is beneficial to a company, the technological aspect has some severe drawbacks, as well. For instance, it is imperative that practical, widespread use of renewable energy technology used in ethanol production is possible. According to Smith and Taylor (2008, p. 47), this is because the sector faces problems such as storage, energy distribution, environmental influences, political and social obscurities and high cost of technologies 4.0 CUSTOMER ANALYSIS Strategic marketing cannot be complete without a critical analysis of customers, both current and potential. This is because, in the course of customer analysis, a marketer identifies the target market, assess the needs and establish systems aimed at meeting these needs. This analysis involves aspects such as market segmentation, customer motivation measures and a generalized and specific outlook in customer needs (McLaughlin and Aaker, 2010, p. 26). According to the Expert Group on Renewable Energy (2005), an institution that focuses on the production, manufacturers, distributors and markets of renewable energy, demand for renewable energy is on a rapid and systematic increase since the last few years. The institution predicts that, by 2030, at least a 60% increase in renewable energy demand is feasible. This demand is especially anticipated from China and India markets, which are considered as emerging economies. Significant market segments for companies focusing on renewable energy production include passenger vehicles, shipping and rail transportation (Dopita and Williamson 2010, p. 23). In Australia, fuel consumption for the transport sector stands at 3billion liters, with petrol and diesel providing 250million barrels only, which is a 62.8% and 31.2% contribution respectively. Here, we note a significant opportunity for E-cofueling to provide the outstanding fuel required. Such a scenario is not only prevalent in Australia, but in other countries too, which affords E-cofueling a lucrative chance at boosting international sales. By focusing on the development of biofuels, E-cofueling will enhance its chances of gaining market popularity as customers shift towards environmentally friendly fuels. The rail, seas and road transportation systems offer viable prospects as they utilize massive fuel quantities. While the international prices for fossil fuel, petrol and diesel, continue to rise, consumers will look for fuel alternatives that not only promote environmental cleanliness, but are pocket friendly, providing value for money spent. 5.0 COMPETITOR ANALYSIS One of the influential forces in the market is competition. Essentially, competition in the market place refers to the aspect of companies make every effort to gain superior market share in which to sell its products or services. This is done to maintain business relevance in the market and position itself strategically in the minds of customers. Competition has a significant effect on a company’s marketing strategies as it is the determining factor for success and effectiveness. The global market for renewable energy is relatively lower than that of non-renewable energy, making the former market less competitive than the latter. Australian market, is, therefore, no different as there is lower competition among companies producing ethanol and hydro energy than among those dealing in petrol and diesel fuels. The renewable energy industry in Australia encompasses few companies such as Arta Pty Ltd, Hydro Tasmania, Energy Quest and Maitland Enterprises, which deal in numerous renewable energies ranging from solar to hydro. E-cofueling, therefore, enjoys an environment of low competition with the exception of Austcane Energy Ltd, a company dealing in ethanol-based products and the greatest competitor against E-cofueling. 5.0 STAKEHOLDER ANALYSIS Stakeholders are particularly distinguished individuals and institutions to a company. It is critical for a marketer to recognize significant stakeholders of the company. E-cofueling’s key stakeholders include its shareholders, customers and companies that purchase energy products from E-cofueling, middle men, tasked with selling products directly to customers and suppliers. As a company consisting alliance partners and individuals, E-cofueling does not necessarily have a massive stakeholder share. 7.0 INTERNAL AND EXTERNAL ANALYSIS (SWOT) As earlier cited, SWOT analysis is the most vital analytical marketing tool employed by companies in assessing their environments. SWOT, which in essence stands for Strengths, Weaknesses, Threats and Opportunities, affords a marketer deeper appreciation of external and internal factors that influence the company (Stahl and Grigsby, 1995, p. 30). 