Management Digital Marketing Communication

Discuss About The Management Digital Marketing Communication?

 

Introduction

Under this report, marketing plan will be discussed in order to promote the new outlet opened in Melbourne, Australia. This outlet was commenced first in 2015 and the McLaren 570GT is the new model launched by the McLaren Corporation. As per the market research and the demand of the McLaren’s cars in the Australian market, corporation has decided to introduce the new model i.e. McLaren 570GT in the Australian market and for the same, various functions of marketing plan will be discussed and evaluated. The basic components of marketing plan will be discussed under this report in order to analyse the marketing plan of the McLaren’s new model to be launched in the Australian market. SWOT analysis, competitor’s analysis will be performed in order to determine the strengths, weaknesses, etc. of the McLaren and its primary competitors’. Apart from this, McLaren’s primary objective in terms of the financial as well as marketing will also be discussed in order to build the strong marketing plan. Company’s mission, marketing mix strategies and the action plan in order to achieve the desired marketing and financial objectives will also be discussed. Additionally, implementation and the controlling methods of the marketing plan will also be covered under the report in terms of McLaren cars.

SWOT Analysis

Strengths ·         The biggest strength present with McLaren Corporation is their exclusive innovative techniques that made their cars unique and qualitative (Aaker, 2010). ·         Distinctive manufacturing techniques used to produce which helps the organization to increase the demand of their cars. ·         Most reputed brand in terms of racing cars (Helms & Nixon, 2010). ·         Big part of revenues is spent on R&D department to introduce innovative techniques for producing qualitative cars.

Weaknesses ·         Due to high price of the cars, it becomes non-affordable option. ·         Lack of retailers as huge investment is required (Armstrong, et. al., 2015). ·         Due to rare availability of the cars, authorised repairing shops are not available (Brandt, Cazzaniga & Hann, 2011). ·         As these cars are customised hence, re-selling of cars is quite difficult. ·         Their competitors have reliable as well as affordable cars’ option too. ·         Lack of demand of racing cars across the globe leads to declining rate of profits for organization.

Opportunities ·         Manufacturing affordable as well as new class of cars for middle class consumers. ·         Adaptation of adequate and less expensive technology will help the McLaren to produce competitive products. ·         Making consumer oriented cars except the racing cars (Cornelissen & Cornelissen, 2017). ·         Producing reliable products.

Threats ·         Going into small variants and lower-class cars will reduce the prestige of its unique and exclusive model. ·         This may provide a chance to another company to take over the position of McLaren in the global market. ·         Producing lower class cars will increase their revenues but economy of the organization will get decrease.

Competitor Analysis

McLaren Corporation is the racing car manufacturing and distributing company across the globe. In terms of producing racing cars with unique designs, no company exists but Porsche, Koenigsegg and Pagani are the three competitors of McLaren Honda Corporation. Their cars are basically used in Formula One team based in England. Porsche is known for producing all types of cars i.e. sports, sedan as well as SUV’s hence, demand of their cars is high in comparison to the McLaren’s cars. Koenigsegg Automotive AB is also known for producing sports cars but McLaren’s cars are much more qualitative in comparison with the Koenigsegg Automotive cars (Czepiel & Kerin, 2012).

McLaren is planning to launch new model in Australian market through reviewing the demand of the McLaren’s cars are quite high in Australian market. The new model launched by the McLaren in Australian market is McLaren 570GT and the speciality of the new model is beautiful and the interior cabin is designed as per the modern technology. Apart from this, rotatory switches on the centre console and the push buttons in the McLaren 570GT helps the organization to gain the competitive advantage in the market. These are some of the features that make the identity of the McLaren cars unique and expensive from its competitors (Fischer, et. al., 2011).

Mission

McLaren is planning to launch 570GT in the Australian market and this decision is taken on the basis of market research conducted by the McLaren to analyse the demand of the cars manufactured by them. IN recent years, huge demand is coming from the Australian market in terms of racing and sports cars and McLaren’s expensive car’s demand is also raised there. In order to enhance their productivity as well as the market presence in the global market, McLaren has planned to promote their new model in the Australian market through various unique and adequate promotional strategies. Primary objective behind launching the 570GT in the Australian market is to fulfil the demand of the consumers over there. This model is a two seat’s capacity and in the recent years, Australian people have adopted the trend of using sports cars ad especially overseas company’s cars, hence; it increases the chances for McLaren in terms of achievement of goals and objectives in relation to the increase in the sales and the revenues (Greer & Ferguson, 2011).

McLaren has developed the strategies under which these customers are being targeted who are capable enough to afford McLaren’s cars. Projective techniques are also adopted in order to enhance the demand of their cars especially of the new model which is about to be launched in Australian market (Gregor & Hevner, 2013).

