Consider how to promote another innovative Californian firm's new product and in doing so demonstrate your understanding of a promotion strategy, and the elements in the overall marketing strategy, and how to communicate about a product.
The Moller Skycar is not yet in production, and perhaps never will be, but assume that production will start by 2013 and that you have been hired to develop a promotions strategy for it. Using your expertise in marketing and any additional research, explain how you would develop a promotions strategy for the Moller Skycar.
Here are some sources for review:
Moller skycar website home page at http://www.moller.com viewed July 19, 2010.
CBSNews.com 2007 Flying cars ready to take off Bob Simon talks to inventors who build personal flying machines. April 17. Viewed at the cbsnews.com website, http://www.cbsnews.com/stories/2005/04/15/60minutes/main688454.shtml on July 19, 2010.
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Promotion Strategy for Skycar
Developing the promotional strategy for Skycar involves various steps which outline a procedure for developing an effective promotional strategy. These are:
Deciding the elements of marketing mix
This process involves taking some key decisions about who would be the target customers, and what message would be communicated to customers.
1. Segmentation: The Skycar could be used as a personal vehicle for top executives of High Net Worth companies or could be bought by organizations to take care of travel needs of their top executives. Other potential use of the Skycar would be in hospitals and emergency care, police rescue operations, military, and commercial transport missions. Potential customers are segregated in groups according to their usage. The potential customers of Skycar are grouped as follows:
• Top level Professionals: Professionals who require frequent travel as a part of their job
• High Income group individuals: Individuals who fancy unique products and have power to own them
• Commercial transport: For transporting high value items which would otherwise require heavy cost to customers
• Hospitals: As emergency ambulance
• Police: In rescue operations
• Military operations: In rescue operations
The expert examines promoting a new product promotion strategy.