This marketing plan is for Lucid Motors in Saudi Arabia. It aims at improving awareness about the new products and services, increasing the number of new customers, and promoting customer retention. There are three products and services categories, including quality and safe electric vehicles, spare parts, and new, innovative electric units. The marketing plan involves the use of various strategies, including direct selling, advertisements, and online marketing strategy, which is cheap and effective in reaching a wide audience. The marketing is distinguished based on the customer segments across the needs, including luxury and comfort. The marketing plan is informed by vast research to identify the market needs and preferences.
To inspire the adoption of sustainable energy through the creation of captivating electric automobiles, which are also centered on enhancing the human experience (Lucid Motors, 2022).
Saudi Arabia has recorded a significant growth in car market. By 2021, an increase of 24.6% was noted. Leading brands are Toyota, Hyndai, Nissan, Mazda, and Changan. Upcoming brands include Kia, Isuzu, Ford, and Chevrolet. According to the International Trade Administration, Saudi Arabia accounts for 36% of the total sales in the Middle East and North Africa (MENA) (International Trade Administration, 2021). Although the world is shifting towards electric vehicles, the internal combustible engines account for the majority of vehicles. Local industry reports reveal that the market for these vehicles will continue to increase.
The Lucid Motors collaborates with various stakeholders, including internal and external. Internal collaborators include employees and the management. External collaborators include customers, suppliers, other car manufacturers, distributors, and the government.
Leading competitors based on the electric car manufacturing are Tesla, Rivian Automotive, Hurdler Motors, Auro Robotics, and Nuro. The competition is centered on the production of electric vehicles.
Saudi Arabia climate comprises of desert apart from the Southwestern part that has the semi-arid climate. Summers in the central part are dry and hot, extremely. The relevance of climate is to influence the customization of the electric vehicles and specifications.
High quality and innovative products and services, including automated customer management system. Strong and historical brand nameCompetent professionals, including the engineers.Diversity in the products and services.
Battery limitationsExpensive productionUnfamiliar brandsChallenges in penetrating new markets.
EXTERNAL FACTORS
OPPORTUNITIES (+)
THREATS (-)
Huge market for electric vehicles, including the Middle East, Asia, and Europe. Create new jobs and attracting talents through positive brands.
New entrants on the electric vehicles market. Economic instability from the pandemic. No technology improvements to develop cheaper batteries.
Luxurious all-electric sedan: The main product for Lucid Motors is the electric sedan, which is also luxurious. The vehicle has several features, including artificial intelligence to enhance the customer’s experience.
PRODUCT TWO
Spare parts for the electric vehicles: There are several spare parts for the luxurious vehicles, including the battery. Marketing these products is essential in ensuring the customers are aware about them.
PRODUCT THREE
New electric products: Lucid motors can introduce new electric products, including bigger vehicles, which need marketing.
Lucid Motors business objectives include providing luxurious and sustainable vehicles that are all-electric. Lucid Motors places a high priority on the vehicles efficiency that put the best use of the global resources. The external objective is to provide profound leadership in the electric vehicle technology and reinventing every category of a car it builds.
To deliver vehicles that meet the customer’s comfort and sustainability objective. Lucid Motors also aims at ensuring quality products that meet the dynamic customer needs. Another customer goal is to increase awareness about the new products and services.
To increase awareness about the products and services offered by Lucid Motors to all stakeholders, internal and external. To increase the number of new customers for the electric vehicles by 10%. Enhance the customer retention rate.
Lucid Motors target various segments as drawn from the segmentation, targeting, and positioning (STP) strategy. There is a growing market of electric and driverless vehicles. Geographically, Lucid Motors targets Saudi Arabia despite the reliance on internal combustion vehicles. The audience involves the city dwellers, individuals, and families whose needs are comfort, ambient space, and high preference for safety.
The main challenge is that Saudi Arabia has not shown the enthusiasm to electric vehicles. Lucid Motors as described in the SWOT analysis faces significant setbacks in penetrating new markets. There is also stiff competition from global companies, specifically Tesla which has a high reputation for electric vehicles’ manufacturing,
The solution is for Lucid Motors to devise a marketing plan that will create awareness about the products. Research and development are also essential to ensure quality products and services that are aligned with the customers’ preferences.
Please click the icon below to access this assessment in full
