Explore this BYD Energy case study that delves into the company’s innovative marketing strategy and its strong commitment to sustainability. This case study will help you in learning how BYD Energy has positioned itself as a global leader in renewable energy solutions. This comprehensive analysis offers valuable insights for students, researchers, and professionals interested in understanding successful green energy marketing and business practices. From electric vehicle innovations to advancing clean energy adoption, BYD Energy has set a benchmark for eco-friendly growth.
About BYD Energy
BYD Energy is a leading Chinese multinational company specializing in renewable energy solutions, including electric vehicles (EVs), solar power, and battery storage systems. Founded in 1995 as a rechargeable battery manufacturer, BYD has grown into a global leader in green technology and sustainable energy innovations. The company operates across multiple sectors, promoting clean energy adoption and reducing carbon emissions. With a strong presence in international markets, BYD continues to drive the transition towards a more sustainable future.
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Table of Contents
Introduction
Marketing is very important aspect for organisation because it help to recognize the product or service by brand name which is offered in the market for the customer. If the organization do the marketing on advertisement on large scale of his product or service then it easily for the customer to remember the brand name in the market. The BYD (Build Your dreams) energy is working on zero emission energy solution which reduces the pollution in the environment and promotes the electronic vehicle by the help of technology. This report includes the strategic analysis on marketing which help company to become success in the market by giving a brief description on Critical Company analysis, critical competitive analysis, Critical consumer analysis and challenges faced by BYD energy company in future (Alsem, K.J., 2019).
Critical Company analysis of BYD Energy
Mission and Vision of BYD Energy:
The BYD energy has to set the mission that why they exist in the market by giving short description that what kind of product and services they offered in the market for the customer. It must be clear that what they are working in the market and what is the target to achieve in a particular time frame which is set. The BYD energy has to prepare a vision in that they prepare memorandum image for the organization that where they want in future in the market. They analysing all the things accordingly like BYD energy is focus to reduce the pollution in the society by not using emission energy in his product which they are manufacturing and they set the target to achieve in the market by reducing all the emission product, so that it help to reduce pollution and clean the environment in the society.
Directional and Growth Strategies of BYD Energy:
In this, The BYD energy organization has doing regular examine on Directional and Growth by focusing on the development of the organization by garbing new opportunity which come in the market so that it increase the revenue and production level in the market which offered to customers (Boschee, 2018). There are different kinds of strategy which is used in organization for preparing the strategy to achieve the desire goals of an organization.
Market Penetration Strategy by BYD Energy:
If the organization has marketing the existence product or service then organization has increase the market share of the product so that it able to grow in the market. The BYD energy company is doing the same they develop the market penetration strategy for the development of organization in the market by reducing the price of the product and increase the share market of the product.
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Market Expansion and Development Strategy by BYD:
In the market the organization has to sell their existing product in the new market so that it attracts the customer easily and there is very less competition level. The BYD energy is focused on to sell their product in new market where they sell their product easily in the market and increase the profit and market share.
Product Expansion Strategy by BYD:
The organization has to increase the existing line product or make new product according to the need of the market which helps to develop the product in the market. The organization has to develop the product by the help change in technology. The BYD energy is develop the product line or manufactured new product according to the change in technology.
Growth Through Diversification Strategy:
The new products is sell in the new market for the customer. This is very risky for the organization to sell new product in the new market so for that the organization has to do proper analysis of the customer need in the market. The BYD energy have to do proper analysis of the market to know the customer need and preferences, so that it become easy to sell the product in the market and achieve the target.
Acquisition of other companies by BYD Energy:
In this, the organization purchase other organization to expand their operation in the market. This done because in the market the purchase organization is already established so it has less risky for the organization to expand their business. The BYD energy organization can expand their business and operations by purchasing the existence organization which already established in the market (Chernev, 2019). It help BYD energy company to reduce the risk and generate profit from the market.
Competitive Advantage by applying the Resources based View
The competitive advantages help the organization to plan the strategy to face the competitor and compete in the market and able to sustain in the market for long-term and generate profits. It help organization to create innovation product in the organization so that it able to capture the huge number of customer in the market. The BYD energy have to apply the competitive advantage in the organization so it helps to produce the new product which is not use emission energy in the product it the positive point which can compete the competitor in the market and able to sustain in the market for long-term and generate more revenue from the market. There are 4 areas of competitive advantages which company have to focus while preparing competitive advantages.
