Note: Sample below may appear distorted but all corresponding word document files contain proper formattingExcerpt from Book Report:
The adverts to be used must be tailored to the lifestyles of the target market.
The internet as a promotional tool must be treated with utmost importance. The manufacturer must realize the full potential of the internet as a promotional tool. Showrooms must also be used as tool or mediums of promoting Volkswagen CC. TV adverts too are also not to be forgotten. Hesterberg (2009) noted that the use of internet in the sales of automobiles is becoming commonplace. According to Hesterberg (2009) the use of traditional media in the marketing of automobiles is rapidly changing. Close to 90% of all new vehicle buyers are noted to use internet in their shopping process. Close to 95% of researchers are also noted to find vehicle reviews and ratings to be the most important aspects of internet based information in their process of shopping for vehicles online. This is then followed by reviews from dealers, enthusiast sites, online videos and blogs. Yet again 70% of car internet users are noted to view user generated content in their shopping process.
Close to 72% of all internet users are noted to use the internet search engines like Google and Yahoo! Search in finding their local dealerships.
The use of internet as a marketing tool is noted to allow offline dealers in accessing very savvy and equally serious car dealers. This is in contrast to the passive audience derived from radio and TV commercials. Volkswagen can therefore use online marketing in accessing core sectors of the motor vehicle dealership in order to build stronger relationships. The fact that online marketing is a more measurable alternative due to the existence of web analytics as opposed to the use of traditional media makes is a suitable alternative in the meeting of various performance goals as well as delivery of a Return on Investment.
A study by J.D Powers and Associates indicated that close to 63% of online shoppers are concerned about vehicle ratings while 38% are more concerned with accessing of dealer ratings. This has forced 75% of auto dealers to rely on search engine optimization. Volkswagen CC must therefore be aggressively marketed via the internet in order to exploit the rising trend of buyers to initiate their purchase intensions from online blogs, forums, websites etc. (Limbada,2006).
The company must also promote their products in line with sustainability and eco-friendly guidelines. Fuel efficiency is an important determinant of sales intention within the mid-sized luxury car segment. Environmental awareness messages and technologies must be included in the car's promotion strategy (Zettlemeyer et al., 2005).
An example of a promotional tool used by Volkswagen CC in engaging its target market is the internet. The can create several online advertisements and promotional gadgets such as digital badges to be used in the promotion of the car.
The advantages of the internet as a promotional tool
The use of internet s a promotional tool has several advantages. The most important one is that there is a possibility of reaching greater audience. The internet is also a noted to be a far more affordable and efficient promotional tool.
The disadvantages of the internet as a promotional tool
The disadvantage of this tool is that some individuals are never keen on using the internet in doing of their daily activities. The 'offline' people may never get a chance of seeing the promotions.
The suitability of internet as a promotional tool for Volkswagen CC's target market
The car targets the young and successful teenagers. This group forms the largest part of online internet users. The internet is therefore a suitable tool for promoting the product.
The pricing strategy used by Volkswagen has seen several changes in the last couple of years. For instance in 2004, the company changed its pricing strategy. The pricing strategy used by Volkswagen is according to the geographical location, competition, engine size, sports versions etc. This is to say that the pricing strategy is customized to meet the demands of several variables with competition being put in mind.
Marketing Mix adjustment strategies
The integrated marketing communication is aimed at the provision of a consistent message as well as the achievement of complementarities in the use of media. The concepts to be used in the marketing of Volkswagen CC includes the use of online marketing channels programs/campaigns, SEO, affiliate marketing, e-mail, pay-per-click, banners, blogs, RSS, Internet radio, Podcasts as well as internet TV. The offline marketing channels would include the use of traditional print, mail order, industry relations, public relations, billboards, television as well as traditional radios. Volkswagen can also develop a special marketing mix using the product, place, price and promotion variables. The marketing mix elements such as product, price as well as promotion can be adjusted appropriately in order to ensure that the product at hand (Volkswagen CC) is marketed and successfully sold to the target market.
Adjustments to the product strategy
Volkswagen Passat can establish itself in the market by advertising itself with its unique slogan "Engineered in Germany, Born in the U.S.A." As a selling proposition of its engineering excellence and be cut slightly above the rest in terms of quality finish and affordability.They should do this by starting an aggressive campaign to source new customer segments as well as by referencing the heritage of their car quality while they introduce their new design.
Therefore, before formulating a product strategy, it is important to perform a thorough evaluation of the competing products in all possible dimensions in terms of price, distribution and promotion in order to determine the winning category. This would be used in the determination of the product's success. The information that is gathered should then be factored into Volkswagen CC's product strategy.
Adjustments to the promotion strategy
The promotion strategy should also involve the use of the internet. The internet as a promotional tool must be treated with utmost importance. The manufacturer must realize the full potential of the internet as a promotional tool. Showrooms must also be used as tool or mediums of promoting Volkswagen CC. TV adverts too are also not to be forgotten. Hesterberg (2009) noted that the use of internet in the sales of automobiles is becoming commonplace
Adjustments to the pricing strategy
The pricing strategy should be adjusted to reflect variations in geographical location, competition, engine size, sports versions etc. This is to say that the pricing strategy is customized to meet the demands of several variables with competition being put in mind.
