E-Marketing Plan for Lexus - Assignment Example

Topic: O E M P O For The Managing Director LEXUS Address: Tel: Prepared by A B C XYZ 2 Tel: Table of Contents: Sl. No. Topic Page Number 1. Problem Statement 1-1 Overview of LEXUS 5 1-2 Problem Statement 5 2. Research Design 6 2-1 Methodology 6 2-2 Situation Analysis of LEXUS 6-7 2-2-1 SWOT Analysis 7-8 2-2-2 PEST Analyses 9-10 2-2-3 E-Models 11 2-2-4 E-Business Opportunities 11-12 2-2-5 E-Customers Minds 12 2-2-6 Targeting 13 2-2-6-1 Segmenting 13-14 2-2-6-2 Product Positioning 14 2-2-7 E-Driven Changes 15 2-2-8 E-Marketing Problems and Challenges 16 2-2-9 Key Players of E-Marketing 16-17 2-3 Objectives of LEXUS 18 3. Data Analysis 3-1 Strategy 18-19 3-1-1 Ans off Marketing Models 19-20 3-1-2 Which Strategy will be used 20 3-2 Tactics that I may need to Execute to Implement the Strategy 21 3-3 Actions 21-22 3-3-1 E-Tools and Techniques 22 3-3-1-1 Web Sites 23 3-3-1-2 Kiosks 23-24 3-3-1-3 E-Mail 24 3-3-1-4 Databases 25 3-3-2 Marketing Remix 25 3-3-2-1 Price 25-26 3-3-2-2 Product 26 3-3-2-3 Place 27 3-3-2-4 Promotion 27-28 3-3-2-5 People 28 3-3-2-6 Process 29 3-3-2-7 Physical Evidence 29-30 3-4 Controls 30 4. Recommendations and Conclusions 31 4-1 Recommendations 31 4-2 Conclusions 32 Executive Summary LEXUS has achieved an admirable reputation for turning out utterly refined luxury vehicles. The hallmarks of this brand are a calm, well-crafted cabin, a plush ride and creditable performance from powerful, nearly silent engines. Here, the aim of any SWOT analysis is to identify the key internal and external factors to achieve the objective of an organization. In the context of e-marketing the PEST analysis has proven to be a flexible and easy to understand tool. The aim & objective of LEXUS is to reduce sales calls from $100 to $10 to $20 by using e-marketing plan. They want to make sales revenues of approximately $7505.9 during the fiscal year ended November 2007, an increase of 11.3% over 2006.3 As a Marketing Executive, before choosing strategy, it needs to consider the models and analyses. With the help of that this paper analyses the situation, factors, opportunities, problems, etc. And then finally need to take decision, which strategy we will follow. I feel there might be some shortcomings of my planning. But it would take consideration that, if it can overcome the inconsistencies properly that found in control stage, and then it won't be difficult for LEXUS to regain the lost position. CHAPTER 1: PROBLEM STATEMENT 1-1: Overview of LEXUS: LEXUS has gained a deserving status for turning out utterly refined luxury vehicles. The hallmarks of this brand are a calm, well-crafted cabin, a plush ride and commendable performance from powerful and nearly silent engines. It was launched by Toyota in the fall of 1989; the Lexus line represents its effort to create a world-class luxury-car brand. Groundwork for the Lexus line was laid in the mid-'80s, when the company began tapping U.S. focus groups in an attempt to define design concepts best suited for American users. By the early 1990s, the Lexus brand was expanded to other markets, including the United Kingdom, Canada and Australia.4 As a Marketing Executive of LEXUS, like to create an outline e-marketing plan for my organization. 1-2: Problem Statement: 1. I would like to make the plan by analyzing situation that we are in now, objectives where we want to get to, strategy how we are going to get there, tactics details of the strategy, actions how to implement the strategy, controls monitoring and reviewing where we are going. 2. Determining whether the plan would be cost-effective, and finish able timely or not. Along with that what is going to happen when and was that intended or not. CHAPTER 2: RESEARCH DESIGN 2-1: Methodology: E-marketing specify sell of any goods or services using digital technologies. These technologies are a valuable balance to traditional marketing methods whatever the size of the company or the business model is. The basics of marketing remain the same. It is nothing but creating a strategy to deliver the right messages to the right people. What has changed is the number of existing options. Many businesses are producing great results with e-marketing and its flexible and cost-effective nature makes it particularly suitable for small and medium-sized businesses. Although businesses will continue to make use of traditional marketing methods, such as advertising, direct mail and PR, e-marketing adds a whole new element to the marketing mix. So as a Marketing Executive of LEXUS, I would like to use e-marketing plan to market our products with great values.5 2-2: Situation Analysis of LEXUS: Now, with Toyota's sales hitting new records, it craves a makeover for LEXUS. It wants to become a brand associated with the biggest names in luxury. Marketing, the lifeblood of a luxury brand isn't a traditional strength for Lexus that is rather known for reliability and customer service. From the History, it can be very difficult to change consumer perceptions of a car brand. And luxury buyers, usually older, could be even more rigid, as they are often highly loyal to the kinds of cars they've previously owned. In another way, LEXUS guys decided to