The Strategic Marketing Plan of Autos-Luxus Group - Coursework Example

The Strategic Marketing Plan (Part II) of Autos-Luxus Group Company Background Information The Company in question by name Autos-Luxus Group is an automobile company that deals in the manufacture of classy and luxurious automobiles that are aimed at making the customers delighted. They mainly focus on technological innovation, and ensure that their manufactured products bring forth a positive customer experience, and responsibility within the organizational management. Within the context of this essay, one of the current innovations of the company by name Sporty-Wegamp Auto-Luxus is given a close consideration. The innovation is an off road vehicle, which has up to date technology, does not guzzle fuel, sporty, luxurious and has wonderful features. What makes the innovation more attractive is that it is affordable to the middle income earners of most populations in different countries, cheaper, consumes less fuel, is powered by electricity, and very convenient when used in heavy duty jobs, in addition to racing as a sporting activity. The Relevance of a Pioneer or a Follower Strategy in Regard to the Strategic Market Programs of Autos-Luxus Group Company Autos-Luxus Group Company’s new product Sporty-Wegamp Auto-Luxus falls in four main categories of new products namely; new product line, additions to existing product lines, improvements in or revision of existing products, and cost reduction product. It is a new product line in that the perception of an electric powered vehicle is new to the company, however much it may not be a first time for customers to see such a product, that is, the aspect of an electrically powered vehicle is not new to customers (Lowe & Alpert, 2010a). In a similar manner, it is an addition to the existing product lines of the company because Autos-Luxus Group Company is an established company that produces automobiles, therefore Sporty-Wegamp Auto-Luxus is a supplement to the already existing product lines of the company (Lowe & Alpert, 2010a). On the other hand, Sporty-Wegamp Auto-Luxus can be categorised as an improvement in or revisions of the existing products and a cost reduction product because it will provide a greater supposed value or display an improved performance to replace the already existing products and offer a similar performance as other products in the market at a lower cost than them respectively (Arnold & Quelch, 2012). These four categories of new products therefore make Autos-Luxus’ new product Sporty-Wegamp Auto-Luxus have the capability of existing as a pioneer product in regard to being an electric powered automobile and similarly a follower product by virtue of an automobile like any other vehicle that has ever been produced by companies that compete with it that include, but not limited to, Volkswagen, BMW and Toyota, amongst others. As such, it has to employ both pioneer strategies and follower strategies in the marketing and sale of its new product Sporty-Wegamp Auto-Luxus. Pioneer Strategy Autos Luxus Company can exist as a pioneer business by virtue of being the first to introduce the idea of an electrically powered vehicle in the market (Lowe & Alpert, 2010a). As such, it can make use of pioneer strategies to ensure the survival of its product Sporty-Wegamp Auto-Luxus throughout the product’s life cycle (PLC). Although Autos-Luxus Group Company is likely to take a greater risk and perhaps experience more failures than its competitors such as Toyota and BMW, who are conservative, the company can be handsomely rewarded if it becomes a successful pioneer. They can sustain the competitive advantage of being the first to enter a new product-market all through the stages of growth and maturity of the product life cycle, consequently developing a strong share position and enjoying substantial profits. Strategic Marketing Programs for Pioneers While Autos-Luxus Group Company exists as a pioneer company in regard to its innovation, their first marketing program would be to have a mass and wide market penetration (Arnold & Quelch, 2012). Since the company is the first to manufacture an electrically powered automobile, its managers should aim to capture and maintain a large share of the total market, which may be composed of many segments. However, their product Sporty-Wegamp Auto-Luxus is targeting the middle income earners and as such will enjoy maximum profit if it maintains a large total market share of the middle income earner class population in various countries. A large population of middle class earners should be aware of the company’s product, its cost advantages and luxurious nature, meaning that proper marketing is necessary in ensuring success of the company. Secondly, Niche Market Penetration is a program that is important in ensuring that Autos-Luxus Group Company works strategically to identify and appeal to a divergent and small but profitable segment of the market. By identifying middle income earners as a target for their product Sporty-Wegamp Auto-Luxus, the company has made use of Niche Market Penetration tactics to identify and concentrate in satisfying the needs of this particular market segment thereby ensuring survival of the product as it grows. Finally, Skimming and Early Withdrawal is another strategic marketing program for pioneers that the company can employ in ensuring the survival of its product Sporty-Wegamp Auto-Luxus through the different stages of the product life cycle (introduction, growth, and maturity, amongst others). Autos-Luxus Group Company, while existing as a pioneer business, can make use of this strategy with an intention of recovering as much money (used in developing the