Submission BCS
Market Analysis, Preparing A Market Entry Strategy, Distribution Strategy, Brand Building Plan
Submission Date & Time: 2021-10-18 14:48:20
Event Name: NMO S4 Sprint One
Solution Submitted By: Shivang Agarwal
Assignment Taken
Undertaking a market analysis; preparing a market entry strategy, distribution strategy, brand building planCase Understanding
The Automobile sector has taken several giant steps in this direction recently, but the Indian market is still at an infant stage. As compared to other countries, the market share of electric vehicles is meagre in India. The government target for 30% adoption of electric vehicles by 2030 will be majorly driven by the electrification of two-wheeler, three-wheeler, and commercial vehicles. A lower rate of adoption of electric cars in the passenger vehicle segment is expected to have a limited impact on achieving the targets. My team is a group of budding entrepreneurs and we all have discussed, researched and decided that we all should foray into the manufacturing of Vanadium Flow Batteries.BCS Solution Summary
Primary surveys can be done to understand consumer preference and gather customer intelligence, Insights from industry and competitor analysis and primary and secondary research undertaken can be used not only for product development but also for brand building. Since cycles usually help in last-mile connectivity, we need to identify points of contact where such electric cycle use cases may exist in both B2B and B2C segments.Solution
The structure of how to go about this problem -
1) Undertaking an industry analysis to understand the market, the levers, and revenue and cost buckets for usual businesses.
2) Undertaking a competitor analysis to understand what the biggest players are doing right and what we could learn from them and do better.
3) Primary surveys can be done to understand consumer preference and gather customer intelligence.
4) Insights from industry and competitor analysis and primary and secondary research undertaken can be used not only for product development but also for brand building. The brand can be positioned as a marquee offering of electric vehicles, and perhaps in the long term, offer more vehicle options and product mix beyond the current idea of selling electric cycles.
5) Market entry feasibility studies will have to be done to understand the conditions and the possible roadblocks to a smooth transition from product testing to actually creating awareness, acquiring customers in various segments through identifying target markets and then focussing on engaging them with various schemes and new offerings to ensure we can retain customers, building brand loyalty while simultaneously ensuring that customer retention rate increases and the customer churn rate is kept to a minimum.
6) Market entry understanding for electric cycles may be done by geography i.e. tier 1 and tier 2 cities; by demography i.e. children of high-income group parents, where affordability for such a product would be present etc.
7) Since cycles usually help in last-mile connectivity, we need to identify points of contact where such electric cycle use cases may exist in both B2B and B2C segments.
8) Brand building must happen by affiliate programs, while also targeting the right audience through social media.
Conclusion
Market entry understanding for electric cycles may be done by geography i.e. tier 1 and tier 2 cities; by demography i.e. children of high-income group parents, where affordability for such a product would be present etc. Insights from industry and competitor analysis and primary and secondary research undertaken can be used not only for product development but also for brand building. The brand can be positioned as a marquee offering of electric vehicles, and perhaps in the long term, offer more vehicle options and product mix beyond the current idea of selling electric cycles. Market entry feasibility studies will have to be done to understand the conditions and the possible roadblocks to a smooth transition from product testing to actually creating awareness, acquiring customers in various segments through identifying target markets and then focussing on engaging them with various schemes and new offerings to ensure we can retain customers, building brand loyalty while simultaneously ensuring that customer retention rate increases and the customer churn rate is kept to a minimum.ÂAttached File Details
Comments
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