7.1 Strengths E-cofueling’s main strengths lie in its operations, supply and control systems. For instance, the company enjoys a rather secure supply of energy from its trusted suppliers like farmers, as well as its plants. This improves on supplies’ accessibility, thereby enabling effective production. Through the use of renewable energy, E-cofueling reduces emission of greenhouse gases to the environment, which is beneficial to both its customers and the world as a whole (Rutz and Jansses, 2007, p. 7). Such a move to reduce on emissions is regarded as social responsibility, exemplifying the image of the company, while at the same time rising farmers’ incomes. 7.2 Weaknesses The production cost for ethanol and other renewable energies requires massive investments. If E-cofueling is to achieve high production, it has to obtain large land portions. In addition, because costs depend on co-products, E-cofueling’s pricing regiment is negatively affected by the lack of bio-fuel co-products. Pricing, therefore, becomes a hurdle. 7.3 Opportunities As the general public gains awareness on the advantages of renewable energy, this creates a formidable customer base for E-cofueling (Cohen, 2008, p. 13). This will enable E-cofueling to attract environmentalists to the business, thereby affording the company excellent reputation. Bio-fuels production is also notable as a crucial source of revenue for farmers, thus creating more jobs. 7.4 Threats Production of Bio-fuels is marred by the low content per volume issue where a large amount of raw material produces small quantities of fuel. This means that the company is bound to experience low output, but all the while using more raw materials. In addition, vehicle manufacturers around the world are keener on producing petrol and diesel powered vehicles than those that rely on bio-fuels. This poses a problem to E-cofueling in terms of gaining market dominance as few vehicle owners are confident about bio-fuels. 8.0 CONCLUSION By focusing on renewable energy, E-cofueling gains widespread opportunities in the global renewable energies market. Notably, conduction of environmental scans, PEST, SWOT, customer, competition and stakeholder analysis is an integral part of creating marketing strategies. While the world becomes more involved in environment protection, companies such as E-cofueling are strategically positioned in ensuring environmental development and enrichment. References Armstrong, G & Kotler, P 2005, Marketing: an introduction, Prentice Hall, New York. Bansal, P & Hoffman, AJ 2011, The Oxford handbook of business and the natural environment, Oxford University Press, Oxford. Boone, LE & Kurtz, DL 2009, Contemporary Marketing, 14th edn., Cengage Learning, New York. McLaughlin, D & Aaker, DA 2010, Strategic market management: global perspectives, John Wiley and Sons, New York. Laermer, R & Simmons, M 2007, Punk marketing, Harper Collins, New York. Part 2: Strategic Marketing Plan and Action Plan Report Introduction Upon completion of a thorough market audit, marketers endeavor to establish viable strategic plans, which provide avenues to deal with marketing mixes aimed at attaining recommendations set out by the audit conducted. The marketing plan is also aimed at discovering challenging goals and finding alternatives to counter the challenges or provide ways of resolving the challenges and offer a comprehensive plan through which progress can be continually monitored and establish contingencies in case issues arise in the course of plan implementation. Under strategic marketing, companies are able to formulate decisions, which are crucial in managerial and marketing tasks aimed at meeting company objectives. Strategic marketing allows a marketer to develop and implement marketing actions by answering questions like the company’s current position, its projected positioning, ways of reaching the desired position and systems of ascertaining its has attained its long and short term objectives. This segment of the report showcases E-cofueling’s strategic pan, as well as the course of action by focusing on the four essential marketing mix matrixes. Summary of the findings in part 1 The first part of the report shows experiences, factors affecting the effectiveness of E-cofueling’s business in terms of its renewable energy markets and bio-fuels. The company seeks to continually make renewable energy available to its customers, especially those in the transportation sector. In addition, E-cofueling endeavors to dispense social responsibility and ethical functionality, which is at the forefront of customers’ requirements of a company in mitigating environmental issues. The fossil fuel industry is held responsible for causing massive environmental degradation through emission of greenhouse gases. E-cofueling offers alternative products that do not negatively impact the environment. While PEST factors appear disadvantageous to bio-fuel companies, the SWOT analysis conducted show potential opportunities for the company. E-cofueling targets three main customers namely passenger vehicles, sea and rail transportation. Through innovations, E-cofueling