Australia is about 25 million people where about half of its population possess a passenger car. It has been found that the best customer archetype for a car worthing around 25 000 AU$ are the young men between 25 and 34 years old. They represent 1.66 million people within the country and most of them lives on the Est-coast, when it comes to downsizing to a specific area, 10% of them lives in Brisbane. On the basis that only one fifth of them show an interest for sport car around the price of 25 grand, they represent 34 200 within the city which represent a large customer potential knowing that a car assembly line will required only 410 car to pay back the operating cost. From the interviews, their fundamental pain usually revolves around the high costs of purchasing the vehicle. The reasonably high purchasing power from a large section of the population, coupled with the demand for cars, triggers the prices. As such, ownership of a vehicle is often a sacrifice, albeit with a high satisfaction rate. The other issues pertain to dissatisfaction tied to poor designs. The interview reveals that the high cost of vehicles does not necessarily guarantee the desired aesthetic value. Besides, customers have a limited contribution to the impending design and often have to cope with unsatisfactory makes. Low performance is also a fundamental pain associated with the vehicles. The identification of specific challenges may be achieved instantly or after limited exposure to a particular vehicle. However, this customer archetype also witnesses multiple gains, including a sports line, recognizing desire and comfort. The following product is actually a sport car providing a similar gain than another sport car at a more reasonable price. However, the starting product have low performance but can be upgrade through aftermarket product to compete with other cars. The other benefits emanate from different incentives, including a two years warranty, environmental-friendliness, and high safety standards.
Business Model Canvas
Value propositions
The sports care category is an essential detail for the customers. It involves one of the largest categories of car enthusiasts. Many people yearn for sports cars but are cognizant of the resources constraint. Sports car embody luxury and are historically associated with high prices. However, the new model is expected to change the notion by aligning with the financial capability of a large section of the population. With a purchasing price in the range of 25000 AU$, the car competes with a wide range of different models of vehicles. The associated aftermarket product that will improve the performance of the car is the primary feature that resonates with prospective users. Ground clearance is an important aspect, the difference between the front and rear magnitude allow to increase the strength of the car shape, the rear of magnitude is about 315 mm whereas the front is only 223 mm. Some others important dimensions include a total length of 4684 mm, an overall width of 1860 mm, and an overall height of 1383 mm, making the car just in the middle range size car. The curb weight covers 1240 kg and it is made up of a 3-cylinders engine in line that weigh only 104 kg and deliver 129 horsepower, providing a good ratio weight/power, which is an important detail when speaking of performance. Furthermore, the fuel tank accommodates 55 liters while and the car has a sustainable consumption, standing at 6.3L / 100km CO2. Some of the essential equipment includes 18-inch aluminum wheels, sports bucket seats, heated mirrors, and air conditioner. Music lovers will also enjoy the filter audio HiFi 4 speakers. The front part consists of the driver airbag, radio LCD and USB port, LED Daytime Lights, and Anti Fog lamps. Some key security details include the theft system approval, electric front and rear windows with child safety, and automatic front lights. Consequently, the car will solve the problems of well design car that are to expensive with its starting price of 25 grand, and performance with the possibility to have install some aftermarket product.
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Customer archetypes
The customer archetype analysis concerns the Australian men in the mean age 25 to 34 present a particular situation of the car industry. They are 1.6 million within the country and a fifth of them are potentially interest in sport car. A primary defining factor of the particular customer archetype is that there is an increased emphasis on details, particularly regarding the quality of the car and the value of money. Their priority is usually found in the design and performance of the car, and has the least concern about the environmental aspect. The requirement explains the focus on paying the least insurance compared to the younger segments of the population. The customer archetype earns a median salary of 50,000 dollars annuals. They are also keen on conserving friendships. The car helps to facilitate movement and taking advantage of free time.
Persons in the mean age of 25 to 34 are also early adopters. They are well conversant with different quirks and features of multiple vehicles. The customer archetype also engages with different issues in the car market beyond the technical detail. It includes the arising developments, technologies, and alignments with the international standards for quality and efficiency. Persons in the dominant customer archetype are also interested in developing social networks, which will facilitates the community, leading to seamless information gathering and sharing around the brand online. This impending community could be a platform for multiple social incentives. The groups cannot resist the desire for admiration and the pleasure of being valuable members of the community. The men’s financial capability is also an important finding. The high purchase power, amounting to 20000 to 30000 AU$, presents multiple incentives to the industry. It is an ideal reference to the future realities of the car market within and beyond Australia.