new product) as possible before serious competitors penetrate the same market, and withdrawing when survival in the business becomes difficult. Similarly, the company is presented with a chance and time to cannibalise, or do away, with its old version of products and develop new ones after experiencing difficulties in the market before its followers (Arnold & Quelch, 2012). Advantages of using Pioneer Strategies If Autos-Luxus Company chooses to employ Pioneer Strategies, there are various advantages that the company can enjoy. First choice of market segments and positions is the first advantage. Autos-Luxus Group Company will have the chance to build up a product offering with characteristics most significant to the major segment of clients or to promote the significance of qualities that favour its product. Thus, the company’s brand, ‘Sporty-Wegamp Auto-Luxus’, can turn out to be the benchmark of reference customers use to assess other products that may later be developed by competitors. This can make it trickier for followers with similar (‘me-too’) products to persuade existing customers that their new brands are better than the older and more well-known Sporty-Wegamp Auto-Luxus (Sinapuelas & Robinson, 2012). If Autos-Luxus Company has effectively tied its offer to the choice criterion of the largest grouping of customers, it also becomes more difficult for followers to distinguish their offers in ways that are attractive to the mass-market fragment. They may have to aim at smaller unimportant segments or position instead. Similarly, Autos-Luxus Group Company is presented with a chance to define the rules of the game (Arnold & Quelch, 2012). Their actions on such variables as product quality, warranties, budgets, post sale services, price, promotional appeals and distribution set benchmarks that subsequent competitors must either meet, or even better, beat. If Autos-Luxus Group Company sets these standards high enough, perhaps it can raise the entry costs and probably pre-empt some possible competitors in the same product line. In addition to this, a distribution advantage is a possible gain that Autos-Luxus Group Company is likely to enjoy since it has the largest number of available options at its disposal while designing a distribution channel to use in making sure their new product, ‘Sporty-Wegamp Auto-Luxus’, reaches the end users (Sinapuelas & Robinson, 2012). If the company make proper use of its options, it is possible that it will end up with a network of the best distributors in the market, which excludes later entrants from some market niches or market segments. Nevertheless, Autos-Luxus Group Company has the advantage of achieving more shelf-facings at the beginning of the growth stage of their product life cycle. By expanding its product line quickly after an initial success, Autos-Luxus Group Company can create even more shelf space, consequently making the challenge that is faced by its close competitors or followers still more difficult. The late entrants therefore fail o gain extensive distribution networks with retailers. An economy of scale and experience is yet another advantage that Autos-Luxus Group is likely to enjoy. By virtue of being a pioneer, the company can gain accrued volume and experience and thus reduce per unit costs at a rate that is faster than followers (Sinapuelas & Robinson, 2012). This benefit is predominantly pronounced whilst the product is technically complicated and engrosses high improvement costs or while its life cycle is expected to be short, with sales rising rapidly all through the introduction and early growth stages of PLC such as that of Sporty-Wegamp Autos-Luxus. The company can therefore make use of these advantages in various ways to protect its early lead against its followers. For instance, Autos-Luxus Group Company can lower its prices, thus discouraging followers from entering this same market as the action raises the volume required for them to break even. Similarly, Autos-Luxus Group Company may decide to invest its savings in additional marketing programs with an intention of expanding its market penetration through advertising heavily, improving their product continuously, making use of a larger sales force, and extending product lines. High switching costs for early adopters is an aspect that can either work for or against Autos-Luxus Group Company when it employs pioneer strategies (Sinapuelas & Robinson, 2012). Customers who are early to adopt their new product, ‘Sporty-Wegamp Auto-Luxus’, may be extremely reluctant to change suppliers when products that are more competitive appear in the market. Since Sporty-Wegamp Auto-Luxus is an industrial good, switching suppliers can be a very expensive step to make. Well-matched equipment and spare parts, heavy investments in training employees, and the possible risks of ending up with products of lower qualities from other entrants will make it easier for Autos-Luxus Group Company to retain its loyal customers. Of important note however, is that switching costs may in certain scenarios favour followers and not pioneers (Chang & Park, 2013). As such, Autos-Luxus Group Company may find it difficult to convert its customers to new technologies that may serve as improvements to its old automobile products. For instance, Autos-Luxus Group Company may find it difficult to convince clients to abandon their substantial investments in purchasing Sporty-Wegamp Auto-Luxus and begin afresh with a new technology or improved vehicle. Once they convince the clients that the superior convenience, luxurious nature, efficiency, power driven steering, and durability of a new model car act as justifications for meeting the high costs of switching, it