(MRKT11029) Market analysis assignment report for Vida-a-gogo E-scooter market entry strategies

Question

Task: how can Vida-a-gogo E-scooter utilize market analysis assignment research techniques to maximize its market entry and position

Answer

Introduction
The purpose of the market analysis assignmentreport here is to understand how the chosen product Vida-a-gogo E-scooter can enter into the Australian market by analyzing its current market conditions.

Product Description
The Vida-a-gogo is a seated and comfortable electronic scooter with superior build quality for achieving maximum durability and performance. It has a powerful motor of 400W delivering fast acceleration and instant torque for moving with ease on streets, inclines and other terrains (Kickstarter, 2022). It offers a comfortable and fast ride with shock-absorbing tires and dual suspension system for ensuring smoother rides. The market analysis assignment product analsysis also shows the scooter also has keyless remote start and LCD display for convenient ride.

Current Market Conditions in Australia
market analysis assignmentBusiness Trends
market analysis assignment research shows the electric scooter market has been growing rapidly in Australia in the recent years. It held the largest market share in the Australian micro mobility market in the year 2020 based on vehicle type (PS Market Research, 2022). The popularity of e-scooters has grown for various recreational purposes and short distances because of their cost effectiveness, environmental-friendliness and accessibility. There are different emerging trends in the electric scooter market. For example, there has been an increasing growth in this industry that is expected to enhance further in the future. Brands have been leveraging technologies for making e-scooters safer and more convenient (Pablo, 2021). This is further expected to create increased demand for better infrastructure for e-scooter riders. Here, governments are also being more open and embracing this e-scooter market in Australia in different states and cities. Along with this, the global electric scooters market size was also valued at USD 20.78 billion in 2021, which is further expected to grow at an annual rate of 7.8% till 2030 (Grand View Research, 2022). This is because of the increasing demand towards fuel-efficient vehicles in the global market, which is the result of growing concerns over carbon emissions and greenhouse gases.

market analysis assignmentCompetitor Analysis
E-scooters in Australia have gained immense popularity since the launch of rental company Lime in Brisbane in the year 2018. Currently, it operates around 3500 e-scooters across the country alongside New Zealand market (Cassidy, 2022). It has further been joined by other rivals like Beam and Neuron. This trial of Lime scooters in Brisbane starting at the end of November 2018 has been a significant step for residents and tourists in Australia. The cost for unlocking the vehicle is only $1 and 38 cents for a minute to ride, thereby, making e-scooter one of the cheapest modes of public transport. Commuters can now ride steep slopes in Brisbane easily along with increased convenience. Neuron Mobility is another brand in this market offering scooter sharing services across the Asia-Pacific region and consisting of 600 scooters working around streets of Brisbane (Jetcharge, 2020). The scooters of this brand use geo-fencing technology for preventing being present or ridden in areas where e-scooters are prohibited. Various other brands selling e-scooters in Australia include Mearth, Voltrium, Zero, Unagi, Segway and others. As per the market analysis assignment research, these brands focus on providing electric scooters to riders wanting to experience smooth, convenient and easy way of commuting across different cities.

Customer Needs
Electric scooters are able to fulfill customer needs for being small, light enough to carry on buses and trains and commuting easily to places. Commuters mainly require for ways to speed during their last miles to home or work, while students want to commute to their college campuses on these vehicles (Seitz, 2019). It has been observed that consumers’ innovativeness, prior experiences and their social and cultural backgrounds often motivate them to use e-scooters. Convenience is another prime factor for using these vehicles. This is because customers prefer fast and convenient transportation that electric scooters can provide (Kopplin,et al., 2021). Furthermore, consumers are now becoming increasingly aware about climate change and global warming. They are starting to embrace the concept of green consumption while undertaking purchasing decisions, thereby willing to take measures like green transportation for the sake of environmental protection. This has increased the need for replacing traditional gasoline scooters with the help of electric scooters (Tu, et al., 2022). These scooters have features like energy savings, low noise, environmental protection and zero emissions. Thus, customers now prefer these electric vehicles that are environment-friendly, improve urban air quality and reduce harmful gas emissions.

