Fisker Karma

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Fisker Karma Marketing Plan by

Brittney Porter Seretha Johnson

Developing A Marketing Plan, Spring 2012

Submitted in fulfilment of the requirements of the Marketing Communications course of the Professional Marketing Program (Columbia College Chicago)

Academic Supervisor: Sherwin Leff


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FISKER KARMA Marketing Plan Contents Executive Summary ............................................................................................................ 1 Keys to Success................................................................................................................ 1-2 1. Introduction ................................................................................................................... 3 1.1 Background ............................................................................................................. 3 1.2 Purpose and Objectives ........................................................................................... 4 2. Situation Analysis ......................................................................................................... 5 2.1 External Analysis .................................................................................................... 5 2.1.1 Macro-environment .......................................................................................... 5 2.1.1.1 Demographic, Cultural & Social................................................................ 6 2.1.1.2 Political ...................................................................................................... 6 2.1.1.3 Economic ................................................................................................... 7 2.1.1.4 Technological ............................................................................................. 7 2.1.2 Market ............................................................................................................... 7 2.1.3 Competition ...................................................................................................... 7 2.2 Internal Analysis ..................................................................................................... 9 2.2.1 Performance ...................................................................................................... 9 2.2.2 Executives ......................................................................................................... 9 2.2.3 Channels & Distribution ................................................................................. 10 2.2.4 Target Analysis: Customers............................................................................ 10 3. SWOT Analysis .......................................................................................................... 11 3.1 Strengths ................................................................................................................ 11 3.2 Weaknesses ........................................................................................................... 13 3.3 Opportunities ......................................................................................................... 13 3.4 Threats ................................................................................................................... 14 4. Marketing Strategies ................................................................................................... 15 5. Marketing Mix Strategies ........................................................................................... 15 5.1 Product .................................................................................................................. 15 5.2 Price....................................................................................................................... 19 5.3 Place ...................................................................................................................... 20 5.4 Promotion .............................................................................................................. 21 6. Implementation and Control ....................................................................................... 21 7. Financials: Budget ...................................................................................................... 22 8. Conclusion .................................................................................................................. 22 8. Works Cited ................................................................................................................ 23


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Executive Summary Fisker Automotives headquartered in Anaheim, California will soon welcome the launch of our 2012 Fisker Karma. The Karma is projected to sell nearly 10, 000 vehicles in the U.S. alone. Projected sales and profit are estimated around $1.03 Billion and $1.16 Billion. Nearly 630 Fisker cars have been delivered in the US so far. Celebrities and well known names in entertainment and politics who have ordered or received car; Actors, Leonardo DiCaprio & Ashton Kutcher; director, John Lasseter; managing partner at Fisker investor Kleiner Perkins Caifield & Byers, Ray Lane; former Secretary of State, Colin Powell; former Vice President, Al Gore. Singer Justin Bieber was given the car as a birthday gift from his manager on the Ellen Degeneres Show in March 2012. Keys to Success:  Fisker Automotive has only 50 people on the payroll—versus tens of thousands for other car makers.  A recent $529 million loan from the Department of Energy ensures that Fisker Automotive will expand exponentially in the next three years as it works on its new hybrid sedan.  We're seeing the beginnings of the entrepreneurial economy, a system built on nimble, low-overhead, oftentimes small companies with fluid workforces, rather than the massive conglomerates that have upheld the economy for decades.


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 Fisker noted that a “flex model” of staffing for development of new cars is routine in the automotive industry.  "You are not a car company until you are making revenue-generating cars, and we are making $2 million a day," Fisker, 48, the former chief designer for Aston Martin, said in a recent interview coinciding with the delivery of the first production cars to U.S. dealerships. "We’ve been an extremely lean car company, and now we’re going to experience tremendous growth.  Fisker says "I am happy we never have to launch our first car again. Once you’ve done that, it’s not like it’s easy, but you have systems in place to start coming out with new cars. Otherwise, it’s so much capital and energy."  If there is a sign that Fisker Automotive is moving from start-up to established company, it’s visible in its new headquarters in Anaheim.  1,200 Karmas have been built. 40% expected to stay in Europe. 50 to 100 Karmas have been delivered; Karma delivered to Fisker spokesman Russell Datz. 1

A glance has been taken of both our external and internal environments. The external analysis looked at the macro-environment, the market and the competition, while the internal analysis examined the Karma’s performance, as well as its executives, channels and distribution, and its customers.


