Marketing Management: Mini Cooper Marketing plan - Essay Example

 Marketing Management: Mini Cooper Marketing plan Executive Summary The paper intends to provide a thorough marketing plan for a freshly developed model of the Mini Cooper car in the United Kingdom. The marketing plan entails all the necessary steps as well as aspects that need to be followed in order to structure an efficient market plan which would successfully help the organization to attract the aimed consumers towards its product along with attaining the intended sales target of the organization. The marketing plan carries out a situation analysis along with formulating an appropriate marketing strategy that is measured to likely trigger the sales of the product. The entire marketing plan provides a structured guideline for the organization which is supposed to facilitate the attainment of the desired objectives of the organization. Table of Contents Table of Contents 2 Introduction 3 Literature Review on Marketing Planning 4 Situation Analysis 7 SWOT Analysis of Mini Cooper 8 Target Market 10 Marketing Research & Consumer Behavior 10 Segmentation, Targeting, and Positioning 11 Marketing Objectives 14 Formulation of an Appropriate Marketing Strategy 15 Implementation and Control of the Marketing Plan 17 Conclusion 19 References 20 Introduction The term mini refers to an economy vehicle that is small in size and was developed by the British Motor Corporation (BMC). This particular kind of vehicle was found to gain popularity throughout the world owing to its intelligent styling, exceptional handling along with sensible ergonomics in relation to this small car. It needs to be mentioned in this regard that the unique Mini was launched around 45 years back. The concept of small-sized cars was not considered to be a fresh notion during the period of the 1950s. Europe was found to be witnessing an acute scarcity in the supply of gas which made several manufacturers in Europe to come up with the idea of "microcars". These mentioned cars were believed to be supported by minuscule motorcycle-sized engines. These cars were also recorded to attain exceptional mileage (BMW Press, n.d.). The mini was learned to be designed by Sir Alec Issigonis who was a qualified engineer and was regarded as an intellectual. Sir Alec Issigonis had come up with the design of mini at a time when microcars were quite well-liked in Europe. Sir Alec Issigonis was considered to be an individual who was passionate about developing fresh things or products. This particular passion led to the development of mini in association with the BMC. This particular design of mini was planned to be increasingly comfortable along with being realistic in comparison to the microcars. The car was designed in a way so that it stood apart in terms of its functions and appearance from the other available designs that existed during that definite period (Pace, 2012). The version Mini Cooper is considered to be a contemporary development of the authentic classic. The contemporary version of the classic Mini entailed the original styling sign along with involving the most advanced technology. Therefore, the compilation of the additional factors or rather features of the classic Mini made Mini Cooper be amongst the highly developed cars taking into consideration its size across the globe. This paper would aim at developing a marketing plan for a fresh model of Mini Cooper car along with stating the relevant details that would be required in order to comprehend and formulate a successful marketing plan (BMW Press Group, 2002). Literature Review on Marketing Planning According to McDonald (1999), the notion of marketing planning has been regarded to be a technology or an assortment of behaviors and systems that are known to aid a particular organization in attaining a suitable association of the external surroundings along with the innate competencies for the reason of achieving the desired consequence or rather result. Marketing planning has been stated to be a behavioral observable fact as it consists of elements such as technology as well as adoption. Marketing planning is believed to facilitate and to enhance the productivity of the organizations along with suitable distribution of the resources. Marketing planning is considered essential for the purpose of progress and development of a particular organization. Long ago it was mentioned by Peter Drucker that there were two fundamental purposes of any business organization and they were innovation and marketing (Drucker, 1954). The essential task of marketing in any particular enterprise branches out from the reality that marketing is a procedure with the help of which a particular firm builds significance for the selected customers. Value is built when the requirements of the customers are fulfilled. Thus, it is important for a firm to characterize by the advantages made obtainable for the customer. After building the significance for the firm’s customers, it is then given the right to confine a part of it with the help of pricing. In order to sustain as a feasible establishment, it is necessary for the firm to keep on the practice of building and confining value with time. Inside this structure, the plan through which the value is built on a consistent basis is known as the Marketing Strategy of the specific firm. There are fundamentally two actions that are involved with a Marketing Strategy. The first one is to select an intended market and decide the needed positioning for the products in the mind of the aimed customers. And, the second activity is to indicate the desired plan needed for activities in the field of marketing in order to attain the intended positioning (Scribd, 2000). It is important and critical to creating a strategic marketing plan as that would help an organization to attain competitive advantage which would further result in the development of the firm (Nilsson & Rapp, 2005). A marketing plan is appropriately observed as a continuous process as this assists the particular organization to recognize the objectives that it aims to attain. In this context, it is important to be noted that the objectives of any organization cannot remain the same throughout and needs to be changed according to the alterations in the business environment. In this period of the ever-changing