Strategic Marketing Evaluation

This document provides a comprehensive evaluation of strategic marketing for Build Your Dream, a Chinese multinational automotive subsidiary. It discusses the importance of strategic marketing in achieving goals, attracting customers, and satisfying them. The document also includes critical company analysis, competitive analysis, and customer analysis. It explores strategic marketing options, relationship strategies, and social and ethical strategies. The document concludes with insights on future challenges and the importance of social and ethical strategies in mitigating problems.

Strategic Marketing
Evaluation

Table of Contents
INTRODUCTION...........................................................................................................................2
SITUATIONAL ANALYSIS..........................................................................................................2
Critical company analysis.......................................................................................................2
Critical competitive analysis..................................................................................................5
Critical customer analysis.......................................................................................................7
PART 2............................................................................................................................................8
Strategic Marketing Options and Planning in Future......................................................................8
Relationship Strategies...........................................................................................................9
Social and ethical strategies..................................................................................................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13
1

INTRODUCTION
Marketing strategy is a forward looking approach as well as effective plan which can allow
companies in accomplishing all of its pr-determined goals as well as competitive advantages
(Patrutiu-Baltes, 2016). This present study is based on build your dream which is the Automotive
subsidiary of Chinese multinational. It manufacturer and provides electric bicycles, truck,
automobiles and rechargeable batteries. It was founded in the year of 2003. This present study is
gong to show importance of strategic marketing and its theories which can allow this company in
accomplishing its goals, attracting customers and satisfying them. It will also show importance
of using resource based views and competitive advantages of strategies like Ansoff and VRIO.
Further, it will discuss reasons of targeting specific market and customers for attracting them to
the great extent and increasing sales as per the nature of company. Competitive analysis also
plays an important role as in this analysis, company identify its strengths, weaknesses and
resources by comparing it with its competitors and knowing its actual position in the market.
Further, it will show some challenges which can occur in the future and importance of social and
ethical as well as relationship strategies which can help company in mitigating problems.
SITUATIONAL ANALYSIS
Critical company analysis
Build your dreams is a high technical company which provides better technological
innovation safe and stable storage solutions for renewable energy. Some of its effective products
include: battery box low and high voltage for both commercial and residential purpose. For
accomplishing goals and developing strategies it is important of having clear vision and mission
which let the company know that what it is really want o achieve in the future. Vision and
mission also allows it to develop strategies and performing functions accordingly. Vision,
objectives and all relevant information to the company is being discussed below in a detailed
manner:
Mission: Mission of this company is to produce non-toxic energy with zero emission by
providing innovative and safe solutions for renewable energy.
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Vision: This Company is known as innovation for a better life and it believes that new and safe
energy can give all of us a better life. Vision of this company is to become sustainable and
providing zero emission of electric bicycles, automobiles and others. Its core values include:
Strategic marketing: Strategic marketing can be defined as a process of planning, developing
and implementing effective strategies for achieving a sustainable competitive advantage. It starts
with outlining objectives and then making strategies and ways of achieving them in an effective
manner. One of the main reasons of developing strategies is to develop products and services
with good profit margin by making use of resources. It can also help to build your dream
company in providing an effective sale message to its target market.
VRIO: It is one of the effective analytical techniques in which company can evaluate all of its
resources and can identify its skills and weaknesses which can help it out in taking competitive
advantage. By putting all of its resources under 4 categories of this strategies it can find out that
whether its resources have value, rare, ability of imitate and organization (Yudhistira, 2016). It is
one of the best techniques of identifying actual position of company in regards to resources as
compare to others. Resource analysis of BYD is being discussed below:
Value: There are some resources of build your dream company who has value an
allowing it to attract customers and also can help it out in taking competitive advantages such as:
High production capacity, manufacturing processes which all are highly efficient, ability of
research and development and continuous innovation in this, capacity for intelligent driving
technology. Research and development as well as high production capacity is the main valuable
resources which can grab attention of new customers.
Rare: Rapid and continuous innovation in its research and development skill is rare and
it is the main key of its success. Using advances technology, ability to adapt changes according
to needs of market and changing prices and cost in production system, high brand popularity like
trademark and all of these resources are found rare.
