Integrated Marketing Communication of Triumph Bonneville Motorcycles - Case Study Example

TRIUMPH BONNEVILLE MOTORCYCLES Student’s name: Professor’s Name: Class Name: University Name and City: Date Due: Executive Summary Triumph Bonneville Motorcycles is a category or type of motorcycles developed by The Triumph Company. These are unique motor cycles with distinctive design performance, which are known for their heritage in many regions across the world. These motor cycles are a way through which the bike world perception can be changed. The company even gives the customer the advantage of creating their own dream bikes through their website. An integrated marketing communication is able to communicate this message effectively for anyone who would wish to own a bike or even a design a bike of their choice. Integrated Marketing Communication has a greater impact than when the message is communicated differently in uncoordinated effort (May, 2005). TABLE OF CONTENTS 1.0 Introduction 1 2.0 Background information 1 3.0 Key objectives 3 3.1 Mission 3 4.0 Problem Statement 3 5.0 Literature Review 4 6.0 Consumer Behaviour Opportunity 6 7.0 Target Market and Environmental Scan 7 8.0 Market segmentation 7 9.0 Communication objectives 8 9.1 Developing brand awareness 8 9.2 Influencing consumer attitude 9 9.3 Building company trust 9 10.0 Creative strategies 9 11.0 Media plan 10 12.0 Conclusion 11 1.0 Introduction This research paper intends to look at an analysis of potential expansion of the Triumph Bonneville Motorcycles to other countries and to reach great or large numbers of the clients across the world. The Triumph Company is leading in local and trailing slightly internationally behind a Japanese company in motorcycle sales, this was according to a market survey done by Bonneville Research Institute in 2012. The Company needs to do some large scale advertisement of their product in order to stretch itself to the ever growing need for motor bikes in the world. This has called for the use of integrated marketing communication which could produce stronger message consistency. It will build brand name equity for the Triumph Company as well as generate significant sales impact. To sum it all IMC will develop the company’s capability to reach out for more customers, with the right message at the right time and place (Harrison, 1996). 2.0 Background information The Triumph Company has a long rich past, originating from the last 100 years of success. The Triumph Company was built from successful inventions of Siegfried Bettman who moved to England and started producing Triumph cycles product that eventually hit the market in 1886, and in subsequent years, the product had gained huge popularity in the England. The founder developed a strong and the first motorbike in 1902, which was supplied to the British army. The business expertise of the founder enabled his product to gain absolute attention and his slogan, “go your own way” was more than exhilarating especially in the search for more clients. Triumph gained confidence within the country and a substantial amount of money was earned. Several changes were made within the motorcycles and also within the brand. A vast level of advertising and promotion was done in the 1950s and this was replicated over the next several years and this is still done up to this day. The component that conceptually characterizes the acquisition of Triumph motorcycles, at the very basic level enlightens key strategic elements that decompose themselves through the procedural factors aiding the integrity of the product and further confirmation about its subsequent use. The practicability of major inputs which The Triumph company has invested in the last 100 years through behavioural variables and constants reveals a correlative assessment of people’s (riders) wants and in practice, these associations explains the types of motor bikes that Triumph has come with throughout its history. May (2005), explains the technical risks and behavioural approaches disseminated at equivalent levels to sustain customers who have found Triumph product to be of great importance to them and hence have continued to use it repeatedly. This in turn has made it possible to force the product into the market hence making it one of the most sought after motor bikes in the history of Australia and its neighbouring regions and the world at large. The influences of key factors cased as per Triumph strategy show elements that elementarily tries to bring The Triumph Company marketing opportunities generate the holistic models (May, 2005) that offer distinct personalization of customer management strategies and factored marketing theories. The key choices miniaturized as per Triumph marketing component is aimed at achieving a rapid marketing platform. Notably, the key problem faced reveals a huge marketing vacuum in the company’s organizational theory. According to a market statics released last year by a New York statistics firm, it was found that business that look out for their customers’ needs make more profits than those that operate by not catering for customers needs. This is the base of our company looking out for our customers’ needs. 3.0 Key objectives The objectives for Triumph Company are as follow; 1. To provide the best motor bikes that will exceed customers’ expectations 2. To create services that even the community will benefit from. 3. To increase the number of clients by 30% annually through superior performance and word of mouth referrals 4. To come up with a complete site that includes an online purchasing capability, as well as additional info about The triumph Company motor bikes, a category in the site where an individual can build a dream motorcycle and have it delivered to him or her, suitable hours, demographic information and much more 3.1 Mission The mission of our company is to create a firm and good relation with our customers' by providing high quality customers service and cooperation. Getting them, what they exactly need and when they need it. The company is committed to providing services that will surpass the expectations of our clients consequently making a successful and lucrative business (Harrison, 6). 