NMO S4 SPRINT ONE | BUSINESS CASE SCENARIO - 02
Submission BCS
Market expansion
Submission Date & Time: 2021-11-24 03:54:00
Event Name: NMO S4 Sprint One - I Business Institute
Solution Submitted By: Mohini sinha
Assignment Taken
I AM HEADING THE MARKETING DEPARTMENT OF OUR COMPANYCase Understanding
Detailed overview of the Product Mix & Expansion Plan for Next 5 Year. Product Mix, also known as product assortment, is the list of all products offered for sale by a firm. It is defined as the composite of products offered for sale by a firm or a business. A market entry, distribution strategy and brand building plan. In India, transport electrification over the next decade is expected to be driven by light electric vehicles (LEVs), comprising two-wheelers (scooters, motorcycles) and three-wheelers (passenger and cargo). Apart from these, cars and light commercial vehicles (LCVs) are the other key vehicle segments being electrified. The first phase is getting your brand strategy right and aligned with your business objectives. Second is developing all the tools you will need to communicate the brand, such as your logo, tagline and website. Finally, there is the phase of strengthening your newly developed or updated brand. Features (USP's) which will be present in the vehicle and how those features will help sales. A unique selling proposition is the defining factor or characteristic that sets a company apart from its competitors. Online and offline retailers aim to clearly communicate their unique selling proposition to shoppers in marketing campaigns, product descriptions, and all other customer touch points. New or up-and-coming businesses. New businesses need to establish their unique selling proposition as early as possible — and begin communicating this to customers as soon as a connection is made. Creating a good first impression and demonstrating your USP from the moment a shopper lands on your website or views a marketing asset it crucial to capture their interest. Solve the customer’s pain point. "Finding a quality contractor is a pain. We make this annoying process much more seamless for our customers. They provide details on their specific project and then receive four different quotes within 5 minutes from the top-rated local roofers.â€BCS Solution Summary
In my whole case study, I saw that Renewable energy has great scope in India. The automobile industry is one of them, auto mobile industry has expanded it by many ways in many countries like, U.S.A, U.K, CHINA, JAPAN…etc. Automobile sector has taken several giant steps in this direction around the world recently but Indian market is still at an infant stage. As compared to other countries, the market share of electric vehicles is extremely low in India. So, now this is a chance where we are going to develop electric vehicles so it can give a big fight to other countries in marketing. According to research some estimates, the total number of registered vehicles in India is 230 million and the market is growing continuously. This also leads to India's dependence on fossil fuels. Taking a reformist measure, the Government of India is aiming to promote electrical vehicle usage in the country. "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. Lower rate of adoption of electric vehicles in the passenger vehicle segment is expected to have a limited impact in achieving the targets." We are a group of budding entrepreneurs & you all have discussed, researched and decided that you all should foray into any business related to "Electrical Vehicles" because you all think in unison that "this is the future". Here, we have given a corpus fund of Rs 46 Lakh, which is personal Investment, pooled by all team members & Rs. 60 Lakh loan can be arranged if need arises on 16% per annum fixed rate of interest. Our start-up acquired a coworking space for 8 people at a monthly rent of 3000/Workstation, in Bangalore City. 2 of our team members are mechanical engineers & 1 member is an electrical engineer. our start-up is also having 1 computer science graduate. 2 team members have left their marketing jobs from reputed automobile companies. Remaining 2 members have recently completed their post graduate management program. Every team member has an average monthly personal financial requirement of Rs.50 thousand, which they wish to withdraw every month from this business which seems very difficult at this point in time. our team's engineers have already designed and created a prototype electrical vehicle as a college project during their engineering courses. As our company is a start-up and doesn't have enough resources to hire in the beginning, thus you all have to decide who will take charge of which department internally. You all should divide assignments among all departments so that multiple solutions on one assignment can be avoided.Solution
- Product Mix
These decisions are broadly categorised into three:
1. Product item- Ever green charger
2. Product line- product: electric charger. Services: mobile application.
3. Product mix- a) charging point.
b) cable available for all types of electric vehicle like e-rikshaw, bikes, scooters, cars etc.
*Product mix width- ever green battery, wires, charge controller platform, power metering, traction battery pack, charge port, onboard charger, battery(auxiliary), thermal system(cooling).
*Product mix length- charger and application.
*Product mix depth- product and services.
- A market entry, distribution strategy and brand building plan.
Power ratings
Battery swapping
- DISTRIBUTION STRATEGY
We have to maximise our outlets to maximise sales. This is good for mass products which have to reach maximum target audience.
We have to do selective distribution this includes carefully choosing multiple channels and partners.
- BRAND BUILDING PLAN
First, we have to consider our overall business strategy.
Then we have to identify our targeted clients.
We have to do research our targeted client group.
We have to develop our name, logo and tagline.
Most importantly we have to develop our website
- Features (USP's) which will be present in the vehicle and how those features will help sales.
Focus on having a quality product.
Help our customer to solve their problem.
We should help our customers on purchases.
Have high standards what we have sale.
We as a company truly believes in progressive people culture.
Conclusion
For expanding our market we have to use product mix, distribution strategy and using of USP.Attached File Details
Video
https://www.youtube.com/watch?v=3FVmITd3lYkComments
Article Type: Business Case Scenario, Case Study Solution Submission
Business Case Detail
Title: NMO S4 SPRINT ONE | BUSINESS CASE SCENARIO - 02
Type: Case Study
Stream: Management
I Business Institute
Team SPIRIT
Total Team Points: 31500
Invincible Ingenuity
Total Team Points: 23000