Marketing Plan of New Innovative Product

Morgan LIFE car 2 Morgan Life car two is a product from Morgan life Car Company which is located in Malvern, Worcestershire.Advertising We will write a custom coursework sample on Marketing Plan of New Innovative Product – Morgan Motor Company specifically for you for only $16.05 $11/page Learn More The company was started by Harry Frederick Stanley Morgan in 1910, and it was operated by its founder until his death in the late fifties (the company has since been then been run by the Morgan family, with the founder’s son taking control of the company; and afterwards, the next of kin taking over the company’s operations after the death of the boss) (Sharma 2010, p. 1). Morgan Motor Company is home to more than 150 employees and it has been producing a lot of cars in the past years, with 2007, standing out as a unique year because the company produced more than 630 cars (Sharma 2010, p. 1). The company has since then produced several ca rs, with recent developments being motivated by the â€Å"green† revolution. This revolution has seen the company produce the Morgan life car. After the launch of the first Morgan life car, Morgan Motor Company is planning to launch a later version of the car, titled: Morgan Life car two. This new product is yet to be launched in 2013, and it follows the previous version of the hydrogen-powered Morgan life car (Sharma 2010, p. 1). The new life car two is to be launched alongside another new model from the Morgan Company, but its management has withheld a lot of information regarding the specifications of the new models. However, it is known that the new Morgan life car contains specifications from its older version (which is known to be a light-weight, fuel-celled powered vehicle). The older version was launched in the 2008, Geneva motor car show, but it was never developed for commercial use, except to showcase the potential hydrogen fuel has on the future sustainability of environmentally-friendly vehicles (Sharma 2010, p. 1). The new version of the Morgan life car is however not meant for showcasing only; it is designed for commercial production as well. The previous version of the Morgan life car was built to run 250 miles on a single tank and it was also made to be fueled by hydrogen power (Sharma 2010, p. 1).Advertising Looking for coursework on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More There are many institutions backing the research and development of this new motor vehicle model, with the technological knowhow supplied by QinetiQ, a technology firm from Britain; expertise from several universities including Cranfield university and University of Oxford, and financing supplied by the government of Britain (Sharma 2010, p. 1). Though the details about the new Morgan Motor car are scanty, this study develops a marketing plan for the new product to be launched in the United Kingdom (UK) market. The potential for the new product will therefore be determined after carrying out a comprehensive analysis of the market (through the use of the PEST and SWOT marketing tools). A deeper analysis will also be undertaken to evaluate the consumer trends in the UK, which will affect: the launch of the product; the market segments to be targeted; suggestions regarding product pricing; product’s distribution channels; product promotion strategies; product competition; and product differentiation strategies. Market Analysis The UK automotive industry, just like other developed markets, is swarmed by several automotive car makers. Several automotive companies have dominated the UK automotive industry with prominent players being Aston martin Land rover, range Rover and the likes (Great Britain: Parliament: House of Commons: Trade and Industry Committee 2007). For centuries, the UK automotive industry has dominated the production of motor vehicles and this fact supports the high turnover of 52.5 sterling pounds in the year 2008; coming a close second to the US automotive industry (Great Britain: Parliament: House of Commons: Trade and Industry Committee 2008). In the 1950s, the UK automotive industry was the largest exporter of motor vehicles in the world, but subsequent decades have seen the proliferation of foreign companies owning most of UK automotive brands such as Riley, Rover and Triumph. PEST Analysis The PEST analysis will be used to evaluate the political, economic, social and technological factors affecting the launch of the Morgan life car two. However, this analysis will strongly incline towards analyzing the automotive environment, as opposed to the company.Advertising We will write a custom coursework sample on Marketing Plan of New Innovative Product – Morgan Motor Company specifically for you for only $16.05 $11/page Learn More This means that focus will be given to how the automotive market wor ks, as opposed to how advantaged (or disadvantaged) Morgan Motor Company is in launching the Morgan Life car two. The following analysis therefore emphasizes on the external factors affecting the launch of the Morgan life car two, as opposed to the internal factors. Political Political forces in the UK automotive industry tend to favor the liberalization of the car industry, especially after the economy was liberalized to allow for foreign participation in the UK car industry (as can be evidenced from the acquisition of several British car maker companies by foreign firms). The liberalization of the car industry in the UK is likely to affect the performance of the Morgan life car two because the product is likely to experience a lot of