7002MFH Marketing Plan Assignment Sample
Module code and Title: 7002MFH Marketing Plan Assignment Sample
Introduction
Effective marketing plans can ensure distinctive business growth with flexible reach over the target audience. The present report has highlighted the aspects of a renowned brand Aston Martin for the outline of a new marketing plan.
Aston Martin is recognised as an iconic luxury British car manufacturer brand that is headquartered in London UK. Aston Martin reflects a clear vision where they aim to grow themselves as the most desirable and ultra-luxury British brand globally by creating the most exquisitely addictive performance cars (Aston Martin Lagonda, 2022). On the other hand, Aston Martin reflects mission statement where it aims to ensure foreseeable growth and high margins. The values of Aston Martin reflect commitment and respect, integrity and growth and diversification.
The sales of Aston Martin units are also projected to reach 4000 vehicles by 2027. The overall revenue for Aston Martin is estimated to reach USD 633.40 million by the end of this year. It is also expected to disclose around 9.35% annual growth rate between 2022 to 2027.
Thus, in the following sections a proper marketing plan will be depicted based on the key finding from Course Work 1 considering valuable marketing frameworks like SOSTAC, SMART objectives, Ansoff Matrix and others.
Marketing strategy context
Marketing trends
Innovation has been the key trend in marketing with respect to the UK automotive industry. In this regard, potential industrial players are notified to put a profit focus on the concept of digital marketing aspects with the help of social media platforms and others. For example, the context of Aston Martin can be highlighted that has focused on ensuring a high impact global marketing by signifying the digital marketing campaigns.
The entire industry has eventually highlighted distinctive preference of digital media marketing that has helped the sector to ensure profound growth throughout the years. For evidence, the size of UK’s automotive market is anticipated to grow with a compound annual growth rate of 6.1% over the estimated period (Maximize market research, 2022). During 2021, the industry was accounted at 1.65 million units (Maximize market research, 2022).
Micro and macro analysis
In order to highlight both micro and macro environment and factors associated with the industry in the UK, a SWOT and PESTLE analysis is conducted respectively by referring to the findings in coursework 1.
Micro analysis: PESTLE
| Factors | Implications | Impact |
| Political factors | ● Uncertainty generated due to Brexit
● Exposure to global political development
● The UK government has decided to provide funding support for the low carbon automotive projects in the UK with 49 million pounds in order to ensure green future (GOV, 2022) |
Positive |
| Economic factors | ● The UK market highlighted a GDP of worth USD 3186.86 billion during 2021 that came up from USD 2756.9 billion in 2020, which represents 2.38 % of the entire global economy (Trading Economics)
● The inflation rate in the UK is standing at 9.12% by the end of this year, which is likely to come down at 3.73% by 2024 and 2% by 2027 (O’Neill, 2022). ● The UK automotive sector generates around 67-billion-pound turnover along with 14 billion values to the nationwide economy (SMMT, 2022) |
Positive |
| Social factors | ● The UK consumers are putting a great focus on the usage of sustainable products
● The consumer trend of green future can also be notified in this industry ● The UK consumers have also enhanced their preference for electric vehicles |
Positive |
| Technological factors | ● The UK automotive sector has been experiencing increasing focus on research and development
● Distinctive preference of self-driving automation can be notified in the UK with automotive cybersecurity and blockchain technology (SMMT, 2022) ● Increasing focus on the integration of artificial intelligence is also observed in the UK automotive sector |
Positive |
| Legal factors | ● The UK automotive sector abides by the Health and Safety at Work Act 1974 (GOV, 2022)
● The UK Employment Rights Act 1996 is also followed ● Compliance with vehicle safety norms is highly preferred in the UK with the concept of product liability claims |
Positive |
| Environmental factors | ● The UK automotive industry, as highlighted, focuses on reducing greenhouse gas emissions
● Distinctive preference of sustainability among the UK automotive sector with a trend of new driving technology and low engine capacity |
Positive |
Table 1: PESTLE analysis
Macro analysis: SWOT
| Strength | Opportunities |
| ● Aston Martin’s marketing strategy is centred on improving customer value delivery and communication channels.