focus on what the target customer in this market wanted and enjoyed, and then reshaped its e-marketing plan to meet those needs. While marketing may not have been a traditional strength for LEXUS, it sounds like it is going to be. TM 1-yr chart of LEXUS: 2-2-1: SWOT Analysis: The aim of any SWOT analysis is to identify the key internal and external factors that are important to achieve the objective of an organization6. SWOT analysis distinguishes key pieces of information into two main categories: Internal factors - the strengths and weaknesses internal to the organization. External factors - the opportunities and threats presented by the external environment. The internal factors may be identified as strengths or weaknesses depending upon their impact on the organization's objectives. What may represent strengths with respect to one objective may be weaknesses for another objective. The factors may include all of the 4P's7 in accordance with personnel, finance, manufacturing capabilities, and so on. 2-2-1-1: Examples of Strengths and Weaknesses of LEXUS: Resources: The Financial intellectual and technological situations are the strengths of the talk about organization. Because LEXUS uses financial, technological and intellectual resources to provide up to the mark services. Customer Service: They take care of their customers' satisfaction, which brings their success. Since customers are the main concern of LEXUS. In addition they assume this as their strength. Quality: The quality and style is a distinguishing strength for LEXUS. Though in some cases they face it as weakness when they can't continue the standard. Technology: The advancement in technology works as their strength as it makes easier their work. 8 2-2-1-2: Examples of Opportunities and Threats of LEXUS: Political/Legal: The political and legal disorder situations are often threats for LEXUS as it hampers their total business and marketing planning. Market Trends: In order to struggle with the competitors, LEXUS comes across the market trends sometimes as opportunity. Since it facilitates them to get idea about the time-oriented concepts, fashion, demand and marketing plan. It is treated as threat when the trends seem indistinct to them. 9 Economic Condition: Good economic circumstance acts as opportunity, whereas bad economic condition acts as threat to LEXUS, because LEXUS is a company in the midst of luxurious cars. Expectations of Users: The users expect a lot from the renowned company like LEXUS. This sometimes creates problems for them to satisfy the related groups. As a result it appears a threat for us. 2-2-2 PEST Analyses: The PEST analysis has established to be a flexible and straightforward to understand tools in the context of e marketing. Like with all tools, the real assessment of the PEST analysis depends on the technique it is used. The PEST Analysis is a constructive starting point for the analysis of an organizations exterior environment and the forces at which it works in the vein of LEXUS. PEST gets up for political, economical, social, and technological factors. Political: The liberty of movement and trade, competitions coupled with greater than before movement of people are included in Political factors of PEST Analysis. High-quality political condition and free market for trading act as blessings for LEXUS whereas unrest circumstances lead to uncertainty. Economical: The Economic activities associated to money, which have an effect on business environment, are acknowledged as Economic factors of PEST Analysis. In this case, a number of very common concepts move toward while LEXUS comes. Such as for example inflation, per capita income, money market, money exchange rate etc. These factors influence LEXUS activities extremely to a large extent. Social: The third feature of PEST Analysis is social factor fundamentally implies the surrounding factors or conditions, which may influence a business's decision making. In such case, an excellent social stipulation may influence the activities of LEXUS more extensively. Technological: The things those are being used to make standard of living high and to make works easier, are acknowledged as Technological factor of PEST Analysis. Technological advancement formulates easier the e-marketing activities of LEXUS. 10 2-2-3: E-Models: GMT show the way of designing a business e-model that will facilitate the attainment of e-business market goals. This model design phase includes the following: Obvious designation of e-business market objectives; Detection of customers, traditional markets, and existing digital marketplaces; Expansion of an e-business marketing plan; Identification of traded intermediaries and their roles; Explanation of channel management strategies; Enlargement of an organisational market model; Formation of a phase-in implementation plan. If we gone through these stepladders, the business will draft a comprehensive, highly meticulous e-business markets plan surely.11 2-2-4: E-Business Opportunities: E-Business has huge opportunities; a fewer of them are given as below: In regulate to improving customer satisfaction; To dropping cycle time and accelerating speed to market; Fostering product or market innovation; In order to rising brand awareness; Expanding the geographic reach; To capturing & sharing customer information all the way through database creation; Leveraging the e-marketplaces. 