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1. Introduction 1.1 Background Fisker Automotives is an American electric vehicle manufacturer with a mission to redefine the luxury automobile through an unwavering dedication to sustainability. Global headquarters are in Anaheim, California. Acclaimed auto designer Henrik Fisker and industry veteran Bernhard Koehler established the company in 2007 to address the need for Uncompromised Responsible Luxury vehicles that deliver Pure Driving Passion.2 The Karma will be the first production Plug-in Hybrid Electric Vehicle (PHEV) when it goes on sale in 2010. Its exclusive Q-DRIVE(R) power-train is expected to deliver an emission-free 80km (50mi) per full charge of its 22kWh/200kW Lithium-ion battery, and a total extended range of more than 480km through the use of its gasoline powered engine-generator.

Finally, sustainable design without compromise. Introducing the Fisker Karma, the first true electric luxury vehicle with extended range and the freedom to plug in or fill up. With the ability to toggle between the all-electric Stealth Mode or fuel assisted Sport Mode with the simple shift of the paddle, the Karma delivers high impact performance

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Fisker Karma Media. Overview. Invalid source specified.http://www.fiskerkarmamedia.com/


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while maintaining a low impact on the environment. The Fisker Karma -- a bold expression of compromised responsible luxury.

1.2 Purpose and Objectives The purpose of this project is to create a marketing plan for the launch of the Fisker Karma electric automobile. To attain this, the project focused on the following objectives:

Retain existing customers.

Gain new customers.

Raise $1 billion in deposits over the next year.

Increase ROI by customers who placed deposits.

Bring awareness to Fisker brand and company.

Position Fisker Karma as a luxury brand.

To accomplish these objectives, the external and internal environments of Fisker are examined, the various marketing strategies are discovered and designed to accomplish success. The plan is scheduled through the implementation and control methods designed to attempt the wanted results.


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2. Situation Analysis

2.1 External Analysis The external analysis looked at the macro-environment, the market and the competition in order to identify our opportunities and threats.

2.1.1 Macro-environment  Demand at auto dealers dropped 1.1 percent in January, today’s report showed, the biggest decline since May. The numbers ran counter to industry figures that showed sales improved.  With the average age of cars and trucks rising to a record 10.8 years, analysts see pent-up demand boosting U.S. sales to a third-straight annual gain in 2012, the longest streak since sales peaked in 2000.  An improving job market and available credit may propel an increase in vehicle sales of more than 6 percent from 2011 to 13.6 million, the average of 18 analysts’ estimates.  Sales at U.S. retailers rose less than forecast in January, reflecting an unexpected drop in purchases of automobiles.  The 0.4 percent gain reported by the Commerce Department February 14, 2012 in Washington was half the 0.8 percent rise median forecast of economists surveyed by Bloomberg News. Purchases excluding car dealers climbed 0.7 percent, more than projected and the biggest gain since March.


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2.1.1.1 Demographic, Cultural & Social 

In an attempt to attract the interest of a younger audience, Fisker Automobiles gifted the Fisker Karma to pop star Justin Beiber in March 2012 on the Ellen Degeneres Show.

2.1.1.2 Political 

April 2012, Fisker chairman, Ray Lane informed a Delaware newspaper that Republican presidential candidate Mitt Romney criticized the loan promised to the company from the Department of Energy. As a result of this criticism, the loan was never fully disbursed.

A Romney spokesperson commented that the loan to Fisker was a “failed investment”.

“"Irony is Romney doesn't understand he's the problem and he's lumping a company that did $100m in q1 with a company that's bankrupt," says Lane of Romney’s criticism. (Motoramic, 2012)

The DOE has now frozen the raining part of the $529 million loan. Only $193 million has been released.

According the Delaware Online, U.S. Republican Senators Chuck Grassley and John Thune have continued the attack campaign against the DOE and Fisker by writing a letter to DOE Secretary Stephen Chu asking Chu to defend the DOE’s decision to approve Fisker’s loan. (Blanco, 2012)


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2.1.1.3 Economic 

A123 Systems, Inc, a battery manufacturer reached an agreement with Fisker Automotives in March 2012 to replace defective battery for a total cost of $55 million. (Reeves, Fisker Karma Batteries to be Replaced by A123 Systems for $55M, 2012)

2.1.1.4 Technological 

Keyless start with separate remote proximity start system.