4.0 Problem Statement The Triumph Company has undergone many reforms and right from the low level marketing techniques back in the 1950s to the more elaborate advertising models it has adopted in the latter years. The theoretical concept of consumer behavior explains a rediscovery of marketing pattern and how it influences product sales, branding, and process handling enhance product acquisition and distribution. According to Harrison (1996), the enforcement of legislative principles in the reaffirmation of proper marketing thoughts and the terminological perspective of relational marketing through process segmentation explains the major market behaviors and relative indexes associated with customer retention models. The influential customer retention functions are hugely affected by the competitive advantage experienced by several other competitors. Due to limited socially defined functions, The Triumph Company has increasingly found it difficult to penetrate and sustain it within the market trends and hence being subjected to vigorous fluctuations in the overall returns. The buying culture has diminished and the important placement portals that arise from the characteristic relay of marketing norms have fallen short of acceptable marketing standards. In essence, The Triumph Company has faced stiff competition from other beverage producers and though its quality dates back to one-century back, outpacing its competitors has become one of the hardest tasks faced by the company. For a long time, consumers of The Triumph Company products have over time being loyal to the organizational products but unattainable competition has pushed the company to the walls, making it too difficult to meet its expectations. This is the reason why the company is looking at employing Integrated Marketing Communication. This strategy will help the company have a greater impact than when the message is communicated differently in uncoordinated effort. 5.0 Literature Review From time to time, there has been a changing trend as the gap between developed nations and developing nations becomes more pronounced and evident as globalization and international need for motor bikes. People are becoming consumers of fast transport across the world; this has lead to the need for motor bikes in our daily live. Companies perform according to sustainability of its services and additionally depict managerial role in improving the competitive edge of the organizations. Within the organizational platform, the environment features the intensity of the competition and the influences it gives to the immediate market. The suggestions of these facets exemplify the emotive growth in the industry in relation to the perfection of the organizational contexts. the environmental models envision consumer attitude and response cycle especially when adequate marketing is launched and sustained. The market inflows through sustained leadership style for example well-defined institutional policies and monitoring of the marketing products certainly procure the numberless definitions of choices made in relatively appropriate designs. The ageing US market is causing concern for the industry, which is seeking to attract new and younger clients. BMW introduced a successful campaign of pre-owned motorcycles to cultivate a younger market with less disposable income to counteract the predicted sales downturn in 10-15 years, improving sales 62% in two years. Australia is also faced with an ageing population with those aged over 65 increasing from 12.9% to 13.5% of the total population between 2005 and 2010. Motorcycle riders in Australia are characterized as having high tolerance to risk, consistent with the US market. Greater numbers of motorcycles are being purchased by women and consumers tend to be better educated, sit within a higher household income bracket and aspire to ‘clean living’ than their predecessors. Consumer trends of gender roles blurring, the increasing importance of individualism and the pursuit of simple pleasures to escape from active, busy lifestyles characteristic of modern consumers provide a framework for the identification of a market segment for the Triumph Bonneville. In Victoria2, motorcycle licences can only be obtained over the age of 183, making consumers of the Bonneville adults. Generation Y is recognized as a large consumer market, the focus of the 21st century. Generation Y are characterized as brand conscious but not brand loyal and are influenced by journalists, early adopters and predominantly, celebrities, but not in the same fashion as baby boomers, instead Gen Y do not perceive high barriers between themselves and celebrities. 6.0 Consumer Behaviour Opportunity Triumph has many opportunities, considering its very rich past. In its last 70years, the product has gained popularity in and outside Australia, making it one of the worlds’ most sought after motorbike. The opportunity arising from the way in which the products gain momentum is reflected by its sales. In place of that, the founder of Triumph have noted from experience that the overall theory expresses opportunities available in creating adequate consumer environments and in this case, better environments for the product which project the major acceptance platforms such as absolute familiarization of the purchasing power, consumer capacity and improved product quality. All these have explained why Triumph has repeatedly performed beyond the limits and projections in the year 2010 shows that Triumph managed to raise over $2.3b in the first quarter of the financial year. In support of May, 2005 views, he explains the compliances that organizations out to undertake in order to manage responsibly ideal purchasing decisions and further develop appropriate sales levels acquainted with volumes of massive product brands. By any standards, Tasmania and New South Wales were the main bottleneck states that nearly much of the sales were made. In support of the personal management theory, Kagan,(2000), expresses the mathematical fragmentation of marketing decisions and a vast class of factors demonstrating the aspect of capacity building within the competitive environment. In his journal, marketing is a variable component that is flexible and adapts to new and emerging markets, virtually simultaneously. In that theoretical analysis, more than 95% of the market patterns exhibit these changeovers and project an additional capability in the market. 