2-2-5 E-Customers Minds: More generally, decision making is the cognitive process of selecting a course of action from multiple alternatives.12 Buyer decision processes are the decision making processes undertaken by consumers in regard to a potential market transaction before, during, and after the purchase of a product or service. In general there are three ways of analysing e-customers minds or buying decisions. They are: Economic Models - The consumers mind is seen to maximize their utility. These models are largely quantitative and are based on the assumptions of rationality and near perfect knowledge. Psychological Models - These models concentrate on psychological & cognitive processes fort example motivation and need reduction. They are qualitative rather than quantitative & build on sociological factors of customers like cultural influences and family influences. Consumer Behaviour Models - These are practical models used by marketers. They typically blend both economic & psychological models to predict e-customers minds. 2-2-6 Targeting: The target market is the market segment by which a particular or specific product is being marketed. It is often defined by age, geography, sex, and/or socio-economic classification. On the other hand, targeting strategy is the selection of the customers marketers wish to give service. The decisions involved in targeting strategy include:13 How many products to offer; Which segments to target; Which products to offer in which segments. Targeting strategy decisions are influenced by: Strength of the competition; Diversity of buyers' needs and preferences; Market maturity; Targeting can be of two types: The volume of sales required for profitability. Selective Strategy: Focus strategy, market specialization strategy or niche strategy. Extensive Strategy: Full coverage, mass marketing, or product specialization. I would like to conduct targeting to make an e-marketing plan for LEXUS through the procedure. 14 For that I will do market segmentation and perceptual positioning under this targeting unit. 2-2-6-1 Segmenting: Market segmentation is the process of dividing a market into distinct subsets or subunits that behave in the same way or have similar needs. Because each segment is fairly homogeneous in their needs and attitudes. They are likely to respond similarly to a given marketing strategy. That is, they are probably to have similar feelings and ideas about a marketing mix comprised of a given product or service, sold at a given rate, distributed and promoted in a certain way. Broadly, markets can be divided according to a number of general characteristics, such as by public versus private sector. Small segments are often called niche markets or specialty markets. However, all segments fall under consumer or industrial markets. My overall intent of segmentation is to identify groups of similar and potential customers; to prioritize the groups to address; to understand their behavior; and to respond with appropriate marketing strategies that can satisfy the different preferences of each chosen segment of LEXUS. The Requirements for Successful Segmentation are: Homogeneity within the segment; Heterogeneity between segments; Segments are measurable & identifiable; Segments are accessible & actionable; Segment is large enough in order to be profitable. The Variables Used for Segmentation Include: Geographic variables; Psychographics variables; Demographic variables; Behavioral variables. 15 So before making segmentation of LEXUS e-marketing plan, I will consider these factors definitely. 2-2-6-2 Product Positioning: A product's positioning is how potential buyers see the product. Positioning is expressed relative to the position of competitors. The term was coined in 1969 by Al Ries and Jack Trout. According to them, "Positioning" is a game people play in today's me-too market place".16 In other words, positioning is a perception that happens in the minds of the target market. In marketing, product positioning means the process, by which marketers try to create an image or identity in the minds of their target market for its product, brand, or organization. There are two types of positioning: Re-Positioning: Re-positioning involves the changing the identity or symbol of a product. It is relative to the identity of competing products, in the collective minds of the target market. De-Positioning: De-positioning attempts to change the identity of competing products. It is relative to the identity of a product, in the collective minds of the target market. Product Positioning Process: I would like to follow the mentioned positioning process to make a market plan. a. Defining the market in which the product or brand will compete, b. Identifying the attributes that define the product 'space', c. Collecting information from a sample of customers about their perceptions of each product on the relevant attributes, d. Determine each product's share of mind, e. Determine each product's current location in the product space, f. Determine the target market's preferred combination of attributes, g. Examine the fit between, h The position of product, and i The position of the ideal vector, j. Position17 2.2.7 E-Driven Changes: E-Marketing has driven some changes in business. In some cases, they are positive whereas in some other cases they are harmful. Some changes can be mentioned below: Short-cut shopping; More costly; More time oriented; Lack of enjoyment of shopping; Wide area of trade; Scope of buying below standard products; Emergence of globalization concept more widely. 