Morgan Motor Company
This paper consists of market plan and market strategy of the Morgan Motor Company to re-launch its brand car. It also evaluates the strategy to target market for the re-launch the car brand in United Kingdom. The launch strategy and marketing activities date for the re-branding exercise is the 2ndSeptember 2013 and supporting marketing activities last until the 1st March 2014. This has been explained through the table in the report.
A co-ordinate approach is being developed by linking it to tactical plans and in the end monitoring, review and re-evaluation is done in order to know the feedback of the customers and various stakeholders.
BACKGROUND OF THE ORGANIZATION
The Morgan Motor Company is a private company founded in 1910. It was founded by H.F.S. Morgan. The headquarters are situated in Malvern, England. The present key person of the Morgan Motor Company is Charles Morgan. It deals in an automobile industry. The Morgan has launched many cars such as Morgan Runabout Deluxe in 1912; Morgan aero 2- Seated sports 1926, Morgan Super Sports 1937, Morgan F4 open Turner 1936, Morgan +4 in 1963, Morgan Three wheeler 2012 etc (Fornell and Wernerfelt, 1987). This organisation has always made unique cars and with their traditional designs.
RE-LAUNCHING OF A BRAND
A brand is the image or idea of a particular service or product, that consumers unite with, by identifying the design, name, logo or slogan of the company who owns the image or idea.
A brand can be defined as a design, name or symbol that identifies one or more than one product and it is something that is bought by the consumers. It is a set of hope and relations evoked from experience with a product or company. Furthermore, it is all about how consumers feel and think about what the product or company can deliver across the board.
THE MARKETING PLAN OF MORGAN MOTOR COMPANY
A marketing plan generally covers one year. It is plan of overall business strategies. Marketing plan should be developed by the experts and the advicors should be hired in order to understand the needs and wants of the stakeholders. Rules and regulations should be kept in mind before developing a marketing plan. The two main aspect of marketing plan is the budget and the time constraints
In the marketing plan there are various aspects that have to be kept in mind. The first thing that has to be done is that the external analysis and the self analysis. This analysis is done to understand the opportunities, threats, strengths and weaknesses of the brand and its organization.
After that the Strategic launch decisions has to be taken and for that three things types of strategies has to be made that is product, market and organization’s strategy.
Strategic Launch Decisions
Product strategy: In the strategy of product the Morgan Motor Company has to develop the product strategy that how the car has to be represented in front of the target company and how it has to be shown and prepared. This is three most crucial and important strategy and the product is the main thing in the launch of the brand .
Market strategy: A comprehensive marketing plan has been designed for the outlet. It entails various aspects of a marketing strategy i.e. segmentation, targeting, positioning etc.
Firms’ Strategy: The Morgan Motor Company has to also make a strategy that how it has to get launched and the number of staff, employee, departments etc. All this should be kept and planned for developing the firm’s strategy.
Tactical Launch Decisions
In the tactical launch decisions four marketing mix is included. They are as follows:
Product – The marketing should be done of the product that is the car which is being launched in the market. The product should be of good and premium quality so that the marketing done for it is worth it. The product strategy includes branding and assortment .
Place – The place where it has to be launched should also be decided, for the Morgan motor cars the target of consumers are of high and rich level, therefore it should be launched in United kingdom. The distribution should be done properly in order to reach the car to the potential customers this can be done by the stockiest, dealers, sub-dealers or booking agents. The place strategy includes channels and expenditure .
Price – Since Morgan cars are known for its uniqueness and are a symbol of prestige the cars are obviously expensive but should not be more than the value of the car. The price strategy includes level and strategy.
Promotion – The promotion practices of the outlet are consistent with advertising and marketing policies of the company. Sufficient expenditure on advertising and promotion should be done. The promotion strategy includes expenditure and the parts of the cars.
Planning – The outlet has a long term perspective for developing its brand image and is committed towards increasing customer satisfaction through it policies of new product development and efficient service delivery models.
Strategic management is the broad collection of current processes and activities that organizations use to systematically coordinate and align resources and actions with vision, mission and strategy throughout a business. Strategic management activities convert the static plan into a system that gives strategic performance response to decision making and allow the plan to grow and evolve as requirements and other situational change . The Marketing strategy of Morgan Motor Company included the aspects as follow
Aspects such as a yearning for small indulgences, or for something more striking and exquisite, also play an important role in determining the selling opportunities. The Morgan Motor Company should do marketing research and marketing analysis in order to understand the needs of the organization.
In order to define the target market, below mentioned segments have been established for selling and re-launching the car.
- Age Groups: Teenagers, Young Adults, Adults, Mature.
- Economic sketch: Middle Class, Upper Middle Class, Upper Class
- Professional Categorization: Students, Young Professionals, Mature Professionals, Retired.
Marketing Research: It should be done from 2nd September till 1st October. The whole month the research should be done on the behavior of the UK market and its economy, currency value, inflation, customer behavior etc. So that according to the objectives the strategy can be set for the re-launching of the car of Morgan Motor Company .
Formulating Aims and Objectives: After the Marketing research is done the Morgan Motor Company should identify and develop its goals and objectives for the development of the marketing strategy. This would be done in the month of the October. For every marketing strategy it is significant to first formulate the goals and objectives in order to shape the market strategic plan outline.
Target Market: The Morgan Motor Company endeavors to appeal rich people. Thus it should target the high class and business class people .
- Economic profile – upper class.
- Age – Mature
- categorization – Mature Professionals
- Marital status – all Types
Considering the environmental analysis conducted for the company, above mentioned segmentation of customers is the most appropriate one. It has been decided to explore target market of mature professionals. Their needs are a bit distinctive and this would prove to be a more profitable segment for the Morgan Motor Company .
The marketing activities should be started from the month December that is by giving advertisement of the re-launch of the car in the newspaper, Magazines etc. It continued for two months that is in December and January.
Sponsorship, media marketing: The Morgan Motor Company also can do sponsorship in order to increase its marketing and attract new customers and can have media marketing through television, radio etc. It continued for two months that is in December and January.
MONITORING, REVIEW AND RE-EVALUATION
In order to acknowledge whether, the marketing efforts are yielding desired results or not, key performance indicators are required to be established by the Morgan Motor Company. Customer satisfaction is primary qualitative objective set for the outlet. The evaluation of same will be done through following key performance indicator:
- Service Quality
- Product Quality
- Staff’s performance
- Ambience of the place
All the above aspects should be analyzed and evaluated to know the feedback of the customers as well as the stakeholders. By this improvement and enhancement can be done according to the recommendations and suggestions from the stakeholders. Evaluation should be done in proper way so that each and every marketing plan and strategy can be checked and analyzed.
Achieving a weekly sales figure and other growth related quantitative objectives should be analyzed by a cost-benefit analysis as well as comparison with previous year’s figures. Evaluation is an important aspect, as it helps in understanding the marketing strategy, plan and re-launching of the brand.
In order to re-launch the car the Morgan Motor Company, it has to do brand strategy, market strategy and develop a marketing plan. This is the most important aspect of launching a brand car. The Automobile industry is influenced by various kinds of factors such as market, product, place, budget, time, auditing, distribution etc . Hence re-launching a brand is complex therefore proper care should be taken while developing the plan.
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