MKT 532: Strategic Marketing; MARKETING PLAN Lucid Motor 2023

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
EMAIL PHONE
APPROVED BY TITLE DATE

 

 

Table of Contents

  1. EXECUTIVE SUMMARY. 3
  2. MISSION STATEMENT. 3
  3. VISION STATEMENT. 3
  4. SITUATIONAL ANALYSIS. 3

4.1      Saudi Arabia Market 3

4.2      COLLABORATORS. 3

4.3      CUSTOMERS. 4

4.4      COMPETITORS. 4

4.5      CLIMATE. 4

4.6      SWOT ANALYSIS. 5

  1. LUCID MOTOR Product 6
  2. GOALS. 6

6.1      BUSINESS GOALS. 6

6.2      CUSTOMER GOALS. 6

6.3      REVENUE GOALS. 7

6.4      MARKETING GOALS. 7

  1. TARGET MARKET 8

7.1      INFORMATION COLLECTION.. 8

7.2      PAIN POINTS. 8

7.3      SOLUTIONS. 8

7.4      BUYER PERSONA.. 8

  1. MARKETING STRATEGY. 9

8.1      UNIQUE SELLING PROPOSITION (USP) 9

8.2      BRANDING.. 9

8.3      MARKETING MIX – 4Ps. 9

8.3.1       PRODUCT. 9

8.3.2       PRICE. 9

8.3.3       PLACE. 9

8.3.4       PROMOTION.. 10

8.4      MARKETING CHANNELS. 10

8.5      ESTIMATION OF THE BUDGET (FOR THE PROMOTION) 10

  1. FINANCIAL SUMMARY. 10

9.1      FINANCIAL FORECASTS. 10

  1. APPENDIX. 11

10.1    RESEARCH RESULTS. 11

10.2    PRODUCT SPECIFICATIONS AND IMAGES. 11

References 12

 

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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