Summarize this document in one page using the Information below. Plan: There is currently
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- There is currently a lot of options on the market when it comes to cars. Competition is high and it is highly important to have a clear segment of which you are planning on targeting. It is also important to differentiate as a company and build a strong brand to gain market share. It is especially in the car market for the consumer to be able to trust the company because they want a safe car. It is a big purchase for many people, and they want to trust the manufacturer.
Electricity has changed the car market in many ways, but most of all it is because of electricity that EV cars are now a big part of the market. People are looking to buy a car that is not impacting the environment as much, but it is also cheaper to drive. The market is going towards more electrical vehicles, and this will be important to remember as we move forward.
- We have decided to choose a target group based on the consumer groups. The segment we will be targeting is high income. They have a high disposable income and are willing to spend more money on a car that has better looking interior, exterior, and extra features. Styling and safety are also important. This target market is particularly interested in family cars and luxury cars.
- We are currently selling three different cars: Fantasy, Fast, and Fish.
Fantasy: It is a family car which has a selling price of $20,350. It accounts for 48.5% of our sales
Fast: It is a truck, and the selling price is $20,498. It accounts for 30.6% of our sales.
Fish: An economy car, and the selling price is $11,492. It accounts for 20.9% of our sales.
Our goal is to increase the price of all three cars, but also the design and technology, to meet the demand of our target market. There is currently not enough options on the market that offers both great-looking interior and design, in addition to high technology.
For future references, one of our goals is to offer a car that is electric. We believe that this will align with our brand and the people we are targeting.
Interior and styling are highly important.
- Our edge will be to develop an EV car that have a much longer battery life and a portable battery that can be replace without any equipment or assistance. One of the main concerns in the EV industry is the low inventory of charging station, waiting time to fully charge a battery. With our Portable EV battery, no need to wait in the line at a station, you can easily charge the battery at home and replace it when low in just a second. We provide high-tech, high safety cars that are nowhere to be comparable to any EV car in the current market. In addition, our vehicles will have a 7-inch LD screens that will not only display the license plate but also serve as publicity for our brand.
- Mission statement "to revolutionize mobility by providing reliable, safe and comfort Vehicles" Our goal is to offer the best interior and exterior style high-tech car to high-income earners that are looking for something extra.
- S: Our target group are high-income earners and have the finances to buy a car upfront. Advanced technology. High safety.
W: Smaller target group (few people with high income).
O: AI (high-tech). Globalization.
T: Companies that have been established for a long period of time in the market. Interest rates are increasing, which leads to less spending money and more cautions spending.
- The Market strategies that were chosen are the following:
- Our advertising will use a digital platform like social media, company website, and tv info commercial to displace our product to the population.
- We will use trade shows to provide top business leaders to see our product and test drive the vehicle if they want.
- The use of publicity/press via global media groups will help our product reach out to future customers.
- Our approach is the following for pricing, positioning, and branding:
- Price: After the cost per unit is determined per our specification, we will increase the cost of sales by $10,000/car.
- Positioning: Our goal is to have the best-looking cars within the industry.
- Branding: Our logo/ brand will reflect the power and desire that all leaders that can use our product.
- Budget - Budget your dollars. What strategies can you afford? What can you do in-house, what do you need to outsource?
- The Company's goal is to use materials that are resourceful and excisable to acquire per the market environment which will decrease our expense of materials. Our goal is to decrease that by 10% by next quarter. Additionally, the goal is to decrease our over-capacity charge by 15% by the next quarter.
Related Book For
International Marketing And Export Management
ISBN: 9781292016924
8th Edition
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr
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