Tangible Assets of BYD:
The company have tangibles assets which it show the infrastructure of the company, like land and building and the machinery which they are use to production and capital which the organization has to spend on the organization setup (Dubey, 2019). The BYD energy need the tangible assets for the production of the product like they require land or building where they can manufacture and machinery equipments which required for manufacturing the product and capital which is required to setup the business in the market.
Intangible Assets of BYD:
The assets which cannot be seen or touch but it presence can feel in organization in the market. The organization has to make the brand name copy right which cannot be used by other to sell the products. The brand reputation in the market of organization is a intangible asset which other company cannot buy in the market. The BYD energy has to make his brand name copy right so that no one use the brand name to sell product by the name of BYD energy it is very important thing because it may reduce the brand name if you don’t copy right of brand name.
Market Assets:
The advertisement tool which is used to promote the products of an organization. It take help from Digital Platform to promote the products such as Social media sites where end number of people are having a social media activity in daily life and through holding banners they advertise the product so that it attract the attention towards your products. The company BYD energy is used the assets to promote the products in market so that brand become popular in the market and it helps to achieve the objectives of the organization (Ellis and Derera, 2019).
Technology:
Organization had to need to develop the latests technology in the process of manufacturing the product so that it enhances their sale of an organization. The organization need to adopt the technology so that they able to compete the competitors in the market. The BYD energy has to innovate the technology in the organization by analysing the market factors which are demand by the market. It help organization to increase the production and enhances their sales so that it generate more profit and achieve the objective efficiently.
Critical Competitive Analysis of BYD Energy:
The BYD Energy have to examine the competitors in market which affect the production and sales of the organization for that reason they always try to develop the organization by changing in new technology and adopt the changes in organization which will promote to develop the organization and have potential to compete the market. There are 2 competitors in the market which will affects the sales and production of BYD Energy. The 2 companies are CBAK Energy technology and Farasis Energy. These companies always try to compete each other in the market and want to generate more revenue from the market. The management of BYD energy is always develop new strategies according to the changes in the market for the survival of the organization in the market. The factor which management examine to compete the competitors by analysing profiling, strategies, competence and competitive of the company (Elsharkasi, 2022).
CBAK Energy Technology Company Analysis:
Profiling of CBAK Energy Technology: The CBAK Energy Technology is a manufactured BAK battery in China. The company holding the market by selling the Lithium ion (Li-ion) battery. These battery is reuse by recharging them and make in use. These battery is used in Electronic Vehicle and it helps to reduce the pollution of the environment. The BYD Energy is also start manufacture this product so that it able give competition in the market and it helps to grow in the market.
Strategies of CBAK Energy Technology: The strategy is used by the CBAK Energy Technology in the market by making the high power of Lithium battery which are more effective to use and they supply good power to the electronic vehicle which is easy to drive for long run. This strategy is used CBAK management in the China. The BYD have to produce the best product in the market by give the long life of the product usage in the market. This will help the BYD energy to capture the huge number of customer support.
Competence of CBAK Energy Technology: The CBAK organization have to great potential to make their product more successfully in the market by improving the specification of the product it help to satisfy the need of the customer in the market (Elmograbi, 2021). The BYD Energy has to do the same for giving the great potential to the product by making them successful in the market and it easily fulfill the demand of the market. The management of BYD energy should take care that the product is not outdated in the market and do the need full changes in the product so that it survive in the market for long-term.
Competitive of CBAK Energy Technology: The competitive of CBAK organization in which the organization have to give great competition of other technology company in which the performance of each individual employees is measured in the organization by examine their potential to perform the work. The BYD Energy have to give competition to the competitors in the market by the product which they are offering in the market for the customer. The product must be fulfilled the market desire and check the performance of the each employee in the organization towards the performance of the work.
Farasis Energy Company Analysis
Profiling of Farasis Energy: The company is manufactured the battery product which is focus to improve the performance of of the battery and its reduce the cost of the product with help of technology fr manufacturing and they are focusing on developing the energy storage in the battery so that battery improve enhancing power in the market. The BYD Energy have to improve the product by using the technology and reduce the cost of the production so that it easily attract the customer in the market.
