• Posted on October 26, 2023
• Libin

Assignment Sample on RBP020L061A Strategic Marketing

Part 1: Introduction and Product/Service Description

Description of the product and the company

Chevrolet is a world renowned car company which is serving people with innovative and modern based cars which helps people to get attracted towards the country in every possible way. Moreover, the company has introduced the use of electric cars for the smooth and innovative performance of the company and also it may help the company to grow and gain profits successfully. Furthermore, the company promises to provide for complete benefits to the customers who help in the excellent service and purchasing of the car (Chevrolet.com. 2022). Thus, the company has made sure that the company helps in introducing new and innovative products which the company has been able to do with the help of the introduction of the electric cars. Therefore, the company which has the headquarters in the United States of America (USA) has introduced electric cars long back although the electric cars such as Bolt EV have been modified recently (Refer to appendix 1). Therefore, the company makes sure that the company has been able to progress as the product has an adaptable control and it helps in the smooth running of the product and is quite well-known among the people.

Rationale of the report

The understanding about the market situation for the company is quite helpful for making the company to gain good profits in the markets which has made the study quite possible. Moreover, in this report, the introduction of electric cars has been studied with the help of which the company has been able to understand the market situation of the products and the way the products have been launched and also taken up by the customers. However, the company has been able to make sure that the company has launched the electric cars and also helped in redesigning the electric cars for attracting various groups of customers towards purchasing the products. Therefore, in order to understand the progress and the growth of the company, the study about the way electric cars have been able to make the company progress has been studied. Thus, in order to understand the way the company has been able to make the sustainability of the product and also the company may make sure that the company with the help of the electric cars makes the environment more eco-friendly which may help the company to progress well.

Part 2: A Critical Analysis of the Market Context

Key market trends

The market situation of the company highly depends on the competition the company is having within and outside the markets and the way the company is able to cope up with competition and the kind of innovation the company is able to incorporate in the working of the products launched even on making the products. Moreover, the company has to understand the help of digitalization in order to make the production well and analyze the trends in the markets and to transforming activities of the company in the process of innovation (Kovalenk et al., 2021). However, the company has been able to maintain the growth of the company and even the innovative strategies which the company may have taken up makes the company to grow quite well and even makes sure that the company is able to manage to satisfy the customers.

Figure 1: Growth of the company

(Source: Kovalenk et al., 2021)

Key competitors of the company in the market

The company has to make sure that the company is able to maintain the innovative strategies of the company which may help the company to stand out from the competitors so that it helps the company to sustain for a longer period. Moreover, the company has the biggest competitor that is Tesla with whom the company has to maintain the competition with the help of affordable prices for the products and also making sure that the products that are electric cars are eco-friendly towards the environment. Furthermore, the company makes sure that the company is able to make the products quite satisfied for the customers who have helped the customers in getting attracted towards the products more and more. Therefore, the company has to make sure that the cooperative practices such as the logistics, sales and marketing and the workforce formation and innovative technology all may help in making the company favourable (Sellitto and Luchese, 2018).

Discussion about the customers’ attitude and behaviours in the market

It is extremely essential for Chevrolet to anticipate the behaviour and attitude of customers or else the company will not be able to design a proper marketing plan for the company. In addition to that, the market is extremely competitive which indicates that the attitudes and behaviour of customers of the market are changing day by day. Chevrolet always needs to focus on the demand of customers and point out that the behaviour and attitude of customers may help the company to anticipate the demand of customers. An electric car is a new product in the market and in some countries, it is not tested and if the company is able to understand the attitude of customers then it will be easy for the company to attract more customers. Additionally, many things are related to consumer behaviour and attitude such as consumer lifestyle, purchase preference, benefits perception and many more as these factors may influence the buying decisions of customers. It has been observed that there are several factors that influence the attitude of customers as modern organizations may use multiple attribute attitude models and planned behaviour models to identify these factors (Kaakeh et al., 2019). The management of Chevrolet needs to implement this model which plays a crucial role in identifying the behaviour of customers and that is extremely important to treat specific customers in the market. The company needs to inline and motivate the personal beliefs of customers or else Chevrolet will not be able to increase the sales of electric vehicles on the market.