competition from existing (and new car makers) in the eco-friendly car market. It would therefore be no surprise if the eco-friendly car market in the UK is infiltrated with foreign car makers who aim at exploiting the existing market share (shared by Morgan life car two), by introducing other eco-friendly cars. Already, the liberalization of the economy has seen the infiltration of hybrid vehicles from foreign companies such as Japan into the UK market. However, the political environment of the UK automotive sector is also likely to support the production of more Morgan life cars into the UK market because there seems to be sufficient political power to support research and development activities in the production of the Morgan life car two. Already, the Morgan Company has established that, the government is financing research and development activities included in the production of the Morgan life car (Sharma 2010, p. 1). There has also been increased lobbying within government, in the wake of carbon emission concerns in Europe because several lobbying groups have petitioned the government not to tax car ownership, but car usage. These efforts are aimed at avoiding a possibility of hitting the poor people hardest (in terms of car ownership). Such legislative changes are bound to positively affect the sales of Morgan Life car two.Advertising Looking for coursework on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Economic The UK market poses a good market for the launch of the Morgan life car two because the economic potential of the market is high. Current statistics estimate that more than 80% of the population lives in urban areas, and the income per capita are poised to be more than the average statistics in the wider European continent (Smith 2009). These positive characteristics of the economy aim to affirm the fact that, the country’s population has a high purchasing power and therefore, it can purchase many units of the Morgan life car two, in future. In fact, it is estimated that, the country has an average gross domestic product (GDP) of 1.453 billion pounds, thereby creating a lot of potential for the purchase and sustainability of the Morgan life car two (Senior Watch 2011, p. 1). With such kind of gross domestic product, there is hope that the UK automotive market is bound to enjoy the benefits of a good economy and this is in turn expected to boost car sales. Smith (2009 ) affirms that: â€Å"Economists traditionally use GDP to measure economic progress. If GDP is rising, the economy is good and the nation is moving forward. If GDP is falling, the economy is in trouble and the nation is losing ground† (Smith 2009, p. 2). Though GDP may not always predict the standards of living within any given state, it is normally assumed that, a high standard of living means a high GDP and consequently, this means that, the population in the UK is likely to purchase more Morgan life car two if the economy performs well. The 2007/2008 economic slowdown in Europe, US and other countries, is a strong predictor suggesting that, with a poorly performing economy, the purchase of goods and services within the economy is likely to decline. A robust economy is therefore likely to boss the consumption of goods and services and car sales are likely to increase in the same regard. Social In the last century, the UK seems to have embraced car ownership as a social nece ssity (BBC 2009, p. 1). This is true because the use of cars has been perceived as an essential facilitator of daily duties. In other words, many people are now on the move and cars easily facilitate this movement. Recent statistics involving several English households still confirm the common perception that the benefits of owning a car still outweigh its disadvantages (BBC 2009, p. 1). Though the use of cars for various social and economic reasons have significantly reduced in the recent past, there is still a growing number of car purchases in the UK because car ownership has now moved from the conventional markets (adults) to new population groups (such as young people) (BBC 2009, p. 1). There is also more positive outlook in car ownership considering the increased living standards of UK citizens, especially among the poor who often used their cars less frequently. Now, with increased economic conditions, car use has improved. It is estimated that car ownership in the UK has inc reased by more than 30% in the past few years, while the UK population has increased by more than 4% (BBC 2009, p. 1). These figures imply an increase in car sales for the Morgan life car two because as UK makes the transition into eco-friendly cars, there will be a wider population group expected to make the shift. There is a clear understanding that car ownership in the UK is going to improve, but there is even more certainty that the shift form environmentally unfriendly vehicles to environmentally friendly vehicles is bound to significantly increase in the near future. This trend is bound to positively affect the car sales of Morgan life car two. Technological The UK is among the world’s leading technological powerhouse in the realization of green energy (Guardian 2010, p. 1). Though there are concerns that there is not enough government support in the realization of green energy and the development of â€Å"green† cars, there seems to be substantial technological drive in the country to support the demand for environmentally friendly goods. The Morgan life car two is a classic example of the existent technological drive of low carbon technologies in the UK because its primary