Social Media Strategy : Report
Added on -2020-07-23
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Social media strategy
Table of ContentsINTRODUCTION...........................................................................................................................1F1 Background analysis.........................................................................................................1F1 Driver's Capabilities..........................................................................................................2F1 Values and Brand Image...................................................................................................2MARKETING COMMUNICATION CAMPAIGN.......................................................................3Social Media Marketing.........................................................................................................3Millennials Research- Target Audience.................................................................................4Summary of Research Undertaken.........................................................................................6Important Findings.................................................................................................................9Statement of Strategy...........................................................................................................10Outline of Plan......................................................................................................................10Timetable and Schedule with cost........................................................................................15Summary and Recommendations.........................................................................................19CONCLUSION..............................................................................................................................20REFERENCES..............................................................................................................................21
Index of TablesTable 1: Timeline and activities for Social Media Channels.........................................................18Table 2: Timeline and activities for Social Media Celebrities services.........................................19Table 3: Budget allocation for social media channels...................................................................20Table 4: Budget Allocation for social media celebrity millennials tool........................................20Illustration IndexIllustration 1: A Brief History of Formula One. 2016 ....................................................................2Illustration 2: F1 Race .....................................................................................................................3Illustration 3: Social media marketing strategies ............................................................................5Illustration 4: Theory of Reasoned action .......................................................................................9Illustration 5: Communication objective.......................................................................................13Illustration 6: Social Media Channels Budget...............................................................................20Illustration 7: Social Media Celebrity Millennials Budget............................................................21Illustration 8: Total Budget............................................................................................................22
INTRODUCTIONSocial media marketing strategies are the strategies which are used by the marketersusing digital technology, internet and social media platform in order to promote and advertisetheir products and services efficiently (Tuten and Solomon, 2017). In the era of informationtechnologies, marketing management of organisations are rapidly changing their methodologiesand shifting from traditional methods to modern and digital methods of marketing. In accordancewith this context, the report will cover the aspect of social media marketing used by Formula 1auto racing championship. The management of Formula one are constantly using digital mediamarketing approach in order to seek more attention and attraction of young generations andmillennials. They are using platforms like Facebook, Instagram, YouTube, Snapchat, Twitter,etc. to deliver information about the upcoming races. Social media marketing strategies are veryeffective as 99% of millennials are registered with one or more social media websites. This notonly helps in generating and increasing customers base, but also assist in growth anddevelopment of the organisation. In depth research will be made in this report which helps inidentification of the use of Snapchat among millennials. F1 Background analysis1
Formula one racing has its roots in the European Grand Prix Championships of the 1920sand 1930s, through the foundation of the modern Formula One began in 1946 with theFederation of Internationale de l'Automobile's (FIA). In 1946 the idea was rekindled and in thatseason the first races were held and the following year the decision was made to launch a drivers'championship (A brief history of Formula One, 2017). In 1950, the organisers of F1 racehammered out the details and the first Formula one race was held at Silverstone in Pau in May1950. Out of twenty and seven Formula One races that counted towards the seasoned title(Jenkins, 2010). There were plenty of non championship races of Formula one even after moreraces included in championship. In 1983, the non championship races began to discarded as theywere unable to generate profits adequately. The first race or “Grand Prix” was held in 1901 atLe Mans. It was also known as the French Grand Prix. Its roots lie in pre-war Grand Prix racing,but it was in 1950 that the major races were brought together in the inaugural Formula Oneworld championship. Britain hold its first Grand Prix in the 1950s. Since the inception of FIA,2Illustration 1: A Brief History of Formula One. 2016 (Source: A Brief History of Formula One. 2016)
many rules and regulations were formulated by the committee in order to improve the racingcriteria and protects the drivers from Formula 1 racing championship is one of the most prestigious and expensive form of autoracing in the world. Participants from different countries participates in the event by usingadvance cars and technologies. The best drivers, designers, crew members and engineersparticipates in the event in order to make the Grand Prix successful (Cheng and Jarvis, 2010).They travel across five continents and different countries who hosted the race. The race is mostpopular among youths and millennials and there are hundreds of millions global audiences whowatch race on their television. The main competitors of Formula one are NASCAR and MotoGPrace. F1 Driver's CapabilitiesFormula one cars are one of the most advance and fast cars which are difficult to controland handle (Auto Sport, 2017). In order to control the cars drivers need to be capable andfocused enough. A strong technical acumen, supreme fitness and deep understanding of the carare essential. Drivers capabilities plays important role in race (Henderson and et.al., 2010). It is3Illustration 2: F1 Race (Source: F1 launches the Formula 1® Esports Series, 2017)
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