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Individual Report Marketing for a New Product Essay Example

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Individual Report Marketing for a New Product

Though competition is tough, yet the level of market penetration is extremely low, giving Travolta opportunities to expand in unreached markets. With extensive government support for electric car production and selling, the brand will get a boost in its branding and mass advertising strategies.Electric cars can be segmented according to various categories such as, vehicle type, customer profile and utility. In case of vehicle type, various market segmentations include passenger vehicles, hybrid scooters, buses, industrial and commercial vehicles, low velocity vehicles as well as vehicles for niche markets. In terms of utility, market for electric cars is segmented on the basis of frequency of usage, need for charge and reason behind driving (Burgelman and Grove, 2012). Apart from the above factors, electric cars are also segmented on the basis of their technologies. For Travolta, the target customer profile will be:In general, consumers considering themselves as updated and well-versed regarding electric cars as well as their benefits are more likely to choose the same over normal petrol and diesel cars. Compared to normal petrol and diesel market, the market share of hybrid and electric cars is very low. The major reason attributed to this is the high price range and affordability of these cars. As a result, target customer groups are confined to a small number of affluent and wealthy individuals. Travolta is a general passenger vehicle targeted at small and nuclear families for daily utilities. Increase in oil prices, growing concerns regarding environment pollution as well as increased efficiency of hybrid and electric vehicles have resulted in higher demand for environmental cars. Even though marketers and analysts consider emerging markets such as, Asia, to be burgeoning ones for future, Travolta will focus on the United States market for improving sales and revenue, besides gaining capital for future investments (Sperling, 1995).In order to increase customer base and make it a value for money brand, the positioning strategy will be implemented on the basis of different needs and requirements of customers. Accordingly, few variables were classified defining and distinguishing various customer profiles. Driving reason: The first variable considered was reason behind diving; either communizing or driving around. For customers who are using electric cars for daily commutation, battery capacity required will be highest.

Reference

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Burgelman, R. A. and Grove, A.S., 2012. Toward Electric Cars and Clean Coal: A Comparative Analysis of Strategies and Strategy-Making in the U.S. and China. [pdf] Stanford Education. Available at: <http://www.stanford.edu/class/me302/PreviousTerms/2011-03-01%20Strategic%20Thinking%20around%20EVs.pdf> [Accessed 6 March 2014].

Electric Drive Transportation Association, 2014. Electric Car Facts. [online] Available at: <http://www.electricdrive.org/index.php?ht=d/sp/i/27132/pid/27132> [Accessed 6 March 2014].

Garling, A. and Thøgersen, J., 2001. Marketing of Electric Vehicles. Business Strategy and the Environment, 10, pp. 53-65.

Hodson, N. and Newman, J., 2009. A new segmentation for electric vehicles. [online] Available at; <http://www.mckinsey.com/insights/manufacturing/a_new_segmentation_for_electric_vehicles> [Accessed 6 March 2014].

International Economic Development Council, 2013. Analysis of the Electric Vehicle Industry. [pdf] International economic development council. Available at: <http://www.iedconline.org/clientuploads/Downloads/edrp/IEDC_Electric_Vehicle_Industry.pdf> [Accessed 6 March 2014].

International Energy Agency, 2013. Understanding the Electric Vehicle Landscape to 2020. [pdf] International Energy Agency. Available at: <http://www.iea.org/publications/globalevoutlook_2013.pdf> [Accessed 6 March 2014].

Sperling, D. 1995. Future Drive: EVs and Sustainable Transportation. Covelo, CA: Island Publishing.

Wall Street Journal, 2013. Auto Sales. [online]. Available at: <http://online.wsj.com/mdc/public/page/2_3022-autosales.html> [Accessed 6 March 2014].

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preview essay on Individual Report Marketing for a New Product
  • Pages: 8 (2000 words)
  • Document Type: Essay
  • Subject: Marketing
  • Level: Undergraduate
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