business situation, only a proper strategic marketing plan can help an organization sustain (Pulendran, Speed, & Widing II, 2003). There have been little facts regarding the relationship that is said to exist among the performances and a proper marketing plan in relation to an organization. However, there has been the conflict between numerous researchers about the fact that unless enhancements are made in the actions of a strategic marketing plan, it would not be possible for any industry to persist to live on in an environment that is so competitive (Shoham & Kahle, 1996). It has been stated in this regard that an effective and appropriate marketing plan needs to be structured with the persuasion of few steps which has been mentioned in the studies of Shilbury, Quick, & Westerbeek (1998), Kotler (1997), McDonald (1999) and Lancaster & Massingham (1996). The steps are considered to be quite imperative in the course of formulating a suitable marketing plan as they help in comprehending the relevant factors quite lucidly on which the marketing plan is believed to be structured. The factors encompassed in the various steps are mentioned below: 1. Ascertaining the mission statement of the organization 2. The corporate objectives associated with the particular organization should be laid down 3. Analyzing the environment of the market To evaluate the external market context where the organization competes that is the outside forces and the competitive market among others To evaluate the inner environment of the organization that is the financial capabilities of the particular organization, marketing, and manufacturing among others 4. Performing a SWOT analysis where the strengths along with the weaknesses of the organization will be equated with the opportunities as well as the threats created by the environment outside 5. The objectives of marketing require to be laid down 6. Ascertaining the strategy of marketing with the assistance of the fundamentals of the marketing mix that is the price, product, place and promotion mix 7. To prepare a meticulous action plan, this would involve decisions regarding the schedule, human resources, activities and financial plan 8. The assessment as well as management of the plan Therefore, the above steps help organizations to make an appropriate approach towards their respective businesses which would help to ensure their existence in the presently constantly altering business environment. A strong association was identified by McDonald (1999) among the commercial success of an organization and its marketing planning. Marketing planning has been stated to entail quite some noteworthy advantages such as enhanced synchronization of the interconnected activities, enhanced environmental concern, improved communication flow among the management and efficient application of resources. Thus, it can be well understood that the effectual management of the stated factors assists an organization to attain sustained growth and success in the long run. Situation Analysis Situation analysis refers to the idea of SWOT analysis or rather internal assessment. Internal Analysis aims at assessing the resources of the particular organization such as the structure of the organization, administration system, and infrastructure among others. These help in ascertaining the strengths as well as the weaknesses of the organization. The internal abilities of the organization that assists in developing a competitive benefit in comparison to the other competitors are referred as strengths which can even be considered to be an internal audit. Weaknesses are described to be the internal conditions and limitations that have probabilities of preventing the organization from attaining its aimed objectives. A complete SWOT analysis helps in recognizing the strengths along with the weaknesses of the organization with regard to its other competitors. It also spots the threats as well as the opportunities that originate from the exterior environment and thus can be stated as the audit of the external environment (Kriemadis & Terzoudis, 2007). SWOT Analysis of Mini Cooper Strengths The Mini Cooper car has been stated to be quite dissimilar from the other existing cars in terms of its looks or design which made it really popular and accounted for its heavy sales. The car enjoyed a strong brand reputation both for itself and BMW. Its varied features are such as four-wheel drive, seat airbags, four doors, center customizability, superior guarantee packages along with maintenance plans. The car was also not just aimed towards a definite demographic of individuals. The lightweight accompanied by the fuel efficiency characteristics of the car acted as one of the most significant strengths of the car which helped it to capture the market and compete with others. The car was also popular for its cargo space which was measured to be more in comparison to its other competitors such as Nissan, VW Golf and Juke (Proffitt, Kirven, & Knifley, n.d.). Weaknesses The fresh model of Mini Cooper had been comparatively more expensive than the other existing cars of the competitors. The fresh models of the Mini Cooper had an identical look like the then previous model but lacked the ease while driving in comparison to the prior model. The fresh model was learned to be only developed in Austria which increased the repairing as well as the shipping expenses. The technical aspects of the car were also considered to be inferior in contrast to the previous model (Proffitt, Kirven, & Knifley, n.d.). Opportunities The Mini Cooper car was claimed to be fuel efficient and it successfully substantiated its reputation through its performance. Therefore, the car should be launched in countries where there is a shortage of gasoline and the related costs are high. The size of the car also acts as an advantage and can be launched in countries where there is a growing demand for small cars for the reason of parking convenience. The Mini Cooper car is believed to enjoy a competitive advantage over the other existing cars because of its appealing features and its size which help it to sustain its sales (Proffitt, Kirven, & Knifley, n.d.). Threats The mini brand is usually perceived to be expensive along with entailing the need for increased maintenance by the consumers. The soaring material prices in