Marketing plan steps

Discuss About The Market Integrated Communication Capability?

The report is based on the marketing plans that are needed to be formulated while promoting a product. A proper marketing plan along with a marketing mix analysis is needed in order to remain competitive in the market (Luxton, Reid & Mavondo, 2015). For the purpose of this, a particular product of McLaren has been considered. McLaren is one of the leading manufacturers of cars in Australia and the world. The car selected for the report is the McLaren570GT. The report provides the steps required for creating a marketing plan. An analysis of the competitors along with a SWOT analysis is conducted in the report. The mission, marketing and financial objectives of McLaren are analysed and based on it action plans are derived in order to implement it. Strategies related to the marketing mix and digital marketing communication plan are discussed in this assignment. Furthermore, the report also analysis ways to implement and control marketing plan.

According to Hollensen, (2015), in order to formulate a proper and effective plan for marketing, it is necessary that the managers of a company approach a systematic method by which the marketing plan can be formulated. The approach needs to be based on a proper analysis of the market. In this regard, it is necessary to approach the market by formulating a proper plan. Hence, the first step required for formulating a plan includes a proper analysis of the situation (Blakeman, 2014). The situation in the market along with the situation that exists within an organisation needs to be analysed minutely before formulating a plan. Based on the financial and resource capacity of an organisation the plan can include innovation of products. The factors that affect the growth of market need to be analysed in order to predict the future possibilities of the market.

The second step involves the identification of target audience. Armstrong et al., (2015) stated that targeting a bunch of customers is necessary in order to make the product as per requirement. In this regard, the lifestyle, culture, tastes and nature of the customers are taken into consideration. This can be done by conducting a survey and understanding the region of business. The third step involves the listing of goals. Every organisation has a set of goals that they need to execute in order to gain a competitive advantage. The goals remain constant and every department of an organisation undertake goals to achieve it. In this regard, the marketing goals need to be formulated depending upon the competency of the organisation. The formulation of goals is an important aspect of an organisation, as without it the employees cannot achieve the level of output (Wood, 2014). The goals need to be long-term as well as short-term goals depending upon the work breakdown structure of the organisation.

Analysis of SWOT and competitors

The fourth step is the development of marketing communication strategies and finding out suitable tactics to implement them. This is an important aspect of a marketing plan as after the manufacturing of the products it is necessary to promote it. The promotional strategies that are adopted by the organisations can vary depending upon the financial capability and the target audience. According to Chernev, (2015), communication can help in reaching the customers and thereby increasing the reputation of the organisation. In order to execute this in a proper manner, it is necessary to carry out a proper marketing strategy suitable for the promotion of the product. The final stage in the marketing plan includes the setting of the budget. The marketing budget needs to be set keeping in mind the financial condition of the company. This is another important aspect of the marketing department of an organisation consist of a series of elements that need to be solved in a systematic manner. Moreover, the budget of the company also needs to be analysed before setting the marketing budget (Huang & Sarigöllü, 2014). Thus, the marketing plan needs to be made keeping in mind these factors and following the factors in a systematic manner.

Strength ·         Strong value base ·         Global leader ·         Innovative technology	Weakness ·         High maintenance cost ·         High competition from the market ·         Limited parts available
Opportunities ·         Developing hybrid and luxurious cars ·         Expansion into emerging markets ·         Increases income	Threat ·         Government policies ·         Cost of fuel ·         Competitors in the vehicle industry

Table 1: SWOT Analysis

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After analysing the SWOT of McLaren570GT, it can be said that due to the strong value base and being a global leader, the car can launch itself in the market and remain competitive. The application of new and innovative industry in the market can help the car to maintain its reputation and remain as one of the leading sports cars in the market. However, there are certain weaknesses that may expose the car into the market. One such weakness is the cost of maintaining the car. Bull et al., (2016) stated that due to the expensive and valued nature of the cars, the cost of maintaining it is high. This results in more expense in trying to repair the car at every moment. The fact that McLaren570GT uses innovative methods and technically advanced products makes it difficult for the people to replace damaged parts.

