Electror

acer
“Electroracer Vehicles” is the name of our Electric vehicles company. The company is introducing

Vehicles
different varieties of electric vehicles. There are three categories of vehicles- Two wheelers, auto and
cars. Our vehicles offer a unique feature of utilizing solar energy for power, and it is in line with the
increasing climatic concerns due to pollution.

Electroracer

Electric Two-
Electric Auto Electric Car
Wheeler

Without Without
Bike
Solar Sunroof Solar Sunroof

With Solar With Solar

Scooty
Sunroof Sunroof
 PRODUCT MIX – ELECTRORACER VEHICLES
The four dimensions of a company's product mix are Width, Length, Depth, and
Consistency.

Width: Number of Product Lines

The width of a company's product mix pertains to the number of product lines the
company sells, which in our case is 3. We have three production lines in the automobile
segment, namely Electric Two-wheeler, Electric Auto, and Electric Car.

It is more practical for us to start with some primary products and build on the market
share. Later, with increasing technology and experience, we can diversify into other
industries/segments and build the width of the product mix with time.

Length: Total Products

The product mix length is the total number of products or items in our company's product
mix, which in our case is 6. For example, we have three product lines, two-wheeler, Auto,
and Car. The two-wheeler product lines are Electric Bike and Scooty. The Auto line
contains Auto with Solar Sunroof and Auto without Solar Sunroof. The Car line also
contains Car with Solar Sunroof and Car without Solar Sunroof.

Depth: Product Variations

The depth of a product mix pertains to the total number of variations for each product.
Variations can include size, flavour, and any other distinguishing characteristic. For
example, our company sells three types of Automobiles, and each line has a depth of two.

Since each line has a depth of two, our company's average depth of product lines is two
(2+2+2=6, 6/3=2).

Consistency is Relationship

We are looking to produce things very similar. All our products in the nearby years will be
limited to automobiles only. The production consistency of these products would vary as
well, as our product mix is slightly different and would require different assembly lines and
machinery. The products have the same use and are produced and distributed the same
way but fulfil different segments' different needs. So, our company's product lines will be
consistent at least in the next few years.

Product Market Mix Strategy

Our company will start with a product mix limited in width, depth, and length; and have a
high level of consistency. However, we would like to differentiate products and acquire
new ones to enter new markets over time. We would also like to add similar line products
of higher or lower quality to offer different choices and price points.
We want to continue stretching the product line. We are highly inclined towards upward
stretching. If the market demands lesser quality, lower priced items, we can also look for
downward stretching.

MARKETING POSITION – ELECTRORACER VEHICLES

Electric vehicle startups are likely to confront a number of challenges, ranging from a faulty
supply chain to a lack of consumer demand. Original equipment manufacturers will be able
to produce more cost-competitive goods if the supply chain is supported locally. New
original equipment manufacturers concentrate more on research and development as well
as building new business models that provide a better value proposition and lower costs. To
satisfy charging infrastructure, talent development, and financing demands, both existing
and new original equipment manufacturers must work together to grow the electric vehicle
ecosystem. Furthermore, governments may hasten electric car adoption by supporting the
development of India's electric vehicle manufacturing supply chain and promoting electric
vehicle financing, both of which will reduce the cost of purchasing an electric vehicle. The
electric car strategy in India should be a mix of supply-push (local battery manufacturing and
assembly, charging infrastructure, renewable electricity generation) and demand-pull
(incentives, low taxes) measures to increase the use of electric vehicles.

We are applying Porter’s Five Forces to analyse the electric vehicle industry in India better
so that we can analyse the forces acting on the industry and the attractiveness of the
industry.

 Bargaining power of suppliers – High

Electric vehicle manufacturing has a limited level of localization. Batteries and power
electronics, which account for 60–70% of the value added in an electric car, are currently
imported. Given the limited domestic supply of numerous high-value components,
international suppliers currently have stronger bargaining power. Due to the high
percentage of power electronics in such systems, the manufacturing value chain is expected
to confront similar issues. Battery suppliers (including cell makers and battery pack
assemblers), domestic power electronics, and motor manufacturers are all missing from
India's present electric car ecosystem.

