Marketing Plan for the Volkswagen Organization - Case Study Example

Marketing Plan Research Paper on the Volkswagen Organization Abstract This research describes the marketing plan for Volkswagen in the United States. It provides information about the company, the industry in which it is operating, competitors, customers , the marketing strategy applied, the four P’s of marketing, implementation, control for the marketing plan and recommendations for the company. Contents 2. Strategic Focus and Plan 5 A. Mission Statement (Current) 5 A corporate mission statement has not been posted by Volkswagen, although a statement supporting biodiversity was recently published. 5 B. New or Revised Mission Statement 5 C. Vision Statement (Current) 5 D. New or Revised Vision Statement 5 E. Goals 5 1. Non-financial Goals 5 2. Financial Goals 6 F. Core Competency and Sustainable Competitive Advantage 6 3. Situation Analysis 6 A. SWOT Analysis 7 B. Industry Analysis 9 C. Competitors 10 D. Company Analysis 11 E. Customer Analysis 11 A. Marketing and Product Objectives 12 B. Target Markets 12 C. Points of Difference 13 D. Positioning 13 5. Marketing Program 13 A. Product Strategy 13 B. Product Line 13 C. Unique Product Quality 14 D. Packaging 14 E. Price Strategy 14 F. Promotion Strategy 18 G. Place (Distribution) Strategy 19 6. Financial Data and Projections 19 7. Organization 19 8. Implementation Plan 20 9. Evaluation and Control 21 10. Recommendations 21 11. Conclusion 22 7. Wilson, R.F. (2000). The 4 Ps of Marketing in Your Internet Marketing Plan. Retrieved 20 May, 2009 < http://www.wilsonweb.com/wmt5/plan-4product.htm> 24 Espinoza,J. (2009). Volkswagen: The New Kid In Town. Retrieved May 22, 2009< http://www.forbes.com/2009/04/17/volkswagen-sales-incentives-markets-equity-cars.html> 25 References 1. Company Description Volkswagen Group is one of the leading automobile manufacturers in Europe. In 2007 it delivered 1.189 million cars to customers obtaining a market share of 9.8 percent for passenger cars around the world, with sales worth 108.9 billion Euros and profit amounting to 4.12 billion Euros. The Group operates 48 production plants Europe, Americas, Asia and Africa. The Volkswagen Group sells its vehicles in more than 150 countries .The Group is made up of nine brands including Volkswagen, Audi, Bentley, Bugatti, Lamborghini, SEAT, Skoda, Scania and Volkswagen Commercial Vehicles. Each brand has its own character and operates as an independently. The product range extends from low-consumption small cars to luxury class vehicles. The company operates in automotive and financial services. The Automotive division develops vehicles and engines, passenger cars, commercial vehicles, trucks and buses, and auto parts. Its product range extends from low-consumption small cars to luxury class vehicles. The financial services division offers dealer and customer financing, leasing, banking and insurance, and fleet management services. 2. Strategic Focus and Plan A. Mission Statement (Current) A corporate mission statement has not been posted by Volkswagen, although a statement supporting biodiversity was recently published. B. New or Revised Mission Statement To become the provider of superior quality vehicles and services that enhance the lives of consumers. We aim to achieve our goals by offering commitment, productivity, maintenance of high standards and continuous innovation. C. Vision Statement (Current) The company has not posted a vision statement but their corporate vision is to bring Volkswagen closer to its customers and increasing competitiveness and to triple the US sales to 800,000 vehicles by 2018. D. New or Revised Vision Statement To be the US best motor manufacturer and leader in innovation by committing to delivering an extensive product portfolio, offering superior quality products, maintaining business integrity, nurturing healthy relations with stakeholders, and fulfilling our social responsibilities. E. Goals 1. Non-financial Goals Volkswagen’s current non-financial objectives are to reconnect with customers, to reignite the passion that Americans have with Volkswagen and commitment to the highest levels of quality and services for the customers. Social objectives are focused on offering safe and environmentally sound vehicles to the market which and sustaining mobility by actively helping in the reduction of global emission of Carbon dioxide to limit the world’s dependency on petroleum. 2. Financial Goals Volkswagen’s current financial objective is the sale of 1 million vehicles in the United States by 2018. F. Core Competency and Sustainable Competitive Advantage Volkswagen addresses environmental challenges systematically making them a part of the overall strategic process. It has adopted a future oriented strategy for approaching issues such as climate change by developing a range of research activities to provide trend-setting approaches for mobility in the future. Volkswagen believes in conducting dialogue with customers using their input in the development of newer models, positioning the company and delivering customer satisfaction in the future. The company is also committed to ongoing innovation through extensive research in driver assistance, communication and networking. 