Hybrid and Electric Cars: Honda Accord (Essay Sample)
IMPORTANT GENERAL INSTRUCTIONS:
- Please use HONDA ACCORD brand when answering the following questions.
- Please reference the exhibits from Parts A-D to the book “Essentials of Marketing Management by Greg W. Marshall & Mark W. Johnston.” This book should be included in your references page.
- Go over the attached evaluation rubric to make sure you comply with the requirements of this paper. It is located in the Course Material section, Week 4 folder, on Blackboard.
- Be specific when answering the questions. You can find information online (e.g., WSJ, www(dot)BusinessWeek(dot)com, library databases, and Google news). Make sure the information is current. When you cite a source please reference it in the bibliography section at the end of your paper using an APA style (you can find this style on-line).
- Divide the paper into parts (A-D) consistent with the way I did below (the way the questions are presented). Use question numbers and additional subtitles (SWOT, BCG Model, etc.) to divide the paper into short paragraphs. Also, please DO NOT include definitions of concepts.
- Include cover page, table of content, and page numbers for professional appeal.
- The Appendices need to be at the end of the paper. You should start with bibliography section as Appendix A. Label each Appendix at the top of the page. For graphic illustrations, you can use word’s drawing tools. Your graphic illustration should be presented in a professional manner.
Part A: SWOT & BCG analyses (15%) – 1 page
- Conduct a SWOT analysis of Honda Accord’s hybrid/electric car (Ch. 2). In your analysis specify what external factors are threats and opportunities. Also, specify the strengths and weaknesses related to internal factors. Please identify two strengths, two weaknesses, two opportunities, and two threats. Explain your choices. (7.5%)
- Analyze two existing hybrid/electric models (Honda Accord and a different brand’s model) in terms of BCG model (see Exhibit 2.3 for an example). Please refer to the following two dimensions when explaining your analysis (7.5%):
- Hybrid/electric market growth
- Brand’s market share in relation to the largest competitor
Place an illustration of the BCG model (similar to Exhibit 2.3) based on your analysis in Appendix B.
Part B: Purchasing decision process and positioning (15%) – 1 page
- Examine discussion forums on the non-commercial websites and identify relevant information related to the five stages of the purchasing decision process (Ch. 5 & Exhibit 5.8). Address 2 stages of the process and relate relevant information from the discussion forums to these stages. The forums you examine do NOT have to be on Honda Accord’s. You can examine a forum on ANY brand. Please give ONE example from the forums for each stage you identified. Explain your choices. Provide links to the forums you used. (7.5%)
- Examine Honda Accord’s hybrid/electric car’s website and determine what is the positioning strategy the brand is using (Ch. 7). Please choose TWO specific dimensions and give specific examples from the website when discussing the positioning strategy. Based on your analysis please draw a perceptual map (see Exhibit 7.16 for examples) and place it in Appendix C. (7.5%)
Part C: Product characteristics and pricing (15%) – 1 page
- Based on Honda Accord’s hybrid/electric car’s website, please determine what are the discriminators of the hybrid/electric car. Use Exhibit 8.3 to choose the discriminators. Please choose TWO discriminators and discuss them supporting argument with specific examples from the website, ONE example per discriminator. (7.5%)
- Based on Exhibit 10.2 please determine what is the pricing strategy of Honda Accord’s hybrid/electric car. Please support your argument with TWO specific examples. You can use a website that compares your brand with another brand to determine the pricing strategy and provide specific examples. (7.5%)
Part D: Integrated marketing communication (15%) – 1 page
