油電混合機車代理商業計畫書 - 政大學術集成

全文

(1)國立政治大學商學院國際經營管理英語碩士學位學程 International MBA Program College of Commerce National Chengchi University 碩士論文. 立. 治政大 Master’s Thesis. ‧ 國. 學. ‧. 油電混合機車代理商業計畫書. n. al. er. io. sit. y. Nat. Hybrid Scooter Importership Business Plan. Ch. engchi. i Un. v. Student: Victor J. Chow Advisor: Professor Chester Ho. 中華民國一百年六月 June 2011.

(2) 油電混合機車代理商業計畫書 Hybrid Scooter Importership Business Plan. 研究生：周禎洋指導教授：何小台. 政治大國立政治大學. 學. ‧ 國. 立. Student: Victor J. Chow Advisor: Chester Ho. 商學院國際經營管理英語碩士學位學程. ‧. 碩士論文. y. sit. Nat. A Thesis. Submitted to International MBA Program. er. io. n. a l National Chengchi University v ni C hfulfillment of theURequirements in partial engchi for the degree of Master in Business Administration. 中華民國一百年六月 June 2011. i.

(3) Acknowledgements First and foremost, I would like to express gratitude and appreciation to my advisor, Professor Chester S. Ho, because he has supported me throughout my thesis process with patience and knowledge whilst allowing me the room to work in my own way. Through his mentorship, I have been able to attain new heights of business and management understanding. One simply could not wish for a better or friendlier advisor. I would also like to thank the. 政治大 patience have been invaluable and appreciated. 立. members of the committee that participated in my defense. Their advice and. ‧ 國. 學. I would also like to express appreciation to all the IMBA professors and staff that I have crossed paths with in the past two years. Their influence during. ‧. my academic path has truly been unquantifiable, but more importantly, they. y. sit. Nat. have all assisted in my growth as a business professional and as a person.. er. io. I have been blessed with a friendly, cheerful group of fellow students in the. n. IMBA program. Not aonly have they challengedvme to expand my horizons. i l C n U and see the world in a different light, they hen g c h i have also filled my time at NCCU with joy and laughter. The camaraderie developed is so dear to me and truly irreplaceable. I would also like to thank my parents, younger brother and family for their continuous moral support and encouragement during my time at the university. They were always supporting me with their best wishes. Finally, I would like to thank my fiancée, Judith Huang. She was always there cheering me up and stood by me through the good times and bad. I hereby dedicate my thesis to her.. ii.

(4) Abstract Hybrid Scooter Importership Business Plan By Victor J. Chow This business plan has been prepared to provide the reader with information about IMBA Motors Limited (IML), including business structure, company goals, projected growth, venture capital requirements, start-up costs, an. 政治大. investment analysis and the industry trends.. 立. Motors. Limited. has. identified. eco-friendly. two-wheeled. 學. ‧ 國. IMBA. transportation as its primary interest and to that end the company has focused. ‧. its efforts on the establishment of an importership that will import a complete line of hybrid scooters and develop retailer, sales and marketing, and after-. y. Nat. sit. sales service functions. We want to provide quality transportation for all. n. al. er. io. socially responsible and environmentally conscious parties.. iv. Ch Focused on a quality, eco-friendly lifestyle, U n IMBA Motors Limited is a engchi. company primed to take advantage of an expanding and profitable scooter industry in Taiwan. IMBA Motors Limited is seeking seed capital of NT$ 60 million for initial company operations. IMBA Motors Limited projects gross sales of NT$ 1.3 billion and a net income of NT$78 million in year 3, with an NPV of NT$ 50 million, a payback within 34 months and an IRR of 33%. The initial investor will receive an equity stake in the company and preferential rights to invest in subsequent equity rounds.. iii.

(5) Table of Contents 1.0 Executive Summary 1.1Mission 1.2 Company Management 1.3 Keys to Success 2.0 Product Overview 3.0 External Market Analysis 3.1 Taiwan Scooter Market 3.2 Government Support 3.3 SWOT Analysis 3.4 Competitor Analysis 3.5 Market Segmentation 3.6 Target Audience 4.0 Price Strategy 5.0 Product Strategy 6.0 Promotion Strategy 7.0 Place/ Channel Strategy 7.1 Distribution Strategy 8.0 Sales Objectives by aMarket Segment l C 9.0 Financial Strategy hengchi 9.1 Financial Statements 9.2 Financial Assumptions 9.3 Ratio Analysis. 學 ‧. ‧ 國. 立. 政治大. n. er. io. sit. y. Nat. Appendix. i Un. v. 2 4 4 5 6 9 9 10 10 11 12 14 15 17 17 18 20 20 21 23 23 23 25. 1.

(6) Executive Summary IMBA Motors Limited (IML) is to sign a long-term exclusive importership agreement with Aspes, a premium vintage Italian scooter company, and import the first hybrid scooters into the Taiwan market. As an importership that has retailer, sales and marketing, and after-sales service functions; we are ready to present the entire Italy-based imported hybrid Aspes line as a sustainable, innovative and economic mean of eco-friendly transportation in the Taiwan. 政治大. market. As people are becoming more socially responsible and conscious of the. 立. environment, hybrid scooters like the Aspes will gain popularity. IML prides. ‧ 國. 學. itself on being a company with a commitment to quality, integrity and social responsibility and will lead by being the pre-eminent name in the socially. ‧. responsible powered two-wheeler industry.. Nat. sit. y. The market size of the scooter industry in Taiwan has been steadily growing and. er. io. has sales of over 800,000 units per annum. We will be able to offer an Aspes. n. hybrid vehicle in the 50, a 125 and 150 CC market v segments, respectively.. i l C n U h e nsegments Entering the largest scooter market g c h i allows a premium brand like the Aspes to have an opportunity to carve out a niche and attract consumers who yearn for a scooter that incorporates both an Italian brand design aesthetic and cutting-edge hybrid technologies. Market analysis shows that the Aspes hybrid models have a strong chance of success in the Taiwan market as it combines the advantages of gasoline and battery engines while simultaneously reducing both fuel consumption and carbon dioxide emissions by more than 50%. The Aspes hybrid models offer the option of running in ´full electric´ mode, which enables you to even ride around the city centre in areas where traffic may be restricted. In addition, the electric 2.