3. Situation Analysis The situation analysis explains the current standing of the company. This includes the internal and external analysis of the organization and the business environment as a whole (Baker, 2003). A. SWOT Analysis The SWOT analysis analyzes the company’s internal strengths and weaknesses along with external opportunities and threats (Baker, 2003). Strengths refer to the company’s market dominance, brand reputation and capabilities against competitors whereas the inadequacy of resources counts as a firm’s weakness. Opportunities are the favorable situations in the environment, which the company can use for its benefit and threats are the unfavorable factors which may adversely affect the organization (Stapleton & Thomas, 1997). Strengths The Volkswagen group owns a group of companies which offer different brand lines to meet the needs of different market segments in the world market. The group of companies combined offers a range of products from luxury cars to pickups and busses to meet consumer needs and to gives it the ability to counter competition. Volkswagen’s strengths include its possession of The Beetle as a strong nostalgic brand which American like to associate with. Revamping of the older brand and presenting it with a modern twist not only keeps the customers interested but also keeps the brand alive. Another one of Volkswagen’s strengths lies in its mission statement which is centered on eco friendly cars and preserving biodiversity. During this time of environmental awareness the gives the company a stronger position in the public eye. There has been an increased focus on environment friendly cars. Weaknesses Weaknesses within Volkswagen include their production of newer products similar to those offered by competitors, who have strongly been associated with their respective product lines. Volkswagen has a strong position as being more a product and less of a luxury car; therefore consumers may not readily change their perceptions about the newer Volkswagen products offerings. The unique selling proposition for Volkswagen is not clear. The company has positioned itself as the “people’s car” but Volkswagen does not have a solid distinction point in comparison to its competitors. Opportunities Government regulations regarding the environment present an opportunity for Volkswagen. As a result of these regulations combined with the unstable oil prices consumers will eventually shift towards purchasing eco friendly cars. Volkswagen can use this as an opportunity to innovate and offer desired products to meet customer needs in the emerging markets, while at the same time building its image to meet the demand of the changing times. Another opportunity lies in entering different market segments which have not been catered to till now. Threats The current economic situation in the world poses threats for the company. In the recent recession buyers have turned away from purchasing expensive products, focusing more on upgrading and repairing old cars. This trend will continue to play a significant role in the decline in auto sales. He company’s inability to keep up with global trends, competition and innovative technologies may cause threaten its image and market share in the future. B. Industry Analysis The first mass production assembly line for automobiles was started by Henry Ford in 1915. In 1920 General Motors diversified production by introducing yearly model changed and consumer credit offers. Within the next few years Ford, General Motors and Chrysler came to be known as the Big Three in the automobile industry. By the 1960s other companies like Toyota and Datsun entered the market with cars to cater to the needs of students, small families and the poor at the lower end of the market. By the 1970s General Motors had control over a vast US market, serving niches at the lower end and luxury imports at the top. During this period other firms in the US auto industry gained success and profitable with a high level of production and dominance in the home market. The 1979 Oil Crisis which raised gasoline prices made way for Japanese firms to enter the US market with low priced high quality cars intensifying international competition. But by 1983 the Big Three were able to reach profitability again (Turner, 1993). Apart from the Ford Motor, General Motors and Chrysler many other automobile companies such as Volkswagen, Toyota, Honda, Nissan and others are still active in the US auto market. The auto industry enjoyed tremendous growth in the past but the current economic situation is causing the US automakers to shrink for survival. The auto industry in the United Sates is tangled in federal bailouts, cost cutting and debt. The entire industry is facing the problem of buyer shortage. The US auto sales have plunged 37 percent by the end of 2008 (Properly, 2009). Toyota, the world’s best selling leader so far, has plummeted 