Imitability: There are some of its resources which are rare as well as imitability such as:
technological expertise especially in R&D, brand popularity, ability of competing popular
brands.
Organization: Trademark, ability to compete others, research and development, skilled
workforce are well organized resources of BYD Company and it can help it out in becoming
market leader as well as expanding business in other new markets.
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ANSOFF: For development of business and products expansion, companies make use of
different strategies and Ansoff is one of the best strategies among all of them. This strategy
allows companies in expanding its products by making use of different strategies as per the
nature and financial stability of the company. There are mainly 4 strategies of this including:
product development, market development, market penetration and diversification (Cleberg,
2019).
Market penetration: In this type of strategy companies try to increase sales of their products
and services as it is one of the main aims of profit for companies. By focusing on developing
products and strategies by making them unique to existing products in an existing market.
In the context of BYD it is being identified that it focuses on this strategy for developing
its market and products. For making it successful it provides its services and products on lower
prices than its competitors because becoming cost leadership is the best way of making market
penetration successful and developing business. In this strategy it also focus on vertical
integration (Lithium mines and suppliers by increasing value chain and cost control. Research
and development is another key of making this strategy successful for knowing changes in needs
of customers, prices on which they seek products for etc.
Product development: In this strategy company focuses on providing new products which has
unique and attractive features than competitors to an existing market. So, it can be said that the
main focus is on product development.
BYD majorly operates in China and for taking advantage of competition in this country it
is going to make changes in its products as by developing feminine car models and also
changing segmentation and targeting it can attract females’ customers of the China to the great
extent. It has found from research that in China, female consumers are fond of eco-friendly
products.
Market development: In this strategy of Ansoff companies tries to increase sales and profit
margin by providing existing products in a new market. For making this strategy successful
company requires focusing on promotional activities for making new market aware about
features of products.
Diversification: It is somehow critical and risky strategy as compare to others because in this
strategy companies enter in new market with new products. But for making this strategy
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successful and preventing themselves against risks, company can analyse internal and external
business environmental; factors as it can allow it to know actual situation of teh market, needs of
customers, availability of same products and others.
In this context it is also found that BYD is focusing on this strategy and for that it is going to
provide driverless cars by making an effective use of Artificial intelligence. Customizable cars,
high end electric cars include: prototypes, concept and sport cars, drones, E bikes, motorbikes are
some new features of products by which it can make this strategy successful by entering in new
market (Build Your Dreams Strategy, 2020). It can help it out in increasing sales and revenue if
it identifies all factors related to the market in which it wants to enter.
So, overall it can be said that research and development skill of BYD is one of the main
key of success of all of these strategies.
Strategic marketing theories: Strategic marketing is also known and considered as intangible
asset as it help companies in promoting their services and goods. These assets of companies can
be differentiated with symbols, signs and names as well (Sahaf, 2019). So, in the context of
Build your dream it can be said that its sign and symbol is its effective intangible marketing
which allows it to attract customers and improving image in the eye of target market.
In the context of electric vehicles it is identified that Government of the china is heavily
investing in development of electric vehicles for supporting companies in reducing carbon
emission and becoming sustainable. One of the reason of build your dream company is its
effective strategies which helped it out in successful development and expansion in China.
Critical competitive analysis
Competitive analysis is one of the effective strategy of identifying competitors, their
strengths and weaknesses and taking advantages of competition by improving strategies
accordingly. Competitive analysis is a process in which company identify big players and
evaluate their strategies which are making them able to being in the competition (Guo and et.al.,
2017). In the context of BYD and automotive industry it can be said that there are several players
in the market which are increasing competition for this. A detailed analysis of competitors of
BYD include:
ZHIDOU, TESLA, JAC, BAIC are some big players in this industry.
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Main competitors of BYD are: Tesla and JAC motors. Some strengths and weaknesses of
these competitors as compare to BYD are:
TESLA: Tesla is an American electric vehicle and serves worldwide. It operates multiples
assembly as well as production plant. There are some strengths of this company which makes it
able to attract customers and making an effective posit6ion in the market such as: ability to
manufacture electric vehicles with attractive features, engineering expertise, ability of increasing
network of premium stores and galleries are some other strengths of this company.