Marketing Objectives

• The primary marketing objective of the McLaren Corporation defines the increase the sales as well as in the revenues for the company. Sports and racing car’s market is continuously increasing in Australia and this is the major objective behind launching of the McLaren 570GT in Australia (Helms & Nixon, 2010).
• With the adequate marketing mix techniques, organization has developed the strategies in order to achieve the objectives to enhance the sales and the revenues of the McLaren in Australia through promoting the advanced features of the new model. The new model will also help the organization to provide adequate competitive advantage in the global market (Johnston & Bate, 2013).
• Apart from these, organization has involved the customer observations, focusing on affordable group of people through Ethnographies strategy. Under this strategy, cultures of the people and society are explored in terms of the curiosity in relevance with the new product launched in the Australian market.
• These all objectives will be included in the marketing plan of the McLaren 570GT in order to achieve the adequate position in the global market with the view to increase the sales for enhancing the demand of the new model and with the objective to fulfil the consumer’s expectations (Kim & Hyun, 2011).

Financial Objective

• Adaptation of the adequate pricing strategy is order to reduce the cost of the production for setting the affordable price of the new model to be launched in the Australian market. Adaptation of adequate pricing strategy helps the organization to enhance the demand of the new car launched in the Australian market.
• Apart from the pricing strategies, organization need to enhance the sales and profitability and for this, they need to adopt adequate promotional strategies within the targeted segment of people so that positive results could be obtained (Klein, 2016).
• In the initial period of McLaren’s expansion in the Australian market and the launching of the new model, positive demand for the car and the reasonable sales will be expected in relevance with the expensiveness of the car (Mohammed, Rashid & Tahir, 2014).

Marketing Mix

This is the marketing tool which helps the organization to understand the features of the product through which consumer’s need could be fulfilled. There are various aspects of this tool which are discussed below:

Price: This is the strategy for which McLaren Corporation needs to take care of because McLaren is known for producing high class racing, sports and expensive cars. This is the major reason for their less sales and profits and this becomes the strength for the organization which makes them distinctive from its primary competitors. In the market research program organized by McLaren, it was analysed that the demand in terms of sports, racing and expensive cars in Australia has been increased in recent years. Reviewing the sales figures of New Motor Vehicles, Australia, it can also be assumed the same as from 2016 to 2017, sales of sports cars have been increased from 14% to 26.3%. Taking this as the opportunity, McLaren needs to adopt adequate pricing strategy in order to attract the adequate consumers towards the McLaren 570GT.

Distribution: Through exclusive retailers, distribution of the McLaren’s new model as well as the existing models will be sold across the Australia (Akaka, Vargo & Lusch, 2013).

Promotion: Aggressive social media as well as the exclusive electronic medium’s channels will be used in order to promote the 570GT across the Australia. Sponsorship of events, advertisement of the car through auto-expo, auto-shows, etc. could also be done as these are the best mediums to promote the exclusive and expensive cars.

Customer Service: This is the biggest weakness for the McLaren across the globe and this is due to lack of authorised service centres. Due to less number of cars across the globe, service centres are not being developed at every place and this becomes the reasons for decreasing demand in their cars. As various innovative and exclusive features are being fitted in the new model launched by McLaren, providing customer service after delivering the car will help them to build trust amongst the consumers for the organization. And this will also leads to increase in the demand of their cars across the Australia as well as in other countries of the globe (Ang, Benischke & Doh, 2015).

Digital marketing plan

As this is the crucial part of marketing plan, McLaren will use their existing digital mediums for promoting the McLaren 570GT in the Australian market. McLaren can use their official website, by opening bookings through their authorised dealers in Australia, using social media platforms, etc. People will be able to book their piece online as well as through offline medium and the test drives for the cars can also be done in the same manner. Apart from this, many efforts are not required by the organization as they are already included in the premium class brand hence; existing digital mediums of the organization can be used for the promotion of the new model to be launched in Australia. 

Action Plan

Initial marketing objective for McLaren Corporation is to increase their overall sales through launching their new model i.e. 570GT in Australian market. To achieve this objective, organization needs to develop adequate plans with adaptation of effective promotional strategies.

The second marketing objective for McLaren Corporation is to gain competitive advantage in the global market and to achieve this objective, organization needs to focus on product’s characteristics and adaptation of special tool i.e. marketing mix will be helpful.

In order to fulfil the customer’s expectations, organization has practiced certain programs such as analysing customer’s observations through which the new model launched by the company could fulfil those consumer’s observations.

The first financial objective for the McLaren group is enhancing the demand of their cars and this could be done with the help of appropriate promotional strategies.

To increase the profitability of the organization, adequate pricing strategy needs to be implemented in the workplace in order to control the wastages of the available resources with the organization as well as to reduce the cost of the production (Angeloska-Dichovska & Mirchevska, 2017).

