Discussion on Marketing Plan

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Marketing Plan for:

 

TURO

 

 

 

Prepared By:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table of Contents

 

Executive Summary                                                                                                                         3

Company Description                                                                                                                     3

Strategic Focus and Plan                                                                                                                3

  1. Mission/Vision 3
  2. Goals 3

Situation Analysis                                                                                                                            3

Porter’s Five Forces analysis                                                                                                       3

The SWOT analysis:                                                                                                                    4

Industry Analysis                                                                                                                         5

Competitor Analysis                                                                                                                    5

Company Analysis                                                                                                                       6

Customer Analysis                                                                                                                      6

Market-Product Focus                                                                                                                    6

Marketing and Product Objectives                                                                                             6

Target Markets                                                                                                                           6

Points of Difference                                                                                                                    6

Positioning                                                                                                                                  6

Marketing Program                                                                                                                         7

Product Strategy                                                                                                                         7

Price Strategy                                                                                                                             7

Promotion Strategy                                                                                                                     7

Place (Distribution) Strategy                                                                                                      7

Financial Data and Projections                                                                                                      8

Past Sales Revenues                                                                                                                    8

Five-Year Projections                                                                                                                  8

Organization                                                                                                                                    8

Implementation Plan                                                                                                                      8

Evaluation Plan                                                                                                                               8

Appendix A.  Biographical Sketches of Key Personnel                                                                8

Appendix B.  Detailed Financial Projections                                                                                 9

References                                                                                                                                      10

 

Executive Summary

 

 

 

Company Description

Turo is a vehicle sharing service that allows their customers to reserve any vehicle they would like. Turo is spread across the US, Canada, and the UK by allowing locals to host the lender cars and hold them for the customers.

 

 

Strategic Focus and Plan

 

            a.         Mission/Vision

Our vision is to make Turo a household name, where it could be recognized by everyone as a valuable alternative to renting a car from a dealership or from using ride sharing services.

            b.         Goals

Nonfinancial goals

 

Financial goals.

 

 

 

Situation Analysis

 

Porter’s Five Forces analysis

 

  1. Threat of new entrants

New entrants can typically come into this field albeit with large barriers to entry. Turo has a distinct advantage being made by people who supply their personal car. With the large number of vehicles that can be rented out on Turo, they could maintain that they have a larger selection of vehicle brands that the users would be able to reserve.

 

  1. Threat of substitutes

With companies such as Enterprise and Hertz being available to the populous, the consumer will have substitutes available, but not at the same level of convenience and price. There are also 2 other known car rental services using a similar model, Getaround and Zipcar. With this service, Turo could guarantee a level of quality similar to how Uber limits drivers to using vehicles above a certain year threshold.

 

  1. Bargaining power of customers

Customers would be able to switch to other suppliers but this could reduce the convenience of using the app and could lead to different results.

 

  1. Bargaining power of suppliers

The supplier would be able to change the rate at which cars could be rented out or could make it so there is a higher premium for newer/more expensive vehicles.

 

  1. Competitive rivalry

 

 

The SWOT analysis:

 

  • Strengths
    • High user review score
    • Relatively cheaper than traditional rent a car options
    • Huge amount of options in make and model of vehicles
    • Available wherever there are users
    • Insurance inherently provided
    • 24/7 roadside assistance
    • Hosts have up to $750,000 in liability protection
  • Weaknesses
    • Only in US, UK, and Canada
    • Limited by what cars users are willing to lend out
    • Depending on car, can sometimes be more expensive than standard rental
    • Being completely online can reduce potential customers
  • Opportunities
    • Growing number of citizens in US, Uk, and Canada are using smartphones
      • allows access to Turo
    • Younger generation is shifting more towards sharing economy (55% of millennials)
    • Able to grow market into more areas
      • Asia
      • Europe
    • Threats
      • Exclusively online presence may limit amount of users
      • Similar services from other companies exist
      • Rather new market

 

 

 

 

Industry Analysis

The car renting/sharing industry comprises renting and sharing but ride sharing can also be thrown into this.

 

Car Renting

  • Many brick and mortar locations
  • Many different organizations specialize in this
    • Enterprise, Hertz, etc.
  • Market has essentially found equilibrium
  • Fairly old market

Car Sharing

  • Most services are online
  • Few companies have began this service
    • Turo, Zipcar, etc.
  • New Market
  • Yet to have “standardized” pricing
  • Allows users to search for specific vehicles they want at different prices

Ride Sharing

  • Almost exclusively online
  • 2 extremely popular companies (Uber and Lyft) control the market
  • users ride with someone to their destination rather than have their own vehicle for a trip
  • Also a somewhat new market

Competitor Analysis

The main competitors for Turo are Zipcar, Car2Go, and Getaround

Zipcar

  • Monthly/annual membership fee
  • Owns their fleet of vehicles
  • Vehicles have a home location
    • Reserved parking space
  • Catalog includes economy vehicles, luxury vehicles, and more.
  • Has about 10,000 vehicles
  • Approximately 1 million members

Car2Go/Share Now

  • Only offers Smart, Mercedes-Benz, BMW, and Mini vehicles
  • Users charged by time using vehicle
  • Only in Europe
  • Has about 14,000 vehicles connected
  • Approximately 4 million users

Getaround

  • Users rent from private owners
  • Approximately 5 million users
  • Has about 20,000 connected cars worldwide
  • Currently going through rough financial period with possibilities of layoffs

Company Analysis

Current CEO, Andre Haddad, has spent currently 9 years as CEO of Turo. However, has spent about 20 years leading/advising multiple companies

 

Customer Analysis

 

 

 

Market-Product Focus

 

 

Marketing and Product Objectives

 

 

Target Markets

The main target market would be travelers aged 21+ (18+ in the US) who need/would want a car while they are staying in some area.