Strategies of Farasis Energy: The Farasis is main focus is to develop new energy from the existing energy in the market to make a innovative product fro the existing product. It is unique product which they are a manufacturing, so that it create a demand of the product in the market (Fontenot, 2020). The BYD Energy have to innovate the existing product so that it help to create the demand in the market and develop new product in the market and they easily attract the customer in the market. This strategy have to developed by the BYD Energy in the market.
Competence of Farasis Energy: The Farasis have skills to develop modified existing product so that it become more effective for the usage of customer in the market. The each individual employee have the skills to develop new product or modified the existing product in the market. The employee’s of BYD Energy must have good skills and knowledge of the product then only they will give their best to manufactured the product and product must be useful in the market for the customers.
Competitive of Farasis Energy: The Farasis have the potential to give competition in the market and beat the competitors in the market. They give the competition level by reducing the cost of the product in the market so that it help to achieve the objectives effectively. The BYD Energy have to compete the competitors in the market by making the use of product more effectively and this will help BYD Energy to achieve the organization objectives efficiently.
Critical Customer Analysis
The BYD Energy organization have do proper analysis of the market in which they find out the market requirements and need of the customer for that the management have to conduct Research and Development in the organization where all the factors are analyse. It is very important for the organization to know the target customers and have to know the problems of the customer and deep understand of the customers in the market. It help to capture the huge customer in market areas (Hansen and Juslin, 2018). The customer is key element of the market for an organization if the customer don’t like your product more impactful then they need to change the product and they must have to suffer from the heavy loss in the market. Before selecting any product for manufacturing first analyse the market where we become to know the demand and need of the customer which expecting from the market to be fulfilled and choose the product accordingly because it has less risky to failing the product in the market or dislike the product by the customer in the market and they easily generate more revenue from the market and achieve the objectives efficiently.
Critical Strategic Collaboration & Contextual factors issue
The most important aspects of the organization which they have to focus to run the business in the market. The organization have to identify and evaluate the market structure and trends of the market which help the organization to become success in the market (Sinha, 2018). The BYD Energy have to prepare the market structure where the management decide the type of market for the product which they are manufacture like monopoly market, Oligopoly market, etc. The trends is very important factor for the organization they have to develop the products according to the trends of the market. The customer preferences is change due to the up-gradation in technology for that they must adopt the changes in the organization and it the most important factors that they need to satisfying the customer changing preferences (Vasquez-Parraga, 2019). The people is now become very comfortable to use the technology in daily life and because it is very easy to use and operate in daily life usage.
Innovation Strategies by BYD Energy:
BYD is a high tech company dealing with technological innovations. Innovation basically is upgrading and amending new things, ideas, thoughts, and all in services and in technology or different products and services. BYD deals with the making of efficient, safe and stable storage solutions for renewable energy. These kind of business surely needs more and more technological innovations to mark their existence in market and in the industry. BYD deals with energy generation and its storage to its proper and optimum utilisation and application and the company is determined to provide zero emission energy solutions also (Vigandt, 2022). With the basic concept of energy deals, we consider that it is necessary and important to be innovative and get running in the market with more and more new ideas, beliefs, thoughts and new technological and technical solutions in market. BYD deals and operates with battery-box, low and high voltage energy resources for residential and commercial purposes and even with large scale battery projects in many countries. Innovation in technology is important as we can’t always sell same services and technology in the market. We always need innovation as we have the main aim to provide non-toxic energy with zero emission and zero pollution (Gerritsen and van Olderen, 2020). And for its completion, we need new ideas that can’t stay at the same old ideas and technologies that we are dealing with us forever. If we don’t get us innovated and updated, we will loose our customers and our goodwill, brand value will be distorted in the market. We as a reputed company in the market, we need to approach our old ideas and services with a new perspective, that will result in the completion of our goals and objectives of our organisation. Innovation will lead us to capture market to a great extent. Innovations are necessary for the betterment and up-gradation of a society. Innovations also creates a necessary step or focus for the use of resources effectively and too with the minimum wastage in and out of organisation. With the aim of zero pollution and zero residuals in the environment, we try to utilise our resources effectively and efficiently. With more and more innovation, we increase the chances to react to changes and discovering new ideas and opportunities that are going around us and in market or industry(Schiavone and Simoni, 2019). Innovation also fosters competitive advantage as it allows us in building new technological services to our target audience. Innovation increases our chances and also helps in discovering new opportunities, that remain unidentified or are not seen by our competitors. We grab all those opportunities and let us grow in the manner that our competitors are held low in competition with us. This helps us in fostering competitive advantage, allowing us to build better technological services for our customers in the market. Technological innovations also let us in satisfying customer needs, resulting in a large gain in customers and a much larger and bigger share of market in the industry.
