Brief Notes from the SARIT team on the project
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Brief Notes from the SARIT team on the project. (Note: The questions were sent to them by the Prof; answers from SARIT)
I’ve attached a proprietary research document which I completed which I encourage your students to review (but not share). It will provide a lot of the context to some of your question. Keep in mind that we are launching something unique. A great comparison is the launch of the hoverboard, or Segway. Items which had no comparison to existing products.
Please find information below:
Q1. All the information about the company. Why this project was started? Who is behind it? What distinguishes this company from its competitors? What is your company mission?
SARIT was founded in 2020 and is the brainchild of Frank Stronach, the legendary entrepreneur behind Magna, one of the world’s leading car parts manufacturer. Frank started SARIT as the solution to address climate, congestion and parking issues. Instead of being a single person in a 5 seater vehicle, why not travel in a safe and affordable 1 seater. Our competition are
vehicles whom people drive short distances. If the trip is short, take a SARIT.
Q2. What are the different features of the different products? Which product are we focusing on? What are the key strengths of the different products - both in terms of product features/manufacturing and in terms of benefits. What is the technology being used? What makes it safe, environmentally sustainable, efficient etc?
SARIT makes both MMV (Micro-Mobility Vehicles, or UMV) and LSV vehicles. Although UMVs have access to more roads, LSVs already have a strong market presence around the world. SARIT are made to be simple, keeping in mind that most trips will only be less than 10 kilometres. The safety cage is welded together to provide additional safety which a bicycle simply cannot offer. And the use of aluminum over plastic ensure one of the most sustainable options on the market.
Q3. Who are the different competitors? What are their strengths and weaknesses? What are our weaknesses compared to competition? Can you provide samples of advertising by different competitors?
Current competitors have a few unique solutions, some having migrated from golf carts. One key differentiator from them is manufacturability. As most (including large EVs) have difficulty producing to meet demand, SARIT can manufacturer thousands per month, with future growth when needed.
Q4. Who is the consumer (potential consumer)? What benefit do we offer to this consumer? Are there any research studies done - focus groups, qualitative or surveys to understand the consumer? What are the findings? If in absence of our product, what do consumer currently buy/do?
The potential consumer is two fold. Either a consumer whom travels relatively short distances between work/school and home, or to public transportation. The other are fleet operators whom also travel over short distances (small radius) but need to operate all day. Currently buyers stay with theirs cars, use bicycle on nice summer days.
Q5. Market analysis: What are the sales trends of the industry? What are the monthly sales by product category type? Which geographical and demographic segment buys which product/brand? And why?
Although UMVs are new to the market, micro-mobility as whole is growing rapidly. In addition, LSVs are seeing near 10% yearly growth. The value proposition varies based on geography as well. SARITs offer all weather option in colder geography, dry in the rain, safer in cities without biking paths and so on.
Q6. What are the prices of different options/competitive products including ours?
I would encourage this research, however winter tires, custom decals, entertainment options all see significant attraction. A golf cart provider told me a few weeks ago “I cannot sell a $20,000 [USD] golf cart, however in can
sell a $13,000 golf cart with $7000 worth of options all day"
Q7. Where do consumers buy this product (dealers, online, stores etc)?
Options will include DTC, 3rd party dealership, university book stores, retail locations (i.e. Canadian Tire).
Q8. What particular product do you want to promote? What are the sales expectations for each product? Sales in terms of numbers/dollars? Which consumer are you trying to target?
My thoughts are the consumer and the commercial markets as 2 audiences. Why are targeting 2000 units per month. Sell prices between $9000 and $14000
Q9. Have you finalized the brand positioning?
Yes,
- 3 wheeler: SARIT MMV
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