Bright Light
Bright Light Innovations: The Starlight Stove
Bright Light Innovations has a top management team made up of students and faculty from Colorado State University’s Colleges of Business and Engineering. The management team has developed a product known as the Starlight Stove. This stove was developed in hopes to improve the overall quality of life for less fortunate people. The management team wishes to address the everyday consumer needs for safe cooking and electricity. The Starlight Stove requires less biomass fuel and also has the ability to convert heat from the stove into electricity. This new feature gives everyday people the opportunity to enjoy safe cooking and electricity at an affordable price. The management team knows that they have great technology; they just need a marketing plan in order to get their product out on the market.
The management team has decided that they would use Nepal as the opening target market. Even though they have identified many good reasons why the Starlight Stove would benefit Nepal they need to keep it mind, “it's no easy task to identify strategies for entering new international markets or to decide which countries to do business with” (Khanna, Palepu & Sinha, 2007). Moving into an international market is a good strategy because they usually are developing countries. These countries have some of the fastest growing markets, especially for new, affordable, reliable technology and can be very profitable for a company. One thing that the management team does need to keep in mind though is that developing countries can sometimes lack in certain tools needed to do business successfully. “But avoid investing in developing countries, and you won't remain competitive for long” (Khanna, Palepu & Sinha, 2007).
Despite all the research that the Bright Light Innovation team has done, they are still unsure if they will be able to get financing for the Nepalese people. “Financing in the form of grants,
Bright Light Innovations has a top management team made up of students and faculty from Colorado State University’s Colleges of Business and Engineering. The management team has developed a product known as the Starlight Stove. This stove was developed in hopes to improve the overall quality of life for less fortunate people. The management team wishes to address the everyday consumer needs for safe cooking and electricity. The Starlight Stove requires less biomass fuel and also has the ability to convert heat from the stove into electricity. This new feature gives everyday people the opportunity to enjoy safe cooking and electricity at an affordable price. The management team knows that they have great technology; they just need a marketing plan in order to get their product out on the market.
The management team has decided that they would use Nepal as the opening target market. Even though they have identified many good reasons why the Starlight Stove would benefit Nepal they need to keep it mind, “it's no easy task to identify strategies for entering new international markets or to decide which countries to do business with” (Khanna, Palepu & Sinha, 2007). Moving into an international market is a good strategy because they usually are developing countries. These countries have some of the fastest growing markets, especially for new, affordable, reliable technology and can be very profitable for a company. One thing that the management team does need to keep in mind though is that developing countries can sometimes lack in certain tools needed to do business successfully. “But avoid investing in developing countries, and you won't remain competitive for long” (Khanna, Palepu & Sinha, 2007).
Despite all the research that the Bright Light Innovation team has done, they are still unsure if they will be able to get financing for the Nepalese people. “Financing in the form of grants,
References: Baker, W., Marn, M., & Zawada, C. (2010, July 6). Book expcerpt- the price advantage, Bloomberg Businessweek Belosic, J. (2011, August 11). When in doubt, focus on the product, Bloomberg Businessweek Schenker, J. (2008, July 17). A solar-powered night-light for the poor, Bloomberg Businessweek Perreault, W, Cannon, J, & McCarthy E. (2009). Basic marketing: a marketing strategy planning approach Pricing: the magic number. (2006). Bloomberg Businessweek. Retrieved from http:// www.businessweek.com/ magazine/content/06_52/b4015452.htm.