will be able to augment its strengths and opportunities and tackle its weaknesses and threats thereby increasing marketing opportunities and profitability too. Marketing Objectives and Strategic Directions Marketing objectives are assessments of what a marketer seeks to achieve in term of how, what and to whom to sell business products to. It is imperative that a marketer realizes the accomplishment expectations of different strategies and knows the tell tale signs of achieving these strategies (McDonald and Wilson, 2011, p. 207). Essentially, marketing objectives are meant to impart guidance to the marketing department, which will, in turn, guide strategic marketing activities. It can be exceedingly difficult to weigh up a marketing plan without marketing objectives because gauging the success of a marketing plan is essential to any business. When the target market is compelling, a company will become even stronger within the industry. If it seeks to position itself strategically, E-cofueling should invest in the finest resources. E-cofueling’s most significant marketing objectives is centered on the provision of quality renewable energy and ethanol to its target and current customers. In an effort to achieve these objectives, E-cofueling will assess the expectations of potential customers, examine and appraise customer satisfaction by seeking feedback from its customers, which will show the company products’ effectiveness in meeting customer needs. In addition, in order to ensure effective delivery of high quality products and services, E-cofueling will expand its business by inaugurate branches and franchises in Australia and other foreign nations. By expanding marketing activities to virgin markets, E-cofueling will gain long term competitive advantages, as well as ensure the company remains profitable. E-cofueling establishes a vast array of strategic directions. The most crucial directions involve segmentation, targeting and positioning. Strategic direction provides a viable framework for identifying valuable customers, appreciating their wants and ensuring the company products (Bygrave and Zacharakis, 2010, p. 170). Segmentation, targeting and positioning (STP) will form the basis of E-cofueling’s marketing strategy. Segmentation Strategy This strategy begins by fragmenting the market into segments by grouping markets according to relevant marketing objectives. Some of the most common schemes of segmenting markets include psychographic segmentation, geographical segmentation or behavioral segmentation (Lancaster and Reynolds, 2001, p. 68). These mechanisms encompass grouping of markets according to customer characteristics and value, physical location and behavior respectively. E-cofueling segments its market into three distinctive groups, which are passenger vehicles, rail and ship transport. As the company anticipates a rise in its market share within the transport sector, in the coming years, segmenting its market is a viable mechanism to enable the company reach its customers and satisfy their needs (Dopita and Williamson, 2010, p. 23). By undertaking this type of segmentation, E-cofueling will be able to design and cultivate products that fulfill different needs of different customers by identifying and targeting different groups accordingly. The company focuses on people who are environmentally conscious, who require the company to establish environmentally friendly production plants where renewable energy is the focal point. Targeting Strategy E-cofueling sets target groups and tailors its products to meet the different groups’ needs by proper implementation of the four marketing mix (Lamb, Hair and McDaniel, 2008, p. 220). Through targeting strategies, E-cofueling is able to reach its customers and satisfy their different needs. According to Ferrell (2008, p. 178), different targeting strategies available to companies and can be instituted through in selective targeting, product specialization, single segmentation strategies and mass marketing. E-cofueling’s target market, which comprises of passenger vehicles, shipping and rail market groupings, are examined to ascertain the attitudes and anticipations of all segments before the company adopts viable effective, strategic marketing activities, which are seen as opportunities to attract and retain customers. E-cofueling considers this as the benchmark for long term profitability. The company has undertaken mass marketing as a key strategy. Here, the company approaches potential markets that is those considered being appreciative of renewable energies as an alternative to fossil fuel, which have adverse effects on the environment. Positioning Strategy Gaining strategic market positioning is at the forefront of E-cofueling’s marketing and managerial goals. The company’s brand name, which is the same as its official name is the main message that the company wishes to entrench in