Consider A Product That I Enjoy Using, How would I begin to research the market to sell this product in my area? What steps should I take?

 A Product That I Enjoy Using

Tesla Model 3, Model X, and the Roadster.

Brief Introduction of The Product

Model 3 is a fully electric car, it is a zero-emission moving option and if you charge overnight at home, you can wake up to a full battery every morning. Searching for a gas station has become history. Even during a long way journey, the Tesla charging network is easy to plug in along the way and helps you to go everywhere. In addition, safety is the most important part of the overall Model 3 design. For maximum strength, the metal structure is a combination of aluminum and steel. Moreover, in a roof-crush test, Model 3 resisted 4 times its own mass with an all-glass roof. It comes with the option of dual-motor all-wheel drive to accelerate from 0-60 mph* in as little as 3.1 seconds and lowered suspension for total control, in all weather conditions. The popular feature Autopilot's advanced safety is designed to assist you with the most burdensome parts of driving.

i. Identifying The Targets (Understand Who I Am Selling To and Who Need This Product?)

An entrepreneur is someone who sees a need and takes on the financial risk to start a business to fill that need. So, the first step should be the discovery of the needs. However, does the ideal customer exist? What if they do exist, but it turns out that they don’t want to buy my product? Therefore, I must be flexible and willing to change my strategy for both the customer and my products. A great question like, does it reduce costs? It has been answered by FORD MOTORS, to provide affordable cars, and almost everyone needs a car. Further questions such as improve efficiency? add more value? or does it is the technology we need? all help while we trying to sell a product. Moreover, like an elevator pitch, you have to describe the benefits of your product to potential users within a few minutes. 

This Model 3 is designed for anyone who is over the legal driving age and needs a car to move around cities or anywhere on the road. It is a great choice for those who can afford a $40,000 car and love to drive an all-electric car. It is a clear trend that all car owners need a zero-emission option for their future since people are trying to switch fossil fuel to clean energy. Therefore, the co-founder Elon Musk came up with the solution to fill that need. 

ii. Conduct The Market Research

Market research is the systematic collection, analysis, and reporting of data about the market and its preferences, opinions, and trends. Therefore, it is helpful to hire a professional firm for this kind of service. To conduct those research, "Think with Google"(https://www.thinkwithgoogle.com) is a good way to start but some steps are necessary. Of course, I have to determine the purpose of my study first, the reason why I think selling this product to where I want to sell is a good idea. 

For selling Tesla Model 3, Model X, and the Roadster in Taiwan, I have to conduct a study for this purpose. And the next step is to collect as much data as I would with an external purpose. When looking at the electric vehicle industry’s outlook in Taiwan, I found it has very high growth potential because there are still very few electric cars in Taiwan but they need a better moving option to achieve their zero-emission goal. 

The Major Issues and The Opportunities

For now, Tesla or other electric cars are too expensive for people within a $20,000 ~ $25,000 budget constraint. And for most people who want to try, they are likely to change their mind while it is too hard to find a place to get their cars charged.

The Target Customers

*Age: Legal driving age. In Taiwan, all drivers must have a valid driver's license and the minimum age to drive a car is over 18 years old.

*Income: According to the average salary survey(https://www.averagesalarysurvey.com/taiwan), In Taiwan, the average income is NT$1,186,222 per year. So, for most people in Taiwan who need a car, $30,000 to $35,000 is a little bit higher than their budget constraints, but it's still reasonable.

*Gender: All genders should have the freedom to own their lovely cars.

*Location: For cities in Taiwan such as Taipei, Taichung, or Kaohsiung, the families still need a car to move around, even though the MRT systems are very convenient in these cities since you don't have to wait in lines or be trapped in a schedule, or carry heavy loads during your journey.

*Marital or family status: Married people may tend to buy a Model X if they have kids, so its design should satisfy those needs.

However, as the business grows, the potential customers may evolve or change. Revisit the targets market from time to time to ensure they are satisfied as usual. And, most importantly, keeping the steady flow of data coming in to help while making decisions about the next steps. 

iii. HOW To Reach The Customers and To Satisfy Them

Now, I know what to sell and who to sell, the next question is HOW to reach them, to satisfy them, and build a good connection with them. I think not only I must create the products they need but also I have to give them through the way they like the most. You can buy the same insurance contract from a broker, a salesperson, or directly online, but I believe the feeling is different. 

Although some of the options are through a distributor or hiring salespeople, I think I will choose to let the customers order only on the official website. Website is the easiest and most widely accessed form of marketing. This is pretty similar to Apple. Physical stores for showing the actual cars and direct contact to the customers rather them bothering the customers with many intermediaries. In addition, by direct sale, I can collect the data I need without any third parties, and it helps me to get real-time feedback.

iv. Pricing

How much money should Tesla charge for its cars? I always think a successful pricing strategy should be a win-win solution. The customers love the products and also feel comfortable buying them. Consider the major issues I mentioned earlier. For now, Tesla or other electric cars are too expensive for people within a $20,000 ~ $25,000 budget constraint. Therefore, Tesla should build a more affordable model for those customers. To those who already have the ability to buy a car for more than $30,000 or already own a $30,000 car, they are the major customers right now. Not only do we have to build a worthy product but also the product must be affordable for its lovers. After all, the car is supposed to satisfy the customers. That means if the cost of manufacture the product exceeds the price that your customers will pay for it, you will have to rework it, or it will be a bad idea even though it is excellent.

v. Advertising and promotions

Advertising is bringing a product to the attention of potential and current customers. Promotions keep the product in the customer’s mind and help stimulate demand for the product. Some reward programs even improve the customers' loyalty. By operating social media such as Facebook, Instagram, Twitter, Pinterest, and LinkedIn, product reviews can spread all over the world. 

vi. Checks and Introspection

Once identified the market, understand the range of potential customers, how to reach them, and how to sell to them, it’s time to check if the plans are realistic or not.

vii. Compare The Competition

Overall, competition is a good thing. It forces business owners to perform at a high level, but still, everyone wants to beat the competition. To further analyze the market, make a list of all the possible competitors is necessary. By now, the major competitors are Volkswagen Group, General Motors, and other new startups from China. 

SWOT Analysis

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, it is a technique for assessing these four aspects of a business.

The Strengths

As an early developer of electric cars, Tesla's development in battery and performance is better than other electric car manufacturers. Gigafactory can also be built very quickly compare to its competitors since Tesla has been a sophisticated Gigafactory builder for a long time. 

Weaknesses

All electric cars have a common weakness, not enough charging stations. Some quality concerns about Tesla's products. Big brands such as Volkswagen Group and General Motors, have begun to take some shares in the market based on the brand images they have already built for decades.

Opportunities

When you think of a smartphone, you probably think of iPhone first. When you think of an electric car, Tesla is also the most likely brand that first comes to your mind. Pioneering the market has made Tesla as the gamer changer.

Threats

Many new competitors from China have the ability to manufacture cheaper electric cars. Although they may not be as great as Tesla's products by now, they can learn from Tesla.

For more resources, the iDE website(https://www.ideglobal.org) can help with the development in those poor countries to discover even more markets.

Reference

Model 3. Tesla. (n.d.). https://www.tesla.com/model3. 

Taiwan: Average Salary Survey 2021. Salary. (n.d.). https://www.averagesalarysurvey.com/taiwan. 

WIKIBOOKS. (2020, June 13). Getting Started as an Entrepreneur. Wikibooks, open books for an open world. http://en.wikibooks.org/wiki/Getting_Started_as_an_Entrepreneur.