The Marketing Mix
The hybrid car must compete with others. Therefore, penetration pricing may be used to increase consumer interest in the product. Penetration pricing allows an organization to capture a larger portion of the market quickly. (Ayoub, 2009). However, as a prototype the car may be limited in quantity. Skimming may be the best strategy for a vehicle that is limited in quantity and focuses on a narrow market segment. In such an instance some feature or characteristic that distinguishes the prototype hybrid from other hybrid cars may be used to demand a higher price. If pricing is too low consumers will perceive the product as being of poor quality. The pricing strategy must consider the segment of buyers who want to own and drive a hybrid car as well as those who are concerned with the additional benefits the prototype may offer, such as comfort features or styling.
Though the market for hybrid cars is not saturated there is plenty of competition. To draw consumers' attention to a ...
The expert develops an appropriate marketing mix for a prototype hybrid car.