Market Strategies For Engaging Generation -Myassignmenthelp.Com

Question: Discuss About The Market Strategies For Engaging Generation? Answer: Introducation Bollinger B1 primarily gained recognition as Worlds first all wheel and SUV drive occupied a predominant place in the realm of automobile industry. In order to expand the entire process of business in the global market the business experts of Bollinger B1 have decided to make an effective market plan for expanding the entire business wings in global market. The chronological steps of marketing plans are as follows: Making an effective situational analysis for evaluating the strength, weakness, opportunities and threats of the company Analyzing the current needs and demands of the customers Setting a proper marketing goals and objectives in order to achieve the boundary of target market Developing the marketing communication strategies and policies for drawing the attention f target customers from different geographical markets Setting a proper budget for making an effective marketing plan as per the financial strength of the SWOT Analysis: Before making an effective promotional activity, the business experts of Bollinger B1 has made SWOT analysis in order to evaluate the threats and opportunities of Bollinger B1 for making business expansion. Strength Weakness Bollinger B1 is eco-friendly product having less pollution scattering in the environment Regenerative breaking system with Hydro-pneumatic suspension is the unique selling point of this specific brand This particular brand has been considered as Worlds first all electric and all wheel drive SUV The feature of having no fuel consumption is one of the most effective strength of Bollinger B1 This particular product is primarily applicable for the customers of rural areas. Therefore, the number of target market is not very much high in range Bollinger B1 is able to attract the attention of those customers who love SUV features. Therefore, the business experts do not get enough scope and opportunity in expanding their entire process of business in urban areas. Opportunity Threats The business experts are having opportunity to expand their entire business process in the urban areas as well In order to enhance the range of target market the marketing managers have the scope to enhance their promotional budget Competitors market strategy is one of the most effective threats for Bollinger B1 The business experts may have to face difficulties in maintaining sustainability of business due to limited number of target customers Table 1: SWOT Analysis (Source: McDonald Wilson, 2016) Competitors Analysis: Before making an effective competitors analysis the business experts of Bollinger B1 have made proper chronological steps for analyzing the needs and demands of the customers. The steps are as follows: Identify the target customers: While identifying the target customers it has been observed that youngsters, elders, sports adventures and lovers are the primary target customers whom the business experts of Bollinger B1 have focused primarily. Bollinger B1 is a complete sports utility brand that provides no consumption fuel (Ryan, 2016). In addition, this specific brand is constituted with Dual front and rear motor present to produce more power and speed while pulling heavy weights. As a result, the youngsters are highly attracted towards its innovative features. In addition, the people belonging to the rural areas are its primary target customers. Analyze the market share Bollinger B1 has a wide range of business in rural areas primarily where the people are very concerned in using eco-friendly products for avoiding high range of carbon emission. While analyzing its market share it has also been observed that Bollinger B1 has not yet been introduced properly in the urban market. Therefore, the market share of this specific brand is very much limited (Armstrong et al., 2015). In order to enhance the market share rate Bollinger B1 would have to increase number of target customers by drawing the attention of people belonging to different geographical boundaries as well as cultural attitudes. Evaluate strength and weakness of competitors: In 2011, GGT electric has introduced new line of all-electric trucks for sale that has become a major threat for Bollinger B1. This particular brand also produces eco-friendly products with innovative designs. However, GGT electric is possessed with some of its major disadvantages as well. This particular company is primarily concerned in producing and manufacturing trucks only. Sports Utility Truck is the unique selling point of this specific brand. On the other hand, Bollinger B1 is primary recognized for its vehicles of different designs and models (Ashley Tuten, 2015). In addition, Phoenix Motorcars has introduced a test fleet of their all-electric SUT (Sports Utility Truck) to Mau in the year 2009. This particular brand has also created a major threat to Bollinger B1 by rendering all electric and all wheel drives. Executive marketing strategy for drawing the attention of customers After evaluating the competitors market threat Bollinger B1 has decided to launch vehicles of different deigns so that customers of various geographical boundaries and attitudes can easily get attracted towards the services. The brands like GGT electric, Phoenix Motorcars are primary concerned in producing electric trucks (Cronin-Gilmore, 2012). In order to render a serious competition in the market of different motor vehicles Bollinger B1 has emerged different products of innovative designs with the help of which people belonging to different geographical markets would like to show their interest in purchasing the products as well as services. Three marketing objectives: To provide eco-friendly products having no pollution in next 6 months To render more innovative designs for drawing the attention of large number of target customers in coming 6 months To make the configuration more advanced in technology for fulfilling the needs and demands of international customers Three financial objectives: To increase the rate of revenue in next 6 months by increasing sales volume of products To invest sufficient amount of money in promotional activities for introducing the product in urban areas as well in next 6 months To increase the remuneration package of employees for motivating them towards business services Marketing mix and digital marketing communication: Bollinger B1 business experts have decided to invest sufficient budget for increasing the promotional activity in order to draw the attention of large number of target customers. The marketing managers have primarily focused on sports adventures and lovers along with youngsters (Shank Lyberger, 2014). In order