Marketing Environment in Australia
Marketing Strategies and Innovative Marketing Approaches
market analysis assignment findings show, Various social media and digital marketing strategies can be undertaken for promoting the ViVida-a-gogo E-scooter in the Australian market. In this way, the product can be communicated to the customers over different social media platforms like Facebook, Twitter, Pinterest, Instagram and others. This effective communication between the firm and its potential customers will not only help in providing information to the customers but also gain their valuable feedback on the e-scooter (Alves, et al., 2016). Social media networking sites can further result in the creation and exchange of user-generated content about the selected product, thereby making it popular amongst the target customers in the market. Customers now consider information shared over the social media platforms as more reliable than the information disseminated by firms (Constantinides, 2014). This has made it essential to use social media for various marketing activities like customer relationship management, sales promotion, market research, service provision, branding and others. It can result in various positive implications by deploying social media in the marketing strategies for promoting the selected product e-scooter. This is one of the most popular types of digital marketing strategies that can be undertaken for communicating about the e-scooter. Various other digital marketing strategies include email marketing, digital advertising, strategic website development, search engine optimization and content marketing (Mandal& Joshi, 2017). Here, the use of digital technologies can make marketing strategies more effective for reaching customers. This is because of the individual attention, better product communication, improved campaign management, marketing design and execution involved in these digital marketing techniques. Developing a website can be helpful for attracting potential customers by providing information about the product (Christina, et al., 2019). Furthermore, SEO can be used for message placement in search engines for enhancing website availability. Online PR can also be considered for communicating about the product and brand to improve brand message credibility and influencing purchase decisions of the customers. Besides, display advertising can be helpful in creating awareness through display ads, banner advertising and online media for enhancing brand image (Christina, et al., 2019).. In addition, email marketing can attract customers towards the website for more product information.

Impact on Consumer Purchasing
Digital marketing and social media marketing strategies generate significant impact on consumer purchase decisions. There are various advantages of using these strategies identified on this market analysis assignment, including connecting business to consumers, building relationships and fostering them at a lower cost. Social media websites provide the opportunity of interacting with customers and maintain meaningful relationships with them along with offering information satisfaction, enhancing shopping experience and building consumer trust (Alalwan, 2018). Thus, it helps in generating a positive impact on consumer purchasing decisions. Social media ads also enable in achieving marketing aims of developing customers’ product knowledge, improving perceptions, creating awareness and motivating them to purchase products. For example, electronic word-of-mouth advertising create a significant impact on purchase intentions of customers while effective online advertising campaigns also help in motivating customers to purchase (Balakrishnan, et al., 2014).

market analysis assignmentSWOT Analysis
the market analysis assignmentSWOT model is a strategic framework that helps in analyzing both internal and external environment of a product or company. It identifies strengths, weaknesses, opportunities and threats. The SWOT analysis of Vida-a-gogo e-scooter is carried out below.

Strengths- E-scooters are environment friendly, convenient and economical, thereby suitable for various customers. The product selected offers efficient conversion, less maintenance and smooth rides for the customers. The increase in local products like battery also becomes beneficial for customers/ Weaknesses-It requires longer charging time with high costs associated with its initial development. It also needs greater socialization about the e-scooter conversion as a new product in the market.

Opportunities- Increasing concerns towards climate change have been motivating governments to support the development of these vehicles. Customers are also becoming aware about green transportation and shifting from traditional gasoline scooters. Need for commuting easily and fast is increasing the demand for e-scooters in the market.

Threats-The e-scooter faces tough competition from rivals in the global market. There still does not exist any charging infrastructure for the battery. It faces lack of public awareness and perception, thereby making the adoption low in the market. The increasing electricity demand is caused by these electric vehicles.

Conclusion
The purpose of themarket analysis assignment report was to explore how the selected product Vida-a-gogo e-scooter can enter into the Australian market through suitable marketing strategies. For this purpose, a brief description about this chosen product for provided to give readers a background idea. Furthermore, the report was divided into three main sections, namely, current market conditions in Australia, marketing environment and SWOT analysis of the product. The current market conditions focused on exploring business trends, competitor analysis and customer needs while the marketing environment identified suitable digital and social media marketing strategies to be undertaken and their impact on consumer purchase. Lastly the market analysis assignment concludes that, SWOT model helped in determining the strengths, opportunities, weaknesses and threats of the product in Australia.

