Strategic Marketing Creating Competitive -Myassignmenthelp.Com

Question: Discuss About The Strategic Marketing Creating Competitive? Answer: Introduction Marketing management refers to the organizational discipline that helps in marketing activities and resources (Sheth and Sisodia 2015). The product chosen for the marketing purpose from the website https://luxatic.com/ is a sport utility vehicle (SUV). The SUV has distinctive features as it shall be the worlds first fully electric and all-wheel drive car. The product is designed especially for the speed and road enthusiasts. The car is light-weighted in nature with aluminium chassis. It has a dual front and rear motor for producing more power allowing the riders to drive at a high speed while carrying heavy weights. This car can go up to a speed of 60km/hr within 4.5 seconds. The car shall be operated by two Li-ion batteries that can stretch up to 193 kilometres and 322 kilometres in a single drive. The car has anti-lock disc brakes that shall allow the car to maintain contact and avoid uncontrolled skidding. Also, there is regenerative braking system that helps in recovering energy which can be used immediately or stored. Further, the car possesses hydro-pneumatic suspension that provides a superior-quality ride on a wide variety of surfaces through its sensitive and dynamic suspension. The car design is innovative and eco-friendly in nature that is based on the latest technologies and controls pollution. Steps of a Marketing Plan An effective marketing plan helps in understanding the market conditions, competition and overall hindrances or strengths. Firstly, a market research shall be conducted to know if there is scope for the product line in the market. The available resources, biggest opportunities and challenges need to be identified. Secondly, the competitive landscape shall be reviewed using Porters five factor analysis. It shall give company the edge to compete in the market. Thirdly, the target market needs to be identified so that marketing strategies can be targeted towards it. Fourthly, the marketing and financial goals and objectives shall be set that can help the organization to reach the goals. Fifthly, marketing strategies and tactics shall be defined using 4P framework that can help the company grow revenue. These strategies shall help in determining the ways in which the organization can attain its marketing and financial objectives. Lastly, the company shall determine evaluation methods for measuring success (Kocmanov and imberov 2014). SWOT and Competitor Analysis The internal environment is analyzed using the SWOT analysis- Strengths The SUV shall be the worlds first electric and all-wheel drive. The distinctive features such as Anti-lock disc brakes, Regenerative braking system and Hydro-pneumatic suspension makes it better than other motor vehicles. Weaknesses The motor vehicle shall be expensive in nature as it is a luxurious product and cannot be afforded by majority of people. As the automotive is fully electric and there is no fuel consumption, there may be a breakdown if there is problem in the electric component. Opportunities There is shift in social trends towards the usage of electric vehicles due to environmental sustainability. There is scope of geographical expansion as the market for electric vehicles is increasing globally. Threats There is increasing competition in the automobile market. The changing government regulations can make it difficult for the business to run profitably. Table 1: SWOT Analysis Source: (Chernev 2014) Competitive Analysis The competitive landscape of the automotive company can be analyzed using Michael Porters analysis as under- Porters Five Forces High/ Medium/ Low Analysis Bargaining Power of Customers Medium The consumers have low switching cost that adds to strong as there are more electric cars available at affordable prices. However, there is low volume of purchase as every customer shall buy a single or a few cars only. Bargaining Power of Suppliers Low The suppliers have low level of forward integration are there is limited distribution and sale. Further, there are low numbers of suppliers for best components that make the bargaining power low. Threat of Substitutes High As there are other substitutes available such as electric bikes, fuel based cars, public transportation and other modes that make the bargaining power of substitution high. Threat of New Entrants Low The automotive industry requires significant investment, knowledge and experience that makes it difficult for the companies to enter into the market. Further, it is difficult to establish a strong brand image in the market as existing competitors like Tesla have high brand image. Competitive Rivalry High There is low