Command Center that controls auto, climate, navigation, audio and infotainment, phone and additional systems.

6-14 hours of charge time on battery’s charge capacity.

EVer™ technology uses an electric generator and battery pack to power twin electric motors.

2.1.2 Market  The U.S. automotive industry consists of multiple market suppliers and consumers. Within this industry there are diverse consumer wants and needs which drive and innovative and globally competitive U.S. automotive market.  Both Fisker and Tesla are relying on a kind of trickle-down progression, where high-end buyers lead the way, creating economies of scale that ultimately bring prices down. "It's like plasma TVs," Koehler says. They started out expensive, and now everyone has one.


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 One condition of Fisker's DOE loan was that the company had to raise roughly another $150 million in matching funds.  A recent $529 million loan from the Department of Energy ensures that Fisker Automotive will expand exponentially in the next three years as it works on its new hybrid sedan.  Fisker has also raised $760 million in private equity financing.

2.1.3 Competition Fisker Karma’s top competitors are Audi, BMW, Lexus, Mercedes, Porsche, and Tesla. Fisker Karma vs. Competitors Fisker Karma Audi A8 BMW ActiveHybrid 7 Lexus LS600hL

Annual Revenues [in millions] $35.00 M $50,517.60 M $86,203.90 M N/A N/A

Base Price

Sedan Models

$95, 900 $78, 750 $91, 850 $112,750 $91, 850

3 3 3 1 3

Porsche Panamera S hybrid

$66,065.90 M

$95, 000

1

Tesla Model S

$204.20 M

$59,350 - $79,350 (est)

1

Mercedes-Benz S400 BlueHybrid

Fisker’s annual sales are the lowest compared to its competitors. Fisker is a fairly new company compared to its competitors.

 Tesla sued Fisker, accusing him of stealing trade secrets. The case settled in late 2008, with Fisker awarded more than $1 million in fees and costs.  A few months before the company won its federal loan, the Department of Energy announced a $465-million loan to its main competitor, Tesla, to build its own four-door family sedan, the Model S. A billion dollars in taxpayer money is now


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riding on whether two competing EV start-ups and find traction at the high end of the car market.  Fisker propositioned its own suppliers for investment, tapping battery maker A123 Systems for $23 million; Ai23 became Fisker’s lead battery supplier around the same time. A competing battery maker, EnerDei, declined to invest.

2.2 Internal Analysis The internal analysis looked at our performance, our internal configuration and our customers in order to identify our strengths and weaknesses.

2.2.1 Performance The Fisker Karma allows consumers control of its ability to use all-electric Stealth Mode or the fuel assisted Sport Mode through a shift in the paddle. The braking systems is made of BremboÂŽ Monobloc calipers (6-piston front, 4-piston rear) with immense, directionally ventilated rotors and a sophisticated antilock braking system. The system is made to offer the driver Traction Control. Electronic Stability Control and a Panic Brake Assist to make the most of systems capabilities for the shortest stopping distance achievable.

2.2.2 Executives


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Henrik Fisher is the Executive Chairman, the Chief Design & Brand Officer and one of the Co-Founder of the Fisker Automotives since 2007. From 2001 to 2005, Mr. Fisker was a creative director at Ford Motor Company. At his time working for Aston Martin, Mr. Fisker was a member of the Board of Directors and design director. He designed the Aston Martin V7 Vantage and was behind the production launch design of the DB9, variations later used in James Bond movies as James Bond’s preferred vehicle of choice.

Bernhard Koehler is Chief Operating Officer and the other co-founder of Fisker Automotives. Under his direction, he is directing “Project Nina”, including the conversion of a closed General Motors plant in Delaware into a production plant for Fisker scheduled to open in 2012. Kohler held previous positions at BMW, Ford and DesignworksUSA.

2.2.3 Channels & Distribution  Most of the work-load outsourced to 80 suppliers around the world and final assembly in the same Finnish plant where the Porsche Boxster is made.  Fisker has said it expects to eventually employ more than 2,000 people at the Delaware plant, where production of the Nina was to begin later this year, with sales starting next year. The company reported in October that more than 100 workers were reconfiguring the plant.