would become very easy for followers to attract the same customers with a growing demand for the improved products (Arnold & Quelch, 2012). Imperative to note is that the value of certain products in the market to an individual client increases as larger numbers of other personalities adopts the new product and the network of those using the same product increases (Sinapuelas & Robinson, 2012). This is what is referred to by economists as positive network effects or network externalities that Autos-Luxus Group Company is likely to enjoy when its adopts pioneer strategies. Sporty-Wegamp Auto-Luxus technologies, such as electric power systems and low fuel consumption rates are specifically likely to gain from network effects. If Autos-Luxus Group Company can gain and sustain a large customer base prior to other rival technologies appearing on the market, the affirmative network effects generated by this customer base is likely to improve the gains of the company’s offer and similarly make it more complex for followers to contest its perceived worth (Sinapuelas & Robinson, 2012). Finally, it is possible that Autos-Luxus Group Company will be presented with a chance to pre-empt scarce resources and suppliers. The company has the capability of negotiating deals that are favourable with its suppliers, who may be eager to take part in new businesses or possibly do not appreciate the opportunity size for their component parts or even raw materials. If followers later identify similar materials and components that are in short supply, they may be limited from undergoing a faster expansion they may like or even be forced to pay premium prices (Lowe & Alpert, 2010b). Follower Strategies Autos-Luxus Group Company can similarly adopt a follower strategy and allow other companies that are more dominant to lead the way within the marketplace within which it does its business (Chang & Park, 2013). For instance, the company may keep a close tab on the activities that major companies or market leaders such as Toyota, BMW, Volkswagen, and Mercedes, amongst others undertake and seek to copy from them, improve on their products after release, or even make use of better market efforts. Advantages of Adopting a Follower Strategy If Autos-Luxus Group Company operates as a follower company, then it is likely to take advantage of the pioneer’s positioning mistakes (Lowe & Alpert, 2010b). If the leading companies miscalculate the predilection and buying criteria of the mass-market division or attempt to meet the desires of two or more segments on one occasion, they are susceptible to the introduction of supplementary precisely positioned automobile products by Autos-Luxus Group Company (Chang & Park, 2013). By tailoring its products to each distinctive segment, Autos-Luxus Group can effectively encircle the leading companies (Haleblian, McNamara, Kolev & Dykes, 2012). Similarly, the follower Autos-Luxus Group Company will have the capacity to take advantage of the leading company’s products mistakes. If the initial automobile products of the pioneering companies have design flaws or technical limitations, then it is able to gain be overcoming these particular weaknesses (Kotler & Armstrong, 2010). The company can gain via enhancing its products even if the pioneer’s automobile product is satisfactory in a technical perspective. For instance, the Mercedes sleek car design, innovative compressors and exhausts, and functionality enabled BMW to capture a substantial of the international automobile market from well-established competitors like Toyota. Further, a follower Autos-Luxus Group Company has the capacity to take advantage of the pioneer’s marketing mistakes (Lowe & Alpert, 2010b). If the leading companies make any marketing mistakes in introducing a new automobile product, it opens an opportunity for them as later entrants. This perspective is closely related with the first two advantages but encompasses a detailed description past the positioning and design activities to the real implementation of the pioneer’s marketing program (Kotler & Armstrong, 2010). For instance, a company like Toyota and Mercedes may fail to achieve adequate distribution, make use of unproductive promotional appeals to communicate the benefits of their product, and spend little funds on introductory advertising schemes (Kotler & Armstrong, 2010). As a follower, Autos-Luxus Group Company can make a clear observation of these mistakes, design a proper marketing program to overcome these weaknesses and successfully undertake a stiff competition (head-to-head competition) with the leading companies. Taking advantage of the latest technology and the pioneers limited resources are additional benefits that Autos-Luxus Group Company can enjoy when its adopts a follower strategy in ensuring the survival of its product, ‘Sporty-Wegamp Auto-Luxus’, through the PLC (Haleblian et al., 2012) Since the automobile industry is characterised with rapid advances in technology, the company can introduce products that are based on second-generation and superior technologies, thus gaining advantage over the pioneering companies. Consequently, the pioneer may face a difficult time reacting faster to such technological advances if they are heavily committed to their initial technologies (Chang & Park, 2013). As such, Autos-Luxus Group Company expects its new electricity powered and off road automobile to give it an advantage in the automobile industry market that major competitors such as Toyota will have trouble matching. Similarly, if BMW, Toyota and Mercedes have limited resources in regard to their production facilities, marketing programs, or even fail to commit enough resources to its new product