2-2-8 E-Marketing Problems and Challenges: As E-Marketing is giving us time-oriented offers and assurance of better life, it also giving us some problems and challenges for our daily life18. Some of them are given below: Costly marketing; Scope of buying below-standard products; High price of products; Compete with a large market and companies; Lack of implementation of different analyses & models properly; 2.2.8 Key Players of E-Marketing: The key players vary along with the criterion of the organizations. Some common key players are given below: Affiliate merchant: Advertiser in an affiliate marketing relationship that is seeking affiliates. Forum: An online community message board. Interactive agency: An agency that combines Internet technology, online advertising or marketing, and e-business consulting. Interactive marketing unit: The recognized standard units for which Internet advertising can be bought. Moderator: Individual who is monitoring a forum to make sure that the discussion is productive and within guidelines. Unique visitors: Individual site visitors over a specific time period. 19 2-3 Objectives of LEXUS: While the cost per contact varies according to the method of e-marketing contact, costs are much lower than face-to-face sales contact. The availability of databases that can target specific customer groups enables LEXUS to target buyers selectively. The objective of LEXUS is to reduce sales calls from $100 to $10 to $20 by using e-marketing plan. We want to make our sales revenues of approximately $7505.9 during the fiscal year ended November 2007, an increase of 11.3% over 2006. Our other objective is to make operating profit of approximately 491.2 million during fiscal 2007, an increase of 15.7% over fiscal 2006.20 CHAPTER 3: DATA ANALYSIS 3-1: Strategy: The most common e-marketing strategies for businesses are opt-in email and personalized ad campaigns. Usually firms use a combination of the two mentioned methods. For example: personalized ads in own email newsletters that are very effective comparatively. Banner ads are not as hot as they used to be but still it is seen around. Study market trends in effective penetration are another strategy for e-marketing plan. A company may go as far as implementing several surveys to their clients and the public in order to get such info. Style is always a factor, which is adapted into almost every commercial ad as of recent. The most important criteria are to utilize what will attract the TA & produce the most follow-throughs. If one form of communication is more effective than another, the mix is shifted respectfully. E-marketing can permit a much easier diversification of TA, leading to a more sound segmentation process. By utilizing the information attained in the studies and surveys, companies can either design their ads towards or segment their product line towards a wider collection of TAs, with the hopes of creating an overall increase in return.21 3-1-1 Ans off Marketing Models: Marketing participants often use strategic models and tools to analyze marketing decisions. An Ans off Matrix is often used to convey an organization's strategic positioning of their marketing mix. This well-known marketing tool was first published in the Harvard Business Review (1957) in an article called 'Strategies for Diversification'22. Ans off Matrix offers strategic choices to achieve the objectives. There are four main categories for selection: Ans off's Product/Market Matrix Market Penetration: Here existing products are served to existing customers. This means increasing revenue by, such as, promoting the product, repositioning the brand, and so on. However, the product is not altered & no new customers are searched here. Market Development: At this point existing products are introduced in a new market. This means that the product remains the same, but it is marketed to a new audience. Exporting the product, or marketing it in a new region, is examples of market development. Product Development: This is a new product to be marketed to the existing customers. Here developed & innovated new products are offered to replace existing ones. Such products are then marketed to existing customers. This often happens with the auto markets, where existing models are updated or replaced and then marketed to existing customers. Diversification: This is where completely new products are marketed to new customers. There are mainly two types of diversification, namely related and unrelated diversification. Related diversification means remaining in a market or industry, which are familiar. 