switching cost and it is easier for the companies to choose from other companies such as Tesla, Toyota and others. Table 2: Porters Five Forces Source: (Banker, Mashruwala and Tripathy 2014) Mission The organizational mission is: to accelerate the sustainable transport by compelling the masses to switch to fully electric vehicles for addressing environmental issues while providing safe and exciting journey. The aim of this automotive is to persuade the consumers to use economic friendly vehicles that shall result in less pollution. The mission is to provide a luxurious journey to its consumers using innovative design and technology by removing fuel consumption feature and increasing road safety. Marketing Objectives The marketing objectives that shall be attained by launching worlds first all electric and all wheel drive SUV are determined as under- To build brand awareness in the automotive industry for invigorating interest among the consumers by 15% by the end of 6 months. To enter new markets and capture the market share in the local region by 10% by the end of 6 months. To increase the number of enquiries from marketing communication activities by 25% within 6 months (Patti et al. 2017). Financial Objectives The financial objectives that shall be attained using the marketing plan are determined as under: To increase sales by 20% to gain revenue and expand further in the national market by the end of 6 months. To increase profitability by 15% for using it for further marketing by the end of 6 months. To increase wealth by 10% for establishing a luxurious brand image in the market (Kitchen and Burgmann 2015). Marketing Mix Marketing mix or 4P framework can be used for controlling the marketing activities and influence the consumers to purchase products: Product Mix The product assortment or product line offered by the organisation is defined in the product mix. The electric SUV shall be sold that shall satisfy the mission of environmental sustainability. The distinctive features such as regenerative power braking shall help in storing energy for immediate or future use. The batteries are designed to achieve higher density with five year warranty. The product design is sleek and the aluminium body makes the SUV light weighted but capable to carry heavy weight. The product runs smooth at roads and terrains and saves fuel reducing air pollution (Belch, Belch, Kerr and Powell 2014). Pricing Mix Pricing strategy refers to the approach in products that defines prices and discounts in the marketing mix. The SUV is designed for the luxurious consumers and it shall follow premium pricing strategy. The SUV is priced higher in comparison with other competitors. The consumers shall be able to pay more as there will be no or only few substitutes as the brand focuses on style and design. The products are sustainable in terms of quality, design and technology (Huang and Sarigll 2014). Place or Distribution Mix Place strategy refers to the geographical areas or places where the products are sold. The SUV can be sold directly in the market trough display in showrooms. Gradually, the market can be grown nationally and the internationally. Also, the brand shall later focus on the online market thereby making it accessible for all customer bases (Mintz and Currim 2013). Promotion Mix The promotion mix allows the company to communicate using traditional and integrated marketing channels thereby promoting sales. The brand can utilize print advertisement mediums such as newspapers, magazines and billboards so that masses can be captured. Also, traditional channels such as television and radio can be used for advertising purpose. The brand shall focus on digital media by using social media sites such as Facebook, Instagram, Twitter, Snapchat and others that are widely used by the customers. Campaigns can be designed that can attract larger masses on the social media. Further, the company can increase awareness by engaging with the potential customers and resolving their queries that can help gain truth and confidence in the company. The company can prepare a video advertisement that can be used for advertisement on YouTube as sponsored advertisement (Jrvinen and Karjaluoto 2015). These strategies shall help educating masses about the eco-friendly nature of the automo tive. Also, the company can adopt blog marketing and content writing strategies so that the consumers can gain knowledge about the product (Hanssens et al. 2014). Action Programs for Achieving Objectives The action program for achieving the marketing and financial objectives is designed as under: What? Who? Resources When? Priority Prepare campaigns for pre-booking of SUV Marketing Officer Graphic designer, Finance, IT system Immediately High Developing email