purpose is to provide an eco-friendly means of transport for consumers. Due to the huge investments made in low carbon technologies, there seems to be enough public and private participation in the realization of low carbon goods. This approach has been supported by most sectors of the UK society. In this regard, the sales and production of the Morgan life car two is likely to be supported by the increased investments in low carbon technologies. SWOT Analysis The SWOT analysis will be used to evaluate the strengths, weaknesses, opportunities and threats that the Morgan Motor Company faces, with regards to the launch of the Morgan life car two. However, this analysis will strongly incline towards analyzing the company’s position regarding the success of the launch of the Morgan life car two (as opposed to the conditions posed by the automotive industry regarding the launch of the Morgan life car). The following analysis therefore emphasizes on the internal factors affecting the launch of the Morgan life car two, as opposed to the external factors. Strengths The Morgan life car two being an eco-friendly car is subject to the motions of the market of eco-friendly vehicles, worldwide. The UK automotive market has in the recent past developed a trend of purchasing eco-friendly cars due to the global concerns voiced about the use of cars with high carbon emission (Great Britain: Parliament: House of Commons: Trade and Industry Committee 2008, p. 19). Although other countries across Europe, Japan, US and several Asian economies have also joined the trend, there is tremendous growth in the purchase of eco-friendly cars in the UK. This fact is likely to increase the sales opportunities for the new Morgan life car. Since the Morgan motor company has aligned itself with this market trend, it is set to gain from increased demand for â€Å"green† vehicles. Moreover, the company is increasingly specializing in the development of new models of hybrid vehicles, starting with the first Morgan motor car and now the second Morgan motor car. This internal company specialization process is poised to make the company stand out as a leader in the development of â€Å"green† vehicles. Threats Though the Morgan Motor Company has specialized in the development of eco-friendly vehicles, there is a lot of competitive pressure coming from other companies which make eco-friendly cars. Since the world is quickly shifting its focus to eco-friendly cars, Morgan’s competitors have also embarked on developing eco-friendly cars (Hart and Tindall 2009, p. 112). This competitive pressure is bound to affect Morgan Motor Company negatively because the competitors are bound to compete for the same market share as the company. The competi tion of the Morgan life car two will majorly come from other hybrid car manufacturers. Currently, the buzz created by the Toyota Prius model in the western automotive market poses a strong competition for the Morgan life car two (International Herald Tribune 2006). Already, the Toyota Prius model has received a lot of positive press for its hybrid vehicle, even though other car manufacturers developed hybrid vehicles before the company (Toyota). Specifically, Honda and Ford developed the first electric vehicles and sports utility vehicles (respectively) before the introduction of the Toyota Prius model, but interestingly, the Toyota Prius model received a lot of commendation for its contribution to the green energy revolution (Consumer Report 2009, p. 1). The UK is no exception to this trend and many automotive consumers are still hooked on the Toyota Prius model, especially because it is expected to be cheaper than the Morgan life car two. More so, the Toyota hybrid model is poised to set the standard for hybrid vehicles across the globe as can be affirmed by the International Herald Tribune (2006) which states that: â€Å"But with a mix of creative engineering, clever promotion and fortunate timing, Toyota Motor has set the de facto standard for the entire class of eco-friendly vehicles. It has licensed its software to Ford Motor and is selling hybrid components to Nissan Motor† (Herald Tribune 2006, p. 4). The Toyota hybrid vehicle is therefore set to pose a stiff competition for the Morgan life car two. However, Toyota Motor group is not the only company expected to pose a stiff competition to Morgan motor company, a German motor company affiliated to the BMW brand, Daimler and Chrysler and General Motors is also said to be quietly developing a hybrid vehicle that is expected to take over the European and American markets by storm (International Herald Tribune 2006). The UK market is going to be no exception. Considering these dynamics, the Morgan m otor company is expected to face stiff competition from other hybrid car makers. Opportunities Due to the increased awareness of carbon emissions produced by the transport industry and other sectors of the economy, there has been an increased demand for eco-friendly cars (Llewellyn 2008). Governments are also expected to join this debate, with more authorities expected to introduce regulations regarding the use of high carbon emitting cars. The UK is no exception. The trend to purchase more eco-friendly cars has already been witnessed in most developed economies such as Japan, US and the wider European continent, with more people demanding for hybrid or electric vehicles for their daily use. With more concern being directed to the effects of environmental pollution caused by the use of fossil fuel, there is no doubt that the demand for eco-friendly cars will boom. The UK in particular