(7) motor greatly reduces noise pollution in comparison with traditional vehicles, because of the substantial use of the electric motor at idling and low speeds, which leads to reduced roadway noise. While the Aspes hybrid models may initially cost more than a regular scooter, the additional costs are offset over time by the cash saved from purchasing less fuel and the government subsidy given due to its environmentally friendly status. An integrated communication plan will be implemented during the launch of the. 政治大 lifestyle magazines, customer DM), new media communication and intensive 立 Aspes hybrid models, including event marketing, BTL communication (e.g.. ‧ 國. 學. public relations arrangements. These marketing initiatives are to increase brand. image and awareness through effect communication, resulting in brand. ‧. attractiveness and product desirability.. sit. y. Nat. Retail showrooms and workshops are the contact point between product and. io. er. consumer. Thus, a flagship showroom with workshop will be launched in Taipei, Taichung and Kaohsiung, the three largest metropolises in Taiwan. In addition,. n. al. iv. C hin the first several more dealers will be appointed U n years of operation. The goals engchi. of these showrooms are to quickly generate initial sales volume to build up market confidence and create customer loyalty through customer satisfaction. In addition, it is a priority to ensure dealer confidence to invest for further growth upon anticipated business profit. IMBA Motors Limited is seeking seed capital of NT$ 60 million for initial company operations. The initial investment of NT$40 million will be used to set up the new business in Taipei. Formal operations will begin at the beginning of 2012. There is also an additional NT$ 20 million in follow-on investment in dealer network expansion to Taichung and Kaohsiung.. 3.

(8) IMBA Motors Limited projects gross sales of NT$ 1.3 billion and a net income of NT$78 million in year 3, with an NPV of NT$ 50 million, a payback within 34 months and an IRR of 33%. The initial investor will receive an equity stake in the company and preferential rights to invest in subsequent equity rounds.. Mission IMBA Motors Limited is the first Taiwanese company to focus on a line of mass-produced gas/electric hybrid scooter. We adhere to a Triple bottom line. 政治大 environmental, social and 立economic factors. Our goal is to be the preeminent (TBL or 3BL) philosophy, which is basically an accounting standard containing. ‧ 國. 學. name in the socially responsible powered two-wheeler industry. The ultimate goal of IMBA Motors Limited is to be recognized for quality and innovation, a. ‧. company that cares about social ethics as much as its bottom line. We accept the. io. Company Management a. y. sit. the norm instead of the exception.. er. Nat. challenge of leading the charge of making clean and sustainable transportation. n. iv l C n hengchi U The management team behind IMBA Motors Limited is comprised executives with a commitment to quality, integrity and social responsibility. In particular, the Managing Director has over 10 years of direct experience in general management, finance, sales, marketing and operations. He also stands poised to earn an MBA with Distinction from the National Cheng Chi University International MBA program. In addition, IMBA Motors Limited has many years of experience and understanding of the local market, with established connections and relations to execute all sales, marketing and aftersales endeavours. IMBA Motors Limited. 4.

(9) will be able to utilize the Aspes line of hybrid scooters to enhance the overall competitiveness and increase its market share with the determined ambition to create a better future.. Keys to Success IMBA Motors Limited offers a value added proposition to all associated parties, thus ensuring a maximum chance of success and prosperity. We adhere to a Triple bottom line (TBL or 3BL) philosophy, which is basically an accounting. 政治大 company in Taiwan to 立 offer a unique product, superior services and strong standard containing environmental, social and economic factors. We are the first. ‧ 國. 學. management principles. First, we offer the Taiwan market a differentiated “brand-able” product, the entire Aspes hybrid scooter line. Second, we have a. ‧. comprehensive marketing effort aimed at promoting a revolutionary way of. y. Nat. green transportation. Third, we offer the knowledge and ability to establish a. io. sit. retail network of showrooms and after-service stations that will eventually. er. expand nationwide. IMBA Motors Limited has business dedication, industry. n. a. v. l C marketing for successful experience and innovative scooter distribution, ni. h. i U. e n g c hAspes a presence in the ever growing providing famed Italian scooter company Asian scooter market.. 5.

(10) Stakeholder. We Give. We Receive State of the art technology Premium quality Exclusive distribution rights Extended presence Mora manageable after sales services. • Market knowledge Business Development. •. Technical and marketing know how Favorable terms Access to a superior product Cost effectiveness in the long run Feeling of contribution to Taiwan‟s carbon reduction effort Environmental awareness. • • • Consumers. •. • •. Carbon abatement. •. Government subsidy for our consumers Material and human resources. •. io. sit. Nat. Planet. Profits. ‧. Society as a whole. 政治大•. 學. ‧ 國. 立. • •. y. Dealers. • •. er. Aspes. • •. n. a l Product Overviewi v n Ch engchi U. The Aspes Hybrid vehicles are bimodal hybrid scooters, which mean that they do not combine both engines for the entire spectrum of speed but rather, they differentiate between starting, slow ride, fast ride or extra urban. We will be the first to import a complete line of mass-produced gas/electric hybrid scooters (See Exhibit 1) that offers following benefits: •. Decreased CO2 emission. •. Substantial gas savings/ cost per mile. •. Soundless starting. 6.

