McLaren Marketing Plan Analysis

This assignment requires a detailed analysis of McLaren's marketing plan. It emphasizes the importance of conducting a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis to understand McLaren's competitive position in the market. The analysis should also identify the target audience and outline key objectives for achieving successful market penetration. The focus is on demonstrating a systematic approach to formulating an effective marketing plan for McLaren.

Running head: MARKETING MANAGEMENT
Marketing Management
Name of Student
Name of University
Author Note

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Executive summary
The purpose of the report is to identify the techniques necessary for marketing a product. The
report focuses on McLaren570GT and the techniques adopted to market the product in the
international market. In order to make the report successful, steps in formulating a marketing
plan are analysed. Based on that a SWOT analysis and competitor analysis of
McLaren570GT is conducted. It is seen that the reputation of the company proves to be a
major strength for the company and the car it launches. An action plan is developed that
identifies the marketing and financial objectives of the company. Furthermore, the
implementation of the marketing plan is also provided in the report.

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Table of contents
Introduction................................................................................................................................3
Marketing plan steps..................................................................................................................3
Analysis of SWOT and competitors..........................................................................................5
Mission.......................................................................................................................................6
Marketing and Financial objectives...........................................................................................6
Marketing mix strategy and digital marketing communication plan.........................................7
Action plans to achieve marketing and financial objectives......................................................8
Implementation and control of marketing plan........................................................................11
Reference..................................................................................................................................12

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Introduction
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.
Marketing plan steps
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.

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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.
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

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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.
Analysis of SWOT and competitors
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
(Source: Created by author)
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.

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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 and Financial objectives
Marketing objectives
 To promote the car in a manner that attracts the customers

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 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
Marketing mix strategy and digital marketing communication plan
According to Gagnon, (2016), the marketing strategy consists of the four major
elements of marketingmix. 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

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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.
Action plans to achieve 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
(Source: Created by author)
To increase the sales of the car
Action Responsible
person
Start date Due date Resources Hazard
forecast
Outcome
Promote
the car and
Managers NIL NIL Proper
technicians
Growing
competitio
Increase in
profitability

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reduce the
prices
and
finance
manager
n in the
market
Table 3: Marketing objective 2
(Source: Created by author)
To improve relations with the customers
Action Responsibl
e 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
(Source: Created by author)
Financial objectives
To ensure the growth of revenue
Action Responsible
person
Start date Due date Resources Hazard
forecast
Outcome
Manage
the
Financial NIL NIL Efficient
and skilful
Excess
expenditur
Innovate
more in

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finances
by cutting
out extra
expense
manager employees e while
innovating
a product
the future
Table 5: Financial objective 1
(Source: Created by author)
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
(Source: Created by author)
To extract income from diverse revenue base
Action Responsibl
e person
Start
date
Due date Resources Hazard
forecast
Outcome
Invest in
multiple
domains in
Managers
and
NIL NIL Financial
managers,
innovative
May lead
to loss for
the
Opportunity
to expand
into

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the field of
automobiles
investors tactics and
a proper
PR
company international
market
Table 7: Financial objective 3
(Source: Created by author)
Implementation and control of marketing plan
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.

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Reference
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http://cars.mclaren.com/sports-series/570gt
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