is investing more money trying to come up with newer eco-friendly cars to overcome the environmenta l crisis experienced in the country, in respect of carbon emission realized from ongoing economic activities in the country. In similar style, consumers in the automotive industry are quickly searching for more efficient and eco-friendly cars. Regarding the eco-friendly nature of eco-friendly vehicles, Llewellyn (2008) reiterates that: â€Å"Eco friendly cars use electricity; green fuel like ethanol, e-85 and biodiesel; solar power; hybrid motors and even natural gas to power themselves. The eco-friendly automobiles may be hybrid electric vehicles (HEVs), electric vehicles (EVs), or other eco-friendly ones† (Llewellyn 2008, p. 3). The transition from high carbon emitting vehicles into eco-friendly vehicles means that, the Morgan life car two is poised to enjoy booming sales in the UK, in the near future. This is where Morgan Motor Company seeks to gain prominence because it specializes in the production of eco-friendly cars. Moreover, since the trend to buy eco-friendly cars is only starting, Morgan Motor Company is bound to enjoy a very wide market share for eco-friendly cars. This demand projection is expected to sustain the company’s growth into the future. Indeed, this market trend poses a strong opportunity for Morgan Motor Company. Weakness A major weakness of the Morgan life car two (in the UK market) will be its expected price. Eco-friendly cars are known to be expensive and the Morgan life car two is going to be no exception (Greenfootsteps 2006, p. 1). Though there has been very little information revealed about the new Morgan life car, estimates from the previous version of the Morgan life car show that, it cost 2.5 million pounds to build the car, and the new version of the Morgan car is not expected to cost any less (Greenfootsteps 2006, p. 1). Other eco-friendly cars which have swarmed the UK market have been equally expensive, with the recent Toyota Prius costing 16,000 pounds for a unit, which is beyond the reach of many car users (Greenfootsteps 2006, p. 1). Considering the growing enthusiasm among many UK automotive consumers about eco-friendly cars, there is also an increased demand for stylish vehicles among UK’s vehicle consumers. However, many car manufacturers including Morgan Motor Company and Toyota (among others) have failed to deliver in this regard. The Morgan life car two is therefore bound to suffer increased condemnation among UK consumers because it does not have a stylish design. The following picture shows its design: Source: http://www.automotto.com/gallery/morghan-s-lifecar2/ Most of the hybrid vehicles have also suffered the same reputation, with the Toyota Pius being the latest victim of the criticism, after it was criticized for looking like a â€Å"doorstep† (Greenfootsteps 2006, p. 1). The poor design of the Morgan life car two therefore poses as a weakness of the Morgan Motor Company and it may suffer poor sales as a result. Consumer behavior Consumer behavior is like ly to impact the success or failure of the launch of Morgan life car two in the UK automotive market. In the recent past, UK consumers were known to be nationalistic, and therefore buy nationalistic brands. This is an important consumer behavior analysis because it dictates the reception of new products in the local market. Such brand receptiveness was noticed (in the past), with the success of common nationalistic brands such as British Airways (and the likes). Considering Morgan life car two is a local British brand, it is likely to be positively accepted as a nationalistic brand. UK automotive consumers have also joined the larger global consumer group of individuals demanding efficient cars and eco friendly machines. In this regard, there is a diminishing customer base of people who would want to purchase cars that are not environmentally friendly. This changing taste and preference has especially been necessitated by the fact that, there has been increased awareness among UK co nsumers of the damage carbon emission (especially through transportation) does to the environment. There has also been a small market of UK consumers who are willing to spend more money to purchase eco-friendly vehicles as opposed to cars which are not eco-friendly. As a result, companies which produce eco-friendly vehicles are expected to reap a lot of benefits from this emerging trend, and the Morgan life car two is no exception. Target Market segment Due to the expected high prices of the Morgan life car two, the primary target market for the automotive product would be high-end automotive consumers. This target market would be comprised of automotive consumers who buy luxury cars because of the similarity in price ranges (between luxury cars and Morgan life car two). Moreover, the similarity in luxury cars and Morgan life car two transcends the prices and goes into the fact that, both groups of cars are built to transcend the concept of necessity by designing desirable features into the car. For instance, luxury cars are known to have an extraordinarily high performance, or may sometimes be categorized as cars with outstanding features of comfort. In the same manner, the Morgan life car two is designed to have auxiliary features (like its eco-friendly nature), and this sets its above most ordinary cars – the same way luxury cars are different from ordinary cars. The same target market that buys luxury cars are therefore the most suitable target market for this group of vehicles (China daily 2006, p. 1). The high-end target market