Question
Group Project – Your group has been selected to come out with a marketing plan strategy for Lucid Motor to enter Saudi Arabia Market in 2023.
Attached is the template of the marketing plan as your guideline.
Solution
MARKETING PLAN
Lucid Motor 2023
PREPARED BY | TITLE | DATE |
PHONE | ||
APPROVED BY | TITLE | DATE |
Table of Contents
7.1 INFORMATION COLLECTION.. 8
8.1 UNIQUE SELLING PROPOSITION (USP) 9
8.5 ESTIMATION OF THE BUDGET (FOR THE PROMOTION) 10
10.2 PRODUCT SPECIFICATIONS AND IMAGES. 11
1. EXECUTIVE SUMMARY
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. |
2. MISSION STATEMENT
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). |
3. VISION STATEMENT
A luxury brand seeking the right and the best talent from the technology and automotive industries. |
4. SITUATIONAL ANALYSIS
4.1 Saudi Arabia Market
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. |
4.2 COLLABORATORS
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. |
4.3 CUSTOMERS
Lucid motors customers include individual car owners and other companies that prefer electric vehicles. The customers are both local and global. |
4.4 COMPETITORS
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. |
4.5 CLIMATE
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. |
4.6 SWOT ANALYSIS
INTERNAL FACTORS | |
STRENGTHS (+) | WEAKNESSES (-) |
· High quality and innovative products and services, including automated customer management system.
· Strong and historical brand name · Competent professionals, including the engineers. · Diversity in the products and services. |
· Battery limitations
· Expensive production · Unfamiliar brands · Challenges 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. |
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