(11) •. Premium Italian history and design. The Aspes Hybrid vehicles utilize a unique hybrid technology that combines two different propulsion systems, a gasoline engine and one electric drive motor. The Aspes Hybrid scooters compliment their gas engine through two convenient ways of charging, internally through the use of the internal-combustion engine (automatic in-motion) without the need for cables, or externally, through the supplied battery charger. In other words, the battery will recharge during traditional combustion scooter operation. Hybrids get more MPG or miles per. 政治大. gallon than most traditional non-hybrid scooters and have very low tailpipe. 立. emissions. (See Exhibit 2). ‧ 國. 學. It should be noted that the Aspes Hybrid scooters utilize a lithium-iron-. ‧. phosphate battery that allows a fast recharging procedure (less than 4 hours) and a greater number of charge-discharge cycles without undergoing deteriorations. y. Nat. sit. and performance reductions: it is worth noting that a normal battery may be. n. a l 3) recharging cycles. (See Exhibit Ch. engchi. er. io. recharged up to 500-600 times, while a LiFePO4 may reach as many as 3,000. i Un. v. Every Aspes Hybrid comes equipped with a traditional 4-stroke combustion engine with a catalytic converter. This is a state of the art combustion engine which is now more ecological and that allows the LiFePO4 battery to recharge whilst moving. As mentioned previously, the Aspes Hybrid scooters use two sources of energy to maximize efficiency. When the scooter is in operation, the electric motor only option is in effect until the scooter reaches approximately 18/25 km/hr. From 18/25 km/hr to 30/35 km/hr, both the electric motor and the combustion engine work together by simultaneously supplying energy, providing more useful 7.

(12) power to overcome obstacles in a safe manner. After exceeding this speed, the scooter is runs on the internal combustion engine only, switching the electric motor to a generator that recharges the battery. (See Exhibit 4) According to the U.S. Environmental Protection Agency (EPA), driving a vehicle (car or scooter) is the single most polluting thing that most of us do. [1] Therefore, reducing vehicle emissions should be near the top of the green agenda. One of the main ways of reducing carbon dioxide is for every individual to look at their own carbon footprint and identify ways of reducing this. The. 政治大. lowering of vehicle emissions, for most people, is a way that a significant. 立. reduction in their own carbon footprint can be made. One of the priorities must. ‧ 國. 學. be to reduce the amount of carbon dioxide, otherwise known as CO2, emitted into the environment. The amount of emissions produced will of course vary by. ‧. scooter type. However, the average Aspes hybrid scooter emits 60% less green. sit. y. Nat. house gases than other "traditional" scooters. This demonstrates the significant. er. io. savings in emissions when comparing the Aspes hybrid scooter with a. n. traditional one. With a atotal of 16,382 amount sold v by year three, the total. i. l. n emissions savings would be C around h e 518,915.70 i UKg. (See Exhibit 5) ngch. Due to the hybrid technology of the Aspes scooters, fuel consumption is reduced by approximately 75% when compared with “traditional” scooters, which translates into savings of NT$0.68 for each kilometer driven. (See Exhibit 6) The hybrid scooter has reduced noise pollution in comparison with traditional vehicles. This is because of the substantial use of the electric motor at idling and low speeds, which leads to reduced roadway noise. For example, the idle noise rate for a hybrid scooter is 0 decibels compared with the traditional scooters‟ 50. 8.

(13) decibels. Even at full speeds, the hybrid scooter is still 20 percent quieter than traditional scooters, making riding peaceful and harmonious. (See Exhibit 7). External Market Analysis Taiwan Scooter Market Taiwan can be considered the scooter capital of the world and has the highest scooter density anywhere on this earth. There are 11 million scooters for the more than 23 million residents living in the 36 thousand square kilometer area.. 治政 That is asserting that every two people own大 one scooter and that 88% of 立 Taiwanese families have at least one scooter. There are more than 700,000 new ‧ 國. 學. scooters being purchased every single year. Additionally, the Taiwanese have developed a lifestyle centered on the scooter. The roads have been designed to. ‧. be scooter-friendly and have constructed dedicated parking spaces for these two-. Nat. sit. y. wheeled vehicles along their road network. According to the Taiwan. er. io. Environmental Protection Administration‟s statistical data, all the scooters emit. n. 330 thousand tons of carbon monoxide (CO) andv90 thousand tons of hydro a. i l C n U carbons (HC) every year, making h eup i 8% of the total pollutants, while n g12% c hand 1.8 million tons of carbon dioxide (CO2) is also emitted each year.. With. scooters‟ emissions as a major source of pollution, Taiwan has a great need for a hybrid scooter. [2] When analyzing the total scooter market, approximately 35% of all scooters are imported and 65% are domestically manufactured scooters. It should be noted that imported scooters are generally more expensive than its domestic counterpart. Thus, potential customers are more accepting and understanding of imported goods like the Apres scooters.. 9.

(14) The scooter market is further categorized by engine size. The four largest categories are the 125, 100, 150 and 50CC segments. In 2008, the 409,401 units of the 125CC were sold, 325,747 units of the 100 CC were sold, 64,580 units of the 150CC were sold and 19,327 units of the 50CC were sold, respectively.. Government Support The Taiwan government is promoting the production and use of eco-friendly scooters in Taiwan and already allocated NT$ 1.6 billion for a four- year subsidy. 政治大 to purchase eco-friendly立scooters. Subsidies of NT$8,000 to 11,000 will be. plan (which was extended one additional year) in 2009 to encourage the public. ‧ 國. 學. offered to buyers of electric/hybrid scooters, in order to encourage people to purchase environmentally friendly electric scooters and motorbikes. [3] In. ‧. addition, there is a current 50% reduction on commodity taxes on hybrid and. y. Nat. electric vehicles, with a commodity tax and license fee exemption for three. io. sit. years that is awaiting approval from the parliament. [4] There is a long-term. er. plan to boost the eco-friendly vehicle industry, with planned measures for. n. a. v. government vehicles, massl transportation and company n i vehicles. C. SWOT Analysis. hengchi U. SWOT Analysis Internal Strengths Internal Weaknesses • First ever full line of hybrid scooters • Relatively high initial cost of that is environmentally friendly. the Aspes scooters when compared with its competitors. • First mover advantage, monopoly power in the short run. •. Emits low pollution, is fuel efficient and is environmentally conscious.. •. European origins and Italian styling. •. While the Aspes brand is famous in Europe, substantial costs required as there may be insufficient brand/product awareness.. 10.