is majorly comprised of young consumers who have no issue paying for extra features to their vehicles, and in this regard, they make up a small niche of consumers who would not mind buying the Morgan life car two as well. This target market group will consist of sophisticated car buyers with a refined taste of efficiency and eco-friendliness. More so, young buyers will be considered part of the target market because they ar e more knowledgeable about the importance of eco-friendly cars. This is true because most environmental campaigns have been undertaken through online media and young people often frequent such media avenues. They are therefore bound to appreciate the value of eco-friendly cars, more than the elderly. Product and Its components The creation of the final Morgan life car two, involves the augmentation of different parts of the product. This point of view demystifies the common belief that, products are only tangible elements which come about as a result of designing and building the consumable elements of the products (Forsyth 2007, p. 34). In reality, products are often developed as a result of a combination of elements which surpass the consumable elements of the product. Some of these components would include the core benefits of the products; the actual product itself, and the augmented products (BBC 2011). Though not much information has been given regarding the Morgan Life car tw o, the new Morgan life car model is expected to be environmentally friendly and of high performance. Most hybrid motor vehicles are known to poorly perform. The new Morgan motor vehicle is also expected to be a vehicle like nothing else, since it is expected to weigh less than a tone, and after its shelf life, it can be recycled (because it is developed from extremely light-weight materials). The new car is expected to be an electric-diesel hybrid car  Ã¢â‚¬Å"with a range of 1000 miles; 15 mile EV range; a typical large fuel tank size of 20 gallons, which would equate to roughly 50mpg average at least. It gets a sprint from 0-60mph in seven seconds, not too impressive indeed but a mileage of 50 mpg isn’t too bad for any vehicle with quirky retro style and entertaining driving dynamics† (Sharma 2010, p. 1). Other details regarding the vehicle have not been availed by the Morgan motor company but so far, it can be confirmed that, the car will be a â€Å"fun outdoor veh icle†. These features are expected to distinguish it from other hybrid vehicles. The core benefits of the Morgan life car two will emanate from the desire among consumers to purchase goods which meet their personal requirements and the levels which the vehicle is built to meet environmental standards. This attribute defines the core benefits of the product because it will define what customers will derive from the product. The core benefits of the Morgan life car two are often synonymous with the actual product because: â€Å"the core benefits of a product are offered through the components that make up the actual product the customer purchases. For instance, when a consumer returns home from shopping at the grocery store and takes a purchased item out of her shopping bag, the actual product is the item she holds in her hand† (BBC 2011, p. 2). From this analysis, it will be important to include the augmented products of the Morgan life car two in its launch in the UK ma rket because it will be important to include additional benefits to the product to strengthen the purchase decision of a consumer (BBC 2011). Such augmented products will include the provision of guarantees, warranties, after sale services, additional complementary products, and the easy accessibility of the cars. Such information would be useful to strengthen the marketing decision of the product. Product Distribution Channels The distribution channel for Morgan life car two will incorporate several requirements which the product and its distribution channel is expected to perfect. One of such requirement is complete customer satisfaction where customers ought to be completely happy with the sort of services being offered to them (Klein 2000, p. 9). This goal should override any interest of the Morgan Company. The value chain systems will also be aimed at running successful dealership to sustain quality services to the customers. Profitable dealerships are the best way to create a strong brand loyalty for Morgan motor company. The supply chain system will also be designed to harbor a strong customer-company relationship. The product distribution channel will also be designed to have a deep market penetration, especially into the target market segment, so that the company can tap into economies of scale and therefore, be able to quickly recover its initial costs of production. Considering the product also has augmented services, the product distribution channel will also be designed to accommodate additional services such as, after sale services and other similar services identified in this study. Due to the above prevailing factors, the product distribution channel will be simple and will involve three stages: manufacturer, dealer and consumer. In this regard, the products will be produced by the company and transported to the dealerships where consumers can make purchases. To penetrate all sectors of the target market, the dealerships will be located in up-m arket regions where most sales can be made. This includes the setting up of such dealerships in urban centers and major big cities across the primary market. Product Promotion The promotion of the Morgan life car two will majorly depend