Flying Car Marketing Strategy
There is no doubt that nowadays technological development process is very fast and it is rapidly developing. New inventions are taking place on the market every day. As a result, the competition level is becoming more and more severe. So, the effective process of the implementation on the existing market has to be done. The most important elements are the marketing mix parts, namely pricing and promotion strategies. One of the most innovative new products on the market that has to be investigated is flying cars. Flying cars are absolutely new to the market and have no analogues.
Pricing Strategy and Objectives
The pricing strategy choice is critically important for the new product settlement on the market. However, first of all, the producers have to determine what main pricing objectives they are following. The main pricing objective for manufactures of the flying cars is covering the expenditures on investigation, invention and patent. It deals with the fact that the new product production requires considerable financial investments into the process of development that may take years before actual launch on the market. Inventors of the flying cars have made numerous attempts and made many improvements into the product before introducing it to the market, so considerable expenditures have already taken place. In addition, another important pricing objective is profits earning. Considering the fact that the product is new and there is no competition on the market, the company that produces flying cars has an opportunity to earn extra profits from uniqueness. The last, but not the least, objective is establishing on the market for a long time. No doubt that in future, there will be many market followers and niche players that would take parts of the market shares. This is the reason why it is critically important to remain the market leader in the field of flying cars. One of the methods is using effective pricing strategy.
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As for the choice of pricing strategies, on the lifecycle stage of introduction, the pricing skimming strategy is the most effective one (Richards, n. d.). Such a pricing strategy will give an opportunity to settle on the market and earn extra profits by taking an advantage of being the single company that is offering such type of products. The pricing skimming strategy will give an opportunity to reach the first two settled goals. As for the third one, namely long-term settlement on the market, the value-based pricing strategy is the most effective way to reach this objective. The value-based pricing strategy deals with the price level settlement on the basis of customers’ perception and attitude to the brand (Investopedia, n. d.). The better the brand and its market position is, the higher prices can be set.
The media strategy is also critically important for product settlement on the market. The media strategy should be targeted at different media goals, namely informative, brand development and sales promotion. In order to inform the target audience and society about new products, the company should publish articles in printed and online magazines and newspapers, in order to announce about such an important invention. The appearance of a flying car on the market will certainly interest the target audience. In addition, it is important to post the detailed and informative description of the product on the official website and official pages in social media networks. In such a way, the target customers will be informed about the new product that is entering the market. Another element of the media strategy deals with the brand’s development. In order to reach this promotional goal, the advertisement and public relations development should be used. The TV, internet and outdoor types of advertisement should be used with the aim to develop the brand awareness. The frequency should be often and continuous, in order to make the media strategy very intensive.
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Another important element of the promotion strategy is the process of public relations development. The manufacture of flying cars should be socially active. The company should organize and sponsor different charity events. In addition, the company should contribute to the development of environmental conditions, since many customers are concerned about the nature and the fact that environmental conditions are rapidly worsening. In such a way, the company will increase the level of social responsibility, develop the brand awareness and loyal relationships with the target audience.
Potential Sales Objections
Considering the fact that the flying car is absolutely innovative and new to the market, producers may face the list of objections that will prevent customers from buying the product. First of all, the customers will be concerned about the quality of cars. Due to the fact that they are transporting people in the air, there are considerable fears of the target audience about the quality and safeness, while transporting. The most appropriate response is showing and posting in media different types of successful tests and trials of the flying cars. Another objective of the target audience is high prices for the flying cars. Obviously, the response will explain the fact that the product is innovative and highly technological and, for the beginning, only small target market with high level of income can use them.
How it works:
Another objection deals with legal factors. There is a considerable problem with the fact that there is no legislative base in the countries for the regulation of taxes, traffic and other important issues of using flying cars. The response should explain that the increase of flying cars usage will motivate the positive changes in legislation. One more objection of the customer will definitely refer to the lack of skills in driving those flying cars. In response, the producers should offer free courses and training of driving flying cars. As for the fourth objective that may occur, namely, the lack of special parking place for the flying cars. Due to the small amount of the flying cars and their mobility, the random parking place may be used. However, with the increase of flying cars usage, the manufactures will invest in the infrastructure for flying cars.
- How much time do you spend on the way to your working place or other destination point? Would you like to decrease the time?
- Are you fond of innovative and high-tech trends?
- Are you afraid of flying?
- How much are you willing to spend on the effective means of transportation?
- Would you like to use personal flying cars for transportation?
- What do you think of flying cars? Are these cars comfortable in your opinion? Are they safe enough?
- Would you like to learn driving them for free?
The developed advertisement below is an example of the outdoor advertisement of the flying cars. It should be posted on the large billboards along the road in large cities. The message is targeted at the owners of the road cars that are staying the traffic jam. With the help of such outdoor advertisement, the target audience has an opportunity to see the main competitive advantage of flying cars. As a result, the advertisement is creating need, desire and motivation to buy the personal flying cars.