Marketing Plan Report for Thor Trucks
Marketing Plan Report for Thor Trucks in the Market Entry within Australia
The overall marketing plan of the company Thor Trucks and its electric vehicle products are aiming to make a full-fledged market entry in Australia. For this reason, it is exceptionally careful to consider all its notable information and data, as well as those which affect it indirectly. To effectively complete this plan, careful analyses of the situation and the customer is necessary to the greatest possible extent. The eventual result of these analyses shall permeate with almost everything in relation to the marketing that Thor Trucks must implement. These analyses reveal that Australia’s EV market is very small, and has shown a very poor rate of increase. However, its government and its ecological state bemoan the critical need for companies like it, which can indicate importune ecological balance at large. Moreover, the customer segment reveals that the company cannot afford its primary consumers to be individual buyers, and for a proper profit margin, it must target businesses with inherent transportation needs.
These specific challenges imply that there exists a veritable need to position itself in accordance with an objective strategy. It shall inherently involve the products serving as an alternative to traditional vehicles, target social responsibility responsibilities of organizations, as well as doubling down on the positive differences and value-orientation its products have against all its competitors. This specifically brings under notice all the apparent influencing scenarios upon which the company must focus upon its strengths rather than trying to cover up on its weaknesses. The idea for this essentially highlights how innovation and advancement shall positively reinforce its status all across the market.
Therefore, a marketing mix strategy is presented replete with all factors of mix have been included in this report. The two major and appropriate marketing campaigns that Thor Trucks can engage in is through specifically targeting businesses through physical platforms where businesses are actively looking to invest, which may include various expos and conventions in Australia itself. Moreover, careful consideration have been made to also include extensive digital marketing campaigns to happen continuously so as to increase people’s awareness about EVs, and how successfully Thor operates within that very segment. The eventual result is a control that shall naturally meet up with its own overlying operations, which upon differences shall indicate all that their marketing achieves in Australia.
This is a marketing plan report for the sake of concerns and activities that the company Thor Trucks. The organization is startup, which started operating in 2016, and is involved in development, manufacture and deployment of electric heavy or medium duty vehicles. Their belief in the technology sector they are currently pursuing is for the presence of zero emission vehicles on the road (De Hoog, Alpcan, Brazil, Thomas &Mareels, 2014). With the concern of what emissions portend for the future of the ecosystem, the main objective of developing a vast range of products so that they may serve as variety of transportation and shipping responsibilities. It initially showed true potential with its battery-powered commercial rig, but have made advancements in a number of different avenues since then (Wager, Whale &Braunl, 2016). However, the company faces a lot of competition, a handful of which have entrenched themselves within the entire no emission vehicles. In light of its mission to launch its products in the Australian market in 2019, this report analyzes and delineates what exact marketing plan they must follow.
Therefore, the first step is to properly analyze the situation for Thor with respect to a variety of domains, most notable of which include its internal and external markets respectively, as well as with respect to its competitors. Then, the customer shall come next with the full focus directed towards essential marketing relations with segmentation, targeting and positioning (Speidel&Bräunl, 2014). Doing both these analyses shall showcase what exactly the problems are with its entry into the Australian market, and the apparent objectives for Thor to focus upon. In the final stretch, the report shall specify what the exact market mix, campaign evaluation and budget allocation will be.
- Situation Analysis
The situation with regard to Thor encapsulates a variety of different developments that is taking place all across its environment. This, as a result, involves both internal and external market environment respectively, and detailed theoretical approach in order to cover all bases with regards to the company’s current situation (Aggeri, Elmquist& Pohl, 2009). Australia, as a market for vehicles, has been essentially slow over the last few years in terms of consumer uptake of Electric Vehicles (EVs), as well as those that cause zero emissions.
2.1 PESTEL Analysis
The macro-environment is extremely essential for all of the marketing accomplished by a firm. For a company like Thor that wants to make a full-fledged entry into the market, this becomes a core necessity that shall define and formulate everything that its marketing must uphold (Mangram, 2012). The factors of forces involved shall effectively define its position as per its market environment at present.
