MKT 337 Module Two Short Paper Preliminary Market Overview
Overview: Market Overview
As indicated earlier, I want to introduce a PowerCharge system to Ford Motor Company. Ford operates in the automotive market. The United States has one of the leading automotive markets in the globe. In 2020 alone, American customers bought around 14.5 million new light vehicles (Carlier, 2020). And in 2021, 15 million new light vehicles were purchased by customers, a significant increase from the 2020 estimate. Light vehicles can either be electric or conventional.
The PowerCharge system is intended to generate electricity for electric vehicles (EVs). As it is known, electric vehicles are more costly than conventional vehicles. Thus, the desired target market for the new product is high-income consumers aged 35 to 50 who value convenience and flexibility. The PowerCharge system will be designed to offer a convenient solution for long-distance travel as it generates power while driving. Also, with the PowerCharge system, drivers have the flexibility to select between traditional charging methods and onboard power generations, depending on their preferences and needs.
Overview: Competition
Ford Motor Company operates in a competitive industry. Major competitors include Tesla and General Motors (GM). Tesla designs and produces electric vehicles, including trucks and cars. Tesla vehicles have many innovative features, including a generator that allows drivers to charge their vehicle while driving. Nevertheless, this feature is only available on specific models, such as Tesla Model S (Nedelea, 2022). Tesla’s target market comprises male customers with a median age of 54. The company appeals to established families, senior managers, executive professionals, and other individuals with a higher income. On the other hand, General Motors designs and produces trucks, crossovers, vans, SUVs, and electric vehicles. GM electric vehicles currently use fuel cell generators. The company believes fuel cell generators might displace diesel- and gas-burning generators, leading to lower emissions and noise (Mihalascu, 2022). General Motors targets wealthy buyers with its electric vehicles.
Overview: Industry Trends
The most important trend in auto industry that may impact the success of the new product is the global shift toward electric vehicles. Reports show that EV sales have increased significantly over the last three years, from around 3 million EV cars sold globally in 2020 to around 10 million in 2022 (Zhang et al., 2023). That means for every twenty cars sold globally in 2022, around three were EVs. Experts predict that over thirty percent of the vehicles on the road will be electric by 2030. Another major trend is the global shift towards hydrogen fuel. Hydrogen fuel is a new form of clean and renewable energy. It is considered an environmentally friendly source of power or electricity.
Overview: Data Analysis
I will use various methods to analyze data. Specifically, I will utilize data validation to assess data for accuracy and consistency (Taylor, 2021). Further, I will use statistical techniques, such as regression, correlation, and factor analysis, to measure the validity of my data. I will identify potential data sources based on my research objective and questions. Lastly, I will consider different criteria to determine if the data is relevant to my project. These include completeness, currency, quality, authority, availability, and topicality.
References
Carlier, M. (2022). New light vehicle sales in the United States 2002-2020. Statista.
Mihalascu, D. (2022). GM Says Its Fuel Cell Generators Could Enable EV Fast-Charging. InsideEVs.
Nedelea, A. (2022). Tesla Model S Becomes A Hybrid, Never Uses Charger On 1,800-Mile Trip. InsideEVs.
Taylor, S. (2023). Data Validation. CFI.
Zhang, A., Haddad, M., & Chungtai, A. (2023). Visualising the growth of the electric car industry. Al Jazeera.
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