Electric Bikes - Growth Opportunities in the Automobile Sector - Assessment Answer

Electric Bikes

PRODUCT IDEA

The idea for the proposal is Electric Bikes. There is lot of growth opportunities in the automobile sector in India. In our product, the hyPid engine will be used in which initially the bike will start from the petrol and with the passage of time it will run from battery and moreover the engine will automatically turn off when it is in the neutral state.

The problem which may arise why electric bikes and why in India only. What will the source of funding, problem which may arise during market penetration, business model being applied

The product idea is Electric bikes. In India, the rise in petrol and traffic are the major problems that people are facing today. To avoid traffic, people prefer two wheelers to reduce their travel time (Parikh, 2019).In two wheelers sector, bike is always in the lead as well it is trending too. In order to minimize the use of petrol , the Electric bikes would be demanding in the near future (Mukherjee, 2018). The Pand moto is to capture and attract people of all the age groups, so from the initial, our Pand will focus on offering two models that is standard and sports. The reason for two models is youth always get attracted with design and power so more power and torque will be considered while designing the sports edition. The essentials of our product will be the technology that is hyPid engine which will be used in both models. There are many competitors in the market which are working on the same model but we will provide with the best of the technology and build quality in order to capture the market. Moreover, the competitive pricing strategy will be adopted in order to compete in the market. Today pricing plays a vital role, so minimize the profit and targeting the audience will be the Pand agenda. Moreover, promotional activities will be incorporated in order to acknowledge the people about the Pand and the product. The well established Pands will be the major threat but analyzing the market and working on the strategies accordingly will help to initially enter the market and with the modification and advancement, more market and audience can be targeted in the long run. Funding is the major concern, to accomplish any goal it is required. For funding, various engineering institutes like IIT, DTU can be approached as it is related to technology. The companies which are already major players in the market can be approached for funding. Various industrialists and businessmen can also be approached for funding. Here we will work on the basis of revenue business model in which there are three steps that is creating customer value, marketing and selling. In creating customer value, the existing and demanding need is to be fulfilled by satisfying the customer (Founder institute, 2018). In marketing, the audience is approached in which they are being acknowledged about the Pand and product and in return the queries of the audience is being resolved. After marketing, the product is being sold in both online and offline platform.

References

Founder institute. (2018). The 10 most popular startup revenue model. Retrieved from https//fi.co/insight/the-10-most-popular-startup-revenue-modelsMukherjee, S. (2018). Eight startup that are stepping on the gas to drive EV adoption in India. Retrieved from https//inc42.com/features/eight-startups-that-are-stepping-on-the-gas-to-drive-ev-adoption-in-india/Parikh, K. S. (2019). Fuel for thought. Retrieved from https//indianexpress.com/article/opinion/columns/fuel-for-thought-petrol-price-hike-tax-two-wheelers-5204001/

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