The Company can focus on its key competencies and resources in gaining a competitive advantage in the marketing of its Volkswagen CC product line. This must be done while considering the brand loyalty and consumer trends across the globe.
The marketing mix must be tailored in way that allows for the tracking of its success. The pricing strategy on the other hand is an integral element of market-positioning decision. Volkswagen CC must therefore be marketed with pricing as one of its main attractive features. The pricing structure for the product must therefore be set in a manner that reflects the variations in the geographical costs, demand, purchase timing, market-segmentation, order levels, guarantees, delivery frequencies, service contracts as well as other equally important factors.
Brown, W 2008. Volkswagen CC, a sedan that looks like a coupe.
Carter, M 2008. VW Expects the U.S. To be the Biggest Market for the 2009 VW CC
Clow, Kenneth E.; Baack, Donald 2007. Integrated Advertising, Promotion, and Marketing Communications 3rd edition. Pearson Education. pp. 9 -- 10. ISBN 9780131866225
Hesterberg, EJ 2009.The Impact of Online Marketing in Automotive Retailing. Available online at http://www.autonews.com/assets/html/09_anwc/pdf/pres_hesterberg.pdf
J.D Powers and Associates 2008.Stats and Facts
Lamb, CW 2010.Marketing. South-Western College/West; 11 edition
Limbada, S 2006.How the internet supports the consumer decision process: The case study of McCarthy-Call-a-Car.
Available online at http://eprints.ru.ac.za/961/1/Limbada_MCom.pdf
Lavrinc, D 2008. Volkswagen drops "Passat" sticks with "CC" for new sedan.
Montgomery, a 2004.Designing a better Shopbot. Management Science, 50 (2):189-206
Zettlemeyer et al. 2005.How the internet lowers prices: Evidence from matched survey and auto transaction data. Journal of Marketing Research.NBER Working Paper No.W11515[continue]
"Product And Target Market Description" (2012, May 10) Retrieved December 6, 2016, from http://www.paperdue.com/essay/product-and-target-market-description-57686
"Product And Target Market Description" 10 May 2012. Web.6 December. 2016. <http://www.paperdue.com/essay/product-and-target-market-description-57686>
"Product And Target Market Description", 10 May 2012, Accessed.6 December. 2016, http://www.paperdue.com/essay/product-and-target-market-description-57686
b. Persona assignment variables i. Pleasures vs. productivity index -- how much each subsegment of the Young and Wireless spent time on their wireless devices for pleasure vs. For work. ii. Key Criterion of Pleasure vs. Productivity use of the proposed tablet PC c. Ergonomic and Change Management Variables i. What are the switching costs from existing electronics products to the build-to-order tablet PC? ii. How is this defined by demographics, income levels, self-concept segmentation? d.
Business Description Definition of the Market Description of the Products Organization and Management Descriptions Marketing Strategies Financial Management This paper presents business plan for a new leather garment manufacturing and retailing business. The business is being set up with an initial capital outlay of $53 million. The paper starts with a brief description of the business; its target market and product offerings, and then proceeds by proposing organizational and management strategies, marketing strategies, and financial management
Online E-Business Target Market & Competition Identify Target Market The target market for the online business is the Do-it-Yourself Arts and Crafts supplies industry, the "Hobby Craft Industry." Psychology of Target Market (Analysis) The Hobby Craft market grew 11% in 2011, despite overall stagnation in consumer spending in the same year. (SEC Form S-1, p. 1). The recent expansion of the hobby craft industry has been caused by the recent economic downturn as well
Marketing The target market is the specific segment of the market that we are targeting with the launch of our new beverage (Ward, 2013). For this product, the target is boys aged 12-17 who live in middle-class or affluent areas. These consumers have ample spending money, and are a large demographic. In addition, these are formative years for their consumption patterns, so targeting this market will help build our market for
Product Analysis Tennis world is an e-commerce company that is designed to become a market leader in the web-based sales of tennis rackets, balls, instruction videos, clothing and accessories. The company is located in the New York. Although there has been a recorded fail in many internet companies, the internet is still poised to support the e-commerce retailers. The failures have been attributed to access to capital with a business model
Market Segmentation Product Positioning Impact on consumer Consumer Decision Process Marketing Mix In this paper, we present a marketing plan for My Wonderland, a specialty smoke shop based in Lancaster City, CA and which also operates as a gift shop. The marketing plan includes a detailed analysis of the company, its clients as well as the possible expansion/success strategies. The aim of the marketing plan is to make the business appealing to potential franchisees since
N.D.P.16). Indirect Investment Options The indirect investment option avails itself of two avenues: licensing agreements or branch or representative offices. "Foreign companies with patents, trademarks, or other intellectual property are free to enter into licensing agreements with local companies. Licensing has the advantage of limiting a foreign company's exposure, since the company need not set up an office or a joint venture" (Price Waterhouse Coopers. N.D.P.18). The branch or representative office