Submission BCS
The future of Automobile Industry empowered by Renewable Energy
Submission Date & Time: 2021-10-19 03:51:39
Event Name: NMO S4 Sprint One
Solution Submitted By: Namrata Ravirala
Assignment Taken
Case Understanding
Over the years, the automobile industry has grown leaps and bounds. It has seen so much innovation in design and technology. It is now time to make use of Renewable energy resources to capture the future market. We plan to develop a two-wheeler with the model’s name ELV (Electric Vehicle 1.0) at a competitive price in the market along with a passenger car REV (Revolution1.0). Both of these products will be the flagship EV products that will be launched by the company. We look forward to developing them by implementing a mechanism where the consumption of power is less, hence, are more fuel efficient. These vehicles will also have additional features like smart navigation deployed through Google Maps and Bluetooth. Having a team of individuals from diverse backgrounds will ensure we bring the best solutions and implement them in the most efficient manner.BCS Solution Summary
The process of new product development will be divided into 8 steps namely: 1. Idea Generation 2. Idea Screening 3. Concept development and Testing 4. Marketing strategy development 5. Business analysis 6. Product development 7. Test marketing 8. CommercializationSolution
- Idea Generation: This will involve understanding consumer preferences and doing industry research. After doing a details analysis an idea that better serves can be carved out. To gain a sense of the type of product that has to be introduced to the market, this is the most basic method of producing ideas, in which a corporation interacts with its surroundings. The EV with additional features can be an innovative way to grab eye balls and in turn scale the sales growth.
- Idea Screening: The idea must be feasible and therefore need to be screened. This step would involve checking out for the requirements like resources, machinery and people. We'll see if the product idea is compatible with the company's goals, and if it aligns with the company's present value offer. To ensure that the new product launch is feasible and sustainable in the long run, we then look for the resources and do our due diligence to make sure we have all we need. We will also have to check if the idea can help achieve the end goals. The constraints will also have to be kept in mind and the idea will have to be screened accordingly.
- Concept development and Testing: We now need to take idea further by developing a concept. Here, the concept here can be having a EV that is integrated with features and the response and usability is yet to be tested to check if it really helps.
- Marketing strategy development: The next step would be planning out a go to market strategy in place. The medium of communication will be hybrid: offline as well as online to attract more prospects. Designing campaigns and advertises that help catch more eye balls will be a primary objective. The following phase would be to create a market strategy. Certain frameworks can be used to establish the target market, promotion and pricing tactics, market goals, and prospective marketing mix, among other things. Using PESTLE analysis, this stage can include reference to external issues such as political, legal, and social considerations. This will help attract more customers that try out the new product and buy more later.
- Business analysis: The following stage would be to do a business analysis. This phase should be completed to guarantee that the estimated sales and revenue will meet the organization's expected sales and revenue or profit targets. The answer can be determined using a variety of statistical parameters. At this point, any corrective actions can be made to ensure that the expected outcome matches the projected outcome or aim. We will have to keep an eye on key metrics like sales per week, the potential leads, converts of a campaign, trends around, etc. These insights will help us better out product and marketing strategies to scale further growth.
- Product development: The next step would be to see if it is technically and commercially solid by looking at the product metrics. This includes inspecting the entire value chain, from raw materials to distribution networks, for any potential anomalies and lowering costs in the process. We will proceed with the actual product development phase only if the method is technically and financially feasible. To sustain and maintain the market share we will have to look for continuous innovation. The basis for the same would be the analysis reports. We can also deploy feedback methodologies to better understand our consumers.
- Market testing: The following and most crucial phase would be to undertake thorough market testing via alpha and beta tests. These pilot tests can help one learn a lot about how people react to their product before they introduce it on a larger scale. This will tell us whether the product met or exceeded sales forecasts. Any type of product deviation can be remedied here. Only when the product has passed this stage should the commercialization phase begin. The marketing campaigns once deployed need to evaluated to check if they are fetching the desired results so that they can be improved further. There can be various testing parameters for the same.
- Commercialization: Once the initial desired results are achieved. We will further aim to commercialize the product. This growth can be achieved through expansion of the market share. Attracting more prospects, increasing production and creating a need for the same, betterment of supply chain, new and disrupting ideas of marketing, distribution across regions and geographies can be done. If all goes according to plan, we can plan for large-scale commercialization, including production, distribution, and costing. Here we can see how the product performs and make changes to the product specifications as needed. This is where all of the market strategies are put to the test—from marketing to sales, everything is put to the test in this phase. If everything appears to be normal and going as planned, you can move on to the next step. If not, the product will be returned to the development stage.
Conclusion
According to the product development plan, the ELV 1.0 and REV 1.0 will be produced. Following initial design and testing, each of the goods would be introduced in a Tier 1 city, preferably Mumbai, where customer response will be gauged and attempts to scale sales growth will be made. Simultaneously, a marketing plan will be implemented in order to reach out to the target demographic and raise brand awareness. On a daily, weekly, and monthly basis, the business growth will be assessed, yielding important insights for improvement. The items will be progressively developed based on consumer feedback, preferences, and levels of satisfaction. The 2.0 versions of the cars will be released at a later date. Once the business is established in few more Tier 1 cities then the commercialization phase will be initiated.Attached File Details
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