Strategic Marketing Plan for a Luxury Hypercar
Added on 2020-03-16
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Running Head: MARKETING PLAN: FRANGIVENTO ASFANÈ1Title: Marketing Plan: Frangivento AsfanèName: Institution:
MARKETING PLAN: FRANGIVENTO ASFANÈ2Steps in writing a marketing planA marketing plan is devised after the business plan. Its focus is on attracting, winning andretaining customers. For this to happen, the marketing plan must have tactics on what is to be sold, how it will be sold, who will be the target market, and tactics to be used to persuade people to buy. A marketing plan typically begins with a situation analysis. This involves describing the product or products that a firm has in the market, as well as how they are different from others offered in the market (Stevens, Loudon & Wrenn, 2007). This means that the marketer has to understand the market intimately, to be able to point out the differences and needs that they can satisfy needs which are not being satisfied at present. FV-Frangivento Asfanè is a luxury car which is an upgrade of existing luxury cars in the market. Unlike other luxury cars however, this model combines a higher degree of digitalization in its design, as well as operation ((Jay & Sealey, 2012; Carscoops, 2017). Existing competitors in the market include BMW M5, Ferrari Portofino, and Mercedes AMG. They have a high degree of sophistication in terms of the possible acceleration, speed, andother features, but arguably, none rivals the design of FV-Frangivento Asfanè. In a market that isnot price-sensitive, the other brands cost comparably the same as the model under discussion, suggesting that it is likely to be a market leader if properly marketed (Lynn, 2011). The second step is describing the prospective customers of the product. In the case of FV-Frangivento Asfanè, it is strictly a car for the affluent. It is a luxury car designed for the upper-class citizen, as well as luxury collectors. As mentioned below, the prospective customer will worry more about the design, which is great, as well as performance, rather than on the price. While this will play a role, it is not likely to be the defining factor in deciding whether or not to buy (Jay & Sealey, 2011).
MARKETING PLAN: FRANGIVENTO ASFANÈ3The third step will involve a description of the marketing goals. The marketing goals of the car should be penetration of the market, and brand awareness. For these goals to be measurable, the company can set a target of selling a particular number of cars within one year after launch, so as to gauge how well the market has responded, as well as talking to industry experts about it (Jay & Sealey, 2011). The fourth step relates to the marketing tactics deployed to actually get the product to the market. For this to happen, FV-Frangivento Asfanè needs to be advertised aggressively. The advertisement will happen on review sites, YouTube, and other channels through which potentialclients can be won. Auto magazines and car fairs are also channels to be aggressively pursued forthe company to achieve the desired sales (McDonald, 2007).The final step relates to setting a marketing budget for the product. The marketing plan is a quantification of the marketing tactics described above in monetary terms. For the nature of theproduct, and the marketing goals in question, the marketing budget will be higher than for existing brands, and also for competitors. At the same time, the target market will mean that the marketing costs will be higher than for utility cars, for instance (Jay & Sealey, 2011). SWOT analysisStrengthsThe car has a unique design which is likely to pique the interest of customers. It has been worked on by highly qualified designers and engineers, giving it a strong advantage over others due to the safety issues it incorporates into the model, as well as the speed capacity (Peng, 2011; Zhechev & Stanimirov, 2016). Weaknesses
MARKETING PLAN: FRANGIVENTO ASFANÈ4It is not open to the mass market, potentially intensifying the competition it will face in a limited market for the high-end market. Its reach is not as extensive as that of other brands such as Ferrari or BMW, meaning that it might struggle to make its advertising more visible or consequential (Harrison & St. John, 2010; Carscoops, 2017). OpportunitiesThere is a growing market for luxury cars, a factor which could be advantageous for Asfanè if properly exploited. The global economy is improving, meaning there will be a bigger market to sell the product to (Seo & Buchanan-Oliver, 2015). The company can capitalize on those markets that its competitors are not keen on establishing a market, and intensify marketing activities there. Additionally, the company should emphasize the unique qualities of the car which make it a better buy than other brands in the market (Butler & Martin, 2016). ThreatsCompetitors are working tirelessly to outdo each other with new innovations. The car may therefore have only a limited time at the top of the rack, before newer models overtake it. It is therefore imperative that it also spend more resources in coming up with a better model (Butler& Martin, 2016). Mission FV-Frangivento Asfanè is made with the dedicated craftsmanship of the finest Italian designers and engineers, to produce a superior hand-made car capable of opening up a world of dreams for those who dare to dream. Marketing and financial objectives for first 6 monthsMarketing objectives
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