Evaluation of the issues and opportunities which may include social and ethical issues

It may be argued that there are multiple social and ethical issues in Chevrolet which are extremely harmful to the growth of the company. The management of Chevrolet has implemented a proper plan which is extremely essential in finding and mitigating those issues by a proper plan. In addition to that, these ethical and social issues of the company may create a negative impact on the business reputation of the company. The employees of the company have reported that the top-level management of the company is not concerned about the health and safety of employees. Due to this reason, many employees of the organization have left this company, however, the management of the organization has planned to enforce relevant health and safety policies that may enhance the job satisfaction level of employees. An organization needs to execute an Ethical system Model framework which will be useful in maintaining a healthy organizational culture in the organization. A modern organization needs to implement ethical leadership and requires respect for customer and employee diversity to conduct an ethical business (Collins and Kanashiro, 2021). The management of the company needs to focus on establishing a healthy workplace by mitigating unethical practices in the organization which may affect the bard reputation of the company. Additionally, every company in the world prefers to gain competitiveness and for this reason, the economies may use dishonest advertising to attract customers. Chevrolet needs to make transparent advertisements that play a vital role in improving the brand value of the economy by selling more electric cars.

Part 3: Segmentation, Targeting and Positioning (STP)

Discussion about the segmentation used by the company

The company is trying to make sure that the target market for the company has to be attained so that it helps the company in understanding that the targeted market may bring the kind of profits for the company. Moreover, the company has to make sure that the company may target the younger generations and also the older generation who may be able to afford the car and even understand the value of the car. Furthermore, it may be understood that the company’s targeted customers may be able to afford the cars as the electric cars are quite expensive even though the cars are quite eco-friendly. However, with the help of Segmentation, Targeting and Positioning (STP) model, and the use of strategic marketing techniques which may help in the effective business in order to compete in the market (Kalam, 2020). Therefore, the targeted customers may help in making the company progress well and also helps in increasing the profits for the company. Thus, the company may segment the customers so that it helps the company to make sure that the products are environmentally fit which may help the company to sustain well in the market.

Figure 2: Segmentation, Targeting and Positioning (STP) Model

(Source: Kalam, 2020)

Evaluation about the size, demo-graphic and psychographic

The company has taken up the targeted customers as the younger generation and the older generation although not much old as the electric cars are quite expensive and are not always able to be affordable by the people. Moreover, it may be seen that according to demographic model of the USA, the age groups between the years 25 to 50 are able to afford the car as these particular age group people have stable jobs and also it might be easier for these people to travel through different places either for work or other purposes it might be quite favourable for these people (Refer to appendix 2). Furthermore, the company has to make sure that the company is able to understand the behaviour of the customers who are buying the cars and even may help the customers if the customers are not much helped with the products. Therefore, the company has to make sure that the company is able to satisfy the target customers with the help of affordable prices by making use of the products quite well and also by keeping in mind about the professions of the age groups well.

Analysis about the profile and persona of the target market for the product

The profile and persona of the customers is important for the company so that it helps the company in understanding about the market need and the innovation the company has to make in order to sell the products.

Demographics and story	The target customers of the Chevrolet company for the electric car products has to be working professionals who are quite accustomed with the technology
Profile	The age group of the customers has to be between 25-50 years who may be able to afford to buy the electric cars
Motivations for using Chevrolet electric cars	The electric cars beside having huge number of benefits although quite expensive yet the customers may try to buy the car as the car is highly eco-friendly and also the car may cause less environmental problems
Goals for using Chevrolet electric cars	The car may help in keeping the environment clean and also makes quite a lot of work easier for the company and also for the people
Main points in using a Chevrolet car	The electric cars are at present quite useful in making the company favourable and also in helping the company as well as the customers to keep the sustenance quite well

Table 1: Profile and persona of the target market

(Source: Self-created)

Discussion about the buying attitude of the target market and benefits and offers provided

The buying attitude of the customers has to be checked by the company so that it helps the company in understanding about increasing the profits of the company quite well. Moreover, the company has to make sure that the company is able to provide quite helpful benefits and offers to the customers so that it may help the customers to attract towards the products and even make sure that the customers are able to afford as well as getting benefits from it. Furthermore, the company has to make sure that the company takes feedback from the customers and even opens the website for the customers so that the customers may be able to provide reviews which may help the company to understand the demands and wants of the customers. Additionally, awareness about the customers’ motives provides understanding about the attractiveness towards the product and the effective costs which may impact in the businesses (Bala and Verma, 2018). Therefore, it is highly important for the company to understand about the needs and demands of the customers and the way the customers may be benefitted and even the offers which may help the customers to afford more and even help the company to sustain longer.

