This assessment will cover following questions:
- How previous research influence your research methodology and the methods?
- What are the main goods and services of Porsche company?
- What are the value, culture and policies underpinning in the organisation that being researched?
- Porsche is a largest German size auto-mobile manufacturer. What are the specific business-related issues and questions that helps in addressing the research?
Marketing is the main term which is used by an individual and business concern for the purpose of influencing and attracting the number of people that supports to increase organizational sales. This refers to activities a company undertakes to promote the bullying and selling of products and services. Strategies are kind of planning and procedures which is formulated by individual for the purpose of getting work done and increase performance. This is important for each organization to have good marketing strategies and planning which can be used to bring the higher performance by influencing the number of people. If there is lack of understanding and planning then could be challenging to operate their business and performance. In each organization marketing manager is having major role as it analysis the environment and comes to know what trend then offer kind of products and services is accordingly. If there is lack of marketing strategies then could be challenging for business industry to regulate their business. The management requires having proper information and data regarding particular thing which can develop the business performance and productivity. To understand about marketing and its strategies Porsche has been taken that is larger size German automobile manufacturer specialising in high performance sports cars, SUVs and sedans, headquartered in Stuttgart, operating their business effectively and maintain their higher performance.
In an era when most of its competitors have been absorbed by larger corporations, Porsche remains a steadfastly independent and profitable manufacturer of high-performance sportscars. Because it is what business founders Ferdinand Porsche and his son Ferdinand set out to build when they first opened their doors in 1948 with 200 employees, the Porsche name has become synonymous with sports vehicles and race cars. In 1931, the senior Porsche, whose engineering background includes Daimler-Benz, founded an independent design and engineering firm and designed the Volkswagen Beetle. From a turn-of-the-century four-wheel drive gasoline/electric hybrid vehicle to the practically invincible Auto Union Grand Prix automobiles of the 1930s, he brought a half-century of expertise with invention. The marketing management of such organization conduct the market analysis and comes to know how their customers could be influenced to buy products and services. The management is having high role at the workplace who satisfy their customers by offering better quality of cars and other services which influenced to work efficiently. The present report is based on aims and objectives of marketing strategy, research methodology, literature review, and findings that are followed to collect the information and supports to grow a business.
1.1 Research Aims and Objectives
Research Aims:To identify the impacts of marketing strategy on organization performance and productivity of Automobile sector. A case study of Porsche.
- To determine the basis concept of marketing strategy within automobile sector.
- To identify the impacts of marketing strategies on performance and productivity of Porsche.
- To determine the challenges faced by Porsche in absence of marketing strategy
- To explain various strategies to marketing could be used by Porsche for the for the purpose of improving business performance and productivity.
1.2 Research Questions
- What is the basis concept of marketing strategy within automobile sector.
- What are the impacts of marketing strategies on performance and productivity of Porsche.
- To determine the challenges faced by Porsche in absence of marketing strategy
- To explain various strategies to marketing could be used by Porsche for the for the purpose of improving business performance and productivity.
1.3 Research Scope
The current research is about marketing strategy which is formulated by marketing manager for the purpose of developing their business and increase the productivity. Marketing is the important function which is used to influence the number of customers and encouraged to make buying decision. This is important for each individual to analysis the market and comes to know how their customers will be influenced to work effectively. The management should have proper details and information regarding marketing and make it use properly which can help to develop the business organization and functions properly. The research will help to improve knowledge and skills of researcher where it came to know how each function of marketing can be improve and managed.
1.4 Problem Statement
The main problem in relation to current research is about to collect the data and information from many resources. A problem is a short, clear explanation of the issues to be researched. To collect resources, information, and capital could be difficult for running their business that affected the productivity negatively. The research covers discussion about marketing strategy and planning which are used to develop the business productivity.
Marketing strategy is the important function which is formulated by management for the purpose of running their business and attaining higher performance. If there is right planning and strategy then could be opportunity to grow a business effectively. The reason of current research is to improve their personal and professional skills. In relation to personal context personal skills such as interpersonal, communication, time management, and leadership skills which are used to improve the business productivity. The management requires to have proper information regarding marketing and strategy which are developed for the purpose of attracting and influencing the number of customers. Moreover, in relation to professional skills such as marketing and planning skill is developed by researcher which could help to accomplish the business and personal goals.