Political factors seemingly favor the company at large, mainly because the Australian Government at present is very concerned about the situation of ecological balance significantly (Speidel&Bräunl, 2014). The current regime recognizes the vast possibilities that a healthy EV market can essentially imply for the larger concerns at play (Carley, Krause, Lane & Graham, 2013). However, it is also concerned about the challenges, which shall newly arise, and is in the process of launching policy frameworks that shall limit the market activities under some conditions.
Economic factors relate to the inherent limitations of the segment at present. Frankly speaking, the EV market segment is at its beginning stages of the product lifecycle curve, and in near future, can only go upwards (De Hoog et al., 2014). The worldwide figures state that EV sales have amounted to just close to 5 million up until this moment in time, but the figures are, in fact, growing very rapidly (Carley, Krause, Lane & Graham, 2013). But, Thor needs to effectively challenge the existing automobile market alongside its competitors, and increase the segment share of 2.7 percent at large.
Social factors, however, present a challenge in Australia primarily because of the fact that the people have been slow in the uptake of EVs. This implies that Thor’s marketing should involve not only just targeting people within its segment, but also the larger automobile consumers in every way shape or form (Aggeri, Elmquist& Pohl, 2009). For this, however, it must also need to properly align and give credence to the legal frameworks being formulated and implemented in the country (Oliver & Rosen, 2010). Both these indicate a mixed state of circumstances for the American startup.
Environmental factors refer to the ecological viability of products and services provided by a company. Thor essentially scores top marks in relation to such factors across the board, but it needs to concern itself with its technology indicating all about energy efficiency (De Hoog et al., 2014). Moreover, technological factors are also seemingly on its side as the firm has been able to develop its products by itself, which include such examples as the ET-One (Järvinen, Orton & Nelson, 2012). However, technological advancements shall not only mean advancements and innovation within a single lane, as it needs to formulate effective business models as well.
2.2 SWOT Analysis
SWOT, a business term comprised of domains of Strengths, Weaknesses, Opportunities and Threats, comprehensively relates the situation of an organization or company internally. Thor has its greatest strengths with respect to its product development, which is able to produce battery-operated medium/heavy-duty engine infrastructure for vehicles (De Hoog et al., 2014). These cause zero emissions whatsoever, and gives it incentive for appealing to a younger consumer base. Its main weakness is its apparent inexperience within the market. Its products have just launched, and they do not have any particularly direct consumer base- they first have to target other businesses and companies (Carley, Krause, Lane & Graham, 2013). Opportunities for Thor are significant, since their product covers only a single type of EVs, and it also has a market that is only going to increase in size within the foreseeable future (Mangram, 2012). The threats come generally from its competitors, since actually potential for entry and substitution with its competitors are not yet fully known.
2.3 Competitor Analysis
Despite the limited size of the worldwide market for EVs, it is apparently true there are direct competitors that Thor must encounter in all its moves and actions forward. At the top of the market hierarchy is Tesla, Inc., which has a major advantage of being the longest presence in the sector, as well as having the largest sales figures in history (Wager, Whale &Braunl, 2016). It has a dominant share of the market, but it has not been able to manage its development costs and sales figures effectively, leading to being largely profitable (Carley, Krause, Lane & Graham, 2013). Another notable name is the US-Chinese startup called Chanje who are responsible for the very same products, as well as the same positioning with its target market in its own turf of Los Angeles and its surrounding areas (Järvinen, Orton & Nelson, 2012). Other indirect competitors like China’s BYD Automobiles and Proterra, as well as established brands like Toyota and Ford all present challenges of entry and substitution with respect to the future actions of the company at large.
- Customer Analysis
The customer encapsulates another essential aspect of the entire proposition of marketing for a company. Under these instances, it becomes consequential to segment the consumer base, and then target as well as position its products and services accordingly (Cherubini, Iasevoli&Michelini, 2015). In this way, each segment shall know of Thor and its products, and will themselves be able to evaluate whether they should purchase products over other options in the market.