Part 4: Recommendation of the Extended Marketing Mix

Traditional marketing mix

Product

The company has to make sure that the quality of the products, that is the electric cars are quite well and good which may help the company to maintain the stability in the costs and profits of the company. Moreover, the company makes sure that the branding strategies of the company is quite well which may help the company flourish well and even help in making the packaging of the products well so that it does not lead to any kind of queries on the part of the customers. Therefore, with the help of various interactive media such as advertisements through the social media platforms and even television this might motivate the behaviour of the consumer in buying the product (Pantano et al., 2019). Therefore, the service quality of the company has to be good and it might even help the company to sustain in the competitive market.

Figure 3: Traditional Marketing Mix

(Source: Pantano et al., 2019)

Pricing strategy

The pricing strategies of the company depend on the demands as per the customers and the techniques the company uses which may help the company to flourish well. Moreover, the company has to make sure about the whole process of the prices of the products starting from different parts of the products to the finished goods which may be dispatched for the customers. Moreover, the company makes sure that the products which the company is producing are always on the demands and the needs of the customers which may help the company in understanding the value of the products and make the products according to the needs of the customers. However, the company makes sure that the company maintains a healthy strategy within the company’s sphere which helps the company in making the products well. Therefore, the traditional marketing mix helps in understanding the behaviour of the customers which may become effective in managing the marketing mix elements (Issock et al., 2021).

Promotional strategy

The company may be able to make the promotion about the products through the uses of various platforms especially through the use of digital media. Moreover, the company may make sure that the company has been able to promote the goods and services of the company through the medium of digital media platforms such as the companies’ websites and other platforms such as facebook, instagram and other social media handles. However, with the help of digital media marketing the company may be able to cut the costs of promotion and had to spend on various types of web designing which may help in making the promotional advertisement of the products quite helpful. Furthermore, the promotion strategy in the model helps in the advertisement although it may sometimes create a customer interface during the promotion (Lee and Park, 2021).

Distribution strategy

The company has to make sure that the distribution strategy of the company has to be maintained so that it helps the company to increase the growth scales of the company. Moreover, the company has to make sure that the distribution strategy of the company is maintained quite well which may help the company to understand about the way the company has to flourish. Furthermore, the distribution strategy applies both ways, be it the company receiving materials from the suppliers in order to progress or the company supplying the customers the finished goods, every one of the processes requires the company to make a healthy strategy which may help the company to progress well. Additionally, the customers may help in making the marketing mix for the distribution which includes in making the activities of the company so as to reach the target customers (Inaloo, 2018).

Evaluation of the services of the marketing mix elements

Process

The process through which the company is able to execute the target packaging and also in fulfilling the target customers of the company which helps in making the company to fulfill the demands of the customers quite smoothly. Furthermore, the company also makes sure that the parts or the things which the company buys in order to fulfill the demands of the customers and also which may help the company in making the electric cars smoothly and also making the cars affordable for every particular customers of the company which may help the company to make quite a lot of profits. Additionally, the company also makes sure that the company after the parts are supplied to the company which helps the company to make the products well and also helps the company in packaging the products for supplying it to the customers. Although, the growth of the company may become slower during the emergence of the products which may be mitigated later (Al et al., 2018). Therefore, the company makes sure that the process of making the products and also in making the products reaches the target customers on time which may help the company to progress well.

Physical evidence

The company makes sure that the product is quite comfortable for the use of the customers and also the customers may not have any kind of worry regarding the products efficiency. Moreover, the company makes sure that as the company Chevrolet is a car company which helps in making the cars quite well and good and also which may make the cars quite affordable for the customers. Furthermore, the servicescape of the company depends on the services provided by the employees and the other members of the company towards the customers in order to manage the environment within the company. Additionally, the service settings and the service activities of the company may help the company give a pleasant impact on the customers’ quite well which may help the company to put a good name in branding of the company. However, the customers’ first impressions are quite vital when the customers enter the stores of the company which highly helps in helping the selling of the goods and services for the company. Therefore, the company makes sure that the environmental surroundings of the company may help the company to progress well enough so that it helps the customers to attract more.

