Starting a Business and Fundamentals of Marketing

References
Strength
Main strength of this product is
that it is a low cost vehicle battery
which reduce the overall cost of
electric vehicles. Another
important strength is that it is very
easy to use and eco- friendly
product which attract more and
more customers. It is a demand
specific product company not need
to invest in the promotional
activities.
Weakness
The requirement of manpower is
more for producing this product
but business have limited number
of workers in their business. It
depend on the sunlight for
charging the battery but it’s quite
difficult if the weather condition is
not good.
Opportunity
Increase in demand of electric
vehicles will automatically
increase the demand of solar
battery. Now a day’s people are
more conscious towards
environment which is a favorable
situation for this business.
Threats
High competition in market which
impact on the business growth.
Large companies have better
research and development
practices.
Vision- “Company vision is to create a best & affordable solution for electronic vehicle
batteries”.
Mission- To become the number one business in UK which provide solar powered
Vehicle.
Objectives- To achieve break-even point by 2021 and develop 15% market share by 2022
SWOT Analysis
The new proposed ides for business is to developing a solar powered electric
vehicle batteries. This battery will provide a benefit to directly charge it from
the sunlight and the battery is also charged when the vehicles are moving under
sunlight. The same technology is used in while developing this battery which is
used at EV charging infrastructure. Company use solar power for charging
their EV’s.
INTRODUCTION
Threats of new entrants- The selected idea is new in market so there is weak
force towards business. This is because for developing this type of business a
huge amount of technical knowledge is require.
Threats of substitute- In context of solar power electric battery the force of
this factor is high this is because conventional batteries are the biggest
substitute of this product.
Bargaining power of buyers- This factor has medium force on business as
company has limited number of customers so the customers have more power
to influence the price of product.
Bargaining power of supplier- This factor has low force on business as
business use all resources are easily available.
Industry rivalry- This factor has a strong impact on business.
Target market
Target customers of selected product is the electric vehicle company who can
use solar battery in their vehicles.
Marketing strategy
Product- New product of business is a solar powered electric Vehicle battery
which can be charged in moving vehicles.
Price- Cost based price strategy is adopt for this new product.
Place- Business supply the product directly to the electric vehicles company.
Promotion- It will be done by considering the target market of company.
Gnizy, I., 2020. Applying big data to guide firms’ future industrial marketing
strategies. Journal of Business & Industrial Marketing.
Johnson, B. and De Rouw, L.P., 2018. Collaborative Business Design: The Fundamentals. IT
Governance Publishing.
O’Brien, J., 2018. Establishing a retro-marketing rental company: VW Kamper case
study. The International Journal of Entrepreneurship and Innovation. 19(2). pp.125-133
Competition and competitive advantage
Starting a Business and Fundamentals of Marketing