2.2.4 Target Analysis: Customers


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Through research with Mediamark Research & Intelligence (MRI+), Fisker Karma’s ideal customer base is adults ages 25 - 54. Their ethnic background is White. They are made up of both male and females consumers who are college educated, working in a professional occupation with a Household Income of $75, 000 - $150, 000. Our target consumers mostly live in the South, Midwest and West regions of the United States. They are currently married with at least one child ages 6 – 17 years old. They own their own home valued between $100, 000 - $500, 000. They read an assortment Business & Finance, General Editorial, News and Entertainment Weeklies, Newspaper Distributed magazines and newspapers: National Geographic, Parade Carrier Newspapers, People Magazine, USA Today Weekend edition, Better Homes & Gardens, and AARP The Magazine. They frequently internet users and visit the following sites: Yahoo! Mail, Wikipedia.org, Amazon.com, Facebook.com, and Youtube.com.

3. SWOT Analysis The SWOT Analysis identified the strengths, weaknesses, opportunities, and threats of Fisker Karma, as follows:

3.1 Strengths  In 2009, Vice President Joe Biden headed joined Fisker officials in Delaware in announcing the resurrection of the former GM plant, and Delaware’s Council on Development Finance approved a $12.5 million loan to Fisker to help build the


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Nina in Delaware. The loan will become a grant if Fisker spends at least $175 million renovating the old GM facility and shows that it created 2,495 jobs in five years.  The state also agreed to provide a $9 million grant to help Fisker pay utility bills while the former GM plant is retrofitted and restarted. About half of that grant has been used to date.  Fisker said in a news release that much of the engineering, design and development work on Nina is complete and it expects to ramp up operations again.  Fisker said it raised $260 million in private equity in late 2011, bringing total private equity financing to more than $760 million.  Calculations developed by the Society of Automotive Engineers (SAE) estimate carbon dioxide output will be less than that of today's cleanest production cars and 75 percent less than that of competing vehicles, on average.  Fueling the Karma could cost just euro 0.02/km ($0.03/mile), consuming as little as 21 kilowatt hours per 100km in its electric-only Stealth mode, according to SAE methodology. However, a real-world annual average would be closer to euro 0.05/km ($0.07/mile) based on a mix of Stealth and Sport (gasoline) mode use. Actual economy and emission results will vary depending on individual driving habits and usage requirements.  Fisker Automotive’s headquarters employee count has soared from 150 in 2010 to about 650 today. Another 100 employees are prepping the Delaware plant to start pilot production of the Project Nina sedan.


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3.2 Weaknesses  Tesla sued Fisker, accusing him of stealing trade secrets. The case settled in late 2008, with Fisker awarded more than $1 million in fees and costs.  Fisker laid off workers in Delaware and California. The layoffs include 26 workers at a former General Motors plant in Wilmington that Fisker is retooling to manufacture its Nina plug-in hybrid sedan. Another 40 contractors and employees who were working in design and development of Fisker’s Karma luxury car in Anaheim, Calif., also have been cut.  Fisker has received $193 million of the $529 million DOE loan, mostly for work on the Karma, which sells for about $100,000. The introduction of the Karma was delayed because of regulatory issues and battery pack problems that prompted a voluntary safety recall by Fisker.  The $103,000 Karma plug-in hybrid sedans have been delayed by cash flow troubles, regulatory snarls and a recall.

3.3 Opportunities  While continuing to negotiate with the Department of Energy, Fisker also is pursuing alternative financing that could prove critical if talks with DOE fall through.  Some 941 million liters (248 million gallons) of gasoline could be saved and 2.3 million metric tons (2.5 million US tons) of CO2 offset from sales of 15,000 Karmas per year through 2016. Still, with 403hp and more torque than many supercars, 0100km/h (62mph) takes about six seconds and maximum speed is 201km/h(125mph).


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 The company is forging ahead toward big goals: delivering about 2,500 ordered Finnish-built Karma sedans by the end of the second quarter, then starting prototype production of its second car, the Project Nina mid-sized sedan, in Wilmington, Del., in the second half.

3.4 Threats 

Tesla sued Fisker, accusing him of stealing trade secrets. The case settled in late 2008, with Fisker awarded more than $1 million in fees and costs. Fisker is not going to have the luxury green car market to itself.

A few months before the company won its federal loan, the Department of Energy announced a $465-million loan to its main competitor, Tesia, to build its own fourdoor family sedan, the Model S. A billion dollars in taxyjayer money is now riding on whether two competing EV start-ups and find traction at the high end of the car market.