People

The people in the company include the employees, leaders and the customers of the company without whom running the company may not be possible and the coordination of these people helps in making the company successful. Furthermore, as Chevrolet is a luxury car company therefore, the customers’ affordability is the utmost priority of the company as the customers are the buyers upon whom the profits of the company highly depend. Thus, the stakeholders of the company might be there upon whose help the company is able to run quite successfully as the stakeholders may contribute money to the company for running such a vast empire of making cars. Moreover, the company makes sure that each and every stakeholder, be it the customers, employees or the contributors are satisfied with the services of the company which might help the company to flourish well. In addition to that, the marketing mix of the company helps in managing the positive impact on the product brand and may create an impact on the negative impact on the corporate brand (Lim et al., 2020). Therefore, the company makes sure that the people upon whom the company is standing are well taken care of and also the people are quite happy with the services of the company.

Part 5: A Discussion on the Implemented issue

It may be concluded that, with the help of the chosen marketing strategy of the company, Chevrolet may help the company in making the products quite successful within the various types of the customers and especially for the targeted customers of the company. Furthermore, the company also may make sure that the company uses the digital marketing strategy of the company which has helped the company in progressing quite well and even helped the company to successfully work and produce the products. Therefore, the company has helped in making the marketing of the products quite successful with the use of digital media marketing of the company. Additionally, the customers’ behaviour depends on the market situation of the company and the customers’ relationship with the brand and the customers love for the brand making the customers relation well with the company (Singh et al., 2021).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

References

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Bala, M. and Verma, D., 2018. A critical review of digital marketing. M. Bala, D. Verma (2018). A Critical Review of Digital Marketing. International Journal of Management, IT & Engineering, 8(10), pp.321-339.

Chevrolet.com. 2022. Chevrolet Cars, Trucks, SUVs, Crossovers and Vans. [online] Available at: <https://www.chevrolet.com/> [Accessed 3 January 2022].

Collins, D. and Kanashiro, P., 2021. Business ethics: best practices for designing and managing ethical organizations. Sage Publications.

Inaloo, E.A., 2018. Examination of SAVE marketing mix situation in public libraries of Tehran. Library Philosophy and Practice, pp.1-16.

Issock, P.B.I., Mpinganjira, M. and Roberts-Lombard, M., 2021. Investigating the relevance of the traditional marketing mix across different stages of change: Empirical evidence from household recycling. Journal of Social Marketing.

Kaakeh, A., Hassan, M.K. and Almazor, S.F.V.H., 2019. Factors affecting customers’ attitude towards Islamic banking in UAE. International Journal of Emerging Markets.

Kalam, K.K., 2020. Market Segmentation, Targeting and Positioning Strategy Adaptation for the Global Business of Vodafone Telecommunication Company. International Journal of Research and Innovation in Social Science (IJRISS), 4.

Kovalenko, B., Kovalenko, E. and Yakovleva, T., 2021. Digital business models and company growth opportunities in the energy market. In E3S Web of Conferences (Vol. 250, p. 06006). EDP Sciences.

Lee, J.H. and Park, H., 2021. Effect of Character Marketing and Marketing Mix on Usage Intention of Internet-Only Banks: Evidence From South Korea. SAGE Open, 11(4), p.21582440211067237.

Lim, W.M., Jee, T.W. and De Run, E.C., 2020. Strategic brand management for higher education institutions with graduate degree programs: empirical insights from the higher education marketing mix. Journal of Strategic Marketing, 28(3), pp.225-245.

Pantano, E., Priporas, C.V. and Migliano, G., 2019. Reshaping traditional marketing mix to include social media participation: evidence from Italian firms. European Business Review.

Sellitto, M.A. and Luchese, J., 2018. Systemic cooperative actions among competitors: the case of a furniture cluster in Brazil. Journal of Industry, Competition and Trade, 18(4), pp.513-528.

Singh, D., Bajpai, N. and Kulshreshtha, K., 2021. The Effect of Brand Anthropomorphism on Customers’ Behaviour Towards the Indian Hypermarket Brands. Journal of Creative Communications, p.09732586211002104.