Ray-Ban and Scuderia Ferrari Marketing Plan

This assignment analyzes the marketing strategies employed by Ray-Ban and Scuderia Ferrari, a prominent partnership in the luxury goods market. It delves into the importance of applying both control and implementation marketing plan strategies to achieve set objectives. The analysis highlights specific marketing concepts such as strategic marketing planning that contribute to the success of this collaboration.

Running head: MARKETING CONCEPTS
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Marketing Concepts and Digital Communication
Student’s Name
Institution’s Name
Date

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Table of Contents
Title page………………………………………………………………….…………….1
Introduction……………..…………………………………………………….…………3
Executive summaru…………………………………………………………..………….3
Steps in writing a marketing plan……………………………………………………….3
SWOT and competitor analysis…………………………………………………………5
Mission………………………………………………………………………………….5
Marketing and financial objectives …………………………………………………….6
Marketing mix strategy and digital marketing communication plan……………………7
Programs designed to achieve marketing and financial objectives……………………..8
Implementation and control of the marketing plan……………………………………10
Conclusion…………………………………………………………………………….11
List of references………………………………………………………………………12

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INTRODUCTION
This report focuses on the application of relevant marketing concepts by special F1
collection- product advertised in a luxatic blog by Ray-Ban and Scuderia team. It is a racetrack
product meant to give an experience of an F1 excitement will lower chances of injury. The main
focus of this report is stipulated on a number of activities including; steps in writing a marketing
plan, SWOT and competitor analysis, mission, financial and marketing objectives of the product
launched, formulation of a marketing strategy with an emphasis on digital marketing and

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communication plan, current action plans designed to achieve the set objectives, and lastly
implementation and control of the marketing plan. Application of these concepts is meant to
positively favor marketing strategy and digital communication which widens the market field
thereby creating a reliable and steady market for F1 collection-product.
Executive Summary
F1 collection is a product unveiled by Ray-Ban and Scuderia Ferrari team. It is aimed
at giving a good rush as same as that of a racetrack. It is designed with a high art of technology.
The team is meant to apply the marketing concepts such as marketing business plan and
promotion services to be highly competitive and fit in the marketing field. Its model is also
meant to reach a target of funs such as Italian Formula 1 team. To achieve this, following the
marketing concepts and proposed ideas is very significant to the achievement of the set goals.
Steps in writing a marketing plan.
A marketing plan is a document that outlines a business effort in marketing and
advertising for a given year. It describes business engagements and activities involved in the
achievement of the set objectives, within a set limit of time. The following are steps that guide a
marketing plan (Disanza, 2016).
Situation analysis: This refers to the outlook of a current state of a company. It
includes an overview of strength, opportunity, and weakness of an organization. In the case of F1
collection-product, this analysis can be applied to assess the strongholds of the Ray-Ban and
Scuderia team, identify a new opportunity to market the product and to analyze the challenges
encountered (Westwood, 2010).

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Target audience: After identifying the target customer, it's good to write a
description of the information gathered. Therefore, this concept can be applied in the case of
marketing F1 collection product where a description of the audience of the target can be written
down for reference.
Marketing goals: This section includes drafting of marketing goals. That is inscribing
what one expects to achieve. The goals should be measurable such that one can determine failure
or success. Referring to the ad of the F1collection product in the luxatic blog, this is applicable
where goals of achieving the best design of F1 collection product can be drafted and measured to
determine whether they would be achievable or not.
Strategies and tactics: In this part of the plan, one determines the methods and
relevant ways to advertise the products and identify outreach tools as well. In the ad of the F1
collection product, strategies such as advertising the product in different media can be applied.
This can be done in conjunction with the identification of the correct outreach tool such as digital
communication to ensure that the audience of target achievable.
Marketing budget: This refers to the evaluation of the cost to be incurred while
marketing one's products. The budget should display a good balance such that it can give a
positive impact on sales and also conserve the startup fund (Steenkamp 2017). With the F1
collection-product marketing, the budget Evaluation is applicable where luxatic has been chosen
to be the most convenient site for advert bringing forth a positive outcome and conserving the
initial start fund.
SWOT and competitor analysis