38.0% in the U.S (Espinoza, 2009). Retail sales numbers for the first quarter of 2009 showed that consumers are avoiding expensive purchases. Instead of buying new cars they are spending money on maintaining items they already own. The auto repair shop sales have grown 2.4% over the last year whereas at the same time car dealership sales have been noted to decline by 9.7% (Caviling, 2009). C. Competitors The Big Three, namely Ford Motor, General Motors and Chrysler along with Toyota are the main competitors for Volkswagen in the United States. Ford Motor Ford Motor was established in 1903. Ford, Lincoln, Mercury and Volvo are the four primary brands operate under the Ford Motor Company umbrella. Ford offers its products across North America, Europe, Africa, Asia Pacific, Latin America, Middle East and the Caribbean. The company promises customers quality vehicles offering customers more for their money with affordable quality cars. Ford’s product line includes SUV, trucks and cars. General Motors General Motors Corp was founded in 1908 and today it is one of the world's largest automakers. The company’s brand portfolio includes GMC, Buick, Cadillac, Chevrolet, GM Daewoo, Holden, Hummer, Opel, Pontiac, Saab, Saturn, Vauxhall and Wuling. General Motors manufactures cars and trucks in 34 countries around the world. Chrysler LLC Chrysler was established in 1925 and manufactures, assembles, and sells cars, trucks, and automotive parts and accessories the North America. It supplies passenger cars, SUVs, sports cars, minivans, and pickups. The company also purchases and distributes passenger cars manufactured by Mitsubishi Motor Manufacturing of America. Its brand portfolio includes Dodge, Jeep and Mopar. Toyota Motors Toyota is a Japanese motor company which was established in 1937. It took over as the number one US auto importer in 1975 after displacing Volkswagen. It is currently running the Lexus line in a joint venture with General Motors and has a brand portfolio including Hino, Toyota, Scion and Lexus. D. Company Analysis At present Volkswagen shares have fallen 21.0% to $18.9 billion, below market consensus of $21.2 billion, hurting some of its best-selling brands. Volkswagen had swung sharply to a first-quarter operating loss of $368 million, from a profit of 461 million Euros in 2008 year's quarter. The company however has managed to sell 1.39 million vehicles around the world in the first quarter of 2009. This is an 11.4% fall in comparison to the first quarter of 2008 when it made sales of 1.57 million units (Espinoza, 2009). E. Customer Analysis Marketing data show that a vehicle's size and the image it bestows on its driver play major roles in buyers' decisions (Tankersley, 2009). Cars are a symbol of status yet customers want luxury and convenience, therefore car manufacturers need to produce cars that satisfy the customers’ needs for vehicle style and design, while keeping in view the buyer demands for advanced specifications and utility at affordable prices. 4. Market-Product Focus A. Marketing and Product Objectives The primary objectives of Volkswagen product strategy and marketing efforts are to make sales and to capture a huge share in the automobile market. The product strategy is aimed at offering consumers cars they are they need while providing ease and convenience of purchase. Volkswagen’s marketing efforts are aimed at reaching buyers to position the company, make consumers aware of the brand, products and promotions and to build relations with existing and potential customers. B. Target Markets Target markets for each Volkswagen model differs since the company covers various markets with its range of products. The Compacts are aimed at the younger market, whereas minivans are marketed to families and SUVs for those seeking luxury. The Consumer market segments can be divided into geographic, demographic, physiographic and behavioral (Armstrong & Kotler, 2001). Volkswagen’s geographic target market includes many countries around the world and the urban and suburban population in all the states in the US. The marketing suggests the demographic market consisting of males and females between the ages of 19 to 49, both individuals and families. Volkswagen’s geographic target market includes many countries around the world and the urban and suburban population in all the states in the US. The target buyer’s belong to high income groups and belong to a working class. No specific nationality, religion or race is targeted. Volkswagen’s geographic target market includes many countries around the world and the urban and suburban population in all the states in the US. The psychographic target market includes people from the upper middle to upper class. Behaviorally the target market seeks quality, affordability. C. Points of Difference The point of difference for the Volkswagen cars is their affordability while at the same time offering buyers what they want. D. Positioning Volkswagen is positioned as the ‘people’s car’ delivering to the consumers what they want. Although each car has its own distinct