Question: The Company Is Tesla And The New Product Would Be An Electric Motorcycle.
Question:
The Company is Tesla and the new product would be an electric motorcycle.
Target market: • Is the target market the same (as the one for the existing company portfolio/products) or is the target market completely new for the company? Is the company already serving this target market (with other products)?
• How/why did you choose this target market? How is your choice justified in relation to the new product, to the existing company’s portfolio and strategies?
• How did you segment the market? (geographic, demographic, psychographic, benefit, geodemographic, loyalty or any combination of these segmenting strategies) Why?
• Who is your target market in terms of characteristics? Be very specific in describing who the target market is? (Your target market is not “everyone”)
• Can your company accommodate selling to this segment? How? Why? • Marketing objectives for the new product: What does the firm aim to achieve with this product? State marketing objectives for the first year with respect to market share, sales, or profits. Debate whether these goals are realistic… Product/Service: (you do not have to make a prototype of your product; although it will be very helpful if you could present some kind of visual of your product, e.g., a picture or even a video)
• Describe the product (functional/psychological attributes). Describe how the product attributes translate into benefits for the target consumer. • How does the product fit into the existing product portfolio? • What value does the product provide to your target consumer?
• What is the rationale for choosing the specific brand name/product name that you picked?
• Will the product come in different versions, sizes, models, colors, etc? Justify your selections. • Is your product a pioneer? Compare it to substitute/competitive products on the market.
• How technologically advanced is your product/service?
• How much does the production of your product/service rely on technology? • What stage is this product in the product life cycle? Keep in mind that even though your product/service is new, the product category is not necessarily in the introduction stage. This will affect your promotion, pricing, and distribution decisions.
• Do you plan to use market testing before launching the product? Why or why not?
• How will you evaluate the product’s success after you launch it?
Answer:
- Target market for Tesla now will be two wheeler riders instead of cars owner
- Target market for the tesla will be different as presently they fulfilling customers needs who are into car segment , Although few people who is interested in shifting from petrol and diesal varient to electricity cars and charging station and solar penal will also gives push to existing market but mostly it will be a new segment altogether whcih they were not serving earlier.
- As tesla shifting from car marking to bike so target market and customers are compleatly different , this choice is justfied on the ground as people are becoming more environment friendly and it serves the purpose to shift on an alternate source of fuel and generate demand for such a product. Also its in line with tesla forey into electricity powered vehicle segment.
- Segmentation of the market can be done on income basis, age group basis, road condition and fuel crunch areas, commuting habbit and environment awareness basis.
-Target of the market can be done where parking of cars is an issue and roads, streets are small with income group of people are on the lower side and they require commute only to the nearby locality instead of long distances. Also there is a different group of people who has a interest in bike phychologically instead of cars or small families are there whose requirement is suffice by bike.
- Yes company can accomodate this segment as they are already foreyed into charging station and solar capabilities so achived infrastructure to some extant for launching this new product segment , However, its brand name which is associated with high end cars should be changed for new product as its catering different market and people. Market objective should be to introduce and create environment frendly interest among youth and divert them to particuler segment. Intially pricing and market stratagy should be to keep it afordable and generate a habbit among people for electric segment. Also there should be different modal to attract different interest such as sporty look, basic look, fast charging, alloy wheels, bike or scooty versions etc. Also these goals are realistic they way global warming and other factor affacting environment and govt. are pushing for such initiative.
- Product attributes are already discussed in above points and adding these will provide value for the money spent by the customers. Attributes such as fast charging will help customers to keep bike in ready condition to drive, alloy wheels will give immunity to punture issues , Sport look will give attractive feeling to its drive, office going people will love the classic look etc. these attribute will help organisation to gain a market share.
- Brand name what we will chose can be "electra" or " Aerozing". Name signifies electricity usage and aerodynamic feature of the product.
- Product should have 3 version supporting different age group of people , Color should be dark as willl give a premium look with modal kind already discussed in above points. Efforts should be made to cover every segment of people so that reach could be extended and it can compete with its rivals.
- Technologically it should offer new features such as mobile charging points and holders, auto lock features, digital meter, focussed lightings etc.
- In order to bring something new it has to rely heavily on techonology, However it should not compromise on efficieny aspact of driving and usefulness. As its already established player with new name and styling it needs informative marketing for presence of new product in market , however excess advertisement can be avoided.
- As its faliure can have a serious dent on brand reputation. Market tasting is advisable on small scale without naming product and launch. if successful can anounce its association and branding can be taken further else improvement steps may be taken.
- Success evaluvation will be based on sales figures and order requisition status for the perticuler product with organisation. Also feedback and survey also can be used for success evaluvation.
