|IDEA BY:||Dennis Bae||LOCATION:||Canada||CATEGORY:||Environment/Sustainability|
|IDEA BY:||Dennis Bae|
There is a clear waste management problem in our society. From our market research, about 13.4 million households in Canada disposes food waste, and about $1.3 billion is spent on organic waste management. This leaves about 2.8 million customers in Canada alone, which is a huge market to target. We have 3 objectives to target in our marketing strategy: business-to-consumer, retail and municipalities. For starters, we want to sell these bins directly to consumers and retailers by listing our products on our website and through Amazon. By doing so, they get 2 benefits from TESS. One, the consumers can acquire free fertilizer from their food waste, and two, they can earn money by selling this fertilizer to others such as farmers. However, our ultimate strategy is to partner with our municipality to reduce waste management costs, which is about $1 billion annually for Ontario. We plan on alleviating this cost by introducing our bins since there will be less food waste going into landfills and being processed. Overall, TESS provides a win-win strategy for everyone: our business, the consumers and the government. Furthermore, we have identified two competitors: mechanical composting bins and greenlid. In both of these scenarios, we completely beat our competitors. In terms of affordability, mechanical composting bin loses since their price skyrockets to about $1000 mainly because of their unnecessary features such as a decorated outer layer. In terms of ease of use, greenlid loses since it is made out of cardboard, making it not look aesthetically pleasing. Unlike our competitors, TESS combines both price and appeal to make composting a pleasurable experience for our consumers. In conclusion, TESS is an innovation that will pave the way for cleaner environment and will benefit the society through our effective business strategy.