Perhaps the least-known EV start-up. Coda will sell this modest sedan for approximately $30,000. The Coda was created from the inside out—it's an engineer's car—starting with a high-energy-density lithium battery system that Coda engineers created with components from Saturn Electronics in Michigan. Compared with Fisker and Tesia, the company is a shoestring operation, with a scant $8o million in venture capital and no government loans. Yet the Coda sedan is almost finished, Czinger says, except for fine tuning the traction-control and airbag systems. The layoffs come as Fisker is seeking to renegotiate its loan agreement with the Department of Energy.


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4. Marketing Strategies  Creative

5. Marketing Mix Strategies 5.1 Product SPECIFICATIONS & FUNCTIONAL FEATURES: VEHICLE TYPE: front engine-driven generator with two rear electric motors, rearwheel drive, 4-passenger, 4-door sedan BASE PRICE: $96,895 DRIVE MOTORS: AC permanent-magnet synchronous; 402 hp, 959 lb-ft GENERATOR ENGINE: turbocharged and intercooled DOHC 16-valve 2.0-liter inline-4, 260 hp, 260 lb-ft GENERATOR: AC permanent-magnet synchronous, 235 hp TRANSMISSION: 1-speed direct drive DIMENSIONS: Wheelbase: 124.4 in Length: 196.7 in Width: 78.1 in Height: 52.4 in Curb weight: 4300 lb (C/D est) PERFORMANCE (MFR'S EST): Zero to 60 mph: 5.9 sec Top speed: 125 mph PROJECTED FUEL ECONOMY (C/D EST): EPA combined, electric only: 85 MPGe EPA city/highway driving: 33/38 mpg

AESTHETIC DESIGN Fisker’s design is inspired by the lines of windswept sand dunes and the muscular grace of a cheetah.


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The interior uses recycled and reusable materials such as wood trim sourced from reclaimed lumber, seating foam from soy-based bio fiber and carpet backing from recycled post-consumer materials.


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There is a command feature that connects the technology of audio, navigation, iPod™, Bluetooth™ and climate control systems.

The solar roof is the largest solar roof ever created for a production vehicle. The roof connects energy from the sun to expand the driving range up further for 200 miles/322 km extra yearly.


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The Fisker Karma is the first car in production to feature 22’ Circuit Blude wheels wrapped in Goodyear Eagle F1 Supercar tires. The tires are power-coated gave a lasting polished look and to limit the harmful VOC emissions in the manufacturing process.

INSTRUCTIONS FOR USE Fisker offers a Owner’s Handbook for all owners of the Karma. The US handbook is 144 pages and covers the Introduction, Overview, Vehicle Security, Occupant Safety, Controls and Operation, Power, Maintenance, Wheels

and Tires, Technical

Specifications, and Index. WARRANTY Fisker offers customers a 50 month/50,000 mile bumper-to-bumper warranty program in the U.S. and a 48 month/100,000 kilometer warranty program in Europe. SAFETY


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The Karma is built with front-end collision framework in addition to; energy-absorbing materials, eight airbags, a front dual enhanced system a braking system created by brake specialists at Brembo S.P.A.

5.2 Price 

$5, 000 deposit is required for pre-orders to be put on waiting list. Fisker has 3000 deposits in the bank so far.

Level - Sedan Models; Eco-Standard $95, 900, Eco-Sport $103, 900, Eco-Chic $108, 900.

Competitive, Average prices Fisker Karma vs. Competitors Fisker Karma Audi A8 BMW ActiveHybrid 7 Lexus LS600hL

Mercedes-Benz S400 BlueHybrid

Base Price $95, 900 $78, 750 $91, 850 $112,750 $91, 850

Porsche Panamera S hybrid

$95, 000

Tesla Model S

$59,350 - $79,350 (est)

Terms Offered: A123 Systems will replace any affected batteries for the Fisker Karma at no cost to owners. (Reeves, Autos & Trends, 2012)

Lease/rental options: The Fisker Karma qualifies for a $7, 500 federal tax credit, if purchased by owner as a result of being a plug-in vehicle. If a customer wants to lease the vehicle, Fisker can use the entire $7, 500 tax credit as an additional down payment on the lease and Fisker can claim the tax credit. Many states offer additional


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incentives to consumers such as a state tax credit, instant cash rebate, carpool lane access, and special parking privileges. (PlugInCars)

5.3 Place 

Number of retail outlets: 42 retailers in 45 locations in the US.