(15) of the Aspes Hybrid scooters create • a positive country of origin effect. •. Direct association between Aspes scooters and Italy, a country known for its luxurious and exclusive brands.. • •. External Opportunities • Government subsidies and • incentives that are given to both importers and consumers of green products.. •. Increasing level of crude oil prices vis a vis the global political situation • in Iraq and Iran. Surge in crude prices will cause motorists to shift to more fuel efficient modes of transportation like the hybrid.. ‧. Big room for expansion island wide. •. mature, and the segments our products will be competing in the most competitive market segments.. 學. •. External Threats Well established and big competitors who have flooded the market with cheap scooters and have dominated the market.. 政治大 Scooter market is saturated and. ‧ 國. 立. Cost of educating consumers of the hybrid technology and its benefits to the environment and consumer may require substantial monetary resources.. n. al. er. io. sit. y. Nat. Indirect competition comes from alternative methods of transport.. Competitor Analysis. Ch. engchi. i Un. v. The three dominant players in the scooter business are Kymco, San Yang Motors and Taiwan Motor Yamaha. As of 2008, Kymco has 38% or the market share, Taiwan Yamaha has 31% and San Yang has 26%, respectively. [2] There are also several niche players that have carved out a place in the market.. Kymco. Top Three Locally Manufactured Scooter Competitors • Founded in 1963, the largest scooter manufacturer in Taiwan. • Sold globally, the world‟s 5th largest manufacturer of scooters and motorcycles. • A leader in quality, versatility and fuel economy.. 11.

(16) •. Consumer perception of having excellent gas mileage (between 55 and 65 MPG), durability and low price points. • Serves as OEM, with complete manufacturing control of all component parts. Taiwan Motor • Began producing scooters in 1955, established Taiwan branch in 1986. Yamaha • Yamaha Motor Taiwan is one of the main scooter production facilities in the world for Yamaha Motor Group. • Continuously refined scooters over the years to fit their end consumers, making their business very successful. • Has a broad line of models ranging from 50cc scooters to 249cc Virago. • Has great power and speed compared to Kymco‟s scooters but also have a steeper price point. San Yang Motors • Founded in 1961, the first motorcycle company in Taiwan and a major player in the scooter market. (SYM) • Targets high quality scooter products rather than the low end segment of the scooter industry. • Corporate culture pushes employees to produce the best products for their loyal consumers while friendly with a l focusing on being environmentally v i their n C hmanufacturingUprocess. i • One e of nthe company‟s main goals is to move h gc towards becoming a “Green Factory” and a “Green Corporation”.. 立. 政治大. n. er. io. sit. y. ‧. ‧ 國. 學. Nat. Market Segmentation Taiwan is the scooter capital in the world. Most Taiwanese people own scooters as they are a practical means of transportation that is convenient and cost effective due to the densely populated urban areas in the island. According to the research made on the scooter retail market at the moment, scooters can be categorized in three main segments, entry-level, mid-segment and high-end. 12.

(17) Each scooter segment is based on the engine size [5], and we will have a scooter model represented in each. (See Exhibit 8). Engine Size. Price Range NT$ 49,000 to NT$ 75,000. Characteristics •. Great beginner scooter for new buyers. • Known for great gas mileage. • Great little errand runners and local commuters • Best suited for 40 kph (in town) roads. • Does not require a motorcycle specific license to operate, along with a minimal insurance charge. al less i v • Relatively n Ch inexpensive than engchi U other scooters, they tend to have fewer features than those with larger engines. IMBA Motors Limited has the Aspes Hybrid ‘Vega 50’ in the entry-level segment. 100 cc NT$ 409,401 units • Efficiency and Mid325,747 units convenience for mid Segment 125 cc 59,000 to NT$ 735,148 units distance and city 118,000 commuting. • By far the most common scooter size. • Best suited for. 立. 政治大. 學. sit. io. n. er. Nat. y. ‧. ‧ 國. EntryLevel. 50 cc. Segment Size (units sold in 2008) 19,327 units. 13.

(18) speeds of 50-75 kph. IMBA Motors Limited has the Aspes Hybrid ‘Vega 125’ in the midsegment segment. 150 cc NT$ 64,580 units • Power and longerHigh69,000 to distance commuting. End NT$ • Best suited for 148,000 speeds of 80-97 kph. • Accelerates faster and more powerful when climbing uphill. • Ideal for occasional road trippers travelling on less crowded roads. IMBA Motors Limited has the Aspes Hybrid ‘Perseo 150’ in the high-end segment.. 立. 政治大. ‧. ‧ 國. 學. sit. y. Nat. Target Audience. er. io. IMBA Motors Limited has imported the entire line of Aspes Hybrid scooters,. n. with each scooter fallinga into the three largest segments. Within each segment, iv. l C hengchi Un there is a specific target audience.. Demographics are very important when targeting consumers. The consumer is either male of female and between 30 or 50 years old (mid-life). They are affluent and well-informed and educated adults. Therefore they are in higher managerial, administrative or professional occupations and of upper middle class. Hence they are not only prepared to purchase environmentally-friendly but also able to pay more for it (higher disposable income). They either own their property owner or rent privately.. 14.

(19) Within the demographic profile, three main mindsets of probable buyers could be identified using psychographics. The first group is known as early adopters/ technology pioneers. They are interested in the latest technology/ innovation, and must be the first on the block to own this technology and embrace it. This group is approximately 13.5% of the Taiwanese population, or 3,105,000 people. [6] The second group is known as environmentally friendly LOHAS (Lifestyles of Health and Sustainability) „leaders‟. These LOHAS „leaders‟ are highly. 政治大. committed and active participants in fully integrated healthier, more sustainable. 立. lives, recognize the environmental impact of motoring and would like to do. ‧ 國. 學. something about it. This group compromises approximately 8% of the Taiwanese population, or 1,840.000 people. It should be noted that LOHAS. ‧. sit. Nat. do the „right thing‟ but are not sure where to start. [7]. y. „learners‟, at 46%, stand at a largely untapped opportunity as they would like to. er. io. The third group is known as the luxury consumers, people who live in a very. n. a l They are looking for igoods v image conscious society. that are perceived as. n U i e h n g group premium, exclusive and different. This c is comprised of the richest 10% of. Ch. the Taiwanese population, or 3,000,000 people, and has an average disposable income of approximately NT$ 1.67 million. [8]. Price Strategy The prices for the Aspes Hybrid scooter line are as follows: The MSRP of the Aspes Hybrid Perseo 150 is approximately NT$ 167,000 (4,250 EU). The MSRP of the Aspes Hybrid Vega 125 is approximately NT$ 155,000 (3,950 EU). The MSRP of the Aspes Hybrid Vega 50 is approximately. 15.