the customers’ minds. Here, the E-cofueling endeavors to communicate its brand name to its customers and potential markets in order to gain customer loyalty and attract more customers. The company adopts effective systems of communicating its brand name and brand messages to its customers such as using mass media and partnering with environmentalist agencies. Essentially, positioning encompasses a marketing strategy through which a company publicizes its value intentions to its customers. In addition, through positioning, E-cofueling assists customers to ascertain reasons why E-cofueling’s brand products are distinctive from other products in terms of marketing mixes place, product, price and promotion (Kerin, Hartley and Berkowitz, 2005, p. 64). Marketing management in E-cofueling identifies the company’s competitive advantages such as its proficient technological innovations. In addition, E-cofueling selects its most appropriate competitive advantage to implement in the overall positioning strategy. Through such a move, E-cofueling promotes better brand image among its customers, subsequently strategically positioning the company in the mind of its customers. Action Plan An effective marketing strategy entails the adoption of a viable marketing plans and a financial roadmap, which exemplifies the desired results after implementing the plans. In addition, a marketing action plan expounds on the allocation of company resources and how to best utilize the resources to achieve overall goals. The benchmark for an effective marketing action plan is encompassing programs and strategies that ensure the company’s ability to move from one market situation to another when seeking competitive positioning. E-cofuelings’ marketing strategy adopts strategies to deal with the four marketing elements as earlier listed. Once a viable marketing strategy is determined, the company maps out the road to effectively serve the marketing elements. Notably, marketing mix elements are convenient, tactical tools, which when mixed together strategically will afford a company access to its desired market, and meet the needs of all its customers (Armstrong and Kotler, 2005, p. 57). Marketing mix encompasses elements that E-cofueling can manipulate to enhance demand for its products. In marketing, the marketing mix elements are commonly referred to as the four “P”s. E-cofueling’s marketing strategies in relation to the marketing mix are as follows: Product Mix This entails the company’s products and services. Identifying the products is not difficult in E-cofueling’s case as the company only deals in a few bio products including bio-fuel, ethanol and lubricants. In terms of services, the company offers training to environmentalists on the viability of ethanol as a bio-fuel, as well as giving public seminars where potential customers are informed on the company’s products. E-cofueling’s product range in renewable energies boosts environmental sustainability, which strategically positions the company’s products in the mind of customers and the general public that is now more interested in environmentally safe sources of energy. Products offered by E-cofueling concentrate on creating opportunities for a green-economy rather than augmenting the environmental problems by producing harmful products. The quality of E-cofueling’s products is guaranteed through the company’s research and development departments that ensure company products meet international standards of renewable energy. In addition, by fulfilling customers’ utility as expected by its customers, E-cofueling’s products gain market popularity and recommendation. The different products offered by the company serve needs of different customers in different fields. For example, bio-fuels supplement fuel needs for those in the public and private transport sector, in the country, and international markets. Price Mix For any company, it is imperative to consider the value of the products presented to the market. Looking at a product’s value to its consumers is the most significant way to gauge the effectiveness of pricing strategies. Pricing is a vital element of management because it is the determining factor of whether or not customers can access the products. By looking at the target market’s financial standing, E-cofueling was able to implement an effective pricing module. This resulted in the company pricing its products moderately with a view to accommodate as many customers as possible. On the other hand, because of relatively low availability of co-products for bio-fuels, pricing regiments fro bio-fuels and renewable energies is dependent on market forces such as price of raw materials and demand. In earlier years when bio-fuels were still not very popular, a liter of bio-fuel was relatively cheaper than it is today as more people are appreciative of its value. Because it requires high yields as a result of the high cost