- Choose on YouTube.com a commercial advertising Honda Accord hybrid/electric and determine what TWO approaches are used based on Exhibit 13.13. Give TWO specific examples per approach to support your claim. Please reference the link in the bibliography section. (7.5%)
- Use Exhibit 13.14 to determine the TWO most appropriate media channels for promoting Honda Accord’s hybrid/electric car. Address the PROS of those media channels to justify your suggestions and give specific examples for illustration, ONE example per media channel. (7.5%)
Table of Contents
TOC \o "1-3" \h \z \u HYPERLINK \l "_Toc422244139" Hybrid and electric cars: Honda Accord PAGEREF _Toc422244139 \h 3
HYPERLINK \l "_Toc422244140" 1.0 Part A: SWOT and BCG analysis PAGEREF _Toc422244140 \h 3
HYPERLINK \l "_Toc422244141" 1.1 SWOT analysis of Honda Accord’s hybrid/electric car PAGEREF _Toc422244141 \h 3
HYPERLINK \l "_Toc422244142" 1.1.1 Strengths PAGEREF _Toc422244142 \h 3
HYPERLINK \l "_Toc422244143" 1.1.2 Weaknesses PAGEREF _Toc422244143 \h 3
HYPERLINK \l "_Toc422244144" 1.1.3 Opportunities PAGEREF _Toc422244144 \h 4
HYPERLINK \l "_Toc422244145" 1.1.4 Threats PAGEREF _Toc422244145 \h 4
HYPERLINK \l "_Toc422244146" 1.2 Analysis of two existing hybrid models: Honda Accord and Toyota Prius PAGEREF _Toc422244146 \h 4
HYPERLINK \l "_Toc422244147" 2.0 Part B: Purchasing decision process and positioning PAGEREF _Toc422244147 \h 5
HYPERLINK \l "_Toc422244148" 2.1 Problem/need recognition PAGEREF _Toc422244148 \h 5
HYPERLINK \l "_Toc422244149" 2.2 Information search PAGEREF _Toc422244149 \h 6
HYPERLINK \l "_Toc422244150" 3.0 Part C: Product characteristics and pricing PAGEREF _Toc422244150 \h 6
HYPERLINK \l "_Toc422244151" 4.0 Part D: Integrated marketing communication PAGEREF _Toc422244151 \h 7
HYPERLINK \l "_Toc422244152" Appendix A: References PAGEREF _Toc422244152 \h 9
HYPERLINK \l "_Toc422244153" Appendix B: Illustration of BCG model PAGEREF _Toc422244153 \h 10
HYPERLINK \l "_Toc422244154" Appendix C: Honda’s positioning strategy – perceptual map PAGEREF _Toc422244154 \h 11
Hybrid and electric cars: Honda Accord
1.0 Part A: SWOT and BCG analysis
1.1 SWOT analysis of Honda Accord’s hybrid/electric car
StrengthsWeaknessesEnvironment conscious cars with reduced carbon emission
Good reputation in Europe and North AmericaHonda Accord hybrid cars are somewhat expensive.
Weak marketing communicationOpportunitiesThreatsIncreasing oil prices in future
Potential decrease in car priceDrop in oil prices
Hybrid cars have small market segment and market share
Honda Accord hybrid cars are basically environmentally friendly automobiles with reduced carbon emissions. As such, they are very efficient cars. Secondly, these cars have a good reputation not only in terms of fuel efficiency, but also excellent interior and exterior design. The car has traits that many drivers want: edgy, user-friendly, and intelligent (PlugInCars, 2014).
Honda Accord hybrid cars are somewhat costly. The price of a new one starts at $29,305 (Honda, 2015). These cars are also very expensive to maintain bearing in mind that their electric batteries are also very costly. The other weakness is weak marketing communication. The company has not marketed Honda Hybrid vehicles effectively and this greatly affects market awareness. If this auto maker intensifies its marketing and advertising campaigns for Honda Accord hybrid cars, more and more people would be aware of these cars and this may improve sales of Honda Accord hybrid cars.
Rising prices of oil is a major opportunity for Honda Accord. This is because more and more people will seek to buy hybrid cars due to their fuel efficiency. Another major opportunity is decreasing the price. If these automobiles could be priced less expensive, for instance under $25,000, then many consumers may consider buying them.
A major threat is certainly low prices of oil. In essence, consumers would not see the need of buying a hybrid ...
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