3.1 Customer Segmentation
Essentially speaking, it is quite apparent that the entire situation with regards to the potential of for no-emission Electric Vehicles effectively seeks to replace the overwhelming availability of common ones that run on automobiles. Therefore, Thor’s focus must not be upon acquiring an acceptable share of the market itself, but also extending itself to convert consumers who utilize automobiles in general (Carley, Krause, Lane & Graham, 2013). That is why customers for Thor can comprise any particular aspect of the widespread market, which extends to almost the entirety of the world, and can exceptionally cover every aspect of the social order (Mangram, 2012). However, since due to its limited potential of products at present, it is quite clear that the situation is quite unfavorable for covering every single base (Egbue& Long, 2012). The question that largely requires addressing its entry into the Australian market, and all the factors associated with macro and micro environments respectively.
3.2 Customer Targeting
Evidently, the first major step that the American startup has taken in its home country itself involves partnership with the worldwide shipping and logistics organization, United Parcel Service (UPS). This essentially points toward the fact that the company should start appealing to large and medium size businesses in order to provision for the transportation needs (Hemphill, 2012). This business-to-business approach must apparently point towards its value as a low-cost, energy-efficient and no-emission alternative to a large section of the entire Australian industry (Carley, Krause, Lane & Graham, 2013). For exceptional targeting of businesses, Thor Trucks could start with American nationals who actually operate in Australia continuously. Obviously, more levels of segmentation is required in accordance with their concerns and processes, and those who are generally involved in international shipping must be focused at large (Cherubini, Iasevoli&Michelini, 2015). The primary target shall obviously remain trained upon shipping and transportation organizations, but the company can also target the Australian government institutions in order to present its medium/heavy-duty vehicles for a variety of different public operations they perform.
3.3 Customer Positioning
The positioning must cover different points or indicators within the perception of its customer/client base. In particular, this can be idealized with its message of positive environmentalism, as well as transformation of the state of physical ecology in a positive fashion (Cherubini, Iasevoli&Michelini, 2015). But, highlights must also be included with regards to cost and energy efficiency with which its products must operate in general. With regards to this, Thor Trucks must relate their position of value, especially with regards to cost saving that its business partners would entail upon using their products (Egbue& Long, 2012). Moreover, considerations for Australia-specific manufacturing unit would also essentially aid their initial cause if the company should choose to appeal to the country’s government.
- Problem Statement
Based upon the situation and customer analyses specifically, it is apparent that there are frankly many different forces indicating the success of Thor Trucks entry into the Australian market at large. The major problem is the apparent niche size of the market for its products type, which inherently involves EVs (Aggeri, Elmquist& Pohl, 2009). It is apparent that for being profitable, it most definitely cannot compete in the limited market share, which is present in the segment particularly (Hemphill, 2012). Therefore, it needs a significant level of conversion for those who have utilized traditional automotive technology up until this point. This may involve a great deal of awareness and responsibility campaigns taking place for utilizing traditional media, which shall compel to end consumers to start purchasing EVs as well (Carley, Krause, Lane & Graham, 2013). Moreover, there is a significantly consequential factor that there is not a great deal of products, developed and manufactured by Thor Trucks as of this time. This indicates that its competitors in appealing to a wider consumer base than itself, and there is a need to correct this consequentially.
Objectives are necessary to determine for delineating exactly what any marketing plan should be achieving towards. Marketing inherently runs upon strategies, and strategies are only formulated when the exact objectives of a company or organization is effectively apparent and known (Carley, Krause, Lane & Graham, 2013). However, the following shall specifically involve careful inclusion of past analyses and those involving the entirety of problem statement as mentioned above.
5.1 To Present its Products as Failsafe and Truly Valuable Alternatives
What Thor Trucks is trying to achieve is all about replacing and/or substituting the current market of automobiles from the widest possible perspective. Therefore, it must ‘specifically’ utilize its marketing mix to inform and entrench essential information as to why their products are inherently preferable to automobiles (Greaves, Backman & Ellison, 2014). The ‘motivating’ aspect must include the exact difference in relation to the true cost reduction, which businesses will be exceptionally interested in (Cherubini, Iasevoli&Michelini, 2015). The targeted demographic should also uphold socially responsible ones, which must agree with what Thor is presenting in this case. The product is both relevant and time-bound with respect to an issue that is actually permeating throughout the social order.
