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Acknowledgement
We owe our gratitude to Allah Almighty for His blessings and kindness that we were able to accomplish the challenging task successfully and enthusiastically. We acknowledge with deep gratitude the invaluable help extended to us by our respected teacher: Miss Maria Naveed whose indispensable and detailed comments and untiring guidance on various aspects combined with encouragement made us come forth holding this article.
EXECUTIVE SUMMARY
The main objective of us is to provide the fuel efficient car in the market as no one introduce yet in the market in affordable price we have the full knowledge of the market and also our competitors products which they are offering. Our customer must fell our car fuel efficient. We know we are new in the market may be some customer take time or search out about our product but we believe we will create Goodwill in future and achieve all the goals which we planed out. We are offering fuel efficient car which is 800 CC and the mileage of the car is 45 KM per liter. The price of the car will be RS. 690, 000.The main players of our brand are Suzuki, Toyota and ford. We are not targeting the upper class our focus is on the middle and lower class people. We will advertise our product (car) through newspapers, magazines, internet etc. we are offering our best services to our customers after selling the product. The spare parts of our car are easily available as compare to the competitors and also in fewer prices.
CONTEXT:
1. 2. 3. 4. Introduction. Vision and Mission. Our Slogan. ( THE FUEL IS EFFICIENT ) The Product.
Search Goods. Experience Goods. Credence Goods.
5. 3 Categories of Product:
6. Main Competitors:
Toyota. Suzuki. Ford.
7. Benefits of product:
Core benefit. Generic benefit. Expected benefit. Augmented benefit. Potential benefit.
8. 9. 10. 11.
Challenges:
Savvy Customer. Maturing Markets. Increasing Competition. Difficulties in Differentiation. Decreasing Brand Loyalty Into Many Categories. Growth Of Private Labels. Fragmenting Media Coverage. Emerging New Communication Options. Increasing Promotional Expenditure. Increasing Job Turnover.
It would be fully automatic car. OUR VISION: our vision is to make the brand Rodex synonymous with reliability and efficiency in the mind of the consumer.
OUR MISSION: Our mission is to provide the most efficient vehicles at the most competitive prices.
OUR SLOGAN:
THE PRODUCT: The most important element in the marketing mix is the product. This is because the product is the core element that the whole brand is built around. A brand, no matter how masterfully designed and promoted, will not be successful if the product at it's core is a failure.
For Example: A car that does not start in the morning will not be liked by the consumers. Marketing managers develop their products into brands that help to create a single position in the minds of customers.
There are three categories that products can be classified into: Search goods Experience goods Credence goods. Our product lies in the 'search good' category. This is because, due to standardized systems and information available, the customer can exactly gauge the quality of the product he is buying even before he has made the purchase. All the benefits that the customer will derive from this product can mostly be measured quantitatively. This leads to the customer having a very accurate idea of what he will get from the product.
Benefits of the product:There are five levels of a product: Core Benefit. Generic Benefit. Expected Benefit. Augmented Benefit. Potential Benefit.
CORE BENEFIT: Transportation from one place to another. GENERIC BENEFIT: An engine, basic body, seats, gear system, steering wheel, lights and all other components absolutely necessary for the running of the car. EXPECTED BENEFIT: Comfortable/adjustable seats, air conditioner, trunk space, etc.
AUGMENTED BENEFIT: fuel efficient engine, solar-powered air conditioning, aerodynamic design with better airflow compared to our competitors. POTENTIAL BENEFIT: Alternate fuel source integration.
PRICE: Our pricing strategy is based on the Economic Value to the Customer model. As such, we will be focusing on creating a differential value, which is the difference between our product's value and the price of our closest competitor. This differential value, we will share with the customer, based on the market situation. The price of the car is Rs. 690,000. Normal car without fuel efficiency cost nearly 6 lac,s but they consume more than double quantity of fuel. So according to all these factors the price is quite affordable for the common customer. Positioning and placement: Kotler defined positioning as the act of designing the company's offer and image so that it occupies a distinct and valued place in the target customers mind.
