It has been evident that PT Chrysler has been targeting the middle aged group, i.e. 50 years and above. The term market segmentation can be defined as the process whereby the customers and/or the potential customers are split in a market into different groups or sections…
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The Chrysler PT Cruiser
The Chrysler Group is Daimler Chrysler AG’s unit which is world’s fifth biggest automaker producing company in both passengers as well as commercial vehicle segments. The Chrysler PT Cruiser is built by Chrysler which is a “retro” styled station wagon. It is the marquee of Daimler Chrysler. The model resembles in size and shape to the 1997 Chrysler CCV prototype. The marketing plan is all about repositioning and revitalising the PT Cruiser that has been struggling since many years and underwent a decline stage. PT Cruiser has been one of the successful retro-styled vehicles. More than 1.3 million PT Cruiser cars were manufactured since the year 2000. However, despite its stylish look and many advanced features, the sales of the car have been plummeting in the recent years. It has been analysed that the reason behind the sales slide and the failure of the PT Cruiser have been that the Chrysler didn’t invest the required sum in this model. It has even been argued that the reason behind its failure has been that the car was never improved by the company over its life span. The target segment was primarily the middle aged people who bought these cars.
There are always two basic strategic choices for any company. Either the company can segment the market or it can treat its entire market as its potential customers for the goods and services that it renders. By the word ‘segmentation’ the development of the unique marketing strategies in order to meet the market needs of the market place, is perceived. (Weinstein, 2004). In addition to the middle aged people the target segment should be youngsters as well. By driving its attention towards this particular segment, the company can gain a significant number of customers in comparison to the middle aged people. In terms of psychographic segmentation, the company needs to segment its market to the outgoing people who usually hangout with their friends and relatives. The company has been providing its services all over the world; however, it would be better if the company targets the Asian countries as there is huge potential in these countries. In terms of benefit segmentation, the company needs to focus upon investing in the style of the product as it has not gone through much change with respect to the product and there has been no investment made to upgrade it. In terms of physiographic segmentation, the company can target both the economy minded as well as the high income group people. Marketing Objectives The main objective of the company must be to invest adequate resources so that they can appeal to the mass consumers. In the era of competition, it is important for the companies to keep themselves updated with the modern technologies. The major reason for the failure of the product has been that the model and features provided by the car were same throughout its entire of its 11 years existence in the market. Therefore, the main objective of the company must be to make changes in the product model along with providing new advanced features with the aim to beat the
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“The Chrysler PT Cruiser Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/marketing/1406946-the-chrysler-pt-cruiser.
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