Business and Entrepreneurship: Analysis of Electric Cars as a New Product for Toyota

Business and Entrepreneurship
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Mission and vision of the business..............................................................................................3
Industry review and macro and micro analysis............................................................................3
Competitive analysis and competitive advantages......................................................................5
Segmentation analysis..................................................................................................................6
Marketing mix analysis of electric cars.......................................................................................7
Market growth strategy for new product.....................................................................................8
Required resources and source of finance...................................................................................9
Risk analysis................................................................................................................................9
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11
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INTRODUCTION
Business entrepreneurship is the set of activities which an individual does for starting and
operating a business with the help of a business idea. In this project the chosen company is
Toyota and a new product for this project is Electric cars which also has the feature of solar
panel to make it more efficient and sustainable. In this project the rationale for launching of such
a business product missions and vision is explained. This project will also provide a review for
the industry of this product. This project will also make the competitor analysis by stating the
advantage this product will have over its competition. There will be a segment analysis of this
product which will determine the target customers of this product. In this project the marketing
mix and marketing strategy of this product will also be discussed. The source of finances for this
product will also be explained.
MAIN BODY
Mission and vision of the business
Toyota is an automotive manufacturing multinational company which is based is Japan.
This company has a great brand name all over the world. Cars manufactured by this company is
famous for its quality and design. The product this business will introduce is electronic car, not
just simple car that runs on electricity. This car will also have the feature of charging itself with
solar panel it will help. The mission of this product to make the customers understand the
advantages of using a car which used the sustainable energy source. The idea behind this product
is that it can create its own energy. Sources of energy which is used for vehicles is non-
renewable sources of energy which have bad effects on the environment and also is limited at
source (Boxwell, 2017). This product will use the energy source of sunlight with the help of solar
panel. Recently electric cars have been very innovative product in the market, adding solar
technology to electric cars will increase the effectiveness and make travelling places where there
are no charging station also very easy.
Industry review and macro and micro analysis
The global market for electric cars have increased a lot in the last couple of years. In
2019 this market was valued at $162.34 billion. According to some studies it has been found out
that this market will increase a lot and by 2027 its is projected to reach $802.81 billion (Singh,
2020). This shows the extreme potential this product has in the market. For the Micro analysis of
this product SWOT analysis is used in the following ways,
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Strength :
The biggest strength of this product of Toyota is that it will get the image benefit of
Toyota. The idea is sustainable and has great scope in the future as the world is shifting towards
the use of sustainable energy.
Weaknesses :
This product is the first of its type which creates uncertainty in its success. These solar
power cars will not be able to charge themselves at night although it can be charged on the
charging stations like the existing electric vehicles.
Opportunities :
Many countries are looking to decrease the pollution which is caused by the old cars
which use petrol and diesel. The electric cars also use electricity which is prepared with the help
of thermal power plants. For this market this product can make a huge difference.
Threats :
The threats of this product are other electric car producing companies like Tesla. The use
of this technology has not been seen before which makes a doubtful project (Noura and et.al.,
2018).
For the macro analysis of this product PESTLE analysis is used,
Political :
It depends on the international initiatives taken by the government which will, can effect
the manufacturing of this product. Generally ideas like this which have a great cause is supported
by the government.
Economical :
It is important for this idea to have economic stability in the country otherwise the sales
of this electric vehicle will not increase. This product will depend on the prices of both the
electric batteries and solar panel made for this vehicle.
Social :
The increase in the preference of renewable energy in the society will improve the
performance of this product in the market.
Technological :
Technology is improving every day, there are great chances for the technology to develop
that will make this product even more useful (Kasti, 2017).
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