implication in producing bio-fuel, E-cofueling was forced to set prices that were relatively higher than it had anticipated. The company instituted a penetration pricing strategy that saw E-cofueling price its products relatively cheaply before gaining popularity, after which it increased its prices. Such a move allows customers to appreciate the product’s quality and gain confidence in it before being charged high amounts. Loyal customers stick to the brand while lesser margins comprising disloyal customers move to other products. Place Mix Here, E-cofueling designed an effective distribution channel for its products. After production, E-cofueling stores its products in large facilities before initiating the distribution regiment. This has gone a long way in ensuring effective and timely delivery of company products to customers and middle men. This is noted to provide positive feedback to the company. By using third party distributors such as fuel stations, E-cofueling has been able to maintain an efficient product distribution matrix. While various aspects such as infrastructure as noted as influencers of distribution channels, E-cofueling has been able to mitigate this by maintaining effective catalogues of the distributing vessels, ensuring distributors use the timeliest systems. Promotion Mix E-cofueling focuses on integrated marketing communication to reach its target customers. For instance, the company uses public relations, advertising and promotion. This integrated marketing communication strategy encompasses massive advertising in print and broadcast media, promotion of sales, event marketing and public relations (Schultz and Schultz, 2004, p. 3). E-cofueling’s public relations department is tasked with maintaining public awareness of the company’s products and services. This is done by, as earlier cited, engaging in talks with environmentalists, which ensures more people are aware of the econfriendliness of the company’s products. Event marketing affords the company an opportunity to interact with its customers directly. By taking advantage of exhibitions that showcase eco-friendly products, E-cofueling has been able to augment its client base by reaching more customers. E-cofueling uses one of the most convenient and effective media to expound on its business. This is done through the internet; the company’s website provides all necessary details regarding the company, its products, stakeholders and suppliers. Customers are able to communicate with the company by posting comments and views on the company’s web page. Effective promotional mechanisms have enabled E-cofueling to access more customers, thereby creating more competitive advantage. Marketing Time Line The Integrated marketing communication strategies ensure that E-cofueling communicates its brand message to larger customer pools hence increasing the marketing strategy’s likelihood of success. While promotional strategies usually take time to materialize, E-cofueling is on the right path; by engaging in intense communication strategies. Marketing Contingencies The laid out marketing plan works effectively as it predicts likely contingencies that the company is bound to encounter in the course of producing, marketing and selling its products. It is, therefore, able to institute measures to counter the anticipated risks. However, there are certain aspects of the market that the company cannot control. For instance, economic fluctuations and socio-cultural shifts are bound to affect the company. Timely implementation of counteractive measures is, however, enough to deal with these problems. By implementing segmentations, the company exemplifies its strategic marketing thereby identifying key market groups and developing systems of reaching them and meeting their needs. References Armstrong, G & Kotler, P 2005, Marketing: An introduction, Prentice Hall, Pearson Education Inc, New York. Bygrave, W D and Zacharakis, A, 2010, Entrepreneurship, (2nd edn.) John Wiley and Sons, UK. Dopita, PM and Williamson, PR, 2010, Australia’s Renewable Energy Future, Australian Academy of Science, Retrieved from http://www.science.org.au/reports/documents/AusRenewableEnergyFuture.pdf Ferrell, OC and Hartline, MD 2008, Marketing Strategy, (4th edn.), Cengage Learning, Ohio. Kerin, RA, Hartley, SW and Berkowitz, EN, 2005, Marketing, (8th edn), The McGraw Hill Companies, NY. Lamb, CW, Hair, J F and McDaniel, J C, 2008, Essentials of Marketing, (6th edn), Cengage Learning, Boston. Lancaster, G and Reynolds, P 2001, Marketing: the one-semester introduction, Illustrated edition, Butterworth-Heinemann, London. McDonald, M and Wilson, H, 2011, Marketing Plans: How to Prepare Them, How to Use Them, John Wiley and Sons, UK. Schultz, DE and Schultz, F, 2004, IMC, the next generation: five steps for delivering value and measuring returns using marketing communication, McGraw Hill Professional, US. Read More