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This combined analysis involves evaluating the market structure regarding
strongholds, weaknesses, competition and opportunity gaps to have a firm stand in the market
(Pherdamrod, 2016). Projecting to the F1 collection-product, the analysis can be applied. For
example, the blog gives a hint of the team stronghold where it explains that the Ray-Ban and
Scuderia Ferrari collection includes an exclusive package with a special Ferrari engraving feature
that pleases fans from Italian formula 1 team.
Regarding competition, analysis of the methods of advertisement by other teams and
partnerships can be done to create an attractive, unique module of marketing. For example, the
F1 collection – product advert can be branded with unique titles such as the topmost luxurious F1
collection – product. Such prominent titles are competitive and give a team a firm stands in the
market.
Mission
A mission is a statement that describes what an organization is willing to do to
achieve a set objective. With the F1 collection – product, there are some activities Ray-Ban and
Scuderia Ferrari team can apply to achieve their objective, For example, securing clients
payments, unique adverts, and digital communication such as online marketing, can define their
mode of operation and catch attention from the audience of the target.
Marketing and financial objectives achievable within six months of launching
Marketing objectives are aims and target a team, or an organization is willing to
achieve. Within the first six months of F1 collection-product launch, the following objectives can
be achievable. Increase in sales is one of the marketing objectives where F1 collection – product

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shift from small scale to large scale levels due to increased demand brought by uniqueness and
improved quality of the F1 collection product in the luxatic blog.
Secondly, within the six months of the product launch, there is a likely hood of
targeting new customers. With the prominence of the advert in the luxatic blog and taste of the
product by many customers, a chance to target new customers is applicable since as the product
spreads the more, there is a likely hood to reach internal customers. Also, within the first six
months of the product launch, building of brand awareness is achievable since many blogs can be
joined with social sites such that people can like the advert pages and spread brand awareness.
Financial objectives are monetary aims set by a team to be achieved within a given
period. Within the first six months of the F1 collection- product launch, three financial objectives
can be achievable. This includes the growth of revenues where profits rise with a given margin.
It is applicable in F1 collection product in that; constant sales widen the market, therefore,
influencing revenue collection. Secondly, a diversified revenue base is another financial
objective a team can achieve within the first six months of product launch.
In the case of the F1 collection- product a diversified revenue base can be
achievable. To achieve it, the team should apply diversified marketing where the product is
marketed in both local and international regions to reap maximum profits from these regions.
Lastly is the growth of earnings where a team obtains income from different charges of the
product. For example with the F1 collection product, delivery charges can be included in
marketing which can also be merged by minimal charges implicated on after sale services. By
applying this, high growth in earning is achievable within the first six months of the product
launch.

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Marketing mix strategy and digital marketing communication plan
Marketing mix strategy refers to set of critical methods of marketing which are
controllable. A company or a team of businessmen use it to give the required response to the
targeted market. It includes all activities that a company can do to facilitate demand for its
products. For example, the marketing mix can be executed through, promotion of the product,
pricing, and distribution of the product. In promotion, marketing communication methods and
tactics, appear on the promoting heading.
The promotion heading can consist of special offers, public relations, and animated
advertising. With the F 1 collection product, this strategy can be applied. Where the promotion
heading Ray-Ban and Scuderia Ferrari F1 collection includes other features such as fair trade and
secure payment slides, animation of the F1 collection – product pictures and communication
strategies such seller-customer interface( Andrew, 2017). When it comes to pricing, the display
price covers the stipulated final amount the user is expected to pay for the product. The pricing is
usually standard such that its value to a customer and the seller is maintained as well. It can
apply to the F1 collection- a product where the displayed price is customer friendly as well as
profitable to the Ray-Ban and Scuderia- Ferrari team (Sexton 2016).
Regarding place, it refers to the distribution of the product to reach the targeted
customer. Placement of the product, guides on which channel is most suitable to distribute the
product and also support other strategies concerning the marketing of the product (Barker 2014).
This strategy applies to the F1 collection –product where the choice of a channel for distribution
is guided by the luxatic blog.

