Bio-briquette marketing risk mitigation design

Biobriquettes are a renewable energy product developed as an environmentally friendly alternative to fossil fuels. However, marketing these biobriquettes faces several challenges, including low consumer interest, limited distribution networks, uncompetitive pricing, and competition from substitute products. These challenges can hinder marketing objectives and the sustainability of the business. This study aims to identify and assess the marketing risks associated with biobriquettes and to design effective strategies for mitigating these risks. The research employs a descriptive qualitative method, using the Enterprise Risk Management (ERM) approach, and collects data through interviews with relevant stakeholders. The study applies the 4P framework of marketing—product, price, place, and promotion—to identify potential risks. Proposed mitigation strategies include increasing product innovation and quality control, implementing competitive pricing and discount programs, expanding distribution networks, and enhancing promotional activities through collaboration and the use of informative materials. These strategies offer practical solutions to address challenges faced by the marketing of biobriquettes.