I need help with items 3, 4 & 5 in attached instructions page. I've also attached a rough draft of what was done so far for items 1 & 2. I've decided to look at a new hybrid car with the following attributes:
1. ability to switch from electric to fuel
2. fuel used is less expensive and can be used from dump waste such as oil grease from cooking. (???)
3. offers more power, space, versatility and luxury while still being reasonably priced
1. research and design lead to a cost of $20,000
2. If product does well then price can increase to $22,000, if it doesn't do well with price add incentives for customer to purchase vehicle such as 0% financing
3. for initial distribution focus on the U.S.
3. New Product
In this section, you are to characterize a new product that you are developing that will compete with the existing product that you have already analyzed. You should indicate how you expect to differentiate the new product against the existing product. This could include changes in product attributes, higher quality, lower price, among other tactics. You should also explain how the new product ?fits? within the existing structure of the product category and industry. Make an estimate of the monthly demand that is expected for the new product during its first year in the market.
The new product launched by our company will differentiate against the existing offerings in the market on the basis of following features:
1) Value of money car with more value added features at lower price: Our offering will definitely be on the lower end of the price segment and will offer greater value for the customer's money in terms of enhanced value added features at much lower costs, as compared to existing offerings such as Toyota Prius and other popular models.
2) Greater Mileage: We will also strive to be pioneer in terms of mileage, which will position our offering as a unique low priced vehicle which has not only got features, but is also much lower in terms of running costs.
3) Although we will start with commonly available alternative fuels such as Electricity, we will expand our offerings into cars that use innovative alternative fuels which are much less expensive and environmental friendly, such as biodiesel which is manufactured from plant extracts.
Thus, we will position our offering among the existing industry offerings as a much more efficient, ...
Marketing Plan - New Hybrid Vehicle Product