image the underlying positioning concept remains the same. 5. Marketing Program A. Product Strategy Volkswagens product strategy is to offer customers affordable, safe and high-quality cars backed by customer services and easy payment methods for buyer convenience. B. Product Line The current Volkswagen product line for the United States offers five broad categories of vehicles. These include sedans, compacts, minivans/SUV/wagons, convertibles and the TDI Clean Diesel range. The sedan group includes Jetta, Passat, GLI and CC models. The Compacts range consists of the Rabbit, New Beetle and GTI. Routan, Tiguan, Touareg 2, Jetta SportWagen, Passat Wagon constitute the series of wagons/minivans/SUV. The convertibles range includes the Eos and the New Beetle Convertible. The TDI Clean Diesel category includes Jetta TDI, Jetta SportWagen TDI and Touareg 2 TDI. Although cars are Volkswagen’s core products an array of additional DriverGear accessories are also available to customers. This range of products for cars includes supplementary car accessories such as safety and security add-ons, communications instruments, wheels and other car décor items. The DriverGear range for the Volkswagen owner includes items such as T-shirts, jackets bags, tumblers, slippers among many others. C. Unique Product Quality Volkswagen’s unique product quality is its offer of high end products at affordable prices. D. Packaging At the time of purchase each Volkswagen car comes with a set of three warranties and a Carefree Maintenance plan which offers three years of four free scheduled maintenance services to customers. The warranties include the Basic Limited Warranty for 3 years or 36,000 miles. Powertrain Limited Warranty which is a 5 year or 60,000 mile warranty and 12 year unlimited Warranty Against Corrosion Perforation. E. Price Strategy Each category and model falls into a different price range therefore the price varies with each vehicle. Each product line is further divided into sub- groups, with different prices for each group depending on the specifications of the vehicle. The list of prices for standard models without additional accessories is as follows: Category Model Specifications US $ Sedan Jetta S Five Speed Manual 17,515   Six Speed Automatic 18,615 SE Five Speed Manual 20,095 Six Speed Automatic 21, 195 SEL Six Speed Automatic 22, 965 TDI Six Speed Manual 22,270 Six Speed Automatic 23,370 Passat     28, 300 CC Sport Six Speed Manual 27,100 Six Speed Automatic 27,890 Luxury Six Speed Automatic 31,990 VR6 Sport Six Speed Automatic 38,300 VR6 4 Motion Six Speed Automatic w/ 4motion 39, 300 GLI   Six Speed Manual 24, 770   Six Speed Automatic 25, 870 Compacts Rabbit 2 door Five Speed Manual 16,300 Six Speed Automatic 17,400 4 door Six Speed Automatic 19,340 New Beetle   Five Speed Manual 18, 290   Six Speed Automatic 19,390 GTI 2 door Six Speed Manual 23,230 Six Speed Automatic 24,330 4 door Six Speed Manual 23,830 Six Speed Automatic 24,930 Wagons/ Minivans/SUV Routan S Six Speed Automatic 25,200 S w/ RSE Six Speed Automatic 27,700 SE Six Speed Automatic 29,700 SE w/RSE Six Speed Automatic 32,700 SEL Six Speed Automatic 33,600 SEL w/ RSE Six Speed Automatic 36,600 SEL Premium Six Speed Automatic 38,500 Tiguan S Six Speed Manual 23,200 Six Speed Automatic 24,300 SE Six Speed Automatic 26, 925 Six Speed Automatic w/ 4motion 28,875 SEL Six Speed Automatic 30, 990 Six Speed Automatic w/ 4motion 32, 940 Touarge 2 VR6 FSI Six Speed Automatic w/ 4motion 39,300 V8 FSI Six Speed Automatic w/ 4motion 48,900 V6 TDI Six Speed Automatic w/ 4motion 48, 200 Jetta SportWagen S Five Speed Manual 19,075 Six Speed Automatic 20,175 SE Five Speed Manual 21, 425 Six Speed Automatic 22,525 SEL Six Speed Manual 26,065 Six Speed DSG 27, 165 TDI Six Speed Manual 23, 870 Six Speed DSG 24, 970 Passat Wagon   Six Speed Automatic 29,690 Convertibles Eos Komfort Six Speed Manual 31, 615 Six Speed DSG 32, 715 Lux Six Speed DSG 35, 200 New Beetle Convertible   Six Speed Automatic 25, 990 Optional accessories and packages can be added to the standard vehicle at a varying range of additional charges. Volkswagen offers a number of financial options to facilitate purchase, these include: Buying Customers have the option of taking a loan, subject to their credit approval, and can pay in monthly payments. Customers can purchase a vehicle at competitive rates and at the same time acquire ownership of the car. Leasing Under this option customers can lease a vehicle at low monthly payments, depending on the time period of the lease. During this time they are required to pay additional charges for extra mileage and wear and tear. At the end of the lease period the customers have the option of returning the car or buying it. Driver’s Option This option lets customers choose a time period and make payments for the selected period. After the completion of this duration customers have the option of paying the balance and keeping the car, refinancing the balance or returning the car. College Grad Program This lets fresh graduates with full –time jobs and no pervious