23 For example, a soup manufacturer diversifies into cake manufacture (i.e. the food industry). Unrelated diversification is where no previous industry or market experiences are present such as a soup manufacturer invests in the rail business. 3-1-2: Which Strategy will be used Before choosing strategy, I would like to consider the models and analyses. With the help of that I will analyses the situation, factors, opportunities, problems, etc. And then finally we will take decision in group- which strategy we will follow. But there is a great chance of choosing the combination of opt-in email and personalized ad campaigns. Because, it will suit with our organisational pattern and off model not Ans off the same reason. 3-2: Tactics That I may need to Execute to Implement my Strategies: To make a successful e-marketing plan, I may need to execute to implement the chosen strategies. Like: Increase time-oriented production; To minimize costs; To focus on maximizing profit; In order to increase sales promotion; Be aware of the competitors; Firing extra employees and recruiting new efficient workers. Make necessary changes in relative fields. 3-3: Actions: Actions Provide managers with a comprehensive, actionable, and practical methodology (E-MARKPLAN) to plan, enact, and analyze e-marketing activities24. After developing Marketing Strategy, the task is to distributing responsibilities. At this moment, the marketing plan will not be successful, in some cases impossible without actions. To conduct the actions, I would like to include e-tools and techniques like web sites, PCs, kiosks, traffic generation, viral and options, e-mail, e-integration, e-CRM, databases, e-business systems and communications and so on. Considering all these factors would gives a good action of plan. 3-3-1: E-Tools and Techniques: Some e-tools and techniques may be used in our e-marketing plan like: 3-3-1-1: Web Sites: Web sites have become a great source of information now a day. Web sites play a vital role in the business sector as well as in making marketing plan, as it helps to upgrade the information. For the e-marketing plan of LEXUS, it is a very good tool or technique25. Through web sites people can know anything that they desire to know. 3-3-1-2 Kiosks: In today's competitive, busy world, kiosk machines and mall kiosks are growing rapidly popular. For a small monetary investment, a person can open his or her own retail store or business by using a kiosk and avoid paying large amounts of overhead or high rental fees. There are two primary types of kiosk. Many shoppers are familiar with the type of kiosk that is found inside a shopping mall's wide hallway. This small, booth-like kiosk offers special or exclusive products. Basically, only one or two workers are employed at a kiosk to operate the register and satisfy customer inquiries. Another type of kiosk takes advantage of today's technology. Large chain stores and retailers can offer services through self-service kiosks. For example, drug stores often offer self-service photo developing kiosks. Kiosk video rentals, kiosk Internet stations, and even kiosk ATMs in rural areas are becoming rapidly popular.26 3-3-1-3 E-mail: Computer ordering by companies from their supplier, consumer, and business shopping via the internet. Computer ordering helps the seller establish a close link to customers, and reduces order cycles and inventory stocks. Computer ordering enables the buyer to reduce inventory levels, cut costs, and monitor customer preferences. Virtual shopping on the internet has received much publicity during the last few years. Many companies are considering the potential opportunities of direct marketing to computer users. Retail sales via cyber shopping were $0.24 billion in 1994 and expected to reach $7 billion by 2002. In many instances buyers phone their orders because of retailers' and consumers' concerns about credit card security. 3-3-1-4: Databases: The use of computerized databases escalated during the last decade, motivated by hardware and software technology. The information in the systems includes internal data on customers and purchased data on customers and prospects. The customer and prospect information contained in databases can be used to generate mailing lists and prospect lists and to identify market segments. These segments offer a direct communications channel with customers and prospects of LEXUS. The components of database systems include relational databases, personal computers, electronic publishing media, and voice systems. The Internet of database marketing is effectively using a computerized customer database to facilitate a significant and profitable communication with customers.27 Basically, I would like to use the mentioned tools and techniques for LEXUS marketing plan more or less to market the products. But before selecting the method, we will consider the location, customers, standard of living, income of the prospective customers, market demand, competitor's condition, etc. 3-3-2: Marketing Remix: The mix of seven 'P' implies Price, Product, Place, Promotion, People, Process, and Physical Evidence in our marketing recipe. As with any recipe varying quantities of the principle elements will result different outcomes. It is the same with the marketing mix. Varying the mix elements can alter the offer