Fisker made a non-exclusive agreement with China Grand Auto to distribute, market and service its vehicles in China. CGA has an extensive network of over 200 retail stores offering 40 brands.

Provide the service through our network of branches throughout the country.

Install six additional ATMs at strategic locations throughout the country.

Introduce telephone banking to allow customers to transfer funds between accounts, perform account inquiry and pay their utility bills without visiting the bank.

Perform personal banking for busy professionals, including doctors, lawyers, managers, etc.

5.4 Promotion I. Media Objectives  Utilize media that can increase recognition of brand to younger target.  Maximize reach & frequency per month during launch of plan.

II. Media Strategies  Interactive (Web)  Magazines  Engagement Event

III.

Media Mix


21  Magazines 4-Color 1 page:

Media National Geographic Parade Carrier Newspapers People Weekly

Cost $ 225,455 $ $960,200

Frequency 1x 1x

Total $ 225,455 $ $960,200

$305,900

1x

$305,900

USA Weekend

$665,570

1x

$665,570

Better Homes & Gardens

$88,760

1x

$88,760

AARP The Magazine

$554,600

1x

$554,600

6x/per year

$2,800,485

Magazines Yahoo.com

Ad depends on size, type

Facebook.com

Ad depends on size, type

Wikipedia.org

Ad depends on size, type

Amazon.com

Ad depends on size, type

Youtube.com

Ad depends on size, type

6. Implementation and Control Table 1 shows the timeline of when each Media strategy will be implemented.

Table 1 Implementation Schedule


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DATE / FREQUENCY

National Geographic

May-12

Parade Carrier Newspaper

Jun-12

People Weekly

Jun-12

USA Weekend

Jul-12

Better Homes & Gardens

Aug-12

AARP The Magazine

Sep-12

Yahoo.com

May - July 2012

Facebook.com

June - August 2012

Wikipedia.org

Jun-12

Amazon.com

May - September 2012

Youtube.com

May - September 2012

Engagement Event

7. Financials: Budget

8. Conclusion This plan has generated objectives to accomplish. It gives a look into our external and internal environments and from beginning to end of a SWOT analysis to identify our strengths, weaknesses, opportunities and threats. The pace for the plan was established by our marketing strategies, implementation and control chart and our media mix. All are intended to execute a plan that will achieve the results wanted.


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Works Cited (2012). Retrieved 2012, from Fisker Media: http://www.fiskerkarmamedia.com/ Daley, J. (2009, December). The Entrepreneur Economy. Entrepreneur , pp. 52-57. Gillford, B. (2010, May). The Price of Karma. Popular Science , pp. 52-60; 90-94. MOTAVALLI, J. (2012, January 19). Driving the Fisker Karma. Retrieved 2012, from NY Times: http://wheels.blogs.nytimes.com/2012/01/19/driving-the-fisker-karma/ Rechtin, M. (2012). ELECTRICAL STORM - Fisker battles problems with cash flow, suppliers, media critics and skeptics as the $103,000 Karma lurches toward launch. LOS ANGELES: Crain Communications Inc. (n.d.). Retrieved from PlugInCars: http://www.plugincars.com/fisker-karma/price Blanco, S. (2012, April 28). Fisker's DOE loan is new right-wing political target of 'wasteful spending'. Retrieved from Green Auto Blog: http://green.autoblog.com/2012/04/28/fisker-getsdrawn-into-politics/ Fisker Automobiles US. (n.d.). Retrieved from http://www.fiskerautomotive.com/ Motoramic, J. H. (2012, April 20). Fisker blames Mitt Romney for government loan lockdown: Motoramic Dash. Retrieved from http://autos.yahoo.com/blogs/motoramic/fisker-blames-mittromney-government-loan-lockdown-motoramic-134533462.html Reeves, B. (2012, March 26). Autos & Trends. Retrieved from International Business Times: http://www.ibtimes.com/articles/319716/20120326/fisker-karma-batteries-replaced-a123systems-55m.htm Reeves, B. (2012, March 26). Fisker Karma Batteries to be Replaced by A123 Systems for $55M. Retrieved from Autos & Trends: http://www.ibtimes.com/articles/319716/20120326/fiskerkarma-batteries-replaced-a123-systems-55m.htm


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