International Marketing Strategies by BYD Energy:
The International market is very effective way for the organization to expand their business and generate more revenue in the organization and It helps the management of an organization to achieve the objective effectively (Luthfa, 2019). The management of an organization has to take care the customer preferences and market while doing the international business you have to manufacture the product accordingly with their market demand and customer taste and preferences. The organization have to follow the policy of the international business which are prepared by the government and every country have different business policies which the firm have to follow to start the business.
The management have to change the product sometime because the people of the country is not accepting the product which they already manufactured and sometimes the product have to change due to the lack availability of the technology and resources for manufacturing the product. The marketing strategies have to prepare by the management according to the market which need to be prepare while doing a proper analysis oh the market desire and customer needs which help the organization to choose the appropriate product so that it satisfy the market desire and customer demand this will help the organization to sustain long-term in market areas.
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The technology is not same everywhere so for that the management first analyse that this product is possible to manufacture in this country or not if it is possible then it cost must not be increased so high because if the cost of the product is high then it is very difficult for the organization to sell the product or capture the customer in the market. The BYD Energy’s have to analyse the market carefully while doing the international business the management of BYD Energy’s have to do Research and Development so that it become to know that what product is need in the market and what customer are expecting from the market this is very important for the organization to satisfy both then only it is possible for the organization to run the business successfully in the market (Matušínská and Stoklasa, 2019). The BYD Energy’s must be check that the product which they are manufacturing must be accepted by the customer so that it become easy to run the business. The management of an organization have to check that the raw material which is used to manufactured the product must be available in that area easily and cost of raw material must be less so that the cost of the product must be according to the product so that it easily attracts the customers in the market. The policy of the government of doing the international business is must suitable with your business. The BYD Energy’s have to examine culture of the people in the market so that the product is not the against of the people culture. If the product is affect the culture of the people for that they have to change the product which is suitable with the people culture (Murugiah, 2019). It is very important for BYD Energy’s to choose product correctly and plan the strategies accordingly which help the organization to become successfully in the market.
Challenges for BYD Energy’s in Future
The challenges to be faced by the BYD Energy’s in future in the market which will hamper the company production and profits of the organization. The BYD Energy’s have totally depend upon the technology which will create a problem in future for the organization if any changes is occur in technology then the BYD Energy’s of a management have to face the problem to adopt the changes in the operation in organization for manufactured (Proctor, 2020). There are different factors which affect the BYD Energy’s in future are:
Information Security:
The BYD energy have to face problem in the future due to the misuse of the personal information of the organization. It will create a lot of problem in the organization it break down the customer trust in the market towards the organization. The company have to keep the personal information in a secure way where the personal information is not used by the public.
Lack of Technical Training:
The change in technology will need the expert skills who will operate the tools easily for that purpose it is very important that they have to developed the skills of an employees so that it is easy to use (Rashidi-Sabet and Madhavaram, 2021). The BYD Energy’s have to face the problem in future due to lack of skills if the employees in the organization because the technology is changing rapidly in day to day life so for that it is necessary that the organization to train their employees and develop the skills for the operating of the tools in the business for manufacturing.
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Infrastructure changes:
The organization have to change the infrastructure according to the change in the technology in the market. It is not easy to adopt the changes easily for the organization because the whole organization of BYD Energy’s is working on the technology so when it change then the organization have to face many problem while changing the infrastructure it directly impact the objectives of the organization (Sahaf, 2019).
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Data Management:
The organization of each employees have to responsible for manage the data systematically if any employee’s of BYD Energy is not performing the responsibility with sincerity then it will create the problem which hamper all the management of an organization. The organization’s employees must do their responsible task with sincerity.
Conclusion
The above report is prepared on the proper analysis on mission and vision of the company which help the company to know their existence in the market for their growth. This file include how the company is prepare and plan the strategy in the organization to compete the competitors and what are the challenges they faced while doing the business by different factors like Technology, security of information etc. This is very important that the organization must have to adopt the changes which will effect the organization in profit maximization and it help the management to reduce the cost of the product. This report also include that how the customer is key role in the organization development and growth.
References:
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