pieces for making the customers aware Human resource Content developer, IT system Immediately High Announcing the launch via Press release CEO Content developer 1 week before launch Medium Promoting product on social media Marketing Officer Finance, Graphic designer, content developer, IT system Immediately High Table 3: Action Programs for Achieving Objectives Source: Created by Author Implementation and Control of the Marketing Plan The marketing plan as designed above can be implemented after communicating the plan with the employees. It must be ensured that the staffs have the aptitude and skills to implement the marketing plan. The marketing staff shall be recruited to implement the social media plan while making sure that it fits within the business goals and objectives (Chambers 2013). The marketing plan can be controlled by evaluating the progress using a few Key Performance Indicators (KPIs). Return on investment can be measured for assessing the revenue generated by a specific marketing campaign (Farris, Bendle, Pfeifer and Reibstein 2015). The sales revenue can be measured as it shall help analyze the business growth trends and overall success. The website traffic to lead ratio can be measured as it shall show the footfalls and enquiries conducted regarding the automotive. It shall help in measuring brand awareness and recognition (Parmenter 2015). Conclusion Conclusively, the product chosen for the marketing purpose from the website is a sport utility vehicle (SUV). The distinctive features such as Anti-lock disc brakes, Regenerative braking system and Hydro-pneumatic suspension makes it better than other motor vehicles. The automotive industry requires significant investment, knowledge and experience that makes it difficult for the companies to enter into the market. The mission is to provide a luxurious journey to its consumers using innovative design and technology by removing fuel consumption feature and increasing road safety. the company can adopt blog marketing and content writing strategies so that the consumers can gain knowledge about the product. These strategies shall help educating masses about the eco-friendly nature of the automotive. References Baker, M.J., 2014.Marketing strategy and management. London: Palgrave Macmillan. Banker, R., Mashruwala, R. and Tripathy, A., 2014. Does a differentiation strategy lead to more sustainable financial performance than a cost leadership strategy?.Management Decision,52(5), pp.872-896. Belch, G.E., Belch, M.A., Kerr, G.F. and Powell, I., 2014.Advertising: An integrated marketing communication perspective. McGraw-Hill Education. Chambers, D.W., 2013. Key performance indicators.The Journal of the American Dental Association,144(3), pp.242-244. Chernev, A., 2014.Strategic marketing management. London: Cerebellum Press. Farris, P., Bendle, N., Pfeifer, P. and Reibstein, D., 2015.Marketing metrics: The manager's guide to measuring marketing performance. NY: FT Press. Hanssens, D.M., Pauwels, K.H., Srinivasan, S., Vanhuele, M. and Yildirim, G., 2014. Consumer attitude metrics for guiding marketing mix decisions.Marketing Science,33(4), pp.534-550. Huang, R. and Sarigll, E., 2014. How brand awareness relates to market outcome, brand equity, and the marketing mix. InFashion Branding and Consumer Behaviors(pp. 113-132). Springer New York. Jrvinen, J. and Karjaluoto, H., 2015. The use of Web analytics for digital marketing performance measurement.Industrial Marketing Management,50, pp.117-127. Kitchen, P.J. and Burgmann, I., 2015. Integrated marketing communication: Making it work at a strategic level.Journal of Business Strategy,36(4), pp.34-39. Kocmanov, A. and imberov, I., 2014. Determination of environmental, social and corporate governance indicators: framework in the measurement of sustainable performance.Journal of Business Economics and Management,15(5), pp.1017-1033. Luxatic.com. (2017).Cars Bikes - Luxatic.Luxatic. Retrieved 2 October 2017, from https://luxatic.com/cars-bikes/ Mintz, O. and Currim, I.S., 2013. What drives managerial use of marketing and financial metrics and does metric use affect performance of marketing-mix activities?.Journal of Marketing,77(2), pp.17-40. Parmenter, D., 2015.Key performance indicators: developing, implementing, and using winning KPIs. UK: John Wiley Sons. Patti, C.H., Hartley, S.W., van Dessel, M.M. and Baack, D.W., 2017. Improving integrated marketing communications practices: a comparison of objectives and results.Journal of Marketing communications,23(4), pp.351-370. Sheth, J.N. and Sisodia, R.S., 2015.Does marketing need reform?: Fresh perspectives on the future. UK: Routledge. West, D.C., Ford, J. and Ibrahim, E., 2015.Strategic marketing: creating competitive advantage. USA: Oxford University Press.