Electric car Market analysis and Market Strategy

1250 words | 5 page(s)

Target Market
There are very many people who are willing to purchase an electric car in the market today. The main target markets are those people who would want to contribute positively to the environment. The electric car does not require burning of fossil fuels for energy; this makes it an environmental friendly car. In addition, it does not pollute the environment through noise pollution either. Its engine produces no roaring sound making it very friendly to the home estates. The middle class who are the majority of people in the US shall be interested in this car because of its affordability. In addition, it ensures that they do not spend any extra money refueling the car because all they have to do is plug it on any standard charging plug around the house or garage. They should not be worried about the electricity bill either because it has another option as well; the solar panels. These panels come with the car, and no extra purchase is required. This way the car can be charging when exposed to sunlight thus reducing the direct plug charging time.

In the USA today, more than 59% of the population is employed while more than 75 % commute using some vehicles (Economic statistics). This category of the individuals would be the most willing to have a better option given to them, especially an option that is as good as the electrical car. The advantages of this car are quite numerous, and most people would want to give a try and find whether the advantages given are real. Since the car is quite affordable, anyone with an average salary may find it pocket friendly during its purchasing as well as maintaining it.

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Target market Needs
There are different reasons why people opt to buy a car. Some buy it because it is a luxury while others buy it as a necessary mode of transport. The market needs, therefore, are different depending on people’s preferences, however, there are common needs that the two groups have. One of those needs is the convenience, and the other is safety. It is unfortunate that those two needs are not sufficiently met in the market today. Most car companies usually emphasize on safety first and overlook the convenience part of it. The electrical car greatly embraces this overlooked feature and provides a great deal of conveniences such as keyless entry, Wi-Fi ready and cruise control among others and safety features such as eight airbags for the head, the knee area and the pelvis and antitheft alarm and many more all in one package.

Market strategy
The marketing strategy’s main aim is to give further information to the consumers about the product that is being offered. The strategy will determine whether the cars sell or not and it is, therefore, important to make sure that all the details required are met.

The Product
The electric car is a future gadget to most people, and they may not readily embrace it yet. However it has been manufactured, and it is nowhere with us-to stay. This car functions without fossil fuels thus saving the environment from the major crisis of air pollution. This car is very different from all the diesel cars out there in terms of its functionality and design. It is a modern car which is built with great emphasis on convenience, comfort and safety. The main appealing feature for this car is that it has two ways to get itself energized. It can be charged through a power outlet or the available solar panels. When using the solar panels; it utilizes the natural sun light while saving the consumer electricity bills.

It is important for everyone to know about this car since its benefits are numerous. With the current race to stop the global warming, this car is way ahead of others. Through the advertisement and road shows; people will get to know more of this car and realize that it is not as expensive as they perceive it to be. In the promotion strategy most people who are budget- driven and those who want a green world will be impressed by this car. It is not money consuming yet it does not pollute the environment. Three in every 5 Americans fall in either of the categories which in return create an impressive market in terms of size.

This is the most interesting part of the marketing strategy for this electrical car. The car goes for much less than what many anticipate. When people hear of electric gadgets, their minds usually assume that it is too expensive. In this case, it is not. An electric car can be afforded by anyone who has an average salary and is interested in saving more money in the long run.

The target market has to have a physical place where they can go to inspect the car and make a purchase. The warehouse and various showroom outlets are the main ways to get the commodity to the general public. The main target market is usually the people who commute to cities for work every morning and evening. Placing the retail outlets in the city will, therefore, be a big boost and accessible to many people who come from different places.

SWOT Analysis
One of the greatest strength that the company can utilize to its advantage is the fact that they car that has been developed can be enhanced without any difficulties.

The main hurdle for this car is that it costs more to make a vehicle that runs on the electric power and solar power than it does for other cars. This could inevitably put them at a disadvantage especially when pricing the car; however efforts are being made to get materials that are of good quality, but relatively cheaper.

There are great opportunities for this vehicle in the market. Needless to say, the government is at the frontline supporting such a vehicle because it is environmentally friendly. This sees it being exempted from various expenses that other vehicles have to, unfortunately, go through.

The threat at this stage is the actual competition that this car is up against. People have not yet completely embraced it like they have to diesel engine cars. In addition, the car has to be improved in order to keep up, and this would prove to be costly.

The 3 Ps of Sustainability
There is much work to be done in order to make this product excel in the market. This means more emphasis on the plant, the process and the product.

This refers to the materials that are being used in the making of the product and their effect to the planet. It is important to realize that the materials not only make environmentally friendly product, they also make it in an environmentally friendly manner which includes conserving of water and proper disposal of the waste products.

This is what carries the most emphasis. In most cases, the consumers do their own decisions in terms of what product to purchase and which not to. In this case, the electric car’s information is readily available in case a consumer is interested in finding out whether the benefits are real.

This refers to the whole process of making a car. At the end of the day, the process should bear profits for the firm; therefore, it is important to make it as economical as possible without necessarily compromising on the product.

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