Despite the weaknesses, Ritter, (2014) stated that McLaren570GT have opportunities to expand into emerging markets. The fact that the cars are usually luxurious can increase the interest of the people. In the light of this, it can be said that the threats of the company can hinder its progress in the market. McLaren faces stiff competition from other global and renowned car manufacturers. Among the competitors of McLaren570GT includes the Porsche 911 Turbo S, Audi R8 plus, Mercedes AMG GT S and Jaguar F-Type R (Percy, 2014). These cars provide similar or more advanced features than McLaren570GT with a price tag that can be afforded by many people. Hence, the competition from these cars can result in McLaren missing from the competitiveness of the market. Thus, the manufacturers of the car need to identify ways through which the competition can be removed. A proper marketing plan can help in eradicating the threats caused from the competitors.

Mission

The mission of McLaren is to dominate the automobile industry in the world. In the modern day, the car has dominated the racing world and is ranked at the top in terms of innovation and quality of cars that are manufactured. With the introduction of McLaren570GT in the market, the company can aim to build cars that normal people are capable of purchasing. In this regard, the target customers need to be people away from the area of sports (Mclaren.com, 2017). Thus, the mission statement of the company includes the manufacturing of luxurious and pocket-friendly cars that also aim at maintaining the sustainability in the environment.

Marketing objectives

• To promote the car in a manner that attracts the customers
• To increase the sales of the car
• To improve relations with the customers

Financial objectives

• To ensure the growth of revenue
• To formulate strategy in order to increase cash flow
• To extract income from diverse revenue base

According to Gagnon, (2016), the marketing strategy consists of the four major elements of marketing     mix. These include the product, price, promotion and place. In order to incorporate, these elements into the business it is necessary that the managers maintain a proper analysis of the market. These elements are essential in order to increase the sales of a product and make it competitive in the market. In the case of McLaren, the launch of McLaren570GT can prove to be an important factor for the company. This is because the demand for sports car vehicles saw a considerable rise in the market.

As per reports, it is evidence that the increase in sales of cars has risen from 1654 to 3286 within a year. Hence, in order to maintain competitiveness and ensure that McLaren570GT beat its competitors, it is necessary that the company sale the car from a place that can be easily accessed by the people. The price of the car needs to be reduced in order to provide people with an opportunity to purchase the cars. Hanssens et al., (2014) commented that the sales of cars have increased to 26.3% for the month of May 2017. In this regard, it is necessary for the company to promote the sales of the vehicle in an effective manner. In this regard, the use of digital marketing communication is important wherein the company can reach its target customers via a social network. However, a proper plan needs to be implemented in order to reach the customers. McLaren can use the advertising and PR as the most effective mode of marketing communication. The ability to reach people via these mediums can help in gaining a competitive advantage. Davari & Strutton, (2014) stated that in order to implement this strategy, McLaren570GT need to ensure that proper financial stability is maintained. This is because advertising and PR campaign require financial capability as it involves an innovative method and engaging of people.  

Marketing and Financial objectives

Marketing objectives

To promote the car in a manner that attracts the customers
Action	Responsible person	Start date	Due date	Resources	Hazard forecast	Outcome
Set up advertisements in digital media and on roads	Advertising managers	NIL	NIL	Employees capable of making attractive advertisements	Lack of finance	Knowledge among people about product

Table 2: Marketing objective 1

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To increase the sales of the car
Action	Responsible person	Start date	Due date	Resources	Hazard forecast	Outcome
Promote the car and reduce the prices	Managers	NIL	NIL	Proper technicians and finance manager	Growing competition in the market	Increase in profitability

Table 3: Marketing objective 2

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To improve relations with the customers
Action	Responsible person	Start date	Due date	Resources	Hazard forecast	Outcome
Promote the product and provide proper after sales service	Technicians and managers	NIL	NIL	Employees with good communication skills and technical expertise	Lack of technicians	Increase in loyalty of the customers

Table 4: Marketing objective 3

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Financial objectives

To ensure the growth of revenue
Action	Responsible person	Start date	Due date	Resources	Hazard forecast	Outcome
Manage the finances by cutting out extra expense	Financial manager	NIL	NIL	Efficient and skilful employees	Excess expenditure while innovating a product	Innovate more in the future