credit history, buy or lease a car without depositing security or the first month payment. First Time Buyer Buyers with full- time jobs, purchasing a car for the first time will be given a special loan option, without requiring credit history. F. Promotion Strategy Advertising, sales promotions, public relations, direct marketing and personal selling all constitute the promotional mix (Donnelly & Peter, 2002). At any given time Volkswagen used many elements of the promotional mix to communicate with its customers. Print and electronic advertisements are two of the promotional tools adopted by the company. Advertising through TV and print media gives the company greater reach across the target market and many buyers can be reached at the same time. It is also an effective way to create a brand image (Donnelly & Peter, 2002). Direct marketing lets Volkswagen personalize messages and send them to customers through mailers. This method is more personal than advertising and provides customers more information. Public relations are important to manage relations with stakeholders inside and outside the organization. It is essential for establishing and maintaining mutual understanding and goodwill between the company and the public (Kitchen, 1997). Press releases and press conferences are two of the public relations tools used by Volkswagen. For sales promotions Volkswagen has co-branded with Visa and Shell to bring customers this option. Volkswagen Visa Card offers customers points for a reward program. Occasional sweepstakes, contests and sponsorships are some of the other promotional tools used. All communications are based on the integrated marketing communications concept. This concept refers to a marketing program which coordinates and integrates all elements of promotion so that the organization is sending out a consistent message to the audience (Donnelly & Peter, 2002). The message strategy used is to communicate the features of the cars and Volkswagen’s concerns for the ‘people’ and what they want. The advertisement campaigns generally are designed around this central concept. Introduction, growth, maturity and decline are all stages of the product life cycle. Volkswagen cars are in their maturity stage therefore the promotional strategy is focused on taking action to make buyers prefer their product over that of the competitor. Advantages need to be clearly communicated to the customers so that they chose this product over others available in the market. G. Place (Distribution) Strategy Volkswagen has an established presence in many countries across five continents. The company’s distribution channel for consumers in the United States consists of a network of dealers with every state having its own specified dealers. The vast dealer network offers customers convenience in their locality, and gives the company better reach to the customers through extensive distribution. 6. Financial Data and Projections In 2007 Volkswagen sales totaled to 55, 218 million Euros the number increased to 56, 710 million Euros by the end of 2008. The net income for 2007 was 1,455 million Euros which decreased to 827 million Euros by 2008. 7. Organization It is crucial for the marketing plan to be a part of Volkswagen’s regular planning processes and the overall business strategy. The marketing plan carries a set of goals and objectives which Volkswagen aims to achieve. These goals need to be in line with the company’s overall strategy. In determining these objectives the planners have to keep in mind the past marketing decisions and the future direction of the company. The objectives established need to be realistic and achievable and should be clearly defined. Once the objectives have been established these have to be communicates to managers and all those involved in the marketing effort. The roles and responsibilities of every individual have to be defined and communicated. All members of the Volkswagen team should be aware of and clear about the set targets While organizing the marketing plan, ample research should be conducted in order to acquire accurate information to work with. This information should include internal and external information regarding the resources and capabilities of Volkswagen along with favorable and unfavorable external environment factors. The funds, resources and personnel necessary for execution the marketing plan also need to be acquired. 8. Implementation Plan Implementation includes the assigning of roles and responsibilities to concerned individuals and ongoing feedback from the team and customers. The marketing effort should be executed exactly as defined in the marking plan. Every action needs to be analyzed carefully and monitored so see what works best for Volkswagen and what does not and incase of any discrepancies the plan can accordingly be adjusted. Implementation of the marketing plan will require proper management of activities and their accountability. For effective implementation all efforts need to be focused on obtaining the goals and objectives originally planned. The marketing plan implementation should ensure that everyone is aware of the objectives and is committed to delivering. 