Marketing Plan for Electric Cars Assignment

Added on - 07 Apr 2020

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FINAL CPS STEP OF IMPLEMENTATION: Marketing Plan for Electric CarsNameRoll NoUniversityAssignment 3
RUNNING HEAD: MARKETING PLANExecutive SummaryThe following marketing plan has been developed in an analytical way post accomplishment ofthe previous works on electric cars marketing performed by the academic group. The benefitsand constraints to a future market for electric cars have been highlighted in simple tone keepingthe industry operations and consumer trends relevant to the sector of business.
RUNNING HEAD: MARKETING PLAN1. Current Situation in Context with Electric CarsBackground- Sustainable OfferingA complete idea about the current situation for potential success of electric cars hasprecursors to the sustainable offerings of the organization. The group has earlier attempted tomake a sustainable offering for substituting air contaminating vehicles by introducing the idea ofelectric vehicle. This is in response to the particulate matter being released by all types of carsincluding sports, economy, luxury, saloons, off-roaders and commercial taxies operating for longaround the globe.Analysis of the Business EnvironmentPresently, there are already over 2 million vehicles existing globally that run eitherpartially or completely on electrical energy. This is as per the report designed by IEA or theInternational Energy. The previously proposed idea of ride sharing can be witnessed in China inthe form of car-sharing service provider GoFun which has attracted massive investments (Geuss,2017). There has been an increase of over 2 lakhs in global sale of Electric Vehicle within theyear 2015-16. But as per the growing vehicular density, it can be argued that the increase in useof electric cars has slowed down as compared to the year 2015. Confined range of mid-sizedelectric cars, limited infrastructure to support electric charging and conventional preference togas and diesel-fuel cars have been the major barriers to successful adoption of electric cars(Linke, 2017).Analysis of the Market and CustomerAs per secondary source of research provided by TMR (2015), it was forecasted thatelectric cars on-road include the hybrid models, plug-in cars and battery-operated cars willobserve a CAGR of 19.2% within a span of 6 years starting from the year 2013 i.e. a fair growthin the demand among modern drivers. As per EuroMonitor International (2017), the total sale isgoing to touch the value of 1 million in this year. However, the total market of electric units ascompared to their conventional fuel alternatives is small. Brand like Mercedes-Benz andVolkswagen have come up as recognised electric car manufacturer (Liuima, 2017). Renault-Nissan has witnessed the highest sale of electric car units in 2016 and a considerable increase insale from the existing score has been forecasted for the present year. As it might be assumed thatthe price factor in electric cars is a barrier to attract more buyers but contrastingly the purchasingbehaviour of consumers has started changing in developed countries like US and some Europeannations because of increased rate of electric model manufacturing and advanced & upgradedbattery technology that utilizes efficient way to save maximum power. Also, at present, the pricehas been insignificant because the average cost of an electric car is at par with a new car in US,ranging somewhere between 30,000 US $ to 40,000 US $. The Chinese electric models cost theleast with a value of below 25,000 US $. Last, but not the least, SUV’s has gained the highestmarket share followed by low medium and small cars in the present year. The market share ofelectric car is too small and stands just next to sports car segment.2. Objectives of the Market PlanSpecific Goals
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