 

Points of Difference

Offers user a large variety of available vehicles, allows hosts to list their vehicles for free and typically offers the host more of a share of the money received from renting the car.

 

Positioning

Typically, renting a car is a time consuming and expensive venture. However, Turo, along with similar companies, have made this much more convenient and even cheaper for the consumer. By providing an all online service, users are able to look through their catalog quickly and they are easily able to find a vehicle that they want to rent.

 

 

 

Marketing Program

 

 

Product Strategy

TURO Website

  • Clean
  • Intuitive
  • Concise
  • Provides important information up front
  • Allows easy navigation

TURO App

  • Clean
  • Intuitive
  • Concise
  • Provides important information up front
  • Allows easy navigation

Price Strategy

Prices Range from below $50 a day to $200+ a day for luxury vehicles

  • Lists:
    • Coupes
    • SUVs
    • Trucks
    • Luxury cars
    • Sedans
    • Convertibles
    • Classic Cars
    • Vans & Minivans

Promotion Strategy

 

 

Place (Distribution) Strategy

Service appears in 2 places:

  1. Website
  • Lists rentable vehicles by make/model
  • Shows vehicles by area
  • Allows users to schedule based on areas and times
  1. App
  • Lists rentable vehicles by make/model
  • Shows vehicles by area
  • Allows users to schedule based on areas and times

 

Financial Data and Projections

 

 

Past Sales Revenues

  • Estimated Annual Revenue: $68.6 M
  • This is also the estimated revenue for subsequent years
  • Turo has raised an estimated $467.4M over 12 years

Five-Year Projections

Assuming revenue stays at minimum of $68.6M annually

 

 

Organization

 

 

 

 Implementation Plan

 

 

 

Evaluation Plan

 

 

 

Appendix A.  Biographical Sketches of Key Personnel

 

  • Andre Heddad
    • CEO
  • Shelby Clark
    • Founder
  • Alex Benn
    • President
  • Tom Wang
    • Chief Product Officer
  • Lorie Boyd
    • Chief People Officer

Appendix B.  Detailed Financial Projections

 

 

 

 

References

 

 

Marr, B. (2016, October 23). The Sharing Economy – What It Is, Examples, And How Big Data, Platforms And Algorithms Fuel It. Retrieved October 25, 2020, from https://www.forbes.com/sites/bernardmarr/2016/10/21/the-sharing-economy-what-it-is-examples-and-how-big-data-platforms-and-algorithms-fuel/

New Study: Millennials Prefer Car ‘Access Over Ownership’. (n.d.). Retrieved October 25, 2020, from https://www.smartcitiesdive.com/ex/sustainablecitiescollective/new-study-millennials-prefer-car-access-over-ownership/32723/

 

 

additional resources to find more information:

TURO marketing strategy from Sruti Seshadri

https://www.digitaltrends.com/cars/turo-versus-getaround/

https://www.budgettravel.com/article/zipcar-turo-car2go-which-is-the-best-carsharing-service

 

https://growjo.com/company/Turo

 

 

 

 

 

 

 

 

 

 

 

Marketing Plan for:

 

(XXXXXXXXX)

 

 

 

(Team member names)

 

(Course number and semester)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Table of Contents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  1. Executive Summary

 

 

 

  1. Company Description

 

 

 

  1. Strategic Focus and Plan

 

  1. Mission/Vision

 

 

  1. Goals

–          Nonfinancial goals.

 

–          Financial goals.

 

 

 

  1. Situation Analysis

 

  • Porter’s Five Forces analysis

 

  1. Threat of new entrants

 

  1. Threat of substitutes

 

  1. Bargaining power of customers

 

  1. Bargaining power of suppliers

 

  1. Competitive rivalry

 

 

  • The SWOT analysis:

 

  1. Strengths

 

  1. Weaknesses.

 

 

  1. Threats.

 

 

 

 

  • Industry Analysis

 

 

  • Competitor Analysis

 

 

  • Company Analysis

 

 

  • Customer Analysis

 

 

 

  1. Market-Product Focus

 

 

  • Marketing and Product Objectives

 

 

  • Target Markets

 

 

  • Points of Difference

 

 

  • Positioning

 

 

 

 

  1. Marketing Program

 

 

  • Product Strategy

 

 

  • Price Strategy

 

 

  • Promotion Strategy

 

 

  • Place (Distribution) Strategy

 

  1. Financial Data and Projections

 

 

  • Past Sales Revenues

 

 

  • Five-Year Projections

 

 

 

  1. Organization

 

 

 

  1. Implementation Plan

 

 

 

  1. Evaluation Plan

 

 

 

Appendix A.  Biographical Sketches of Key Personnel

 

 

Appendix B.  Detailed Financial Projections

 

 

References

 

 

 

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