1.6 Dissertation Structure
- Introduction –This is basic layer which is used to bring information regarding particular topic and managing the all functions. The introduction states what is going to cover in report and attaining the higher performance. This is important for researcher to analysis the environment and comes to know how each function could be perform well and supports to develop their thoughts. The management requires to have knowledge and skills which could be used to improve the business productivity. The present report is about marketing strategy as it which used by organization for the purpose of influencing number of customers and supports to increase the organizational sales. In relation to Porsche, marketing management needs to analysis the needs of their customers and changing market trend where kind of products and services are provided to customers that increase sales.
- Aims and Objectives -This is the second chapter of dissertation which is determined by researcher for the purpose of knowing aims and objectives of present research and supports to develop business productivity. The researcher will conduct the research by considering a topic which is marketing strategy that is used to develop the business performance. The marketing strategy is formulated in order to bring new technology and innovation at the workplace. This could help to bring higher activities and functions which supported to accomplish the personal and professional skills.
- Literature Review– This could be explained as main functions and chapter which is used by researcher to complete the study and receive the information effectively. This is important for each person and organisation to understand what is happening around and how to collect the information and maintain the higher performance. The management is having important role who analysis the competition level and put their efforts to introduce the kind of products and services. The researcher is having proper information and details regarding marketing and planning which are used to promoting their products and services. The current study is most useful for individual as it brings bunch of information which are used to running a business effectively. By collecting the information Porsche company can bring changes in their existing model of cars and introduce new one which can help to accomplish the business goals and performance. This literature review will help to bringing higher information and productivity at the workplace.
- Research Methodology –This could be determined as another chapter which is used by researcher for the purpose of collecting the data and information as it supports to managing all functions and activities. The researcher is playing the major role who conduct the major role as it bring lots of information regarding marketing strategy which are formulated for the purpose of running their business. This could be important for business organization to analysis the needs and collect information which are used to attaining higher performance and maintaining higher productivity. The researcher will conduct the analysis and collect the information which can help to attaining personal objectives.
- Results and Findings –This could be determined as main layer which can be used to collect information and getting right results. The researcher will collect complete their research by preparing graph and data that can help to take right action. This layer is uses to finding the results and know it prepared objectives could be achieve or not. This will help to manage the all functions and activities effectively.
- Conclusion and Recommendations- Conclusion and recommendation is the last chapter in which the summary is provided on the basis of the gathered and evaluated information related to the proposed study. In recommendation, few recommended strategies are given to organisation so that they can implement right marketing strategies and improve their business performance.
2.1 Basic Concept of Marketing Strategy Within Automobile Sector.
As per the view of (Bhagat, Rajan and Sambargi, 2021), marketing strategy refers to the process of setting up the overall game plan that helps an organisation in reaching the potential customers and converting them into permanent customers for purchasing their quality products and services. It is the responsibility of the company manager to focus on implementing high valuation for the particular product and service in the market so that more and more customers gets attracted towards buying them and in increasing the overall profitability. Main goal of setting up the marketing strategies is to achieve high competitive advantage in the market so that more growth and success can be attained in the market. It is mainly defined as the marketing plan which is considered as a document that helps in specifying the different types of marketing activities for initiating high growth in the competitive market. The marketing strategy of the company generally helps the company in communicating important things to the customer about what an organisation stands for, how it operates in the market and why it needs to stand in the competitive market. It is important for the auto-mobile sector to make a strong marketing strategy which helps the business in achieving growth and success in the competitive market and in gaining the large share in the market. Marketing is the process of initiating, maintaining and executing an exchange relation among customers and marketers. Strategy help in building the products and services with high profit making capability so that high growth and profitability can be gained in the business market. Marketing is generally done for attracting customers to buy a particular product or service of an organisation so that they can be retained in the market for long run. Marketing strategy plays a very important role in an organisation and are defined as under:
- Attracting More Number of Customers– It is important for the company to focus on making a strong and effective marketing strategy so that more and more customers gets attracted towards using the best quality products and services (Huang, 2021). By developing the right type of marketing strategy, the brands are able to know the needs, interests and other demographics customer like location, income, age and so on. All this important information help them in improving their offerings and in attracting the new customers by consistent promotional activities.
- Helps in Gaining Competitive Advantage– The main importance of setting up a marketing strategy is that it helps in gaining a high competitive advantage over the existing competitive companies. It helps the company in making a unique selling proposition of the brand so that high growth and success can be attained in the business market (Huh, 2018). The continuous and consistent communication and messaging strategy helps the brand in creating the distinctive and unique identity in the competitive and volatile market.
