Answer To: Total Assignment has two section1. Individual Report (40%) - Word Count XXXXXXXXXXPresentation...
Ayan answered on Jul 25 2023
Table of contents
Market Analysis 4
Porter's Five Forces Analysis 4
PESTLE Analysis 5
Internal Analysis 5
Industry Dynamics 6
Key Issues and Drivers for Success 6
Key Issues 6
Drivers for Success 7
Segmentation, Targeting, and Positioning 8
Marketing Mix 10
Physical Evidence 12
The market for electric vehicles (EVs) is expanding quickly as a result of rising consumer demand for cleaner air and ecologically friendly transportation. Electric automobiles have a lengthy history that dates back to the late 19th century, and more recent technological developments, notably the widespread use of lithium-ion batteries, have greatly increased their feasibility. The lack of accessible, high-power charging stations is one of the major problems faced by users of electric vehicles. StingRay, a cutting-edge EV charging marketplace, intends to solve this issue. StingRay offers an accessible and dependable charging infrastructure by linking EV drivers with hosts of charging points, decreasing dependency on the sparse public charging infrastructure. This report provides a study of the present market situation for StingRay by a marketing consultant. It will analyse the company's internal and external effects rigorously, pinpointing important problems and success factors. The research will also include the best marketing mix for achieving StingRay's goals as well as segmentation, targeting, and positioning methods. StingRay confronts both possibilities and difficulties in the competitive EV charging industry with its lofty aims to activate 7,500 home charging stations in five main cities in England and Scotland and gain 50,000 EV drivers by the end of 2023. StingRay can become a major participant in the market and support the electric car revolution in the UK and elsewhere by developing a smart marketing plan\.
A detailed market study is necessary to position StingRay in the EV charging market successfully (Kirshenbaum et al., 2023). This research helps the organization discover possibilities and problems by taking into account internal and external industry-influencing factors.
Porter's Five Forces Analysis
· Threat of New Entrants: The market for electric car charging is rather appealing, which might attract new competitors. Established competitors and large initial investment needs might, however, be obstacles.
· Suppliers' Bargaining Power: As the need for charging infrastructure grows, suppliers and makers of charging stations may have more negotiating power, which might raise StingRay's expenses.
· Buyers' Power: EV owners have a variety of options for charging providers. To keep clients, StingRay will need to provide appealing features and affordable price.
· Threat of Substitutes: Public charging stations provide an option, however StingRay can set itself apart by offering a larger network of high-power charging stations (Dimitrov, 2020).
· Competitive Rivalry: Due to the presence of several businesses, the EV charging industry is getting more and more competitive. StingRay must differentiate itself with a special value offer.
· Political: Government initiatives promoting EV adoption and the development of a charging infrastructure may have a favorable effect on StingRay's development. The dynamics of the market may also be impacted by changes to legislation or subsidies.
· Economic factors: Consumer interest in EVs, fuel pricing, and economic conditions all affect the need for charging services.
· Social: The adoption of sustainable mobility and growing environmental consciousness may spur demand for EV charging options (Yu et al., 2020).
· Technological: The EV charging environment will be shaped by improvements in charging technology, battery capacity, and the creation of autonomous cars.
· Legal: Adherence to rules, safety requirements, and data protection legislation is essential for working in the EV charging sector.
· Environmental: The emphasis on boosting green mobility and lowering carbon emissions fosters a climate that is favorable for EV charging services.
· Weaknesses: StingRay may have trouble fast establishing a sizable charging network because it is a new participant.
· External Analysis: The worldwide electric vehicle (EV) industry is growing quickly, creating sizable growth potential for infrastructure services related to charging (William et al., 2023).
· Rapid technical progress, a rise in EV usage, and a need for fast-charging options are the three main themes in the EV charging sector.
· StingRay's benefits include its novel marketplace idea, user-friendly interface, and revenue-sharing arrangement with charging point operators.
· Regulatory Environments: Examine the present laws, rules, and government programs that promote clean transportation and the infrastructure for EV charging (Kornec, 2021)
· Competition: Identify the main rivals in the market for EV charging and evaluate their advantages, disadvantages, and market share.
· Partnerships & Alliances: StingRay may grow its network and find success in the market by partnering with EV manufacturers, real estate developers, and other parties.
· Staffing Requirements: Examine the workforce and skill sets needed to support StingRay's expansion and operations.
· Impact of Fuel Crisis: Determine how fuel costs and fuel market volatility affect customers' decisions to transition to electric vehicles (EVs) and the demand for charging services.
A thorough market study will enable StingRay to create a solid marketing plan that takes advantage of possibilities, manages risks, and establishes the company as a dominant force in the EV charging industry.
Key Issues and Drivers for Success
· Competition in the EV Charging Market: With the introduction of new companies, the EV Charging Market is getting more and more competitive. In order to draw both EV drivers and charging station hosts, StingRay needs to discover methods to stand out from the competition and provide special value propositions.
· Limited Charging Infrastructure: The lack of high-power...