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. 

Think of an idea for a product or service that you think you might be able to sell in your area. Create a general marketing plan and complete some basic market research. Include information about who your customer is, how you attract their attention, and how to determine the pricing of your product or service.

 SpaceX Starlink, a high-speed, low latency broadband internet. Users can expect to see data speeds up to 150Mb/s and latency from 20ms to 40ms in most locations. 

The Marketing Plan for Starlink

The Market Situation by Now

• Starlink is high-speed, low latency broadband internet powered by satellites which means the clients do not have to switch their data plan during their visits to different countries or re-sign an agreement for local service providers. By now, people are still dealing with their local carriers or switch SIMs to get their services.

• The market size is obviously huge. Almost everyone on earth needs this. And Starlink aims to provide everyone on the planet better services rather than stuck by carriers within their countries and purchase expensive SIM cards to get their data plan in other countries.

• Everyone can easily order the service online and activate it through its app.

• Starlink is ideally suited for areas of the globe where connectivity has typically been a challenge since it is unbounded by traditional ground infrastructure.

• Now, rival companies such as Viasat Inc, OneWeb Global Ltd, and Hughes Network Systems are challenging Starlink's space race.

The Threats

i. By now, regular transnational travelers are relatively fewer. So, one of the major benefits of Starlink may not so sure to be a need for everyone as they already have the local carriers. 

ii. Launching rockets to the space is not a cheap business. It can be a barrier for competitors to fail and also can be a reason for bankruptcy. 

Opportunities

i. With more and more people need faster and stable connections to the internet, Starlink may be the ideal choice for them. Traveling around the globe without switching any data plan or additional charges by service providers.

ii. Ahough rival companies such as Viasat Inc, OneWeb Global Ltd, and Hughes Network Systems are challenging Starlink's space race, they do not actually have the ability to launch their own rockets and set up satellites.

iii. For poor countries that are lack infrastructure, Starlink is ideally suited for them since it is unbounded by traditional ground infrastructure.

iv. The U.S. Federal Communications Commission has approved SpaceX's plan to deploy Starlink satellites at a lower earth orbit than planned to provide high-speed broadband internet services to people who currently lack access.

Marketing Objectives

Starlink wants to bring everyone on this planet a reliable, easy to set up, and affordable internet. In Taiwan, most internet coverage is in big cities. Starlink can make the coverage even better. In Taiwan, there are goals for the objectives initially, to get at least 10% of the population to know the better service and its background, offer the earlier registers a free trial for 3 months, collect the trial data to improve the user experience to achieve over 90% of over 9 ranked feedback(ranks from 1 to 10), and share the positive experience on YouTube, Instagram, Facebook, Twitter, and Reddit. 

I. To get at least 10% of the population to know the better service and its background.

10% of the population in Taiwan is 23 million people. So, at least 23 million people know the service is the goal. 

II. Offer the earlier registers a free trial for 3 months

The reason for that is to stimulate the trial. In the beginning, it is similar to change their carriers for most people. So, this is to make sure they don't be afraid of making that change.

III. Collect the trial data to improve the user experience to achieve over 90% of over 9 ranked feedback(ranks from 1 to 10)

After all, we need to know what the customers are actually thinking. And, during the improvement and by good reactions, the brand loyalty also built along the way.

IV. Share the positive experience on YouTube, Instagram, Facebook, Twitter, and Reddit

On those social media platforms, the user data is more clear and be analyzed more effectively.

Implementation

I. To get at least 23 million people to know the better service and its background. According to the statistical data, there are 11.62% of the population is around 15-24 years old and 45.51% is 25-54 years old, it is over 13 million people when sums up the two ranges. And, this range is the most active smartphone users. 

So, advertise on social media to get enough viewers and open accounts on those social media to interact with these users. Post the job offers in Taiwan and hire a team in Taiwan to do that.

II. Offer the earlier registers a free trial for 3 months. The reason for that is to stimulate the trial. In the beginning, it is similar to change their carriers for most people. So, this is to make sure they don't be afraid of making that change.

While advertising and post the service, make sure the clear free trial message is included. After that, make sure they are less willing to leave your service. Therefore, the second step is to offer an attractive plan for them. Currently, in Taiwan, a NT$499 monthly bill is acceptable for most people. For frequent travelers, NT$1,299 to NT$1,599 is very attractive. So, set up the plan A(NT$499) and plan B(NT$1,299 to NT$1,599) for them to choose.

III. Collect the trial data to improve the user experience to achieve over 90% of over 9 ranked feedback(ranks from 1 to 10). After all, we need to know what the customers are actually thinking. And, during the improvement and by good reactions, the brand loyalty also built along the way.

Collect the crucial data after the free trials such as why they don't like it. The questions should be done under simple options like the price is too high? the connection is not so stable? the speed is not high enough?

Budgets 

According to Facebook advertising costs, on average, $0.97 per click and $7.19 per 1000 impressions. The budget is up to $47,000,000 when successfully reached half of the 13 million people.

Hire a team to do the market, the analysis, and client services need to offer 30 full-time jobs with a $1,500 monthly pay each. So, that's $540,000 per year.

Overall, it is $47,540,000 in the first year. And $540,000 in the following years. 

Reference

Taiwan People 2020, CIA World Factbook. (n.d.). https://theodora.com/wfbcurrent/taiwan/taiwan_people.html.