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As domestic markets become saturated and highly competitive, new ones should be explored in different foreign countries to enhance the performance of business organization. Therefore, it is necessary for firms to venture and offer their products to emerging markets to meet the customers needs. Most companies believe that the game simply is not worth the effort, especially with cunning multinational competitors. POWER COMPAT business organization is aimed at recognize market niches, seize opportunities, and develop strategies that will satisfy all of our customers. Senegal is currently our companys chosen market for the introduction of solar panels. Solar panels are used to harness solar energy to provide direct current power. Since sunlight, which they need, is a free and abundant natural resource, solar panel maintenance is minimal. Expanding business operation in Senegal is facilitated by existing favorable economic, technological, social, and demographic factors making it to have a potential consumer market for the commodities.
The economic growth of Senegal is effective as the country is undertaking a number of projects to enhance its development. Access to electricity, which is essential for the economy and businesses and improves peoples everyday lives in various ways, especially those who cannot afford petroleum products. Imported oils price varies, and recently, they have increased significantly. The economy, particularly businesses, suffers as a result of the lack of access to electricity, power outages, and inadequate electricity infrastructure (Angeli Aguiton, 2021). The absence of lighting and energy to run appliances puts people through hardships within their houses. A more dependable, affordable, and environmentally friendly source is solar energy (Jagtap & Duong, 2019). Launching solar panels in Senegal is a tremendous chance since it would give the country a vital renewable energy source at a time when its oil supplies are running low. It will further lessen the monopoly of electricity, which will lower prices.
In Senegal, over one-fourth of the population lacks access to electricity, with rural areas having the worst access. Even though poverty rates are high in parts of rural Senegal, the solution is expanding the energy industry that helps the economy as the lack of access to power places a significant restriction on economic growth (Sarr et al., 2021). Indicators of development like education, health, gender equality, livelihoods, food security, and poverty reduction are positively impacted when people have access to sustainable and renewable energy alternatives (Relich & Pawlewski, 2018). Everything is resolved by offering solar panels in various sizes and those that can be easily afforded by rural people.
In recent days, Senegals economy has improved, and the countrys leadership is promoting a variety of emerging technology. With these developments, the need of electricity is increasing both in urban and rural areas (Nfaoui & El-Hami, 2018). An alternative source of energy is therefore appropriate to help reduce cost. The company, finds it a favorable competing environment as our solar panels will provide a better alternative to electric power and since the energy is renewable and readily available, it will be much affordable.
In conclusion, Senegal is situated in a hot, humid climate that favors the use of solar panels. Our company will therefore benefit adequately as the market is underserved for this crucial demand. As the solar panels light up Senegals economy, our company will generate respectable earnings, which for companies is the definition of a good business. Solar panels as a product, provides energy which is a basic necessity in the developing world. People find it difficult to do their daily activities more easily as they ratio their energy use. With Senegal, this will not be the case because our company has them covered.
References
Angeli Aguiton, S. (2021). A market infrastructure for environmental intangibles: The materiality and challenges of index insurance for agriculture in Senegal. Journal of Cultural Economy, 14(5), 580-595. Web.
Jagtap, S., & Duong, L. N. K. (2019). Improving the new product development using big data: A case study of a food company. British Food Journal, 121(11), 2835-2848.. Web.
Nfaoui, M., & El-Hami, K. (2018). Extracting the maximum energy from solar panels. Energy Reports, 4, 536-545. Web.
Relich, M., & Pawlewski, P. (2018). A case-based reasoning approach to cost estimation of new product development. Neurocomputing, 272, 40-45 . Web.
Sarr, A., Kebe, C. M. F., Gueye, M., & Ndiaye, A. (2021). Impact of temporal and spatial variability of solar resource on technical sizing of isolated solar installations in Senegal using satellite data. Energy Reports, 7, 753-766. Web.
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