Sustain Competitive Advantage
1) There are several ways a product can be developed to sustain competitive advantage. The most important way is to have a real intellectual property. By having a genuine intellectual property means that the product’s value is protected and unique.
For example, if Jaguar wants to outshine and have the first mover advantage, their hybrid engine needs to have a certain technology which is not able to be copied by other competitors, thus giving them the upper hand. Such as high power efficiency whereby the energy is almost 100% converted to kinetic energy rather than waste products such as sound and heat.
2)The other method is to lower the cost price through the means of mass production. By lowering the cost price, …show more content…
Besides convenience, there are several factors to take into considerations such as experienced customer service team and information confidentiality. Jaguar being a reputable car brand, they have a huge team of experienced customer service team. As such, they would be more professional when dealing with customer issues. Some customers also tend to step across the boundary by asking many confidential questions to the manufacturer. Some questions include sensitive topics such as cost price and malfunction rate which are considered illegal. Therefore, to avoid such problems, it is better to work between the customers and manufacturers.
Pricing Strategies
Jaguar’s pricing strategy would be heading towards the premium price. Setting a low price does not always attract more buyers. These hybrid engines are heavily invested in research and manufacturing and selling it at an economy price devalues the product. The company would adopt Apple’s business model by setting a premium price to show off its value and also brings up the company’s market value. Furthermore, this would generate more profits for the company since each unit garner higher profit margin.
Despite setting high price, we would not implement one-time full payment. This is to help those middle income families to be able to afford our premium product by spreading the payment across 12-month interest free …show more content…
Holding customer appreciation events brings the community closer together. Also, this kind of event allows the buyers and Jaguar to share knowledge better.
Elements of the extended marketing mix
The elements of the extended marketing mix consist of the 7 Ps which namely product, price, promotion, place, people, physical evidence and process. The main elements that pertain to our hybrid engines are product, price, promotion and physical evidence.
Product – The product we offer incorporate latest technology and helps the users to save on petrol expenses as well as reduction in emission.
Price – Even though we will be setting a premium price, we would be offering instalment payment and affordable down payment. As such, average consumers can still afford the premium cars.
Promotion ¬¬- Nowadays, almost everyone has at least one social media account. Advertising on social media is cheaper than physical advertisement. Furthermore, it reaches to more people effectively.
Physical evidence – All physical outlets of Jaguar would have display set of the new hybrid cars for interested buyers to view and try
1) There are several ways a product can be developed to sustain competitive advantage. The most important way is to have a real intellectual property. By having a genuine intellectual property means that the product’s value is protected and unique.
For example, if Jaguar wants to outshine and have the first mover advantage, their hybrid engine needs to have a certain technology which is not able to be copied by other competitors, thus giving them the upper hand. Such as high power efficiency whereby the energy is almost 100% converted to kinetic energy rather than waste products such as sound and heat.
2)The other method is to lower the cost price through the means of mass production. By lowering the cost price, …show more content…
Besides convenience, there are several factors to take into considerations such as experienced customer service team and information confidentiality. Jaguar being a reputable car brand, they have a huge team of experienced customer service team. As such, they would be more professional when dealing with customer issues. Some customers also tend to step across the boundary by asking many confidential questions to the manufacturer. Some questions include sensitive topics such as cost price and malfunction rate which are considered illegal. Therefore, to avoid such problems, it is better to work between the customers and manufacturers.
Pricing Strategies
Jaguar’s pricing strategy would be heading towards the premium price. Setting a low price does not always attract more buyers. These hybrid engines are heavily invested in research and manufacturing and selling it at an economy price devalues the product. The company would adopt Apple’s business model by setting a premium price to show off its value and also brings up the company’s market value. Furthermore, this would generate more profits for the company since each unit garner higher profit margin.
Despite setting high price, we would not implement one-time full payment. This is to help those middle income families to be able to afford our premium product by spreading the payment across 12-month interest free …show more content…
Holding customer appreciation events brings the community closer together. Also, this kind of event allows the buyers and Jaguar to share knowledge better.
Elements of the extended marketing mix
The elements of the extended marketing mix consist of the 7 Ps which namely product, price, promotion, place, people, physical evidence and process. The main elements that pertain to our hybrid engines are product, price, promotion and physical evidence.
Product – The product we offer incorporate latest technology and helps the users to save on petrol expenses as well as reduction in emission.
Price – Even though we will be setting a premium price, we would be offering instalment payment and affordable down payment. As such, average consumers can still afford the premium cars.
Promotion ¬¬- Nowadays, almost everyone has at least one social media account. Advertising on social media is cheaper than physical advertisement. Furthermore, it reaches to more people effectively.
Physical evidence – All physical outlets of Jaguar would have display set of the new hybrid cars for interested buyers to view and try