 Bargaining power of buyers – Medium

The Indian market for internal combustion engine automobiles comprises a vast range of
models and versions. While there are currently only a few big other equipment
manufacturers producing electric automobiles in India. Cars using internal combustion
engines offer lower initial prices, a nationwide service network, and gasoline refilling
facilities. Customers in all EV sectors will have medium bargaining power as long as the
barriers to electric car adoption, such as insufficient charging infrastructure and upfront
fees, remain high.

 Threat of new entrants – Medium

Electric vehicles pose a challenge to the Indian auto industry's current internal combustion
engines. The enormous money necessary to enter the automotive sector is a significant
barrier to entry. Electric Vehicle manufacturers, on the other hand, are presently tackling
this barrier with investments already made and anticipated in the next years. Furthermore,
the manufacture of electric vehicles is less complex than that of internal combustion
vehicles, making it easier for new competitors to enter the market.

 Threat of substitutes – Low

Electric vehicles and internal combustion vehicles are the key modes of transportation that
we analyzed, and alternatives to cars are the primary substitutes that we explore. This
comprises public transportation (inside cities) such as buses, metros, buses, trains, and
flights in India (for longer distances). Alternatives to automobile transportation are not a
significant concern that could impact sales of electric and internal combustion vehicles, as
trends show an increase in private vehicle ownership, and the Total Cost of Ownership of an
electric vehicle will drop dramatically in the near future.

 Industry Rivalry – High

Already, four internal combustion vehicle manufacturers (Maruti, Hyundai, Mahindra, and
Tata) control nearly 80% of the market for internal combustion vehicles and are aggressively
investing in the electric vehicle segment, owing to their financial strength and market reach
across India (easier to leverage existing production facilities, sales points, and service
points), they will face stiff competition from each other and from any new electric vehicle
entrants.

MARKETING MIX – ELECTRORACER VEHICLES

Product: Electroracer will be launching different product models- Bike and scooty in electric
two-wheelers, with sunroof and without sunroof electric auto and with sunroof, without
sunroof electric cars, each having different usage and different performance capacities. Also,
these products deliver high performance, offers other functionalities as compared to other
vehicles, and saves on pollution and is completely green product using renewable sources of
energy for power. Apart from design, technology, and quality, the product also offers safety
and convenience to the customers. 
Today the world is facing huge climatic issues and our company strictly focuses on this, it’s
high time now to shift towards the eco-friendlier and utilize renewable sources of energy
that creates a sustainable environment. Hence, the marketing team of Electroracer will be
focusing on the aspects of controlling pollution and delivering high performance by
maintaining the sustainable environment.
Price: The pricing of our vehicles is kept in alignment with the prices of other vehicles.
Although the prices of electric vehicles are comparatively higher than the normal vehicles. It
is important to deliver the message of sustainability through utilization of such vehicles to
the intended customers. The pricing strategy is such that we will be focusing initially on the
lower price, the aim is to position our vehicles among the consumers, rather than making
profit.
As the vehicles will be in “Introduction” phase of Product Life Cycle, it would be better to
focus on positioning the brand and vehicles more rather than profit making. The customers
will be able to afford such products and hence the company can thereby target to a larger
segment. It will subsequently help to achieve required targets from the sales perspective.
Promotion: The major component of marketing mix involves Promotion of the product on
various channels in the right way that it makes sense to customers which ultimately leads to
the demand of the vehicles. Advertisements will help the organization to increase the
awareness levels of the products in the given market. Promotion will also help the company
to introduce new launches or offers in the market. The customers will be informed about
such offers through different forms of advertisement. However, the marketing team will
also consider budget considerations and constraints before preparing the promotion plan
for a given vehicle.
Also, apart from the promotional strategy for advertising the vehicles, there is also needed
to choose the right channel for promotion that is by using in-store advertisements or using
online platforms for advertising our products.
Place: The right place to sell our vehicles is another important factor. As the trend is going
towards the online platform, it is also considered while preparing for the marketing strategy
to sell our products. Also, other than the online channels, the in-store sell should be
considered as the primary area for selling the vehicles because still in case of vehicles
people generally prefer to go offline mode rather than online mode.
Our services will not end just after the sales, we will be offering post sales services as well
that too via both online and offline channels. There will be online complaint service to
register the complaint and also there will be offline service centres to look after the issues.