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Digital marketing communication plan is a marketing genre where marketing of
products and services is communicated through technologies such as the internet, mobile phones,
and street screen displays. The communication plan describes the objectives an organization
wants to achieve through the information it sends. It is composed of tools of communication, the
targeted recipients, and the goals to achieve (Killian, 2015). The use of this plan in F1 collection
–product can be applied where the Ray-Ban Scuderia Ferrari team can include the use of street
screen display of the product and also advertise it in other blogs that include features such as E-
commerce business. By doing this, the desired objective is achievable since the digital
communication is equipped enough to reach all recipients of interest (Royle, 2014).
Action programs designed to achieve marketing and financial objectives
To achieve marketing and financial objectives, some action programs must be put in
place. It includes details of a company describing tactics and strategies to use for the
achievement of the marketing objectives (Mintz, 2013). A detailed mission statement is one of
the action programs that need to be set properly to guide activities meant to take place to achieve
the desired objective (Broady, 2013). For example, the mission statement should address three
dimensions that is technology to be used, customer groups to be served, and customer needs to
be addressed.
These dimensions guide the activities to engage in by reminding each department of
an organization what it oughts' to do in its daily activities to achieve the set objective. Combining
these three dimensions result in the achievement of the main objective (Campbell,
2016).Applying this concept to the marketing of F 1 collection-product is achievable, where
online marketing is the technology used.It can also be found that the customer group in the target

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are legend star drivers of the high model cars. Ray-Ban and Scuderia team also seems to address
the need for racing cars.
Advertising sales and promotion is another action program designed to achieve the
marketing and financial objectives. On the other hand, advertising is a form of marketing
communication which involves a the visual or audio display of the product on the sale through
mechanisms such as broadcast notices. Sales and promotion involve creating awareness of the
product in market through methods such as direct marketing and public relations (Mc Neil,
2015).
Referring to the case of F1 collection – product, advertising and promoting the
product can create sales, whereby the awareness created in the blogs are prominent enough to
attract potential customers. The luxatic blog has utilized this action by visual advert and
appealing display concerning the F1 collection product. Therefore the financial and marketing
objective is achievable (Wegen, 2016).
Implementation and control of a marketing plan
Implementation of marketing plan refers to the practice of an idea or a plan usually
guided by a preliminary thinking to ensure the action in hand happens. Control of marketing pan,
on the other hand, refers to the process of surveying the stipulated plan as it goes on and
rectifying where necessary. Implementation and control of a marketing plan are actions which
must ensure that the set objectives are achieved. The role of implementation as a function is
always aimed at organizing and directing people by preparing set of activities and people
responsible for them. For example to the F1 collection- product, Ray-Ban and Scuderia Ferrari

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team can delegate duties to marketing stuffs whereby they can carry activities such as roadshow
promotions and organizing customer relations by educating them on the importance of using the
product (Hollensen 2015).
On the other hand, control of marketing plan involves some activities. To start with, it
is aimed at evaluating and monitoring the marketing activities happening in a company. It also
involves submission of records to the management gathered from deviations encountered in
marketing. The process of implementation of marketing plan involves some activities. The
strategy set by the managers must be very considerate to the utilization of resources, both human
and material. It should also focus on proper use of the available capital. Regarding human
resource, it should involve logical selection of personnel, engage training and evaluation of the
employees.
In the controlled marketing planning, the activity includes assessing the profit margin
generated by the product and giving a recommendation of the finding. It also includes control of
efficiency that is, ensuring maintenance of the intelligence possessed by the mangers and
marketing executives (Mullin, 2014). Regarding the F1 collection –product, Ray-Ban and
Scuderia team should apply both control and implementation marketing plan strategy to enhance
achievement of the set objective.
Conclusion
For a business to have a good prowess in marketing, it should try to apply marketing
concepts proposed such as strategic marketing plan. Therefore the Ray-Ban and Scuderia Ferrari

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team should increase their engagement in these marketing concepts to enhance achievement of
their objectives.
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Broady-Preston, J. (2013) Changing Marketing Concepts: Contemporary Theories and
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Campbell, A. &. (2016). Mission and business philosophy. Elsevier, 104-115.
DiSanza, J. R. (2016) Business and professional communication: Plans, processes, and
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Wegen, W. C. (2016). The Use of Sina Weibo and Twitter by International Luxury Hotels.
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