In order to do this, we will need to create harmony among the product, its image and above all, the image of the company. We will be using strategic brand management to go achieve this. Our first task will be to identify and establish our brand position and values. We have already established our set of core brand values. These include efficiency in all things and attention to detail. This is what our company and its products exude. Even in this product, we have used the smallest details to achieve our goal of efficiency. It is not just about putting in a smaller engine. Light weight and cutting edge aerodynamic designs play just an important role. So do modern technologies like solar power that has been smartly integrated into the system. This attention to detail is the image we aim to project. This is our mantra. Promotion: Our aim is to promote our mantra. To create awareness among the target market about our presence and instill in their minds the values of our product and company. More specifically, our promotion activities will focus on highlighting our strengths along the theme of efficiency and attention to detail. Similarly, any other entity we associate ourselves with must also exude these traits. In this way, we will be creating a link between our product and them, reinforcing our own mantra/values.
We will advertise through Media, Billboards, Newspaper, Internet, Magazines, Facebook, Radio, Pamphlet etc. We will advertise on the billboards which can be seen by maximum number of customers. We will give ad in most famous newspapers and magazines. We will send emails to the customers of different car companies by using the secondary data. Different famous channels of television will be used for the advertisement of the brand.
Face book and other communities networks will be utilized for advertisement of the brand.
CHALLENGES:
1
Savvy customer:
Imagine a car that reflects how you feel and what youre doing every hour, every minute. Our car is just such a car. This car having a petrol engine and can also be runs on CNG. This car is having one of several concept cars. "The ultimate in personalization, the offers the ability to alter the content displayed on the interior and exterior with the same ease as downloading an
application or posting to Instagram. Inside, theres more of the same, with the interior adjustable to match the mood of the moment. Navigation information is blended into the interior design through the use of augmented reality and the cars "navigation concierge" can provide passengers with driving information and guidance through a vocal interface. A network update function makes sure the software for the vehicle's drive, control and multimedia system are always up-to-date.
2 Maturing markets:
After launching in Pakistan, we will also launching in other countries for maturing our market like other car companies. And for maturing our market we can make this car in those areas of the country which are tax free and there are low labor costs.
3. INCREASING COMPETITION: Toyota has a larger market share but we launch the car against the Suzuki which is 600 CC. And compete Suzuki cars which started 800CC. The size and diversity of Suzuki product offering means the company competes with the entire world's major car manufacturers. In addition to these established competitors, Suzuki faces a number
of regional car companies in developing markets, such as Russia, China, or Indian, that it seeks to penetrate. The problem is that Suzuki cars are often expensive for these developing markets, while companies like Tata Motors (TTM) or produce considerably cheaper cars that are affordable to a wider phase of the population.
4. Difficulties in Differentiating: Companies can achieve competitive advantages essentially by differentiating their products and services from those of competitors and through low costs. Our brand differentiation is based on fuel efficiency and easy availability of spare parts in less price but our competitors in the market also offering the same things but higher price which create difficulty in differentiation.
5. Decreasing Brand loyalty into many categories: We are not this stage to decrease our brand loyalty into many categories because we have only one product at this time but in future we will loyalty. launch other vehicles and try to maintain the brand
6. Growth of private labels: The growth of private labels in the market is highly increasing now days which are decreasing the brand loyalty of existing brands. We have little risk which is that may be some other private brand challenge us and decrease brand loyalty.
We can promote our brand through fragmentation e.g. At first we promote our brand in print magazine related to auto magazine then we cover other media channels and news paper if we think we cover the customer satisfaction so may be never promoting it more because we have a customers which is the best way to promote your brand seriously.
8. Emerging New communication Options: Now there are new ways of communication in the market through which you can promote your brand or product according to the customer mind. We promote our message through Cable channels, Print media Electronic media, SMS etc. So we have a lot of opportunity them. to understand our customer about which we provide
9. Increasing promotional Expenditure: Our company has a huge budget for making the product introduction to make it a brand. Because to make the product a brand you need to promote at any where you have access to go that promotional activities increase the promotional expenditures cost which affect the brand price. 10. Increasing Job Turn Over: Now a days job turnover increasing due to competitors who are offering high pays to the existing employees at the same working position in other firm.