● Prominent brand awareness, relevance, and desirability in the competitive market of automobile industry. |
● Potential investors for Aston Martin provide them the power to avoid any hazards that can affect their corporate operations.
● More models can be made available to attract more customers through competitive pricing. |
| Weaknesses | Threats |
| ● They focus on the premium sector and have never made an attempt to penetrate another market in the automobile industry.
● They only have a small number of models available at once, which reduces buyer alternatives for choosing products as per their requirements. |
● Rivalry with other automakers using the newest technical developments
● Competitive alternatives at lower pricing and the same level of functionality. |
Table 2: SWOT Analysis (Source: Referring to Coursework 1)
Customer analysis
By referring to coursework 1, the target customers for Aston Martin reflect potential female customers with the new crossover that the company aims to attract. That target profile of Aston Martin customers eventually reflects the preference of innovators and achievers, stripes, and others.
With regards to this concern, the target customer base of Aston Martin can be highlighted by reflecting the upper-class market having high income and high socio-economic class. The demographic aspects of their customers reflect entrepreneurs within 40 to 65 years of age among, which 10% are women. It reflects their overall branding concept by integrating three specific attributes such as power, beauty, and soul.
Objectives (SMART objectives)
Considering the situational analysis in coursework 1, couple of marketing objectives are highlighted below with smart feature-
| Objectives | Specific | Measurable | Achievable | Relevance | Time bound |
| To enhance consumer base by 20% | This objective specifies to enlarge the client base of Aston Martin | It helps to measure the ability of Aston Martin to increasingly address customer requirements and their product acceptability | It helps to achieved comparative advantage for Aston Martin in the UK automotive sector | This objective is relevant from the perspective of enlarging sales growth for Aston Martin | 1 year |
| To increase financial performance by 15% | It specifies the capability of Aston Martin to ensure complete resemblance with consumer requirements | This particular objective measures the competencies of Aston Martin as a brand to positively influence customer purchasing intention | It helps to achieve sound understanding regarding brand image of Aston Martin in the competitive market | This objective is relevant to reflect the credibility of Aston Martin to attract customers to their products | 1 year |
Table 3: SMART objectives
Strategy (Ansoff Matrix)
The current strategy of Aston Martin reflects to improve margin per car as well as technical product competitiveness. With regards to this concern, the focus of Aston Martin can be highlighted to ensure the combination of high performance and ultimate luxury products together in one automobile. Hence, the product development strategy as per Ansoff matrix can be reflected from the perspective of Aston Martin, as the company has been focusing on introducing high performance products by enriching the uniqueness to the Aston Martin brand (Aston Martin Lagonda, 2022).
Figure 1: Ansoff Matrix of Aston Martin (Source: Based on the ideas taken from Aston Martin Lagonda, 2022)
In order to achieve the marketing objectives as mentioned above, Aston Martin will have to look for empowering the concept of market penetration. This strategy reflects to increase the sales of an existing product into an existing market. The alignment of advanced technology and features can subsequently help in this regard for Aston Martin to address the objectives of ensuring both consumer base and financial performance growth in the operation of the UK market.
On the other hand, the company has also focused on extending their network across the European continent by re balancing the supply to demand in a successful manner (Aston Martin Lagonda, 2022).
The strategy of Aston Martin also reflects to empower customer experience with the launch of emerging configurations in their products in order to ensure increased brand desirability with over 85 million viewers a race (Aston Martin Lagonda, 2022). This aspect would also be covered through the consideration of market penetration based on which their brand portfolio could be expanded furthermore.
Tactics: 7Ps marketing mix
Physical evidence
In terms of physical evidence, it has been found that Aston Martin Lagonda has been noted to eventually grow and expand its presence around the globe effectively and efficiently. The current infrastructure of the company is considered to be the largest in its own history (Aston Martin Lagonda, 2022). The overall brand interface of Aston Martin is to focus on the continuous development of power, beauty, and soul of their products (Andrewchee, 2022). In terms of the physical environment, it can be stated that Aston Martin focuses on implementing different performance centres for providing better facilities to the customers.