on the pull strategy because the demand for the product will be driven by the consumer need to purchase eco-friendly vehicles (Learn Marketing 2011, p. 1). Often, companies which have pursued this strategy incur a lot of costs trying to create demand for their products, but the positive aspect about the Morgan life car two is that, a lot of publicity is already given to it by environmental organizations and media buzz that goes around the use of high carbon emitting vehicles. However, since the product will be relatively new in the market, a certain degree of advertising and consumer awareness will have to be undertaken through television media and online marketing to create awareness about the product, and more specifically, to explain the unique fe atures of the product (Simchi-Levi 2003, p. 125). After considerable awareness is created, it will be expected that consumers will demand these products from their dealers and dealers will in turn demand the product form the Morgan Company. This marketing strategy has been successfully used in the sale of toys, in the British market, by driving up demand through children television shows and afterwards, a surge in demand for the toys is envisaged, where children ask their parents for the toys and the parents consequently demand the toys from the shops. In the case of the Morgan life car two, if the eco-friendly nature of the Morgan life car is highly publicized through television and online media, the product demand is expected to increase. Product Pricing Strategy Pricing is an important component of the Morgan life car two. Its importance is especially noted from the fact that, the pricing of the product is crucial in the product positioning strategy of the company (Brassington, P ettitt 2006). Moreover, the pricing strategy is bound to affect the product distribution and marketing strategies. The product pricing strategy is fixed on the framework of a high-end consumer group. In this market segment, there will be minimal elasticity in the pricing demand curve. This means that, with an increase in product pricing, the demand will not be affected. This observation will be observed because this target market is not bound to be motivated by monetary savings, but the value for money, or the product’s features (Kotler 2010). Calculating the cost of the Morgan life car two will be dependent on the fixed and variable costs of the product. Its expected price is expected to be more than 2.5 million pounds. This price is subject to the competitive pressures from other car manufacturers. Since it is expensive to build the Morgan life car, the pricing strategy from the Morgan life car will be profit maximization. Conclusion This study identifies that the Morgan li fe car two is a unique vehicle. Its target market will be upscale automotive consumers. Also, from the SWOT and PEST analyses, we see that, the company stands better odds of succeeding in the UK market, especially considering there is good government support and a thriving economy, at least which supports the sales of such vehicles. However, the biggest threat to stand in the way of Morgan life car two’s launch is the lingering strong competition from other hybrid car makers. This competitive force ought to be effectively tackled through anti-competitive strategies. References BBC. (2009) Car Ownership Up As Mileage Falls (Online) Available at: http://news.bbc.co.uk/2/hi/uk_news/8007798.stm . BBC. (2011) Product Analysis and Design. (Online) Available at: http://www.bbc.co.uk/schools/gcsebitesize/design/resistantmaterials/designanalysisevaluationrev1.shtml . Brassington, F., Pettitt, S. (2006) Principles of marketing. London, Prentice Hall. China daily. (2006) High-End Consu mers Drive up Luxury Sales (Online) Available at: http://www.chinadaily.com.cn/business/2006-07/01/content_630824.htm . Consumer Report. (2009) 2010 Toyota Prius Fuel Economy vs. Competition (Online) Available at: http://news.consumerreports.org/cars/2009/03/2010-toyota-prius-fuel-economy-vs-competition.html   . Forsyth, P. (2007) Demystifying Marketing: A Guide to the Fundamentals for Engineers.  New York, IET. Great Britain: Parliament: House of Commons: Trade and Industry Committee. 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Klein, S. (2000) Cybermediation in Auto Distribution: Channel Dynamics and Conflicts  (Online) Available at: http://jcmc.indiana.edu/vol5/issue3/kleinselz.htm . Kotler, P. (2010) Principles of Marketing. London, Pearson. Learn Marketing. (2011) Promotion Strategies (Online) Available at: http://www.learnmarketing.net/promotion.htm . Llewellyn, B. (2008) Green Jobs: A Guide to Eco-Friendly Employment. London, Adams Media. Senior Watch. (2011) Socio-Economic Environment: United Kingdo m (Online) Available at: http://www.seniorwatch.eu/country/united_kingdom/Socio-econenvir%28UK%29.htm . Sharma, V. (2010) Morgan’s LIFEcar 2 Diesel-Electric Hybrid promises 1,000miles  range Per Tank (Online) Available at: http://www.automotto.com/entry/morgan-s-lifecar-2-diesel-electric-hybrid-promises-1000miles-range-per-tank/ . Simchi-Levi, D. (2003) Designing and Managing the Supply Chain: Concepts,  Strategies, and Case Studies. London, McGraw Hill Professional. Smith, L. (2009) High GDP Means Economic Prosperity, or Does It? (Online) Available at: http://www.investopedia.com/articles/economics/08/genuine-progress-indicator-GPI.asp#axzz4x8gHtJQW This coursework on Marketing Plan of New Innovative Product – Morgan Motor Company was written and submitted by user Isabela Blackwell to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.