9. Evaluation and Control These procedures have to be established in order to track progress and the effectiveness of the Volkswagen marketing plan. Evaluation and control require the comparing of the actual performance and achievements against the set objectives. These activities also require comparison of actual performance to the past performances, competitors and customers’ needs. Evaluation and control determine where changes may be needed in the marketing plan. 10. Recommendations Volkswagen claims to offer cars which are affordable, yet their products are those which are already being offered by competitors at competitive prices. There is a need to establish a clear distinction between the company and its competitors. Volkswagen needs to work towards delivering their position as the ‘people’s car’ to the buyers satisfying the buyers wants and needs. They need to be quick in responding to the changing consumer needs and be known in the market for their quality and reliability. Volkswagen also needs to enter the untapped market and address those market segments which might have been missed in the product and price strategy. The automobile industry is changing as the result of the current economic conditions making it essential for Volkswagen to focus on economy and affordability for consumers in the future. Volkswagen should introduce new and innovative products in the market accompanied by package plans that ease payments and facilitate customers. Readjusting the position with the demands of changing time is essential to let customers know that Volkswagen offers better solutions. In the wake of strict environment regulations and unpredictable oil prices the company needs to develop eco-friendly and fuel efficient cars. They need to keep in mind that changes in the product will not be sufficient to attract buyers, since customers are looking for a complete package of affordability, efficiency and design. The recession has caused a shift in the purchase behavior of buyer the company therefore needs to concentrate on the newer trends. Through appropriate marketing they can promote their car upgrading products and provide appealing offers to customers looking to repair or enhance their cars. 11. Conclusion Volkswagen targets a range of consumers across the United States with an array of vehicles designed to meet buyer needs. The company has positioned itself as the provider of upper end vehicles at low prices. The company is continuously innovating and introducing new products into the market. Volkswagen has an extensive marketing plan which is centered on its position and the benefits it offers to customers. The marketing strategy is aimed at reaching customers all over the United States with products that meet their needs and facilitating services which offer consumers convenience during and after the purchase. Volkswagen is currently focusing on innovations, not only in design and features, but to meet the environmental challenges would give the company an advantage in the long run. By offering customers more for value Volkswagen can do well in the time of recession. Despite its success in the market the company’s products are not clearly differentiated from those of the competitors. The company needs to focus on its position and delivering that position clearly customers. By positioning itself in accordance to the needs of the market the company will be able to develop a sustainable advantage over competitor while at the same time build associations with customers. References 1. John Baker, M.J (2003). The marketing book. Published by Butterworth-Heinemann, 2003 2. Stapleton, J. & Thomas, M.J.(1997). How to prepare a marketing plan: a guide to reaching the consumer market. Published by Gower Publishing, Ltd 3. Kavilanz, P.B. (2009). Seven lucky consumer businesses Retrieved 20 May, 4. The Volkswagen website America www.vw.com 5. Volkswagen International 6. Peter,J.P.& Donnelly, J.H(2002). A preface to marketing management. Published by McGraw-Hill Professional 7. Wilson, R.F. (2000). The 4 Ps of Marketing in Your Internet Marketing Plan. Retrieved 20 May, 2009 < http://www.wilsonweb.com/wmt5/plan-4product.htm> 8. Kitchen, P.J (1997). Public relations: principles and practice. Published by Cengage Learning EMEA 9 . Armstrong, G. & and Kotler, P. (2001). Principles of Marketing. Published by Prentice-Hall 10. Turner, L. (1993) Democracy at work: changing world markets and the future of labor unions Published by Cornell University Press, 1993 11. Tankersley, J. (2009). No easy road for U.S. auto industry. Retrieved 20 May, 2009 12. The Ford Motor Website www.ford.com 13. Chrysler website http://www.chrysler.com/en/ 14. Hoovers Toyota Motors Company Profile. www.hoovers.com 15. The Volkswagen Fuel and Powertrain Strategy . Retrieved 20 May,2009 16. Annual Financial Statements of Volkswagen as at 31.12.2008 Espinoza,J. (2009). Volkswagen: The New Kid In Town. 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