Table 5: Financial objective 1

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To formulate strategy in order to increase cash flow
Action	Responsible person	Start date	Due date	Resources	Hazard forecast	Outcome
Increase the sales of cars along with other necessary parts of a car	Salesperson and financial manager	NIL	NIL	Abundance store of spare parts and employees with good sales skill	High rate of cars may lead to fewer sales	Increase in profitability

Table 6: Financial objective 2

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To extract income from diverse revenue base
Action	Responsible person	Start date	Due date	Resources	Hazard forecast	Outcome
Invest in multiple domains in the field of automobiles	Managers and investors	NIL	NIL	Financial managers, innovative tactics and a proper PR	May lead to loss for the company	Opportunity to expand into international market

Table 7: Financial objective 3

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According to Lando, (2014), the marketing plan needs to be formulated based on the strategies that are adopted by the organisation. In the case of McLaren570GT, the implementation and control of marketing plan need to be done by the managers. The managers need to identify the best plan that is suitable for the organisation and for the promotion of the product. In this regard, the control of the market plan needs to be monitored by the departments responsible for executing the plans (Parente & Strausbaugh-Hutchinson, 2014). This can help in achieving the objectives of McLaren.

Thus, it can be concluded that McLaren needs to follow a systematic approach in order to formulate a proper marketing plan. The SWOT analysis of the company can help it to determine the level of competencies that exist in the market. In this regard, the car can be developed depending upon the level of comfort that it can provide to the people. The objectives of the company can be attained by proper monitoring of the employees and analysing the external environment in a proper manner.

Reference

Armstrong, G., Kotler, P., Harker, M., & Brennan, R. (2015). Marketing: an introduction. Pearson Education.

Blakeman, R. (2014). Integrated marketing communication: creative strategy from idea to implementation. Rowman & Littlefield.

Bull, J. W., Jobstvogt, N., Böhnke-Henrichs, A., Mascarenhas, A., Sitas, N., Baulcomb, C., … & Carter-Silk, E. (2016). Strengths, weaknesses, opportunities and threats: A SWOT analysis of the ecosystem services framework. Ecosystem services, 17, 99-111.

Chernev, A. (2015). The marketing plan handbook. Cerebellum Press.

Davari, A., & Strutton, D. (2014). Marketing mix strategies for closing the gap between green consumers’ pro-environmental beliefs and behaviors. Journal of Strategic Marketing, 22(7), 563-586.

Gagnon, E. (2016). The Marketer’s Action Plan (MAP): Six Steps to Developing Effective Marketing Plans in B2B Marketing Programs. International Management Review, 12(2), 56.

Hanssens, D. M., Pauwels, K. H., Srinivasan, S., Vanhuele, M., & Yildirim, G. (2014). Consumer attitude metrics for guiding marketing mix decisions. Marketing Science, 33(4), 534-550.

Hollensen, S. (2015). Marketing management: A relationship approach. Pearson Education.

Huang, R., & Sarigöllü, E. (2014). How brand awareness relates to market outcome, brand equity, and the marketing mix. In Fashion Branding and Consumer Behaviors, pp. 113-132

Lando, A. L. (2014). The critical role of crisis communication plan in corporations’ crises preparedness and management. Global Media Journal, 7(1), 5.

Luxton, S., Reid, M., & Mavondo, F. (2015). Integrated marketing communication capability and brand performance. Journal of Advertising, 44(1), 37-46.

Mclaren.com. (2017). Cars.mclaren.com. Retrieved 18 September 2017, from https://cars.mclaren.com/sports-series/570gt

Parente, D., & Strausbaugh-Hutchinson, K. (2014). Advertising campaign strategy: A guide to marketing communication plans. Cengage Learning.

Percy, L. (2014). Strategic integrated marketing communications. Routledge.

Ritter, J. (2014). ” What is the role of marketing in strategic planning”?. The Business & Management Review, 4(4), 88.

Wood, M. B. (2014). The marketing plan handbook. Pearson.