Submission BCS
Hektor, a battery powered two wheeler
Submission Date & Time: 2021-10-19 02:50:44
Event Name: NMO S4 Sprint One
Solution Submitted By: Vansh Bodana
Assignment Taken
Prepare A market entry, distribution strategy and brand building plan, Prepare Product development planCase Understanding
The case talks about a new start up company which is looking to launch electric vehicles in the emerging market of India which has a lot of growth potential. The company wants to capitalize on the government’s targeted adoption rate of 30% by the year 2030 whichs would require the offerings of the company to be positioned aptly in the market and the target market should be clearly defined for the product for the prospect consumers. This case requires a clear plan how the product should be launched, how is it going to be positioned and what will be the way forward for the company to gain the market share and increase the sales.BCS Solution Summary
The solution talks about how the company should segment the market, what are the categories of the customers that it should target and how it should position itself in the market to differentiate from other players in the market. It gives the strategies that the company should follow to laund the products successfully and lure the customers to buy their products instead of competitors’ offerings.Solution
As we have decided to go with the two wheeler model initially, we will position and target the product more dependent on the income groups and position it as more pocket friendly to the consumers while being a boon for the environment.
Let’s discuss this in detail:
- MARKET POSITIONING STRATEGY:
- Vektor is not just anotther two wheeler. It is the solution that we are looking for, uses electricity to run and is feature packed, it is a complete combo.
- An alternate to the two wheelers that use petrol and are expensive, costly to maintain, with a higher fuel consuming rate.
- Vektor will give more benefits at a competitive price.
- A strategy how we want to be perceived in the minds of prospect buyers.
- It clearly distinguishes us from competitors and makes it obvious that we are the best available choice.
- Making a plan: The plan explains how to carry out our strategy. It will determine marketing expenditures and schedules, as well as how we will communicate with our target customers.
- Knowing your customers : Understanding our clients, what they need, and how we can persuade them to buy is critical to a successful marketing plan. Our consumers will tell us a lot about themselves based on our experience and constant two-way communication.
- Contests : The use of contests as a promotional tool is common. The goal is to promote our brand and get our logo and name in front of as many people as possible.
- Social media : We can use social media platforms like Facebook and Instagram to market the products and services. This is the peak of direct marketing. We will be connected via social media.
- Causes and charity: Promoting our products while also supporting a good cause can be a winning combination.
- Customer satisfaction surveys after a sale: Contacting our consumers by phone or mail after a sale is a promotional approach that emphasises the importance of customer satisfaction. Skilled salespeople phone clients to conduct surveys in order to acquire information that will be useful to us later.
- "Hektor is an affordable, efficient, and elegant scooter that provides environmentally responsible transportation for a middle-class family."
- Consumer’s Buying Behavior :
- High involvement level purchase.
- People do not buy vehicles on a regular basis. So, by keeping the pricing as low as possible while offering a unique and appealing package with value added features, we can reduce the amount of time people spend picking which scooter to buy.
- We're also looking for graduate students who want to travel in their own vehicle; Hektor will help them realise their wishes.
- Consumer Analysis (Target Audience):
- Middle-class families that have transportation issues and prefer not to travel by bus or rickshaw wish to buy a scooter to fulfil their needs.
- We're also looking for graduate students who travel more often than others.
- We're focusing on the 22–60-year-old demographic, with a special emphasis on the 30–40-year-olds, who account for 48% of the market.
- This category consists of youthful, dynamic office workers who enjoy being creative.
- They are also aware of the dangers of pollution and want to do their part to help clean up the environment.
DISTRIBUTION:
- We've targeted the country's common middle class, so the Company's distribution network should be vast.
- The Corporate Vertical Marketing System will be the company's main focus.
- The company will open its own dealership offices in practically all of the country's main cities, and will be solely responsible for its distributorship.
Our approach is to expand our business locally, nationally, or even globally, by identifying the geographic locations we want to reach through a distribution channel and identifying a network of distributors or merchants who already serve those territories. We are looking for established distributors who have a thorough understanding of the local market.
Conclusion
With the given solutions, Vektor should be able to launch the scooter successfully and should be able to reach its target audience. It can be successful in capturing the market share and once it capitalizes on that front, it can expand its product line by launching new variants and if they want a different product, they can use their brand name to venture into four wheeler segment as well.Attached File Details
Comments
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