- Planning Marketing Budgets– Every department of an organisation such as sales, marketing, HR and other following departments are provided with annual budgets by the effective management in order to provide effective benefit to the company ( Kemp, Randon McDougal and Syrdal, 2019). Having an aligned and planned strategy related to marketing helps in making the budgets of the company in the right manner so that promotional activities can be allocated in an effective way. It is very important for the company to align with all the business activities so that budgets can be designed in an effective manner and in limited time period.
- Nature of Products and Services– Market research and study is considered as the most significant part of marketing strategy and this helps the company in achieving the right type of customers and right target market. It is necessary for automobile structure to focus on building the productive marketing strategy that generally helps in promoting the products and services to the customers in an effective manner. This helps in producing effective quality of products to the customers which are according to their taste and preferences in the market ( Mathur, 2019).
- Organisational Communication and Its Impact– When the company follow one marketing strategy than this will helps the business in making all the departments work in an effective manner as they all have one plan. Marketing through advertising is the most productive and effective strategies that helps in attracting customers towards buying the products and services in the business market. This helps the company in gaining more market share and large base of customers for increased growth and success in the highly competitive market.
2.2 Impacts of Marketing Strategies on Performance and Productivity of Porsche.
As per the view of ( Swaminathan, 2019), without marketing no business can survive in the competitive market and for this it is necessary for the company to make effective marketing strategy so that it helps in promoting the products in the right manner. Marketing strategy helps in giving a direction to the marketers of the business in which market they need to target for selling the goods and services. Productive and effective marketing strategy has a positive impact on the productivity and performance of the business and this results in gaining more success in the business market. Business performance and marketing are interrelated with each other and this helps in delivering high quality of goods and services to the customers in the market. A strong and productive marketing strategy helps the organisation in gaining success in the long run and in retaining and engaging customers for long period of time. It is the marketing strategy that helps the company in achieving its set targets and in increased sales in the business market. Successful marketing strategy is depended on several key factors such as what an organisation is producing, how much it will cost, what mode they will select for delivering the particular products and services to the potential customers and what method it will chose for promoting sustained products and services. It is the responsibility of the company marketers to satisfy their customers in an effective manner in order to make them retain within the business in the long run and for achieving the predetermined goals and objectives of the business. There are various benefits of building strong marketing strategies and they are explained as under:
- Improves Growth– A well designed strategy of marketing helps in promoting the overall development of the company. Online marketing is considered as the most important marketing strategy that helps the company in promoting their quality products and services in the business for the customers. Marketing strategy also helps in improving the working structure and quality of the business organisation so that employees work with high confidence and dedication in the competitive market. It also helps in building the overall brand and in creating a strong positioning in the market for certain period of time.
- Increase in Revenue and Sales –A well-known strategy of marketing helps in increasing the overall sales of the business in the competitive market. Marketing strategy impacts the sales of the business directly and this helps the company in surviving in the market with good and positive image. It is the responsibility of the company managers to design effective and productive marketing strategies that helps in attaining more number of customers.
- Effective Promotion of Business –A marketing strategy helps in ensuring the popularity the brand in the market and in discovering their products and services. Marketing the business in the right way helps in directing the business promotion in the market to the customers. This helps the business in interacting with the customers properly so that they also clear their doubts ad complaints more properly. With the advancement in technology, it is important for the company to deliver high quality of services to the customers and this results in achieving high growth and success in the market. Marketing is considered as the best method that helps in promoting the products and services of the particular business in the market.
- Increased Customer Base– When the company chooses the right type of marketing strategy, it helps the company in increasing its customer base. With the shift in online business, the company can now sale its best quality of products through online website in order to reach large base of customers in the market. Customers are the main element of the company for which they produce products and services in the market as they are final consumers. They are the person that helps in creating a better image of the brand of the business. Executing and implementing marketing for the brand or business is considered as the most effective tools of growing the base of customers.
- Helps in Achieving Goals– An effective marketing strategy helps the company in achieving the sustainable goals and objectives of the business in the competitive market. Marketing is the best method to deliver right kind of information about the product to the customers at a certain price. Most of the marketing strategies, when used and carried out in the correct way help the organisation in achieving their long term and short term goals.
