Question

Understanding the marketplace is the first step to developing and implementing a company’s effective marketing strategy. Consider today’s marketplace, which is crowded with a variety of products and services in all industries. Companies sell their products and services in-store and online as well as offering a hybrid of options to order online and pick up in store. These options are often designed to move the company and its brands to the top place in the industry.

For this discussion, explore the electric and hybrid car industry. Because more emphasis is being placed on sustainable and green technologies for cleaner air and lower gas emissions, customers are becoming more interested in alternative-fuel cars such as hybrids, solar, and electric choices. In addition, as gasoline prices continue to rise for all-fuel automobiles, customers are often looking for more fuel-efficient options to lower their personal expenditure and more.

1. Identify the product’s competition. What is 1 new trend on the horizon that the company needs to consider when offering these models to customers in the future?  

2. Discuss how your selected model is poised to compete in today's marketplace.

3. What type of customer would be interested in your product? Note the demographics such as the age of the consumer, lifestyle, or psychographics. For example, a customer who is a salesperson and travels 200 miles per day might be very interested in this type of car.

The following information is provided to help with your assignment:

Today's marketplace is complex, crowded, and competitive with hundreds of thousands of products and services.

Marketers need to understand that economic value includes market research and industry analysis, both focused on how a product or service matches the wants and needs of the targeted customer. Marketing research about the environment, competition, and customers is critical to company success and creating brand loyalty and awareness.

In analyzing a product or service industry, marketing tools such as a SWOT analysis, which examines the strengths, weaknesses, opportunities, and threats of an organization; a PEST analysis, which focuses on the political, economic, social, and technological sectors of the market; and, Porter’s Five Forces analysis allow marketers to get a top-line and in-depth view of how the brand is situated in the marketplace against the competition, what opportunities and threats exist, and how customers perceive the product.

Answer 1

1. The product's biggest competitor is the cars operating on fuel i.e. on petrol and Diesel. Since, cars operating on those traditional fuels are more stronger than compared to electric and hybrid cars, customers may tend to give more preference to those cars.

However, nowadays hybrid cars are coming with more power with larger battery capacity at comparitively lower prices. This will going to solve this problem of electric and hybrid cars. Further we know that fuel prices are on a continuous surge which make these cars operationally expensive. Also fuels are limited and thus in future we must have to resort to such kind of cars only. Thus all these trends will help company to boost it's sales in future.

2 . Electric and hybrid cars are quite cheap when it comes to their operational efficiency. Whereas cars using traditional fuels are quite expensive in terms of operations . Since fuel prices are continuously seeing upward trend and will continue to rise in long term because of limited availability of oils. Such problem is not there with electric and hybrid cars and thus it can easily compete with other variants in today's marketplace.

3. There are various types of customers that will be attracted towards such electric and hybrid cars. People of countries which are largely dependent on port Port of oils like India, Bangladesh etc. since, prices of fuel is quite high in those countries.

Also countries facing serious pollution problems like China needs such car and it will be a great market for those electric and hybrid cars.

Customers who can't bear the high prices of fuel specially belonging to middle class will also get attracted towards these operationally cheap electric and hybrid cars.