References
Alalwan, A. A. (2018). Investigating the impact of social media advertising features on customer purchase intention. International Journal of Information Management, market analysis assignment42, 65-77.https://doi.org/10.1016/j.ijinfomgt.2018.06.001
Alves, H., Fernandes, C., &Raposo, M. (2016). Social media marketing: a literature review and implications. Psychology & Marketing, 33(12), 1029-1038.https://doi.org/10.1002/mar.20936
Balakrishnan, B. K., Dahnil, M. I., & Yi, W. J. (2014). The impact of social media marketing medium toward purchase intention and brand loyalty among generation Y. Procedia-Social and Behavioral Sciences, 148, 177-185.https://doi.org/10.1016/j.sbspro.2014.07.032
Cassidy, C. (2022). Solution or hazard Australia’s e-scooter debate gains speed, but the rules are a mess.https://www.theguardian.com/australia-news/2022/jul/23/solution-or-hazard-australias-e-scooter-debate-gains-speed-but-the-rules-are-a-mess
Christina, I. D., Fenni, F., &Roselina, D. (2019). Digital marketing strategy in promoting product. Management And Entrepreneurship: Trends Of Development, market analysis assignment4(10), 58-66.https://doi.org/10.26661/2522-1566/2019-4/10-05
Constantinides, E. (2014). Foundations of social media marketing. Procedia-Social and behavioral sciences, 148, 40-57.https://doi.org/10.1016/j.sbspro.2014.07.016
Grand View Research. (2022). Electric Scooters Market Size, Share & Trends Analysis Report By Product (Retro, Standing/Self-Balancing, Folding), By Battery (Sealed Lead Acid, NiMH, Li-ion), By Voltage, And Segment Forecasts, 2022 – 2030. https://www.grandviewresearch.com/industry-analysis/electric-scooters-market Jetcharge. (2020). A bright future for electric scooters in Australia. https://jetcharge.com.au/a-bright-future-for-electric-scooters-in-australia/
Kickstarter. (2022). Vida-a-gogoE-Scooter Live Groovy. Ride in Style. market analysis assignment https://www.kickstarter.com/projects/1466779331/the-vida-a-gogo-e-scooter-live-groovy-ride-in-style/description Kopplin, C. S., Brand, B. M., &Reichenberger, Y. (2021). Consumer acceptance of shared e-scooters for urban and short-distance mobility. Transportation research part D: transport and environment, 91, 102680.https://doi.org/10.1016/j.trd.2020.102680

Mandal, P., & Joshi, N. (2017). Understanding digital marketing strategy. International journal of scientific research and management, market analysis assignment5(6), 5428-5431.https://doi.org/10.18535/ijsrm/v5i6.11
Pablo, H. (2021). The Top Electric Scooter Trends Shaping the E-scooter Market. https://www.mearth.com.au/blogs/news/the-top-electric-scooter-trends-shaping-the-e-scooter-market
PS Market Research. (2022). Australia Micromobility Market. https://www.psmarketresearch.com/market-analysis/australia-micromobility-market
Seitz, P. (2019). Electric Scooter Makers See Sales Opportunities Amid Rental Boom. https://www.investors.com/news/technology/click/electric-scooters-swagtron-bird-lime/
Tu, J. C., Jia, X. H., & Yang, T. J. (2022). Discussion on the Purchase Factors and the User Demands of Electric Scooters from the Perspective of Consumers’ Life Style—A Case Study on Gogoro. Processes, market analysis assignment10(2), 395.https://doi.org/10.3390/pr10020395

Appendix
Self-evaluation document

Student name: _________________________________________________

Student number: _______________________________________________

Second Assessment criteria Satisfied with attempt.
Not satisfied with attempt.

In the first section if this market analysis assignment, I have provided a brief description about the product for giving readers an idea about the selected product. Furthermore, I have carried out detailed secondary research by reviewing journal articles, newspaper articles and authentic Internet sources for gathering information about current marketing environment and marketing conditions in Australia. This has enabled me to acquire data about various business trends, customer needs and competitors’ offerings. I have also used journal articles to find out how social media and digital marketing strategies can generate significant impact on consumer purchase intentions and decisions. Lastly, I have conducted the SWOT analysis to the best of my ability. Here, I have made sure to follow one written language of English US and APA 7th edition referencing style throughout the report.

Fig 1:

I have used this graph or image from the internet source for better understanding the market for e-scooter in the future. It has been helpful in depicting the expected growth rate in one of the largest markets in the world, that is the US. The graphical image usedon this market analysis assignmenthas also been useful for getting an idea about the growth rate at which the electric scooter market will expand in the coming years.