7.0 Target Market and Environmental Scan Triumphs strategic environmental scan enable the company to identify its competitive environment. It will generate reasonable structural transformation within which to meet its goals and objectives. With its key external environmental considerations, the positive impact of environmental scanning is defined by both opportunities and threats. Subsequent efforts from Triumph to identify and interpret its capabilities in the new environment include positioning itself against the market forces in order to achieve optimum results. Environmental trends that are adopted by Triumph involve five key metrics; technological, social, competitive, economic and the regulatory forces. The marketing perception and the inclusiveness of the businesses are aided by the consumption ratios of the clients as well as the nature of competition available in the market. The typical changes in consumer consumption levels provide a comprehensive trend, which offers the notable flow of products into the market .Thus, Triumph would experimentally determine the core scope of its brands, and position it should take to out-compete its rivals (Kagan,2000). 8.0 Market segmentation The key attributes through which Triumph depicts its stimulus explains the class classified as per its market search. The target market for this program is in three segments: adults aged above 30 years, young adults aged between 18 and 29 years. These are the market segments, which the Triumphs marketing department will try to reach. The three different market segments can be reached using a mixture of advertising channels all intended to have a greater impact on the target audience depending on how best to reach each target market. According to Pickton (2011), legal influences procedurally enhance the styles available within the streamlines of marketing and successes established varyingly explains the need to main the current market trends. Furthermore, the empirical factors incidentally feature the establishment of adequate goals and effective business management is adequately measured through the mainstream contents, implying that the most appropriate instincts thinly embroil the thematic solutions. 9.0 Communication objectives 9.1 Developing brand awareness This is the first communication objective that the IMC will seek to achieve. All of the top performing, naked motorcycles are from the classic and roadster Triumph motorcycle product ranges. There are also so many issues of concern to Triumph motorcycles that remain unanswered like how does the product help in our daily lives and can it be used for local market in Australia and international markets. Once the brand awareness has been achieved then it will be easy for customers’ to know the kind of products The Triumph Company releases to the market. 9.2 Influencing consumer attitude Harrison, 1996 discusses the involvement of proper leadership and adequate procedures leveled to improve the motivations and create effectiveness within the aspirations of the major goals effected as per the agreed market values. The accomplishment of leadership assumption through extensive coverage of the necessary platforms indicates the sequences created by key determinants and sustained market structures. Consumers may have a biased perception that motor bikes are the largest cause of accidents. Once brand awareness has been achieved then it will be easier to convince the customers that motor bikes are the only better way for people to move from one place to another. 9.3 Building company trust There are many motorcycle companies promising just the best experiences if you buy a bike from them but at the end of the day they give something that does not meet your expectation. The advertising campaign will seek to promote the identity of the company as an experienced player in the industry. The campaign should position the company as the premier motorbike producing company for the unique opportunities and value for money it offers. 10.0 Creative strategies To achieve the outlined communication objectives of the company creative strategies will have to be used in order to reach the target consumers of the product being offered by the company. The strategies will be advised by the needs, preferences and the buying habits of the company’s target market. The strategies will then determine which media can be used. 11.0 Media plan To raise brand awareness newspaper advertisements and television advertisements will be largely utilized as they cut across all the market segments and in a faster and more effective way. The television and newspaper adverts can provide adequate information concerning the brand, which is much needed for this strategy to work. Social media marketing is also a good media since it has the capacity of reaching a good percentage of a target market comprising of young people. These channels are capable of first communicating the benefits and then introducing the product in a much more effective manner than any other media such as the company’s website (Diamond, 2012). To influence customer attitude, the company will have to rely on magazine advertising and the company’s website. By featuring articles in travels magazines about the product and the brand, the company will be able to influence customer’s perception towards use of motorcycles to dispel any wrong notions the customers may have. Personalized e-mail communication with customers; by having such a design there will be constant communication with customers and informing them of what is new and what is taking place. Based on the commendations the company will benefit from the replies they get from the customers (Diamond, 2012). Lastly, online marketing; first is to have a FAQ page where consumers can ask questions without necessarily leaving their details behind their details. Through online marketing business will get customers from everywhere, it creates a wide customer base for the business. 12.0 Conclusion In conclusion, integrated marketing communication for Triumph motorcycle as a company will enable the company reach its three target markets effectively and efficiently. Triumph motor bikes are a new way to travel and tour many place and it could be used for other forms of transportation in other regions such as Africa. As such, the communication objectives should be geared towards ensuring the target market get the right message the company had intended and that they react to the message by ordering for motorbikes with the company WORK CITED Diamond.S. (2012). Social Media Marketing For Dummies, John Wiley and Sons Tourism NT Harrison, K (1996). Five Steps to Building Winning Sales Proposals; Analysis & Management. Berkeley: University of California Press. p34-78. Pickton, D et al. (2011). Integrated Marketing Communications, 3rd edn, Pearson Education, Australia. p321-325 Kagan, R.,(2000). Regulatory Encounters: Multinational Corporations and Adversarial Legalism. Berkeley: Univ. of California Press. p45-56 May, J. (2005). Compliance Motivations: Perspectives of Motor Industry. Berkeley: University of California Press, 27: 317–47 Read More