(20) NT$ 123,000 (3,150 EU). With the current government subsidies, the prices to the end consumer are further reduced to NT$ 156,000, 145,000 and 114,000, respectively. (See Exhibit 9) These initial purchase prices are more expensive than that of their locally manufactured competitors. However, the Aspes Hybrid line is for a select group of consumers that are willing to pay a premium for an Italian scooter that can be considered a luxury good that is environmentally friendly, fuel efficient and technologically advanced.. 政治大 Pricing strategy is an important strategic issue, because it positions the product. 立. ‧ 國. 學. The Aspes Hybrid is a premium, high performance scooter with famous European roots. As a luxury good, we compete primarily on design, technology. ‧. and quality, rather than price.. sit. y. Nat. In phase 1, we plan on employing a market skimming price strategy, which. io. er. involves charging a relatively high price for a short time where a new, innovative, or much-improved product is launched onto a market. This is a. n. al. iv. n a revolutionary high-tech suitable price strategy for C a hcompany that U offers engchi. product like the Aspes Hybrid scooter line.. In phase 2, we will slowly reduce the price over time to capture the consumer surplus. As the demand of the first customers is satisfied, we lower the price to attract another, more price-sensitive segment. As this product life cycle closes, we plan on developing the next generation product to raise the ASP and maintain high profit margins. It should be noted that we will utilize the risk reducing strategy of foreign currency hedging to minimize or minimize this currency risk as we will be. 16.

(21) exposed to foreign currency exchange rate volatility and may be subject to change.. Product Strategy When compared with other mass-manufactured scooters, IMBA Motors Limited will position its line of Aspes Hybrid scooters at a premium, as we believe our end-customer would pay the premium pricing for the special features and exclusive, premium brand power. We do not just offer a scooter like other. 政治大 luxury, elegance and uniqueness. We will promote the line of Aspes hybrid 立. companies. We offer an environmentally friendly way of life and a symbol of. ‧ 國. 學. scooters as high-end branded products to further enhance added value.. Promotion Strategy. ‧. y. Nat. A successful product means nothing unless the benefits can be communicated. io. sit. clearly to the target market. Our promotional strategy will initially rely heavily. er. on event marketing, BTL communication (e.g. lifestyle magazines, customer. a. n. v l C and intensive public DM), new media communication n i relations arrangements. It h. U. i e n g c hcommunication, is also important to implement continuous event marketing and. joint promotions to strengthen brand image and awareness. Relationship marketing through direct marketing/ internet/ owners magazines will also play an important part in promotions. With regards to above the line marketing, the use of television advertisements will be the primary above the line marketing initiative, as it has wide reach and impact that is useful for showcasing the hybrid scooter. TV ads are quite costly, but we plan on targeting popular TV programs for maximum effectiveness.. 17.

(22) We have a very complete promotion strategy which is necessary because of the type of product (high involvement) and its stage in the product life cycle (introduction). It should be noted that we will be running intensive public relations campaigns, with frequent test drives, press reports, press conferences and joint promotion and launch events. We will also be a major player in the various annual trade shows, including Taiwan International Motorcycle Show and Electric Vehicle Show, Taiwan Taitra Scooter Show and Taiwan Auto Show, an excellent regional platform to generate good business fortunes as its. 政治大 exposure to potential customers 立 and retailers. (See Exhibit 10). environment is conducive to displaying scooters and attaining additional. ‧ 國. 學. Internally, we have several strategies that will make help maximize product knowledge and sales. Personal selling is very important because a scooter is a. ‧. high involvement product and affords more conviction for purchase which is. sit. y. Nat. given by personal selling. Thus, personal selling will be carried out by the local. er. io. dealers who in advance should have been trained to be familiar with the Aspes. n. hybrid scooter line (dealership launch material, conferences) and its advantages a v. i. l. n Ch and how to overcome objections. i Uselling will also be of major e Personal ngch. importance when targeting the corporate/fleet buying segment, because these customers buy in bulk and they expect to be given a presentation by our representative to convince them that the hybrid scooter is suitable for their fleet.. Place/ Channel Strategy The ultimate plan is to establish and develop a dealer network that covers all major metropolitan areas in Taiwan. IMBA Motors Limited has developed a three-year geographic expansion strategy that target areas which not only have favorable demographic profiles but which also could be serviced and supported. 18.

(23) by the company's operations infrastructure. For each targeted region, IMBA Motors Limited has selected a large metropolitan city to serve as a "hub"; teams of professionals were located in hub cities to support the goal of appointed dealers. Once the multifunctional flagship store blanketed the hub, then the additional appointed dealers would have stores opened in smaller, surrounding "spoke" areas in the region. [9] To oversee the expansion process, IMBA Motors Limited will have district managers to direct the development of each region and to implement the Aspes scooters culture in the newly opened stores. All of the. 政治大 operating and marketing立 experience in chain-store retailing.. district managers recruited by IMBA Motors Limited will have extensive. ‧ 國. 學. With this in mind, a multi-functional flagship store will be established in Taipei, Taichung and Kaohsiung in years 1, 2 and 3 respectively. They will serve as a. ‧. location for both new scooter sales and servicing and maintenance. In addition,. Nat. sit. y. IMBA Motors Limited will utilize the a combination of the best real estate team,. er. io. sophisticated system that includes Polk Study analysis to identify not only the. n. a city blocks but also the iexact most attractive individual v store location that was best.. l C hengchi Un. Each flagship location will meet corporate identity and design regulations set up by IMBA Motors Limited, including the prominent display of famous Italian works of art. Selling the hybrid scooters through flagship stores will allow IMBA Motors Limited to control service quality while retaining its exclusive, premium image. In addition to flagship stores, a limited number of dealers will be appointed island wide during each year of operation to increase points of contact for potential customers. Each appointed dealer will also have to comply with the. 19.

