Competitors in Electric Vehicle Market †Free Samples to Students

Question: Discuss about the Competitors in Electric Vehicle Market. Answer: Introduction: Toyota RAV4 has cargo space and functionality, with more fashionable external designing and comfortable control panel. It has advanced off road experience of driving which is mostly favored by the young generation. It has higher setup of entertainment as well as infotainment. The car gives better warranty and sustainability for the purchasers. Surveys have revealed that the car is reliable with spacious interior. It has easier touch screen infotainment, which helps the drivers to easily understand the technology while driving. Their global vision is overcoming all the cultural barriers, from one side to the other side of the world (Cheong, Song Hu, 2016). A target market is referred to a group of individuals having similar needs or characteristics that the company has targeted to achieve. In order to reach 60% of the target market in three years, the company need to reshuffle its strategies. The target market for the Toyota RAV4 is the middle class income groups and the junior citizens. The company has a particular and specific audience in their minds and they mainly target the young adults. They have managed to gain the attention of a large proportion of their target markets (Garbelli 2016). They are looking out for more, by enhancing and improving their marketing strategies. They are targeting the younger audience more as well as the office goers, who requires car for the purpose of daily transportation. Some even wants to change their existing cars and upgrade them for better services. Therefore, marketers should advertise their products as per the consumers behavior. The company should try to create an emotional attachment with th eir target consumers, in order to gain more profit (Hibino, Noguchi Plenert, 2017). Growth goal and objectives Toyota Group has ten different businesses, which includes automobile, electronics, construction, chemical industry and more. It consumes electric hybrid or gasoline, attracts more young generation who loves travelling. The cars target market is mainly the middle class income group consumers and the junior citizens, basically young and full of life. Bank loans are available for the customers who are interested to buy the cars at very affordable interest rates (Hoque et al., 2013). Innovative marketing strategies undertaken by the Company can help in attracting the customers. They should promote themselves widely in all the platforms as well as social media platforms to reach the consumers as fast as possible. They mainly focus on their safety factors and target the family persons. It has high network of distribution and efficient sales. The company has its branches in more than 150 countries across the world (Holbrook, 2015). In this era of digital marketing, it is important to focus on that particular segment of marketing, in order to reach the global market. It will prove to be beneficial for any company, by helping it reach a wide number of customers. It will help in creating brand awareness and image goals; this in turn will help the company grow. Moreover, it is crucial to understand thoroughly, the behavior of the target markets or consumers of the enterprise (Cheong, Song Hu, 2016). Understanding the target markets will help the enterprise get an idea of what exactly their services or products would be and which sort of tactics would work the best. Whenever, the company launches any new product or service, target customers must be invited personally, along with their family members. This will make them feel special (Pohl Yarime, 2012). Image goals and objectives The company should participate in various events and give attention to their customers demands. Based on their marketing strategies, it will create AWARENESS among them. Good techniques of marketing and promotion would INTEREST the consumers. This will create a DESIRE of buying the product. Lastly they will actively perform their ACTION, that is, buy that particular product. Therefore, it is important to be careful while promoting a product. Toyota RAV4 is better than others as it has simple infotainment services, which is easily understandable. It gives a great driving experience, with classy interior and elegant look. In this way, it differentiates itself from its competitors (Hoque et al., 2013). Understanding the behavior of the consumers play a bigger role in shaping the strategies. The company should promote themselves widely in all the platforms as well as social media platforms to reach the consumers as fast as possible. Therefore, digital marketing is important for creating brand recognition. The company should organize various events, where they should invite their target customers personally, to make them feel special. They must look out for innovative strategies to market themselves, in order to compete with their competitors. They should focus more on their services and safety factors, which will attract the customers. They must hire professional employees and public relation officers, who must have good communication skills in order to convince the buyers. The company must announce offers and discounts, keeping the profitability in mind, to attract the buyers as well as create brand awareness (Pohl Yarime, 2012). Conclusion To conclude, the key success factor of the company is related to the design of their products. The cars exterior as well as interior styling has increased its demand. Moreover, the cars interior space, boot size, innovative and easily understandable technology increased its selling points along with the increase in its functionality goal. Most of the consumers love its spaciousness and unique characteristics of driving. Furthermore, with the emergence of the digital world, it has become very easy to promote or market anything and that too at any moment. Thus, digital marketing helped the company reach the global or international platforms and gain abundant attention. References Cheong, T., Song, S. H., Hu, C. (2016). Strategic Alliance with Competitors in the Electric Vehicle Market: Tesla Motors Case.Mathematical Problems in Engineering,2016. Garbelli, M. (2016). Managing Sustainability to Be First: The Toyota Case. InBusiness Challenges in the Changing Economic Landscape-Vol. 2(pp. 41-54). Springer, Cham. Hibino, S., Noguchi, K., Plenert, G. (2017).Toyotas Global Marketing Strategy: Innovation through Breakthrough Thinking and Kaizen. Taylor Francis. Holbrook, M. B. (2015). Creating value: the theory and practice of marketing research. Hoque, I., Faruque, M. O., Shahid, E. M., Pasha, S. H. A., Rahman, S. O. (2013). Analysis of Toyotas marketing strategy in the UK market. Pohl, H., Yarime, M. (2012). Integrating innovation system and management concepts: The development of electric and hybrid electric vehicles in Japan.Technological Forecasting and Social Change,79(8), 1431-1446.