entry into the market, Autos-Lexus Group Company having the will and ability to outspend the experience of the pioneering companies can experience few enduring limitations (Haleblian et al., 2012). Relevance of the Growth-Market Strategies for Market Leaders and Share-Growth Strategies for Followers for Autos-Luxus Group Company The growth-market strategies for market leaders can be determined in regard to two main objectives that include to lead shares and to maintain shares in the market respectively (Haleblian et al., 2012). As a share leader, Autos-Lexus Group Company aims at becoming the fast entrant into a particular market and being the first developer of a specific product. On the other hand, a share maintainer aims at ensuring the Autos-Lexus Group Company stays in absolute market share. As such, various strategies exist to ensure that pioneers or market leaders survive in a market throughout the products life cycle including Fortress or Position Defence, Flanker strategy, Confrontation Strategy, Market Expansion Strategy, and Contraction or Strategic Withdrawal (Haleblian et al., 2012). Growth Market Strategies for Market Leaders If Autos-Lexus as a pioneer adopts a Fortress or Position Defence Strategy, it means that the company has to increase the level of satisfaction of customer base that it has already acquired and maintaining their loyalty, in addition to encouraging repeated purchase of its product through building on their existing strengths among the currently available customers (Mueller, Titus, Covin & Slevin, 2012). The company’s management can make use of the high awareness (commonality) that it currently enjoys due to the strong preference of its products by its current customer base to beat competition (Krishnan, 2012). Similarly, a pioneer Autos-Luxus Group Company has relatively more resources unlike its current and potential competitors, therefore it can invest heavily in marketing programs and advertisements to attract the target market segment and develop a benchmark of reference for similar products that may later be developed by Toyota and BMW. A Flanker Strategy used by Autos-Lexus Group Company entails improving its product ‘Sporty-Wegamp Auto-Luxus’ to ensure that the weaknesses of its original design are covered (Krishnan, 2012). In this manner, the company is protected against the loss of particular segments of the market. For instance, the company can develop its product to have a screen for entertainment or a driving mirror hence locking out competitors that may be thinking of developing a better design with this technology (Mueller et al., 2012). Similarly, a Confrontation Strategy used by Autos-Lexus Group Company is important in protecting against loss of share amongst customers that it currently serves. This is a strategy that is advantageous to use in a market where its customers have little preference for its products or when a competitor has sufficient resources to compete effectively (Mueller et al., 2012). As such, Autos-Lexus Group Company can lower its prices or invest heavily in advertisements to beat a head-to-head competitive offer or improve their capacity to win new customers that may otherwise be attracted to what Toyota is offering. Finally, Market Expansion Strategy and Contraction or Strategic Withdrawal involves increasing the ability to attract new customers by coming up with new product offers and withdrawing from smaller or slower growing segments respectively (Mueller et al., 2012). Autos-Lexus Group Company can expand its product line to include vehicles that can be used on both tarmac and off road, be powered by both electricity and carbon fuels in markets that require different products to attract new customers and retain current customers as market segments (Haleblian et al., 2012). Similarly, if Autos-Lexus has invested in a market segment that grows slowly or gives little income, withdrawal from these markets is a possibility in order to conserve its resources or focus on other segments with productive incomes (Krishnan, 2012). For instance, if the popularity of the electrically powered automobile is very slow in the market, concentrating in fuel driven automobiles is a better alternative since it is a relatively cheaper technology to produce. Share-Growth Strategies for Followers A follower Autos-Lexus Group Company would have objectives to capture repeat, replace purchases from the current customers of the leader and similarly other target competitors (Liang, Cherian, & Fu, 2010). In order to attain these objectives, strategies such as Leapfrog, Flank Attack, and Encirclement Strategies are vital. Suppose Autos-Lexus Group Company adopts a Leapfrog strategy, it will have to develop new generation products that are based on different technologies that offer superior performances in the mass market as compared to its pioneers. For instance, if Toyota develops a vehicle that has a power driven steering wheel, Autos-Lexus Group Company should work to develop one that has a power driven steering wheel, electrically powered, and has an automated mirror driving aid (Krishnan, 2012). A Flanking Strategy adopted by Autos-Lexus Company comprises developing an automobile with a unique feature, a brand that is differentiated, and a price that seems to be more appealing to a larger segment of possible customers whose desires are not met by the existing offers of pioneers (Liang, Cherian, & Fu, 2010). A good example is the electrically powered technology that it has incorporated in its design which is very unique and advantageous in identifying this product. Closely related to the Flank Attack is the Encirclement Strategy that involves developing multiple line extensions or brand