In order to increase the profitability of the organization in the initial time period within the Australian region, organization needs to take help of various discount and attractive offers strategies through which consumers could be attracted towards the organization.

Implementation and Control measures

For implementing this marketing plan in order to promote the McLaren 570GT in the Australian market, adequate planning needs to be done. An alternative plan should also be made from the perception of this marketing plan fails. This could be due to wrong interpretation made in terms of the environmental conditions of the Australian market. Appropriate mixture of advertisement and promotional strategies needs to be adopted for successful introduction of the new model of McLaren car. The special and exclusive features of the McLaren 570GT should also be considered as the most crucial aspects of the marketing plan. This will make the marketing plan more strengthen and it will help the organization to gain the competitive advantage as well as the increase in the sales and profitability could also be expected (Mohammed, Rashid & Tahir, 2014).

In terms of the control measures, evaluation of all techniques and strategies will be reviewed and their impacts would also be reviewed to determine their effects. This step is crucial in terms of evaluating the errors present in the strategies involved in the organizational marketing plan.

Conclusion

Above strategies could be used in order to promote the McLaren 570GT in the Australian market in order to enhance the overall revenues of McLaren Corporation. It has been concluded that these strategies are quite crucial in terms of promoting the sports car in the Australian market. Marketing mix, action plan, marketing objectives, financial objectives, vision of the McLaren, etc. were discussed in the above report in order to make a strengthen marketing plan for McLaren 570GT. 

References

Aaker, D. (2010). Marketing Challenges in the next decade. Journal of Brand Management, Vol. 17 (5), Pp. 315.

Akaka, M. A., Vargo, S. L., & Lusch, R. F. (2013). The Complexity of Context: A Service Ecosystems Approach For International Marketing. Journal of Marketing Research, 21(4), 1-20.

Ang, S. H., Benischke, M. H., & Doh, J. P. (2015). The Interactions of Institutions on Foreign Market Entry Mode. Strategic Management Journal, 36(10), 1536-1553.

Angeloska-Dichovska, M., & Mirchevska, T. P. (2017). Challenges of The Company In The New Economy And Development Of E-Business Strategy. Strategic Management, 22(2), 27-35.

Armstrong, G., Kotler, P., Harker, M. And Brennan, R., 2015. Marketing: An Introduction. Pearson Education.

Brandt, F. S., Cazzaniga, A., & Hann, M. (2011). Cosmeceuticals: Current Trends and Market Analysis. In Seminars in Cutaneous Medicine And Surgery. Frontline Medical Communications. Vol. 30, No. 3, Pp. 141-143.

Cornelissen, J., & Cornelissen, J. P. (2017). Corporate Communication: A Guide to Theory And Practice. Sage.

Czepiel, J. A., & Kerin, R. A. (2012). Competitor Analysis. Venkatesh Shankar and Gregory S. Carpenter, Handbook of Marketing Strategy, Edward Elgar, Pp. 41-57.

Fischer, M., Albers, S., Wagner, N., & Frie, M. (2011). Practice Prize Winner—Dynamic Marketing Budget Allocation across Countries, Products, and Marketing Activities. Marketing Science, Vol. 30 (4), Pp. 568-585.

Greer, C. F., & Ferguson, D. A. (2011). Using Twitter for Promotion and Branding: A Content Analysis of Local Television Twitter Sites. Journal of Broadcasting & Electronic Media, Vol. 55 (2), Pp. 198-214.

Gregor, S., & Hevner, A. R. (2013). Positioning and Presenting Design Science Research for Maximum Impact. Mis Quarterly, Vol. 37 (2), Pp. 337-355.

Helms, M. M., & Nixon, J. (2010). Exploring Swot Analysis–Where Are We Now? A Review of Academic Research From The Last Decade. Journal of Strategy and Management, Vol. 3 (3), Pp. 215-251.

Johnston, R. E., & Bate, J. D. (2013). The Power Of Strategy Innovation: A New Way of Linking Creativity And Strategic Planning To Discover Great Business Opportunities. Amacom Div American Mgmt Assn.

Kim, J. H., & Hyun, Y. J. (2011). A Model To Investigate The Influence Of Marketing-Mix Efforts And Corporate Image On Brand Equity in the IT Software Sector. Industrial Marketing Management, Vol. 40 (3), Pp. 424-438.

Klein, D. B. (2016). Unfolding the Allegory Behind Market Communication And Social Error And Correction.

Mohammed, A. A., Rashid, B. B., & Tahir, S. B. (2014). Customer Relationship Management (Crm) Technology And Organization Performance: Is Marketing Capability A Missing Link? An Empirical Study in the Malaysian Hotel Industry. Asian Social Science, 10(9), 197.