(24) corporate identity and design regulations set up by IMBA Motors Limited. The strategy of expansion through licensing will allow us to grow rapidly while returning most of our earnings to shareholders. In year 1, there will be 6 appointed dealers in the greater Taipei area. In year 2, there will be 5 additional dealers appointed in the greater Taichung area. In year 3, there will be 3 additional dealers appointed in the greater Kaohsiung area.. Distribution Strategy. 政治大 sea freight. When the scooters 立 arrive at Keelung Harbor, they go through a The Aspes hybrid scooters will be ordered from Italy, produced and shipped via. ‧ 國. 學. mandatory pre-delivery inspection (PDI), which is something that has to be done on every new scooter before it can be delivered to the customer. Then, they will. ‧. be shipped via truck to the flagship store for sale. This process takes. sit. y. Nat. approximately 2-3 months.. er. io. Prior to marketing and sales of the hybrid scooter, scooter systems and their. n. components need to have a type approvals accordingv to the official standards of. l. i. n month process and needs to Taiwan. Homologation, as C this h is known, is aU3-4 engchi. take place before the production scooters are shipped. Thus, a limited quantity of homologation scooters will be shipped via air freight before actual production scooters are ordered. The homologation and production scooter processes can be done concurrently to reduce the product‟s time to the market. (See Exhibit 11). Sales Objectives by Market Segment The overall sales objective is to achieve 0.4%, 0.7% and 1% in each market segment in the first three years operations, respectively.. 20.

(25) 2012 Type. Unit price. Unit. 2013. Sales in NT$Mil. %. Unit. 2014. Sales in NT$Mil. %. Unit. Sales in NT$Mil. %. High-End. 167,000. 258. 43. 8%. 452. 75. 8%. 645. 108. 8%. Mid- Segment. 155,000. 2,940. 456. 90%. 5,146. 798. 90%. 7,351. 1,139. 90%. Entry-Level. 123,000. 67. 8. 2%. 135. 17. 2%. 193. 24. 2%. 507 100%. 5,733. 890 100%. 8,189. Total. 3,265. 1,271 100%. Based on the size of our market and our defined market area, we aim to capture 0.4% of the overall scooter marketshare with total sales of NT$ 507 million in. 政治大. its 1st year of operation. For the second year of operations, our objective is to. 立. increase our marketshare to 0.7% with a sales of NT$ 890 million. In year three,. ‧ 國. 學. our objective is 1% of the marketshare with a sales of NT$ 1.21 billion.. ‧. Financial Strategy. y. er. io. sit. operations,. Nat. IMBA Motors Limited is seeking seed capital of NT$ 60 million for company. n. which are invested froma lventure capitalists in order i v to revolutionize the way. C. n. i U e n g c htransportation. people think about scooters andh2-wheeled The initial investment of NT$40Million will be used to: • Secure the long-term exclusive importership rights of the full line of Aspes scooters; • Hire a seasoned CEO and management team; • Establish a dedicated professional premium retail team; • Continue negotiations with potential industrial partners and customers; • Begin all pre-launch activities of product launch, including importing, 21.

(26) product shipping via freight, homologation, etc; • Establish dealer network in Taipei, including the flagship location, and; • Begin all pre-launch marketing and communications activities. • Formal operations will begin at the beginning of 2012. An additional NT$ 20 million in follow-on investment in years 1 and 2, respectively, to: • Invest in dealer network expansion to Taichung and Kaohsiung;. 政治大. • Continue intensive and regular training to maintain dealer network. 立. competency;. ‧ 國. 學. • Increase communication & joint promotion to strengthen brand image and awareness;. ‧. sit. io. • Utilize event marketing a to elevate brand image.. er. Nat. magazine and;. y. • Continue relationship marketing through direct marketing / internet / owners. n. iv l C n i U e n gsales IMBA Motors Limited projectshgross NT$ 1.3 billion and a net income c h of of NT$ 78 million in year 3, with an NPV of NT$ 50 million, payback within 34 months and an IRR of 33%. The initial investor will receive an equity stake in the company and preferential rights to invest in subsequent equity rounds. The financial strategy is contingent upon a number of key estimates and assumptions. Please see Exhibit 12 for the complete list of assumptions and all detailed financial statements.. 22.

(27) Financial Statements. 立. 政治大. ‧. ‧ 國. 學. n. er. io. sit. y. Nat. al. Ch. engchi. i Un. v. Financial Assumptions Item 1.Scooter Sale Price 2.Income tax rate. Assumption Importer and dealer: 17%, Importer: 10%, dealer 7% 25%. 23.

(28) 3.Account Payable Period. beginning of business: 0.5 month, afterwards: 60 days. 4.Amount Collected Period. 30 days. 5. Sales Proportion 6. Inventory 7. Depreciation. IMBA flagshop: 70%; other dealers:30% Year 0: 200 units, Year 1-3 1.5 months 5 years. Ratio Analysis 2012. 2013. Sales Growth. 2014 78%. 45%. 13.64% 3.70% 2.78%. 13.70% 6.49% 4.87%. 13.77% 8.06% 6.05%. 8.6% 22.4%. 15.7% 42.9%. 18.5% 45.5%. 1.58 1.08 0.69. 1.54 1.04 0.94. 1.65 1.15 1.05. 11.7 25.7 7.7. 11.2 31.6 5.6. Profitability Ratios. Return on Invested Capital. Liquidity Analysis. Current Ratio Quick Asset Ratio Cash Ratio. io. n. al. 10.5 61.0 5.2. er. Nat. Inventory turnover Accounts receivable turnover Accounts payable turnover. sit. Activities Analysis. ‧. ‧ 國. 立. 學. Return on Assets Return on Equity. 政治大. y. Gross Margin Operating profit margin Net profit margin. Ch. engchi. i Un. v. 24.