offers that have feature or prices that target unique desires and preferences of various other smaller probable applications or regional fragments. For instance, the off road Sporty-Wegamp Auto-Luxus can be designed specifically for customers that live and operate in areas with rough terrains (Haleblian et al., 2012). Possible Strategic Choices for Autos-Lexus Group Company for Maintaining Competitive Advantage in Shakeout, Mature and Declining Markets Shakeout markets are those that are undergoing a declining rate of growth between the growth and maturity stages. At this stage, competing businesses and products become eliminated or winnowed (Coad & Teruel, 2010). At this stage, due to intense competition in a market that has declining sales or rising quality standards, Autos-Lexus Group Company may have to make a choice of either failing in its quest or being acquired by larger competitors (Roberts & Liu, 2012). Contrarily, a mature market is one that has reached a state of equilibrium, which has slower growth of earnings and sales (Kim & Pennings, 2009). At this point, growth has stopped and market functions without change or innovation, or other demand and supply are matching (Mitchell & Skrzypacz, 2013). At this point, Autos-Lexus may have to develop a business strategy that is well implemented to maintain a competitive advantage and customer loyalty, in addition to ensuring that its customers are satisfied (Roberts & Liu, 2012). Further, the business should come up with flexible and creative marketing programs, such as use of promotional adverts or the internet sales in order to pursue growth or opportunities of profits as conditions in particular product-markets (Gilligan & Hird, 2012). Finally, a declining market is one that is at its final stage of development and its annual industry revenues steadily reduce because of the saturation of the automobile market, decrease in the size of the market, or due to the introduction of another product or technology that serves as a substitute (Roberts & Liu, 2012). For instance Mercedes may decide to develop a vehicle with similar features as Sporty-Wegamp Auto-Luxus, which has a slight adjustment (Kim & Pennings, 2009). As such, customers may have preference for the Mercedes product over Autos-Luxus’ Sporty-Wegamp Auto-Luxus. In such a scenario, where a market is saturated or every customer owns Sporty-Wegamp Auto-Luxus, Autos-Luxus Group Company may be forced to develop a product with an advanced technology to trap new customers (D'aveni, 2010). Relevance of Various Strategies to Serve New Economy Markets in Regard to the Automobile Industry A new economy market refers to a digital economy, which has need for new marketing and business strategies. A new economy market has a variety of goods and services, has plentiful information and a substantial increase in the power of buying. If Autos-Luxus Group Company has to operate in a new market economy, it needs to make use of internet retail strategies to avail information about its product Sporty-Wegamp Auto-Luxus to customers. Since many individuals access the internet, a lot of online marketing and advertising takes place. An example of an online retail shop that can be used by this company to promote and sell its products is Office Max, Amazon.com, CDW, Newegg.com, amongst others. As such, an increased public awareness and access to online retail shops would finally lead to increased incomes to the business as a large customer base is reached. The Appropriateness of Designing Organisational Structures and Marketing Plans for the Implementation of Different Competitive Strategies for Automobile Business Autos-Luxus Group Company is an organisation that is handling a new product. As such, it can be designed as a product management organisation (Jones, 2010). In this kind of structure, decision making processes are decentralized, while at the same time increasing the amount of product specialization (Baptista & Karaöz, 2011). As such, the employees that work under this organisation exist as product managers, who are responsible for obtaining cooperation from other functional areas that include functional organisations, market management organisations and matrix organisations, which they have no power over (Jones, 2010). As functional organisations solve conflicts between employees of the firm, both matrix organisations and market management organisations take part in bringing together specialists from various departments to take part in participative coordination structures and market research to ensure survival of the business product (Arnold & Quelch, 2012). Product managers therefore exist to implement strategies such as correct pricing of products, branding of products, product design and packaging to attract customers. The Critical Role of Marketing Metrics and Marketing Audit in the Automobile Industry Marketing audit in regard to the context of operation of Autos-Luxus refers to the analysis and evaluation of its marketing approach, results attained aims and activities (Taghian & Shaw, 2012). This plays an important role of identifying the purpose of the business’ marketing program, the target market, the niche in the marketplace, and the tools and tactics that can be used to achieve them. This will help managers in the company to know their goals, align these goals and the marketing channels, assess the contribution that each and every channel makes to the goals identified, and directing the actions taken in the company. Contrarily, marketing metrics include activities that are linked to brand awareness, market size, customer satisfaction and market share (Radulescu & Cetina, 2012). 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