I’m studying for my Marketing class and need an explanation.
Strategic Marketing Final Examination
Instructions: Please provide detailed answers to the following case questions using class notes, information obtained from the text, class videos, and use of examples to support your answers. This is an essay test. Just listing out bullet points from slides without applied discussions will be insufficient. Make sure you answer all the parts of each question.
Fisker Ocean Business Case
The electric car market is gaining traction (pardon the pun!) with consumers as there is a need and desire for clean energy and a transition away from fossil fuels. Presently, Norway is a recognized leader in the adoption of electric vehicle technology (EV – hybrids), and there will be a continued push in Western and Eastern Europe in the future for EVs. However, the US and Canadian markets could be slower to adopt EV technology due to personal consumer attitudes, the longevity of batteries within hybrid models, and perhaps the internal supply of oil and gas as an energy source. A leading manufacturer, Tesla, has somewhat begun to reconfigure consumer perceptions over the last 5 years for EVs, and many believe that EVs will still be the preferred mode of transportation in the future as the green movement continues to gain popularity. One drawback of EVs has been the price such as Tesla pricing, however consumers are seeing that total cost of ownership is being reduced in terms of overall maintenance and fossil fuel costs. There is still a lot of skepticism in purchasing EVs which will create some obstacles for Fisker with the new launch of its “Ocean” EV. Review the following video for background information about electric car technology.
Also, refer the following article relating to the future of EVs over the next decade:
Fisker Automotive (parent: Karma Automotive) has just announced the launch of its new “Ocean” EV model during a public meeting in California in early January 2020. Fisker’s positioning of the Ocean centers on the mid-market consumer who desires clean energy at an affordable price. Fisker Inc was originally started as a US company in California, but more recently was acquired by a Chinese conglomerate. There will be negative perceptions among North American consumers about Fisker’s ownership structure perhaps since there are loyalists for American brands such as Ford, General Motors, and Chrysler. This consideration will have to be taken into account with Fisker’s brand management team. Please refer to the following links for more information on this unique automobile.