(29) Appendix Exhibit 1 Product Line (Technical Details). 26. Exhibit 2 Hybrid Scooter Blueprint. 27. Exhibit 3 Comparison of Aspes Battery vs. Traditional Battery. 27. Exhibit 4 Driving Modality. 27. Exhibit 5 Scooter Emissions. 28. Exhibit 6 Cost-Effectiveness. 28. 政治 and Exhibit 7 Noise Comparison between Hybrid大 Conventional Vehicles 立. 29. ‧ 國. 學. Exhibit 8 Scooter Pricing Benchmark. ‧. 30. y. 30. 31. sit. Exhibit 9 Cost Break Down of Aspes. 31. Exhibit 10 Promotion Budget. Nat. Exhibit 11 Launch Time Table. n. er. io. Exhibit 12 Highlights of Results. al. 29. Ch. engchi. i Un. v. 25.

(30) Exhibit 1 Product Line (Technical Details). 1775 x 670 x 1105 mm. 1775 x 670 x 1105 mm. 1980 x 700 x 1160 mm. 1290 mm 99 Kg 1 cylinder, 4-stroke, aircooled 48 V 600 W DC brushless 49.5cc Electric 48V - 24Ah (LiFePO4 Lithium phosphate) 45 km/h. 1290 mm 111 Kg 1 cylinder, 4-stroke, air-cooled 48 V 1000 W DC brushless 125cc Electric 48V - 24Ah (LiFePO4 Lithium phosphate) 85 km/h. 1340 mm 150 Kg 1 cylinder, 4-stroke, aircooled 48 V 1000 W DC brushless 151cc Electric 48V - 24Ah (LiFePO4 Lithium phosphate) 95 km/h. 30 km/h. 35 km/h. 45 km/h. 2,8 kW - 7500 r/min. 5,15 kW - 7500 r/min. Front disc brake / Rear drum brake 5.5 L. Front disc brake / Rear drum brake 5.5 L. 政治大. ‧ 國. io. FUEL TANK CAPACITY: ALLOWED PASSENGERS: Total Cost to importer Suggest MSRP NT$. al. n 2. Ch. NT$102,217 NT$ 123,000. ‧. Nat. BRAKE SYSTEM:. 學. MAX SPEED ENGINE: MAX SPEED ELECTRIC MOTOR: MAX POWER:. y. 立. DISPLACEMENT: STARTER SYSTEM: BATTERY:. sit. ELECTRIC MOTOR:. Vega Hybrid 125. er. DIMENSIONS (Length / Width / Height): WHEELBASE: DRY WEIGHT: ENGINE:. Vega Hybrid 50. 2. i Un. v. i e n g c hNT$128,810. NT$ 155,000. Perseo Hybrid 150. 7,6 kW - 6500 r/min Front disc brake / Rear drum brake 6.7 L 2 NT$138,783 NT$ 167,000. 26.

(31) Exhibit 2 Hybrid Scooter Blueprint. 政治大. 立. ‧. ‧ 國. 學. Exhibit 3 Comparison of Aspes Battery vs. Traditional Battery. n. er. io. sit. y. Nat. al. Ch. engchi. i Un. v. Exhibit 4 Driving Modality. The Aspes Hybrid vehicles can cover about 40 Km in full electric endurance, 27.

(32) (this efficiency is obtained after ten recharges) and in an urban course with many stops and starts without emitting one microgram of CO2 with a good acceleration and peak speed (more than 40 Km/h). In MOTOR mode, they are sheer electric vehicles. Exhibit 5 Scooter Emissions Scooter Emissions Average Foot Carbon Average Foot Print Print per year Abatement Scooter Population per year per scooter per scooter per hybrid (Tons) (Kg) (Kg) 11,000,000.00 0.03 27 16.2. Carbon Emissions Due to Scooters (Tons) 330,000.00. Abatement in kg 政治大 132,694.2. 立. 165,064.5 221,157.0. Exhibit 6 Cost-Effectiveness. Average Retailer Price. 35 km per liter. 140 km per liter. sit. a l31.7 NTD per liter 31.7 i v NTD per liter n Ch engchi U. n. Per KM Operating Cost. Aspes Vega 125 cc. er. io Current Price of Gasoline. Average conventional scooter. y. Nat. KM per Liter. Cumulative 132,694.2 297,758.7 518,915.7. ‧. ‧ 國. Year 1 Year 2 Year 3. 學. Volume of Sales 8,191 12,227 16,382. 31.7 NTD / 35 km/l = 0.90 NTD per km. 31.7 NTD / 140 KM/l = 0.22 NTD per km. 65,000 NTD. 155,000 NTD. The Hybrid scooter would save 0.68 NTD per kilometer driven.. 28.

(33) Exhibit 7 Noise Comparison between Hybrid and Conventional Vehicles. 學. ‧ 國. 立. 政治大. Exhibit 8 Scooter Pricing Benchmark. ‧. n. al. 50 50 50. y. io. KWANG YANG Many 50 TAIWAN YAMAHA Fancy 50 TAIWAN YAMAHA Vino 50. 123,000 61,000 52,000 56,500. i Un. v. Mid-segment 125 CC Scooter Benchmark Aspes Hybrid Vega 125 125 PIAGGIO X7 EVO 125 VESPA LX 125 GILERA NEXUS 125 SAN YANG Fighter 125 KWANG YANG GP 125 TAIWAN YAMAHA GTR 125. Ch. e n g c h125i. 125 125 125 125 125. High-end 150 CC Scooter Benchmark Aspes Hybrid Perseo 150 150 PIAGGIO FLY 150 VESPA LX 150 SAN YANG Fighter 150 KWANG YANG G5 150. 150 150 150 150. MSRP (NT$). sit. Nat. Engine Entry-level 50 CC Scooter Benchmark Aspes Hybrid Vega 50 50. er. Brand/Model. 155,000 118,000 98,000 158,000 57,500 63,500 70,000. 167,000 138,000 148,000 67,500 76,500. 29.