Channels
Socio networking is an integral aspect of the car industry. Different social media platforms such as Instagram and Facebook support multiple needs, including business and interaction. High usage of either of these platforms translate to a higher engagement rate from the customer to the brand. However, Instagram has the upper hand regarding customer engagement. It is 58 times effective, more than Facebook and 120 times more than Twitter. Some of the integral features include stories, inbuilt analytics, and page promotion. The use of different platforms suggests that customers will have a different judgment regarding any arising expectations in the car market. Facebook is known to be effective when including esteem to the society whereas Twitter can advertise the brand through tweet that can goes easily viral. Besides, online platforms support sharing ideas from different persons from within and beyond the country.
They are others essential channels, ranging from car transport business, partnership, and online business that are critical to spread the car around Australia. As example, Ceva is a car transport business that can move the car from Ipswich anywhere to the main city which are Adelaïde, Brisbane, Darwin, Melbourne, Perth, Sydney, and Townsville. Partnership with existing dealership such as Toyota could present an advantage to promote and sell the cars. As an instance, Dacia in Europe make a partnership with Renault dealership to help to sell their car in exchange of a compensation, and it has worked very well since they sold their car and were out of stock really fast. Another way to sell the car could be an online website, such Tesla did to sell their own car, this will facilitate retrieval and analysis of essential information regarding quality and comfortable cars as supports the interest of the brand to the customers.
Customer relationship
The Customer relationship is a critical aspect regarding a brand and his position on the market. It is the foundation for understanding the existing needs and working towards delivering the required needs. Manufacturers use different approaches to understand and support the needs of the population. They are bound to benefit from the creation of a highly interconnected community. Some of the primary incentives include social network, which is an integral platform that will help to get more survey from people in order to put the business on the right path. The first survey made outside had allow the business to know its customer archetype which represent a great value when engaging the market, which make it more efficient the way to get customer. Business image is also an important requirement, the brand logo will primarily conforms to the Australian colors in order to get the customer's attention and appreciation on the market, make him proud to drive the only car that is assembly within the country. Besides, the original manufacturer and partner of the car model is also making a racing model called the TR180 based on the model, which will represent the car and the brand in automobile competition.
To keep the new users, the business should achieve multiple inducements, including aftermarket support, maintenance, and survey. The inducements suggest a highly personalized commodity commencing from the point of accessing the vehicle and throughout the time of using it for different needs. Furthermore, the use of survey will be a requirement to obtain the necessary information that will keep defining the right needs of the customers as it will support them better.
Lastly, the developments of new model such as SUV, UTE and others also avail essential growth prospects for the business. Expanding the offer also required new survey in order to fit with the new requirements.
Revenue streams
The business will capitalize on the numerous revenues streams available from the large Australian market among a consequent category of car enthusiasts. Car sales constitute the largest revenue stream, given the highest cost compared to any other commodity. The business will mainly target customers from the Brisbane area aged between 25 and 34 year olds. The inducement arising from the affordability means that we can anticipate a large market size. Service and maintenance is also a critical requirement. The buyers will be interested in retaining the car that has offered such needs over the years or acquiring one with the required incentives. The aesthetic value of a car is also a relevant aspect. The buyers will spend extra money to make slight adjustments to attain the desired utility. They also may want to spend the least amount of different needs despite awareness of the inevitable costs. It makes it possible to retain the vehicle for the longest period possible. Such persons have also formed unique personal relationships with car dealers and mechanics.
Aftermarket product upgrades the car performance to obtain more power. The underlying approach features multiple benefits and is competitive in diverse ways. Many aftermarket product can be found across the world to fit the special need of the car. A typical car owner is also increasingly passionate of their vehicle. They may go to the extent of receiving highly personalized services. It is upon the dealers to strike a balance between earning from maintenance and facilitating the utility of the vehicles for the benefit of the customers.
Key partners and suppliers
Partnership is a critical requirement in every industry. The development of the sports car has led to the involvement of key partners facilitating different technical and logistical needs. MPM is one of the integral players. The company is a French car manufacturer that will provide the schema to assemble the car. MPM will also provide the parts of the car and ship them to the business. The other player is regarded as JDSK, a Chinese car assembly provider that will provide all the machine required to assemble the car in Australia. Furthermore, JDSK can also provide some parts to assembly the car.
Besides, the inclusion of others partners, over the time, are bound to cut the costs of production. The business will affirm the interest to offer affordability by engaging clients with a limited budget, which presents multiple incentives. The first benefit entails exposure to a large range of choices. The modern era of car manufacturing establishes variety as an important attribution. As such, the customers can choose from multiple options. It covers essential categories, such as power, practicality, and personalization. The other incentives revolve around high performance. The customer archetype is assured of the best performing for the car will be available. The incentives may also cater to the need for luxury and preference. It largely emanates from the provisions for customization and personalization.
Consequently, the involvement of multiple partners is a key foundation for innovation in vehicle manufacturing. The research and development made by others are concerned by offering the latest developments and satisfying the individual desires of a large section of the population.
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