NEW CPP + NEW DEADLINE New entrepeneur project of a business that converts combustion cars to electric vehicles

Essay Instructions:

Objective: The objective of this written assignment is to begin your market analysis for the opportunity identified for the final project. The analysis should provide a deep understanding of the market dynamics, target customers, competition, and overall feasibility of the opportunity. Papers should include the areas below, be 4 pages, and be written in APA format. Tables may also be used to organize data. Again, you will have an opportunity to expand on these sections and revise them as necessary for the final paper, prior to submitting your final plan in Module 8. Market Research: (This section will build off of your content from the week 3 paper.) Conduct a thorough market research to gather relevant data and insights. This should include, but is not limited to, the following aspects: Market Size and Growth: Determine the current size and potential growth rate of the market. Identify any trends or factors that might influence market dynamics. Target Customers: Identify and profile the target customers for the new venture opportunity. Analyze their needs, preferences, behaviors, and purchasing power. Competition: Identify competitors operating in the market. Analyze their offerings, users, channels, strengths, and weaknesses. Regulatory and Legal Factors: Identify any regulatory or legal factors that may impact the new venture opportunity. Consider industry-specific regulations, licensing requirements, intellectual property considerations, etc. Feasibility Analysis: Assess the feasibility and viability of the new venture opportunity based on your market research findings. Address the following points: Market Demand: Determine the market demand for the new venture opportunity. Justify your assessment based on customer needs, competition analysis, and market trends. Differentiation and Competitive Advantage: Identify how the new opportunity may/would need to differentiate itself from competitors. Assess its competitive advantage in terms of pricing, quality, innovation, or other factors. Key Stakeholder Relationships: Identify the key individuals, partners, or channel members impacted by and interested in this opportunity. In conceptualizing this section, think of those both directly (such as employees) and indirectly (such as vendors, suppliers, and community) affected. Ethical Concerns: Identify the ethical and sustainability concerns most relevant to your opportunity. Identify the ethical or sustainability principles, discuss why you consider this to be an area in need of attention, and suggest how you would proactively manage the concerns that may arise. Conclusion: Summarize the key findings of your market analysis and highlight the most important insights that can guide the development of this opportunity. Guidelines: Your paper should be approximately 4 pages, not counting the cover page, reference list page, appendices, figures, or tables. Your assignment should include a title page and a reference list page, and be completed according to the requirements of the APA Stylebook. Three references are required. Beyond these required references, additional references are not required but if you do cite literature, please use the most current APA format.

Essay Sample Content Preview:

New Entrepreneurship Project that Converts Combustion Cars to Electric Vehicles (EV) Name: Institutional affiliation: Course: Date: Introduction Resolving the respective problems of climate change and environmental pollution demands a shift from combustion cars and significant utilization of Electric Vehicles (EVs). As reported by Husain et al. (2021), a shift towards electric vehicles leads to a reduction of greenhouse gas emissions, which ranks top 3 contributors to air pollution. Analytics from the world's industry show that today, approximately 1.4 billion cars are operating on gasoline, which translates to 23% of annual greenhouse gas emissions coming from the automotive industry as a whole (Kryzia and Kryzias 2023). Interestingly, the emission rates have been high on both sides, and this has caused governments and climate activists concern. The solution going into the future is to remodify the billions of gasoline-driven cars into EVs in order to achieve their desirable reliability and cleanliness. This paper explores this viable business opportunity in the US and its significance from a business perspective. Market Research Market Size and Growth The US electric vehicle share as of 2023 stood at 7.6%, an increase from the 5.9% registered in 2022. More so, the current market value for EVs is at $92.9 billion and forecast indicate that the market value will hit about $211.32 billion by 2030 as per the prediction from Mordor Intelligence (2024). Moreover, the report from Statistica.com estimates that the EV market will represent 45% of the market share by 2035, which signifies that EV is a lucrative business opportunity (Statistica.com, 2024). Some of the factors that are enlisted in this expected growth of this market are also supported by the emerging government recognitions with the name of incentives meant to promote eco-friendly methods of travel like using sustainable automotive, increase awareness about environmental issues, and more advanced EV technology. Target Customers and Competition This new business venture attracts about 289 million owners of internal combustion engine vehicles currently on the road in the USA. As technology is moving toward clean energy, the urge is to educate and make these gasoline car owners switch to the new technology to obtain benefits that include taking a major lead in reducing the carbon footprint, adopting eco-friendly mobility, and cutting fuel expenses (Kryzia & Kryzia, 2023). As at now the key competitors already venturing in combustion to EV vehicles include Electrify America, Electric GT, Green Shed Conversions, Evolution Autosport, among others (Electric Car Finder, 2023). Of these competitors, more than 80% offer the service of electric vehicle conversion, comprehensive kits and service packages for a broader range of automobile models. Examining Table 1 below, we can assert the effectiveness of a monopolized market for the conversion of classic cars. Company Offering Strengths Weakness Market Share EV West Offers Electric vehicle conversation services. Experts in EV conversion. Expensive rates for conversion. Slightly high Electric GT Classic vehicle to EV driven only. Specializing in classic car conversion. Only focuses on classic cars Slightly high on classics Zero lab Auto Offers...

Updated on May 3, 2024

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