5.2 To extoll the virtues of its products against its competitors
Through competitive analysis, it became clear that Thor Trucks was at a disadvantage across many different direction, which implies that it must highlight the values and differentiation constants that apply to its products specifically (Schuitema, Anable, Skippon& Kinnear, 2013). They will reflect better performance at lower costs, which shall provide motivation for the audience to purchase (De Hoog et al., 2014). Moreover, everything about the message shall be promising that other specific products shall soon enter the market, which shall only improve upon its present concerns (Egbue& Long, 2012). All things about their relevancy and time-bound factors shall inherently point towards the fact that products like it has does not exist in the market on some basis.
5.3 To raise awareness about the positives of EVs
It is apparent that the company should aim at achieving converting clients’ perceptions and beliefs in order to specifically appeal to their senses about the decision of using EVs (Oliver & Rosen, 2010). The motivating factor shall involve all possible advantages, which shall entail such a decision at large (Cherubini, Iasevoli&Michelini, 2015). Therefore, the other factors involved in the discussion shall speak for themselves eventually.
- Marketing Mix Strategy
The marketing mix involves all the actual stuff that the company shall essentially dedicate to its marketing department and all its members. For the exact nature of the strategy, all things in association have been specified and mentioned extensively.
Products must obviously involve the existing ones that the company possesses currently (Schuitema, Anable, Skippon& Kinnear, 2013). It is apparent that it cannot specifically develop and deploy something else when they are looking to enter a particular market like Australia (Egbue& Long, 2012). Specific cases involve ET-One, medium-duty vehicles etc.
The current plans for pricing has allowed Thor Trucks for its products to inherently cost less, and it has become a talking point across many business enterprises (Greaves, Backman & Ellison, 2014). Therefore, the company needs to maintain its pricings trends when entering the Australian market.
The promotions must inherently focus upon differentiation that Thor’s products provide, and must specify how its products can essentially resolve the issues of transportation that businesses may have (Egbue& Long, 2012). Moreover, everything must point towards the resolution of needs upon a wider perspective of cost and energy efficiency respectively in relation.
The marketing needs to occur across Australia, but specifically within expos and conventions, as well as through digital marketing. The reason for the former is because those situations provide opportunities automatically when businesses are looking to invest in something new and advantageous (Li,Tong, Xing & Zhou, 2017). On the other hand, the latter should most specifically raise the awareness as it is actually needed.
- Campaign Evaluation
Since the company has just started to make possible its aims at driving sales and deriving profits, this becomes essential for measurements to focus upon company’s own finances. If they are successful, it must indicate an increase in company’s revenues automatically (Li,Tong, Xing & Zhou, 2017). This shall become even clearer through the specific operations it should engage in Australia (Egbue& Long, 2012). The awareness situation about Thor Trucks, as well as the larger field of EVs by noting the use of analytics throughout their digital marketing. All of this shall effectively provide the controls and evaluation infrastructure that the company needs in actuality.
- Budget Allocation
Items for Marketing
Estimated Costs (in AUD)
Exhibition in Business Expos and Conventions
Search Engine Optimization in Australia
Social Media Optimization in Australia
This marketing plan should effectively cover all the concerns that Thor Trucks has in entering the Australian market with respect to its products. However, the situation in relation to its macro and micro environment reflected many different barriers and challenges, in spite of the fact that this move seemingly benefited the organization by a general rule. As a result, its target demographic did not involve the end consumer individual, instead they were the companies who require and engage in transportation activities by and large. In addition, another target segment was the Government of Australia itself, which had its own concerns with transport all across the country. The objectives made seem the product as a true alternative to traditional automobiles, which cost less both in purchase and in operating, and raised a true sense of differentiation against its competitors. The marketing mix included specific activities across such events as business conventions and expos, in addition to proper digital marketing in Australia for it to raise awareness about Thor Trucks, as well as EVs in general.
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