MKT 571 Week 6 New Product Launch III

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Complete the final phase of your New Product Launch Marketing plan. Using the sample Marketing Plan in Marketing and Management (pp. 60-65), consider your product launch to date, reflect on additional learning, and refine to create a Marketing Plan for your new product.  Your plan should be no more than 3,500 words in a format that includes charts, graphs, tables, bullets, etc. where appropriate.This final paper will include information from the previous papers that is appropriate for the marketing plan, including a three year budget based on forecasted sales, and evaluation measures. Each of these elements should be for BOTH countries.  Be sure to include the following for both countries (except the Executive Summary):

  • Executive summary
  • Situational analysis
  • Market growth potential and competitive analysis
  • Segmentation, target market, and positioning
  • Pricing and distribution strategies
  • Marketing communication plan
  • Financial information(including forecasting demand, break-even, sales, promotional budget, and marketing expense)
  • Intended marketing objectives for Y1, Y2, and Y3
  • Implementation milestones
  • Evaluation and control metrics and methodology to measure performance

Be sure you comply with the required referencing and formatting requirements, per the instructor policies.

Click the Assignment Files tab to submit your assignment.

Description

MKT 571 Week 6 New Product Launch III

New Product Launch III

Executive Summary

ZENN’s Motor Company, Inc.

Ian Clifford

21 St. Clair Avenue East Suite 301 Telephone: (416) 535-8395
Toronto, ON, M4T 1L9 Email: ZMCinquiries@zenncars.com
http://www.zenncars.com/

ZENN’s Motor Company Inc. (referred to from hereon in as the “Company”) was established as a C Corporation at 21 St. Clair Avenue East Suite 301, Toronto, ON, M4T 1L9 with the expectation of rapid expansion in the automotive industry.

Business Description

The Company was formed on 2000 as C Corporation under state laws and headed by Ian Clifford. Before starting ZENN’s Motor he owned digIT Interactive Inc., a digital marketing company.

The Company was first incorporated as Feel Good Cars, Inc. but was later renamed to ZENN in 2007. The Company first developed a low-speed vehicle (LSV), which sold in the United States and Quebec; but production stopped in April 2006. Then, the company decided to partner up with EEStor Inc. to develop Electrical Energy Storage Units (EESU) for automobiles, trucks, buses and street cars. Now, as part of a new product initiative, ZENN plans to introduce new vehicles powered by fuel cells technology (FCV) and EESU high-energy-density ceramic ultra-capacitor. The Company currently employs full-time employees and part-time employees in its research and development sector.

Business Mission

ZENN’s mission is to be the leader in energy efficient automobiles. The company’s basic principle is to use technology and energy storage solutions to launch a global breakthrough in the vehicle industry that will have a positive effect, both environmentally and economically for all nations. The current business strategy focuses on building partnerships and licensing, with governments and companies like EESTOR, to revolutionize the transportation industry and guarantee sustainability within the company.

New Product

After a period of thorough trial and error, the Company is prepared to introduce the following product to the market:

Fuel Cell Vehicles (FCV): vehicles powered by fuel cells technology; operating with Energy Storage Unit (EESU).

As technology improve and the advocacy to Go Green continues the demand for alternative vehicle options increases around the world. Case in point, Canada and Mexico both have a high export rate on vehicles from the United States, and a SWOT analysis supports the need for FCV in both countries, especially since the current infrastructures support electrical vehicles.

Business Goals and Objectives

Short-Term Goals

  • Develop research (case studies, financial projections and statements, competitor information, etc.), technology, manpower, and facilities to support the new initiatives.
  • Educate consumers on Eco-friendly vehicles and the benefits of electrical vehicles.
  • Re-brand the company as a leader in quality vehicles.
  • Partner with governments and leaders in the technology, design, and automotive industry to launch a stylish yet functional vehicle. Also, gain grants and donations to provide charging stations or upgraded infrastructure in different countries.
  • Start producing and selling to agencies and commercial sectors.

Long-Term Goals

  • Surpass break-even points.
  • Increase sells to the residential segment and venture into new capital markets and countries.
  • Promote new designs, features, models, etc.
  • Increase ROI
  • Build long-lasting public relations and community involvements.
  • Continue to build and increase market share and reduce dependency on gasoline vehicles.

Marketing Communication Plan

The primary goal of ZENN’s marketing communication plan is to build awareness of the brand and its new fuel cell vehicles (FCV). For both markets, Canada and Mexico, the integrated communication plan ranges from simple direct marketing (DM) (e.g., brochures, trade show presentations, etc.) to integrated marketing (IM) (e.g., like social networks, updates to the company Website etc.), to Public Relations (example, press releases, grants, community involvements, etc.). Initial messages will focus and try to capture the target audiences (Environmental advocates, decision makers, women, etc.) for both counties at first before generalizing to all drivers. The plan will follow the outline below:

First, Zenn will perform a full market analysis of the company, the new products being sold, the audience, and the competitor within the market (Beard, 2011). This analysis has been completed over the past five weeks. After Zenn fully understand the market, its competitors and the target audience, the company can focus on its new FCV, which will be technologically-based and customized to fit the likes and desires of the targeted markets. Also, ZENN plans to match competitor’s pricing models and try to compete on offerings and developments to surpass the basic product expectations. ZENN will continuously build on product awareness and its branding image to intensify demographic and psychological views, thereby augmenting behavioral preferences for the new fuel cell vehicles.

Next Zenn will work on a strategic communication plan that will outline the duration of the communication, creative and integration strategy, and the promotion budget for the communication plan (Beard, 2011). Because this is a new product in the very aggressive auto market Zenn communication plan will attempt to build awareness and market share over a longer period of time, therefore it will be an ongoing communication plan. Zenn will then focus on all of the following promotion items within its communication plan. Within each of the promotional items Zenn will make sure the companies’ brand, personality, and mission is included keep the messages consistent with the look and feel of the vehicles. Advertising initially, only in the areas where existing and new customers already interact and understand the Company’s mission statement and identify with the trend.

The ZENN vehicle will have a competitive pricing strategy that emphasizes operational efficiency in Canada and Mexico. The Company plan to concentrate on product value; which is more important than the listed price to most consumers in this segment, and this will also give it an edge against long-standing competitors’ within the electrical vehicle market. For example, a market review conducted on a semi-annual basis will help to determine proper product positioning and which promotional prowess will maintain optimal brand awareness in both markets. However, the distribution strategies will enable the Company to place a definitive price on the vehicles in the Canadian and Mexican markets. Currently, the vehicle pricing is under $18,000, and it is a vehicle used for neighborhood travel with capable speeds below 37 mph.  “Cash rebates are offered to encourage a purchase of manufactures’ products within

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