Gus Mejia Professor Hufnagelba Promoting A New Product

Gus Mejia Professor Hufnagelba 21931716 promoting A New Product In Th

Venturing into the manufacture of solar panels and windmills for generating clean energy would be a feasible option for my corporation owing to the increasing demands for cleaner energy. The environmental consciousness that is fast spreading across the world with some consumers demanding to know the sourcing and the manufacturing processes involved in various production activities have increased the demand for clean energy technologies (Joy et al., 291). Companies are now opting for clean energy to remain desirable among customers and to comply with the set environmental statutes. I would tap into the Kenyan energy market by embarking on aggressive marketing to ensure that my corporation gains entry into the Kenyan market and controls a reasonable part of the Kenyan energy market share.

The Kenyan Vision 2030 is geared towards a transformative agenda that would have Kenya become a middle-income economy by 2030; energy creation has been widely touted as a key driver to realizing such a vision ("Kenya Electricity Transmission Co. Ltd. (KETRACO) | Vision 2030"). My corporation is likely to face an array of challenges while targeting the domestic and foreign markets. Some of the possible challenges include financial implications from the massive campaigns and marketing efforts aimed at establishing a market share of our product in an already competitive environment in the domestic market. Secondly, we would probably face bureaucracy while working on the logistics and terms of engagement with foreign nations. Additionally, stiff competition from countries like China, which produces more competitive clean energy technologies owing to mechanisms such as the devaluation of its yuan, would be a significant challenge.

To overcome these obstacles, I would persuade my boss to consider both a resource-based view alongside an institution-based view when considering new products for domestic and international markets. Employing these strategic frameworks would enable our corporation to create a valuable product that remains relevant and competitive in the dynamic energy sector. The resource-based view emphasizes leveraging the company's unique resources and capabilities to sustain competitive advantage, such as technological expertise in renewable energy or innovative manufacturing processes (Barney, 1991). The institution-based view, on the other hand, considers the influence of industry norms, regulations, and cultural factors in different markets, ensuring compliance and better adaptation to local contexts (North, 1990). Combining these perspectives allows us to develop sustainable strategies that align internal strengths with external opportunities and regulatory environments, positioning our clean energy products favorably in both domestic and foreign markets.

In the context of the Kenyan market, aligning with national visions such as Vision 2030 can facilitate government support, subsidies, and favourable policies that encourage renewable energy investments. Moreover, understanding the socio-economic landscape through an institution-based approach can help tailor marketing strategies and operational frameworks to meet local needs and expectations, fostering acceptance and success in the market. Internationally, adopting a resource-based view guides the company to focus on proprietary technologies or strategic alliances that enhance innovation and reduce cost structures, making our products more competitive against Chinese imports and other foreign competitors.

In conclusion, entering the renewable energy market in Kenya and other foreign markets offers substantial growth potential amidst increasing global demand for sustainable solutions. However, it requires a strategic blend of leveraging internal resources and understanding external institutional factors. By integrating the resource-based and institution-based views, our corporation can develop durable competitive advantages, navigate complex regulatory landscapes, and effectively satisfy consumer demands for clean energy technologies. Ultimately, these strategies will not only support the company's growth objectives but also contribute toward global efforts to combat climate change and promote sustainable development.

References

  • Barney, J. B. (1991). Firm Resources and Sustained Competitive Advantage. Journal of Management, 17(1), 99–120.
  • Joy, Annamma et al. (Year). Fast Fashion, Sustainability, and the Ethical Appeal of Luxury Brands. Jour dres bod cul, 16.
  • Kenya Electricity Transmission Co. Ltd. (KETRACO). (2016). Vision 2030. Retrieved from https://ketraco.co.ke/vision-2030/
  • North, D. C. (1990). Institutions, Institutional Change and Economic Performance. Cambridge University Press.
  • Porter, M. E. (1985). Competitive Advantage: Creating and Sustaining Superior Performance. Free Press.
  • World Resources Institute. (2018). Renewable Energy Market Analysis. WRI Publications.
  • International Energy Agency. (2020). World Energy Outlook 2020. IEA Publications.
  • Kenyan Ministry of Energy. (2019). Kenya National Energy Policy. Government of Kenya.
  • United Nations Environment Programme. (2019). Global Trends in Renewable Energy Investment. UNEP Reports.
  • China National Renewable Energy Centre. (2017). Chinese Renewable Energy Development Report. CNEC.