to reach the attention of those target customers the brand has focused to follow marketing mix strategies. The marketing managers have concentrated on highlighting 4 Ps of marketing mix strategies. These are as follows: Product: The vehicles are constituted with lightweight along with metal body. Vehicles are having power of saving many energy sources. Providing eco friendly products to the customers is one of the most effective features of Bollinger B1. It is at the same time undeniable that Bollinger B1 can produce vehicles of innovative designs (Lefebvre, 2013). It has achieved a special recognition in the market of SUV. This specific product is not only restricted to one type of vehicle. In addition, providing no fuel consumption is one of the most significant features that Bollinger B1 is having within it. Price: Bollinger B1 can produce eco-friendly products in affordable price range. At the same time, it is undeniable that this specific product is very not much restricted to premium clients. Both middle class people as well as premium clients are eligible for affording the products due to its moderate price range. In addition, the products have been made in making technologically advanced (Roberts Zahay, 2012). As a result, people in general may have to face difficulties in operating the vehicle properly. Affordable price range is one of the most significant strengths of this specific brand based on which the business experts have given a major competitors threat. Place: Place is one of the most important marketing mix strategies based on which the consumer behavior is highly dependent. Bollinger B1 has established their entire business process in convenient places (Liu, Kasturiratne Moizer, 2012). As a result, people belonging to different geographical markets do not have t struggle in availing the different counters of Bollinger B1. The primary target customers of this specific brand are primarily based on rural areas. Therefore, the business experts have entered into the market of different rural regions as well in order to draw the attention of their target customers. Promotion: While promoting the brand Bollinger B1 has focused on both digital marketing communication as well as traditional media for acquiring the attention of large number of people. The marketing managers have focused on street hoardings, public posters, different newspapers, news media channels and so many. By using the popularity of traditional media vehicles the business experts have drawn the attention of people from different age group (Morgan, 2012). On the other hand, in order to draw the attention of youngsters the marketing managers have focused to use digital media communication. Different social media pages are used to draw the attention of customers sitting different geographical corners. In order to draw the attention of young generation belonging to different countries social media is the best significant vehicles where the service providers can collect necessary feedback from customers of various places with the help of social media communication. Action plan to achieve marketing objectives Action Plan Description To provide eco-friendly products In order to produce eco-friendly products the business experts intend to use environmental friendly ingredients for manufacturing the vehicles To render more innovative designs In order to increase the number of target customers the business experts of Bollinger B1 have decided to render diversity in products and services To make the products more advanced in technology In order to draw the attention of youngsters as well as sports lover the product designers have introduced product innovation within the entire process of business. Implementing advanced technology in product operation is one of the most significant ways of gaining product image and reputation To increase the rate of revenue In order to expand the business process Bollinger B1 has to increase the revenue growth (Leeflang et al., 2014). As a result, business experts would have to expand their entire process of business in the global market. To invest sufficient amount of money in promotional activities It has been observed that Bollinger B1 did not focus on maintaining an effective promotional campaign that can attract the attention of target customers from different geographical areas as well. Therefore, promotional activities should be increased. Consequently, Bollinger B1 would have to increase their promotional budget. To increase the remuneration package of employees Increasing remuneration package is highly important to motivate the employees towards business services. The success of a particular business organization is highly dependent on the performance level of employees (Hays, Page Buhalis, 2013). Therefore, providing rewards and recognition encourages the motivation level of performers. Automatically business organization would be able to reach the peak of success. Table 2: Action Plan (Source: Morgan, Katsikeas Vorhies, 2012) Implementation and control of marketing plan In order to implement the marketing objectives, plans and policies the business executives of Bollinger B1 have focused on some of the most significant areas so that they can implement the marketing plan as well as control the risk factors as well. Bollinger B1 should render product variety in order to draw the attention of urban customers as well. If the business experts fail to draw the attention of urban customers, the marketing managers should focus on rural target market at once by entering more areas that are rural (Castronovo Huang, 2012). Employees should be paid for addition work hour so that they tend to provide their best effort towards the services. If the employees fail to perform well the business experts can withdraw the policy of rewards and recognition The business experts should focus on using the popularity of social media more effectively rather than focusing on using traditional media (Terpstra, Foley Sarathy, 2012). If the service providers fail to operate advanced technology, the business executives can provide an effective training and development session to the employees in order to enhance their technological skill and competency. Reference List: Armstrong, G., Kotler, P., Harker, M., Brennan, R. (2015).Marketing: an introduction. Pearson Education. Ashley, C., Tuten, T. (2015). Creative strategies in social media marketing: An exploratory study of branded social content and consumer engagement.Psychology Marketing,32(1), 15-27. Castronovo, C., Huang, L. (2012). Social media in an alternative marketing communication model.Journal of Marketing Development and Competitiveness,6(1), 117. Cronin-Gilmore, J. (2012). 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