relation to manufacturing a car are also turning out to be a great threat to the car. The car is also learned to face competition from its competitors who are launching cars of the similar kind like the mini along with exceptional features such as cars with superior mileage and those that operate with the help of electricity and not gasoline (Proffitt, Kirven, & Knifley, n.d.). Target Market Marketing Research & Consumer Behavior Market research helps in gaining an insight towards the ongoing market trend for the intended product presently. The market research conducted in this regard revealed the fact that the growing space problem in the recent times has triggered a rise in the demand for small cars. This implies that the Mini Cooper car would be successful in alluring the consumers owing to its small size. The car is also stated to be quite fuel efficient which signifies that it provides the greater amount of mileage in comparison to the other brand of cars. This quality would prove to be quite luring for the consumers as it would provide a relief for them in this time of soaring prices of gasoline (Proffitt, Kirven & Knifley, n.d.). Segmentation, Targeting, and Positioning Deciding on the target market is considered to be quite significant for the reason of marketing products. It is considered to be an imperative part of an efficient and successful marketing plan. The existence of a particular organization is believed to depend on its respective target market. It is required to establish a point of distinction in comparison to its other existing competitors for the reason of ensuring its existence. Ascertaining a target market is also referred as market segmentation which is believed to help in making assessments of the various divisions of the market which is further known to initiate or facilitate decisions regarding the concentration in relation to the marketing behaviors indefinite divisions. Determining a target market usually provides an array of benefits with regard to the customers as well as the businesses. Ascertaining the target market aids the marketers or rather the organizations to differentiate among the group of varied customers in a provided market and therefore facilitates in ascertaining and identifying the appropriate division as the target market to which the product will be aimed at and catered to. It needs to be mentioned in this context that it turns out to be frequently complex to earn profits or escalate the prices in relation to the complete market. It becomes easier to attain the mentioned factor with the help of establishing unique divisions or rather groups where the customers are found to be comfortable with the notion of increased prices. Segmenting the market also promotes the benefit of tapping the particular aimed or targeted market along with lucidly identifying the requirements of the aimed purchasers. It even helps the organizations to generate or gauge the precise forecasts regarding the probable reactions of the targeted customers in every individual market division. Therefore, it could be well comprehended from the provided explanation that ascertaining the target group of consumers assists organizations to market and to sell their respective products or even services successfully (McDonald, 2002). The targeted consumer group for the Mini Cooper car has been ascertained to be the professionals belonging to the young age group of 20 to 30 years who are believed to be either enjoying the single status or is even engaged in the devoted relationship which implies that they are yet to start a family in the coming future. The primary, as well as the secondary target consumers, will entail both women as well as men from the above mentioned intended age group. The primarily targeted consumers have been assessed to be included in the age group of 25 to 30 years and the secondary targeted consumers for the car to be incorporated in the age group of 20 to 25 years. The target market or rather the consumers have been categorized into two definite groups owing to the fact that the primary consumers have been generally assessed to be the ones who are working professionals and majorly are yet to start a family. This particular aspect implies that these consumers are left with a greater amount of disposable income which makes them a potential target as this particular age group will be competent of having enough money to purchase the car presently. The secondary group of consumers or rather the age group will be aimed at for the reason of promoting consciousness amongst the particular group of consumers. This will be done with the purpose of triggering the desire of purchasing the car in their near future (Proffitt, Kirven, & Knifley, n.d.). Marketing Objectives The following level would be to lay down the intentions of marketing. Determination of the objectives as well as the strategies of marketing is supposed to be the vital levels in the entire process. It has been mentioned by McDonald (2002) that the rudiments of marketing are the expression of the quantity of what the organization intends to sell and also to whom. It was proposed by McDonald (1999) that the introduction of Ansoff matrix can aid in illustrating the objectives related to marketing for any kind of an organization. The matrix is also learned to identify the four probable groups of the marketing purposes that the vehicle manufacturing organizations can lay down. They are: 1. To augment the consciousness in between the consumers belonging to the 20 to 30 years of age group by around 35 percent that needs to be attained within a year of the application of the strategic marketing plan (market penetration). 2. To spread out and launch the particular existing product in fresh markets (market extension). 3. Making certain innovations with the innate features of the existing product with regard to the present market (product development). 