made our customers. For example, with a high profile brand we would increase the focus on 'Promotion' and desensitize the weight given to 'Price'.28 3-3-2-1: Price: Price is what a buyer must give up to obtain a product. Marketers can raise or lower prices more frequently and easily than they can change other marketing mix variables. Price is an important competitive weapon and very important to the organizations as it implies the total revenue of the firm. It is very natural that price creates competition in most cases and it is also the main reason behind success and failure. But sometimes organizations choose break-even pricing when they found that it is not possible to ensure profit. It should be mentioned that break-even pricing is that point, where revenue and cost get equal. Realistic pricing goals require periodic monitoring to determine the effectiveness of the company's strategy. So in this stage, pricing will get much emphasize for LEXUS. 3-3-2-2: Product: The product opportunity matrix explains market penetration, market development, product development, and diversification options. For LEXUS, the product is very costly and basically our consumers are the affluent people. So our strategy, tactics have a great impact on that. And we would change our style if needed. 3-3-2-3 Place: Market positioning is arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers. As it is the matter of customer satisfaction and company's reputation, so company first identified possible competitive advantages upon which to build the position or place while determining strategies. To gain competitive advantage, our company would offer greater value to target consumer if it is found necessary after implementation. It may be by offering lower price compared to competitors or any other way which attracts the consumer. 3-3-2-4 Promotions: Sales promotion and advertising are not same. Sales promotion includes data sheet, product brochures, sales giveaways, sales incentive plans, trade shows, customer perks, etc which also used as e-marketing communication source of marketing strategy. We are very concerned about the promotion of our product. And through that we are trying to implement a successful e-marketing plan.29 3-3-2-5 People: People means humans considered as a group in indefinite numbers. For LEXUS, people mean the persons involved in selling, buying, and other relative works. People are very important for us, for what we would have considered various aspects of them after actions. 3-3-2-6 Processes: Process is another element of the extended marketing mix, or 7P's.There are a number of perceptions of the concept of process within the business and marketing literature. Some see processes as a means to achieve an outcome, for example - to achieve a 30% market share a company implements a marketing planning process. For LEXUS, it is producing up-to-the-mark cars and increasing profit. 3-3-2-7 Physical Evidence: Today, consumers naturally come into contact with products in retail units - and they expect a high level of presentation in modern shops. Not only do they need to easily find their way around the store, but also they also often expect a good standard or presentation. The importance of quality physical evidence is important in every organization.30 We will consider this market mix after implementing strategies, tactics, and actions. 3-4 Controls: Control is the last step of any kind of planning. Before going to the final implementation, we would have a test implication. After doing that testing, we might have the over costs of production; gaining less profit; customer dissatisfaction, etc. We would also find out whether the costs and time frames are being maintained properly or not. Finally we would have a recovery step by which we will be able to overcome the shortcomings. CHAPTER 4: RECOMMENDATIONS AND CONCLUSIONS 4-1: Recommendations: If we would make any survey or analysis on our e-marketing plan, we might have some recommendations like: Reducing price; Increase advertising; Reducing production costs; Emphasise on customer satisfaction. 31 4-2: Conclusions: From the very beginning, LEXUS has been controlling the auto's market. But in recent times this company is facing some problems for what an e-marketing or a time-oriented marketing plan is mandatory. As a Marketing Executive, I have tried earnestly to make a successful e-marketing plan for my company. In spite of that, I feel there might be some shortcomings of my planning. But I believe that, if we can overcome the inconsistencies properly, then it won't be difficult for LEXUS to regain the lost position. Bibliography: Boone, L. E. & Kurtz, D. L., (2005), Contemporary Marketing, and 12th edition, NY: South-Western College Publication. Business Link (2006), Develop An E-Marketing Plan, available at: < http: // www.businesslink.gov.uk/bdotg/action/layertopicId > [accessed on 8, June 2007] Buyer Decision Processes - Wikipedia, the free encyclopedia available at: < http: // en.wikipedia.org/wiki/Buyer_decision_processes > Dreyfus, D. (2000), Course Pack Managing Markets /... available at: < http: //www.mountbatten.org/nynb.nsf/ /AU 06.doc > Edmunds Inc. 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