Summary
David Stringer and Akshat Rathi (2020) have discussed the industry of electric car batteries from multiple perspectives, including the points of different officials in the article “The electric car battery boom has screeched to a halt, for now.” The paper published on June 17, 2020, outlines the prospects of the named industry, the effects of the situation of the pandemic on the figures of sales, and forecasts of the industry leaders.
Application of Marketing Concepts
The information in the article can be used to assess the marketing concepts of electric car batteries directly. First, it is noted that production figures are expected to rise, while the prices for the unit will decline (Stringer & Rathi, 2020). These factors contribute to an increase in companies’ supply statistics, as operations will be automatized. Second, customers prefer products of higher quality and availability. There is evidence that companies such as GM and Tesla are investing in studies to increase the duration of battery life (Stringer & Rathi, 2020). Third, all innovations in the industry are directed to improving the performance of the product, increasing the level of satisfaction of the customers.
Application to Marketing Discipline
The marketing professional would find this article interesting and useful to understand the prospects in the industry and assess the possible retailing pathways in the future. The information about the enterprise leaders’ plans can also build the short-term perception of the marketing strategies to apply them to work. Professionals should use the knowledge about the product to inform the possible clients about its functionality. Given that the price of it is going to be decreased because of the mass production, representatives can present benefits for consumers upon purchase. Moreover, marketers should consider product placement and promotions the background for which is shown in the article.
Application to Society
Understanding of the industry development perspectives assists the customers to acknowledge the prospective actions for investment. Moreover, the article can build expectations about the usage of electric batteries in the future, strengthening the decision-making skills of society members. It can also help in forming a civil position in response to government actions.
References
Stringer, D., & Rathi, A. (2020). The electric car battery boom has screeched to a halt, for now. Bloomberg. Web.