4. To design fresh similar products with additional benefits and the new look in order to lure the fresh consumers into an unexplored market (diversification). The other purposes that were also identified and formulated as a part of the marketing objectives were: A. To augment the involvement of the consumers with the help of interactivity within the targeted or rather aimed age group by nearly 75 percent at the end of the year. B. To augment the website traffic within the intended age group by around 25 percent within the intended time frame. C. To augment the number of mentions regarding the product in the media by nearly 40 percent within the specified time span. D. Finally, to amplify the dealership traffic within the specified age group by around 10 percent in the given time frame (Proffitt, Kirven, & Knifley, n.d.). Formulation of an Appropriate Marketing Strategy After the determination of the intended purposes in relation to marketing, the way of attaining those need to be then established. This implies that the strategy for marketing needs to be meticulously designed. Marketing strategy engages the development of the marketing mix structure for the particular product, deciding on the target market or the segmentation of the market where the product is intended and planned to be sold along with positioning in the aimed market. The structure of marketing mix is believed to usually relate to the definite toolset that is made use of by a particular organization with the intention of attaining the intended objectives in the aimed market (Kotler & Armstrong, 1991). Product The product needs to be placed uniquely on the market with the help of its marketing strategy along with especially highlighting the fresh characteristics or rather the features which would assist in catching the fancy of the consumers. The features and the attributes that are believed to set it apart from the other existing brands should be focused on in order to lure fresh consumers and the differentiating features and qualities of the freshly developed Mini Cooper car in comparison to its competitors need to be stressed on in order to tempt the fresh consumers towards purchasing the product or the car. The fuel efficiency aspect, size, cargo space and four wheels drive along with the application of the advanced technology need to be focused on evidently. Price The price of the fresh model of the car needs to be kept at a realistic level in comparison to the other available similar category of cars in the market so that the consumers perceive it to be a lucrative deal in comparison to the other cars. The price of the car needs to be kept at a fair level so that it enables the product to easily capture the market along with triggering the desire of purchase within the consumers. Place The product needs to be made available at all the leading car stores in the UK. BMW has been learned to engage a superior network of market dealership along with imports with regard to the networked countries. The particular product should be made available in all the market dealership networks so that the consumers can purchase the car with ease and without having to wait for long for the reason of delivery. Promotion A wide range of advertising medium needs to be exploited to the hilt for the reason of advertising for the Mini Cooper car. The advertising mediums should entail television for the reason of introducing the car, the print medium that is the press followed by tabloid weekend supplements in bright colors in order to grab the attention of the consumers, the regional magazines as well as the publications, brochures, business press, billboards and hoardings throughout the city as much as possible along with conducting outdoor campaigns for the product followed by offering a free test drive of the car in order to trigger curiosity within the consumers which would create a craving for the product. Implementation and Control of the Marketing Plan The implementation plan would be designed with the purpose of attaining the mentioned strategy of marketing. The implementation plan should be designed for a tenure of a year and should explain quantitatively, timely and qualitatively the objectives and goals that need to be attained along with the ways, accompanied with the activities and the resources and the names of the personnel who will be accountable for conducting all the specified activities. The implementation will help the organization decide that quantity to be produced, the way the operations are required to be carried out, the distribution of work to the respective personnel in order to implement the strategies and carry it out (Boyd & Walker, 1990). The constant monitoring and effectively managing the strategic marketing plan is considered to be quite a crucial process as it will help in ascertaining the attainment of the present purposes. The supervision or rather the controlling process of the developed marketing plan will engage the establishment of specifications which will entail the objectives that are to be put into practice, stating and gaining the data regarding the feedback, assessment of the collected data and finally adapting remedial actions (Boyd & Walker, 1990). Conclusion From the above-made discussion, the role and the importance of a marketing plan can be deciphered lucidly and evidently. The entire study provides a complete picture of the whole process of launching a freshly developed brand in the market. The above study signifies that how important it is to have a proper marketing plan of the complete process to successfully launch a product and also what are the other factors that need to be taken care of and those that contribute towards the successful launch and survival of a product. The complete process of developing the product and that of marketing has been planned after performing strategic management tools like SWOT analysis. Planning of the complete process needs analysis of the factors of marketing-mix and that was also taken into consideration in the above study. It would not be wrong to suggest that even for a name like Mini Cooper, the process has to be analyzed minutely because a small mistake or loopholes in planning might result in a huge loss. References Boyd, H. W. & Walker, O. C. (1990). Marketing management: A strategic approach. United States: Irwin. BMW Press Group. (2002). Mini Cooper's history.....part 1. Retrieved from http://www.motorsportscenter.com/printer_24.shtml BMW Press. (n.d.). Australian Mini Cooper. Retrieved from http://www.ozcooper.com.au/A_Mini_History.htm Drucker, P. (1954). The practice of management. New York: Harper. Kotler, P. (1997). Marketing management: Analysis, planning, implementation, and control. 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