(34) Exhibit 9 Cost Break Down of Aspes. Commod ity tax. FOB. Local logistics and freight. Import Duty. Business subtotal Tax. Dealer Margin. Importer Margin. Aspes Hybrid Perseo 150 Aspes Hybrid Vega 125. 91,909 85,305. 7,812 7,251. 16,084 14,928. 18,382 17,061. 4,595 138,783 4,265 128,810. 7% 7%. 10% 10%. Aspes Hybrid Vega 50. 67,693. 5,754. 11,846. 13,539. 3,385 102,217. 7%. 10%. Assumptions FOB : including CIF-cost, insurance, freight. 政治大. Import tax is 17.5% of FOB Local logistics and freight are 20% of FOB Business Tax is 5% Subtotal and Importer figures should be equal The final MSRP includes a government subsidy of NT$ 8,000 to 11,000. 學. ‧ 國. 立. Exhibit 10 Promotion Budget Feb.. Mar.. Apr.. May. June. Jul.. Aug.. Sep.. Oct.. Nov.. Dec.. Total. 2,900. 4,800. 2,000. 800. 3,350. 1,100. 3,550. 300. 1,800. 1,300. 2,750. 800. 2,750. 25,300. 1,300. 3,300. 1,000. 1,000. 3,000. 2,000. 200. 1,950. 1,000. 1,500. 1,950. 200. Nat. 100. 100. 150. 100. 150. 100. 150. 100. MG & Others. 100. 100. 150. 100. 150. 100. 150. 100. Website. 100. 100. 150. 500. 500. Product Launch. 1,000 500. Owner Club Event WebSite production. THEME. 1,000. al. 600. 500. *Brand launch *Pre-sales *Product Launch. 100. 1,600 500. 300. Ch. 500. 500. *Promotion (125CC). 500. engchi U. 500 100. 600. 1,400 500. n. Expo Brochure & Ads Materials. 1,500. 150. 500. 100. *Promotion (150CC). 100. 100. *Promotion (50CC). 100. v ni 100. 1,850. 200. 1,500. Remark. 1,850. 12,500. 1,500. 12,500. 100. 100. 100. 100. 100. 0. 100. 100. 100. 100. 100. 0. 100. er. Event. 1,600. io. BELOW THE LINE. 150. 200. 1,500. NP. T-bar & Outdoor Bulletins. 1,700. 1,500. y. ABOVE THE LINE TVC. Jan.. sit. MKT Grand Total. Business Promotion Plan. Dec-11. ‧. Event. 150. 49.4%. 150 0. 1,100. 900. 600. 900. 9,000. 500. 500. 500. 500. 4,000. 300. 300 2,500. 500 100. 100. 1,500 100. 100. 100. 1,000 0. *Italian fashion festival. *Year-end *Product campaign Preview. 30. 35.6%.

(35) Exhibit 11 Launch Time Table. 立. 政治大. ‧. ‧ 國. 學. Exhibit 12 Highlights of Results. n. er. io. sit. y. Nat. al. Ch. engchi. i Un. v. 31.

(36) References 1.. Official Web Portal, Green Living: Hybrid Vehicle Emissions. 2009. Retrieved on March 6, 2011, from National Chengchi University: http://greenliving.lovetoknow.com/Hybrid_Vehicle_Emissions. 2.. Official Web Portal, Philstar.com: Learning from Taiwan's Scooters. Dizon, Lester, April 8, 2009. Retrieved March 6, 2011, from National Chengchi University: http://www.philstar.com/Article.aspx?articleId=456147&publicationSubCa tegoryId=72. 3.. 立. 政治大. Official Web Portal, The China Post: Electric motorbike subsidies to be. ‧ 國. 學. extended by a year. August 27, 2010. Retrieved March 6, 2011, from National Chengchi University: http://www.chinapost.com.tw/business/asia-. ‧. taiwan/2010/08/27/270351/Electric-motorbike.htm. Official Web Portal, Want China Times: 3 Year Commodity Tax Waiver for. sit. y. Nat. 4.. io. er. Electric Vehicles. January 12, 2011. Retrieved March 6, 2011, from National Chengchi University: http://www.wantchinatimes.com/news-. n. a. iv. l C subclass-cnt.aspx?cid=1102&MainCatID=&id=20110112000020 n 5.. hengchi U. Official Web Portal, Hubpages: Motor Scooter Buyer Guide. 2009. Retrieved March 6, 2011, from National Chengchi University: http://hubpages.com/hub/Motor-Scooter-Guide. 6.. Rogers, Everett M. Diffusion of Innovations. Free Press; Original edition, the United States, 2003.. 7.. Official Web Portal, LOHAS: The Globalization of LOHAS. 2010. Ning, Ted, April 8, 2009. Retrieved March 6, 2011, from National Chengchi University: http://blog.lohas.com/blog/lohas-trends/the-globalization-oflohas. 32.

(37) 8.. Official Web Portal, National Statistics Republic of China: Report on The Survey of Family Income and Expenditure. 2009. Retrieved March 7, 2011, from National Chengchi University: http://eng.stat.gov.tw/ct.asp?xItem=3417&CtNode=1596&mp=5 Official Web Portal, Strategy + Business: The Barista Principle- Starbucks and the Rise of Relational Capital. Gulati, Ranjay, July 17, 2002. Retrieved March 6, 2011, from National Chengchi University: http://www.strategybusiness.com/article/20534?gko=582b3. 立. 政治大. 學 ‧. ‧ 國 io. sit. y. Nat. n. al. er. 9.. Ch. engchi. i Un. v. 33.

(38)