Scan the current mainstream media for examples of companies that are launching n
ID: 375272 • Letter: S
Question
Scan the current mainstream media for examples of companies that are launching new products or services. Identify whether the company seems to be emphasizing ways that is has lowered cost (and will compete on the basis of price) or ways that it is adding features (and will compete on the basis of uniquness). Or, does the company seem to be trying to do both? How has the company you chose built a loyal customer list? What steps did they take to build their loyal customer base, what if anything else could tey do differently.
Explanation / Answer
Faraday Future :
It is a start-up company in USA that focuses on smart electric vehicles. It was founded in 2014 and its latest product FF91 announced in January,2017 is a great hit.
Lowering Cost -
The company focuses to use electricity to drive vehicles than gasoline. 1kWh will cost less than 15 cents whereas 1 gallon of fuel will cost mpre than $ 2.5.
With 130 kWh battery system and a single drive limit of 378 miles on single charge, it'll cost less than 5.16 cents per mile. Whereas with gasoline (methanol) it'll cost about 14 cents per mile.
Adding features :
As FF91 model is the first of its kind, it uses an all futuristic vehicle design with complete elcetricity driven technology and is as follows
With the above explained definitions on lowering cost and adding features 'Faraday Future' is trying to implement both the features simultaneously. They emphasize to reduce the expenses of the customer and improvise the user experience to gain loyality from customers. Brand new technology and focus on user experience will give an edge over other companies.
Customer Base :
They mainly focus to build a customer base who vision for an eco-friendly future. It is highly emphasized by reduction in use of petrochemicals as fuel and thereby reducing pollution to environment.
Their target audience is clearly people who would want to experience the future of driving technology and have a safer eco-friendly environment for future.
They can engage in following activities to improve their customer base
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