People
In terms of people, it can be stated that the brand is focused on several leaders within their management such as Amedeo Felisa. Hence, Amedeo Felisa is considered to be the chief executive officer and holds a potential position within the management of Aston Martin for better future improvements and decisions (Aston Martin Lagonda, 2022).
The employment is considered to be reaching 5000 by the end of 2022 and can be considered a smart move for better future outcomes (Aston Martin Lagonda, 2022). Aston Martin is also committed to uphold a creative and welcoming working culture that gives them the capacity to increase general productivity and boost general customer service.
Process
The prime goal of the renowned automobile company, Aston Martin, is to place themselves at the top level in the market and be the greatest coveted, ultra-luxury British automobile brand globally, while producing one of most magnificent, irresistible performance vehicles. Aston Martin is therefore, recognised as a legendary global brand that stands for uniqueness, design, elegance, and power (Aston Martin Lagonda, 2022).
The company’s major areas of concentration include research and development initiatives that allow it to raise the bar for the quality of cars produced by its supply chain divisions. The primary goal of the business is to concentrate on the production of a car that combines high performance and maximum elegance.
Products
Aston Martin produces a diverse range of highly praised first-class cars, such as the Vantage, DB11, DBS, and DBX along with its first sporty coupe, the Aston Martin Valkyrie, by merging cutting-edge technology, exquisite style, and time-honoured workmanship (Aston Martin Lagonda, 2022). Lagonda, with headquarters in Gaydon, England, produces and manufactures the bulk of Aston Martin goods.
This specific item is produced by Aston Martin and exported to 55 different countries (Aston Martin Lagonda, 2022). In terms of the manufacturing units of the products of Aston Martin, it has been found that the company is focused on producing the luxury cars such as DBX SUV in St. Athan and on the other hand, the sports concept vehicles are produced in Gaydon (Aston Martin Lagonda, 2022).
Price
On the basis of pricing strategy, it has been noted that the upper and higher upper classes are the target market for Aston Martin automobiles. As of the current scenario of Aston Martin, it has been found that the corporation uses a premium pricing strategy (Aston Martin Lagonda, 2022). Thus, the automobile fails to produce units at a marginal price; rather, it values itself to the point where only the sort of consumer who does not have to second-guess their decision to acquire a car may buy it. This is due to the $140,000 beginning price range of products of Aston Martin in the international automobile market (Robb Report, 2018).
Place
Aston Martin is a world-renowned automaker with a presence in several countries. Aston Martin stores are situated in affluent areas where only the target market visits to shop in order to retain the brand image (Aston Martin Lagonda, 2022). Additionally, showrooms are positioned such that a buyer must exert some effort to get to one, conveying the idea that consumers from all over the world must earn this ride. Store owners want to stay away from those who are only there to look at the automobiles and not actually shop.
Promotion
Other premium automobile manufacturers have been fierce competitors for Aston Martin’s sales. They intend to rebuild business initiates for better performance by creating more vehicles that appeal to women and younger consumers alike. Apparently, it has been stated that Aston Martin is adjusting to the prevailing trends in order to boost sales, such as with its line of keychains and other merchandize.
They also promote their goods in prominent periodicals, digital platforms through celebrity endorsement and print media such as automobile magazines around the globe. They also have a significant online presence since they use social media to provide images and information about their current and forthcoming vehicles as well as to hear from their customers (Aston Martin Lagonda, 2022).
Action
With regards to the overall evidence and tactics presented above in the previous section, an action plan has been outlined on behalf of Aston Martin by realising the marketing plan objectives.
Table 4: Gantt chart for action plan
Control
In terms of monitoring and measuring the performance of the Aston Martin brand under the lights of an emerging marketing plan, a set of key performance indicators would be preferred in relation with the established smart objectives. The most significant KPI related to the objectives reflect growth in the financial performance of Aston Martin with subsequent sales improvement. This attribute would also highlight the effectiveness of Aston martin’s pricing strategy as well as their product list and placing features that might ensure adequate focus on addressing the current market requirements and demands.
In terms of measuring the performance of Aston Martin promotion as mentioned, enhancement of consumer base as well as target customers can be considered which has been also mentioned in the smart objectives. The KPI in this case includes at least 20% growth of their consumer base within 1 year. Improvement of market capitalisation as well as brand value is also considered as two most significant KPls that would redefine the effectiveness of Aston Martin to comply with their process.