2.3 Challenges Faced by Porsche in Absence of Marketing Strategy.
As per the view of, marketing strategy plays an important role on the company as it helps in achieving the predetermined objectives of the business in limited time period. Marketing strategy is considered as the blueprint that helps the business in choosing the right type of marketing tool for promoting the goods and services. As the business starts to grow and expand, it is important for the marketing department to keep up with the changing marketing conditions so that they survive in the competitive market. Taking care of employees and customers both are important for the company because they are interconnected with each other and are responsible for achieving success. Without marketing strategies no business can promote its business to the customers and can achieve a strong position in the market. It is the company that is responsible for developing employees in an effective manner so that they retain customers towards buying products of the business. Marketing strategy is the most important element that helps the company in gaining high success in the market and gaining large number of customers in the business for long period of time. The company faces various difficulties and challenges in the absence of marketing strategies because without the a productive marketing strategy the company will face the problem of not getting enough space n the market for survival. The following challenges that they company face are defined as under:
- Budget Problem– The main challenge that company will face is the problem of budget setting for marketing purpose. Marketing is an important tool that help the business mangers in selling their products online and in promoting their products in front of customers. It is necessary for the company to set the budget according to the company capacity, so that they choose the best and productive marketing tool for enhancing the performance and productivity of the business. Without marketing strategy, the company will fail to make an effective strategy for promoting following products and services in the market.
- Finding the Right Method – Marketing methods and tools often change quickly along with the expectations of the customer. It is necessary for the marketing professionals to use the current and most effective tool for retaining ad attracting customers. Using inadequate or improper tools can prevent organisations from being staying competitive in the market and making the efficient use of their new leads. It is important for the company to choose the tight marketing tool as it helps in attaining the right type of customers and share in the market.
- Low Customer Volume – Low volume of customers is another challenge that hinders the growth of the business in the market and results in decreasing the base of customers. Without effective strategy of marketing in the company, they will fail to achieve the targeted customers in the market and in retaining them within the business for long period of time. Customers are the final consumers and it is important for the business organisation to take care of them in a proper manner for better procurement of achieved targets in the competitive market.
- Training and Retaining Staff– The expertise of the marketing team is considered as the most important challenge that company might face in the absence of marketing strategy. Marketing strategy helps the business in getting a proper direction about where they need to invest the money for gaining large number of customers. Hiring and training new staff is a challenge for the company to stay positive and can also results in diverting the important and valuable resources away from the term objectives. It is important for the company to train the employees in an effective manner in order to make them proficient in achieving the predetermined goals and objectives of the business. When employees are trained in an effective manner will result in achieving the business goals and objective in a more proper way so that high retunes can be attained within the business.
- No Alignment With Buyer Persona– This is also regarded as the major challenge which hinders the overall growth and profitability for the business in long run. Without effective and productive marketing strategy the company cannot achieve the predetermined goals of the business in a proper manner as this is the most effective method of promoting products in the market towards the customers. Marketing strategy do not have a direct link with the buyer persona and this hinders the growth and profitability within the business. It is important for the business organisation to select that marketing method that helps in delivering the best results in capturing the large market share for more customers.
2.4 Various Strategies to Marketing Could be Used by Porsche For The Purpose of Improving Business Performance and Productivity.
As per the view of, there are different types of marketing strategies that helps in gaining high growth and success in the market. Marketing strategy is the business plan that the marketers set for selling their products to the customers through both online and offline channel. It is the responsibility of the marketing manager to select that channel for marketing products and which helps in delivering high reliability and variability in the competitive market. For gaining high customers in the business, it is important for the company to develop an effective and efficient marketing strategy that helps in retaining large number of customers or buying the quality products and services. It is the business that is liable for delivering good quality of goods and services to the customers in order to satisfy them and for making them stay for this business in the market. The main goal of setting up marketing strategies is to deal with the competitive market in an effective and productive way. Marketing can be done in various ways such as by television advertising, newspaper, social media and many more that helps in promoting the products and services to the prospective customers in the market. It is the marketing strategies that helps the business in getting various effective channels of marketing which results in increased sales and growth in the highly competitive business environment. According to the view of Batat (2019), there are many strategies of marketing which is used by Porsche for improve their performance and productivity. The marketing strategy of Porsche is, they used to analysis the brand with the marketing mix process where they analysis the brand by Marketing 4Ps which helps to know about the prices, product, promotion and place of the brand. They used STP model of marketing strategy which helps to identify the segmentation, target and positioning of the brand. They used to provide many beneficial services to their customer which helps to increase the performance and productivity of the business. They used marketing strategies to renew the old models and increasing their sales by promotion. They used to understand the customer satisfaction and innovate the model according to them which helps to increase their productivity and pe