Segmentation-Targeting-Positioning (STP) – ELECTRORACER VEHICLES

The Indian Electric Vehicle Market was valued at USD 5 billion in 2020 and is predicted to
reach USD 47 billion by 2026, growing at a CAGR of more than 44% during the forecast
period (2021-2026).
The Indian Electric Vehicle Market has been impacted by the COVID-19 epidemic, which has
resulted in supply chain delays and the shutdown of production units across the country due
to continual lockdowns and travel restrictions. However, the electric vehicle (EV) sector in
India is still in its infancy. Because of many government efforts and programs, it is predicted
to grow at a considerably quicker rate during the forecast period.
E-commerce companies, such as Amazon, are initiating projects to use e-Mobility for last-
mile delivery to reduce their carbon impact. India is experimenting with e-Mobility for public
transportation, and the country has already deployed electric intercity buses in several
major cities. Furthermore, state governments are actively involved in the implementation of
policies encouraging the use of EVs. As an example,
Kerala plans to have one million electric vehicles on the road by 2022 and 6,000 e-buses in
public transportation by 2025.
Telangana plans to attain EV sales objectives of 80 percent 2- and 3-wheelers (motorcycles,
scooters, auto-rickshaws), 70 percent commercial automobiles (ride-hailing businesses like
Ola and Uber), 40 percent buses, 30 percent private cars, and 15 percent electrification of all
vehicles by 2025.
An electric vehicle is one that runs on electricity rather than an internal combustion engine,
which produces power by burning a mixture of fuel and gases. As a result, an electric vehicle
is considered as a viable substitute for today's automobile in the near future in order to
address environmental concerns. The research discusses the most recent trends and
technology, as well as the impact of COVID-19 on the market. The Indian Electric Vehicle
Market is divided into two sections: Vehicle Type and Power Source.
The market is divided into three categories: passenger cars, commercial vehicles, and two-
and three-wheelers.
The market is divided into three categories based on power source type: battery electric
vehicle, plug-in electric vehicle, and hybrid electric vehicle.

Strategies to enter a new market

There are many ways to enter a new market. These include:
1. Structured Exporting
2. Piggybacking
3. Turnkey projects
4. Licensing
5. Franchising
6. Buying out a company
7. Joint venture
Since our company is a new company, we should start with the structured exploring
method. In the structured exploring method, customers and companies can come together
to buy products wholesale sort out logistics etc.
In this case we have local agents that help understand consumer behaviors, needs, and
wants etc.
Since, Electric vehicles have a much more standardized need system than for example
chocolates, the main profit of entering by this method is to get higher customer information
and collating them to get a market mix.
But before we do start with this approach, we need to answer certain questions and that
forms the basis of the marketing strategy after which the entering method can be used.
1. Where: Where is your product going to reach too: Our product n its opening phases
is going to be catered towards the Indian society with international and other
revenues being though upon down the line.
2. Why: Why enter this market: The electric vehicle market does not have a saturated
market share and with our companies product mix as well as the salient features
which differentiate our products from other competitors, we are confident in
entering and producing good results in this market segment.
3. When: Although our company does not have a first mover advantage in this segment
but with the technology and the features that address the case of why EV are less
preferred to as compared to petrol, diesel, or other variants, if we act quickly and try
to enter this market as soon as possible, we will have a great edge.
4. Who: Who is the competition: In our car segment we have competitors such as
Mahindra, Hyundai, MG to name a few. In our auto rickshaw sector, we have the
likes of Lohia auto, ola auto in this field. In our bike sector we have, Okinawa
electrics, Ola scooter, Hero electric.
5. What: The target market: Using STP
6. How: How to launch the product: Using Market Mix
After we answer all these questions, we can execute the market entry strategy and look
forward to other operational and financial side needs along with the entrance.
Also, after capturing the market, strategies such as buying companies, franchising,
Piggybacking (International markets) can be used to further delve into markets and increase
market share.