Conclusion and recommendation
With regards to the overall shreds of evidence presented in this report, Aston Martin can be recognised to prefer higher socio-economic class having high income group consumers for their products. However, the vision of Aston Martin to emerge as a luxury British brand has also forced the company to ensure product development strategy. The company has also put a profound focus on promoting their products through social media platforms through celebrity endorsement and automobile magazines throughout the globe.
The marketing objectives established for Aston Martin has also replicated a clear focus on enlarging they are financial performance as well as enhancement of consumer base by positively influencing their purchasing intention. However, Aston Martin can be recommended to consider the market penetration strategy as an integral part of enlarging their sales growth with existing products into the UK market.
References
Andrewchee, (2022). Aston Martin Brand Interface. Retrieved on 1 December 2022 from: https://andrewchee.com/work/aston-martin-brand-interface
Aston Martin Lagonda, (2022). About Us. Retrieved on 1 December 2022 from: https://www.astonmartinlagonda.com/about-us
Aston Martin Lagonda, (2022). About Us. Retrieved on 1 December 2022 from: https://www.astonmartinlagonda.com/about-us#:~:text=Aston%20Martin’s%20vision%20is%20to,luxury%2C%20performance%2C%20and%20exclusivity.
Aston Martin Lagonda, (2022). About Us. Retrieved on 1st December 2022 from: https://www.astonmartinlagonda.com/about-us#:~:text=Aston%20Martin’s%20vision%20is%20to,luxury%2C%20performance%2C%20and%20exclusivity.
Aston Martin Lagonda, (2022). LEADERSHIP. Retrieved on 1 December 2022 from: https://www.astonmartinlagonda.com/about-us/governance/leadership
Aston Martin Lagonda, (2022). LOCATIONS. Retrieved on 1 December 2022 from: https://www.astonmartinlagonda.com/about-us/locations
Aston Martin Lagonda, (2022). STRATEGY. Retrieved on 1 December 2022 from: https://www.astonmartinlagonda.com/about-us/strategy
Aston Martin Lagonda, (2022). STRATEGY. Retrieved on 1 December 2022 from: astonmartinlagonda.com/about-us/strategy
GOV, (2022). £49 million uplift drives automotive industry towards green future Retrieved on 1 December 2022 from: https://www.gov.uk/government/news/49-million-uplift-drives-automotive-industry-towards-green-future
GOV, (2022). Health and safety regulation… Retrieved on 1 December 2022 from: https://www.hse.gov.uk/pubns/hsc13.pdf
Maximize market research, (2022). Automotive Market in UK: Analysis and Forecast (2022-2027) Trends, Statistics, Dynamics, and Segmentation by Vehicle Type, Sales type and Region Retrieved on 1 December 2022 from: https://www.maximizemarketresearch.com/market-report/automotive-market-in-uk/86645/#:~:text=Automotive%20Market%20in%20UK%20was,6.1%25%20over%20the%20forecast%20period.
O’Neill, A., (2022). United Kingdom (UK): Inflation rate from 1987 to 2027 Retrieved on 1 December 2022 from: https://www.statista.com/statistics/270384/inflation-rate-in-the-united-kingdom/
Robb Report, (2018). Five gifts for the car connoisseur. Retrieved on 1 December 2022 from: https://robbreport.com.au/motors/automotive/Five-gifts-for-the-car-connoisseur/
SMMT, (2022). Technology & Innovation. Retrieved on 1 December 2022 from: https://www.smmt.co.uk/industry-topics/technology-innovation/
SMMT, (2022). UK Automotive. Retrieved on 1 December 2022 from: https://www.smmt.co.uk/industry-topics/uk-automotive/
Statista, (2022). Aston Martin (Passenger Cars) – Worldwide Retrieved on 1 December 2022 from: https://www.statista.com/outlook/mmo/passenger-cars/aston-martin/worldwide
Trading Economics, (2022). United Kingdom GDP Retrieved on 1 December 2022 from: https://tradingeconomics.com/united-kingdom/gdp
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