In addition, it is also found that it has committed to reduce carbon emission and
becoming suitable which is also helping out to grab attention and increasing sales of electric
vehicles. As compare to build your dreams it can be said that it provides some extra features of
vehicles which include: an autopilot function to a HEPA air filtration system to the Falcon Wing
doors of the Model X. But some defected products in designs and prices of vehicles is one of the
main weakness of this company. So, overall it can be said that sustainability strategy,
promotional strategy and ability of specialization and adding new features in electric vehicles is
main skill and strengths of this company.
JAC Motors: It is a Chinese state owned automobile as well as commercial vehicle
manufacturer. It is specializes in producing effective features o trucks, buses, passenger cars and
automotive components. It also serves worldwide and founded in the year o 1964. There are
several strengths of this company which has made it able to being in the competition and
increasing sales. One of the main strength of this company which makes it able to compete with
big players such as: it has around 40 models stages itself, ability of creating dimensional
intelligent systems for making vehicles comfortable, secure and interconnected are main
strengths. Because of all of these strengths and effective strategies, this brand was being elected
into global auto brands top 100 and among all other brands it ranked no.5 (JAC Ranked NO.5
among Chinese Auto Brands, 2018). From this ranking it can be said that people like its vehicles
and it is the reason as it produced around 445,000 units in the year of 2012. It has also exported
around 65000 units of all kinds of vehicles and in this context it was ranked no.4 among the
industry. So, overall it can be said that it makes use of effective strategies and ability of
satisfying customers’ needs and considering comfort and security while producing vehicles is
main strength of this.
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So, from the above discussed strengths and all details of competitors of build your dream
company it can be suggested to it that it requires focusing on adding some features in its existing
products or vehicles and also entering in new markets for increasing sales and becoming market
leader.
Critical customer analysis
Customer analysis is one of the effective strategy of a business or marketing plan in which
company requires identifying target market, their needs. One of the main aims of targeting
market and customers is to attracting them and on the basis of customers needs, companies
specifies as how its products can satisfy needs of them for that it develops strategies and
products. Customers’ satisfaction is one of the main key of success of company but it can be
done only when company has proper and detailed information of its customers as what they like,
dislike, their preferences, features which they seek for, pricing for products which they can
afford etc. For making customers’ analysis successful and attracting customers to the great
extent, company requires focusing on identifying behaviours of customers, customers’
demographic (Ahani, A. and et.al., 2019). Customers’ analysis or target market of Build your
dream company is:
Segmentation: It is one of the main step of consumer analysis in which market is being
segmented into more defined and small categories. It is not possible for companies to focus on
all behaviours, age group and needs of customers so, company segment market into smaller part.
There are mainly 4 bases of segmenting people such as demographic, interest, behaviours and
location. One of the main benefits which BYD can take by segmenting market is it can better
know needs of customers, create strong market message, identify effective market tactics and
attract quality leads. BYD mainly focuses on behaviours and geographical segmentation.
Targeting: In this strategy of customers analysis, companies require evaluating potential as
well as commercial attractiveness of each segment. It can either select one or more than 1
segment. Main target of this company in geographical segment or China is people nearby its
stores. It also wants to attract people who prefer eco-friendly vehicles and are working because
they can invest in buying such products and can help company in increasing sales and revenue.
For eco-friendly vehicles it mainly targets female working customers age group of 30-50.
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Positioning: In this strategy, company requires producing a detailed product positioning for
selected segment. It can also develop marketing mix like defining its products, pricing strategy,
promotional and place from where target market can have easy access to products and services. It
is found that company provides its products to both offline and online as per the suitability and
affordability of customers.
In the context of target market it is found that it provides several different models of
vehicles to customers and for different types of models of vehicles it target different behaviours
of people. Fo4r example: it is found that BYD is going to produce and develop eco-friendly
vehicles in order to take opportunity of environmental protection and capturing potential market.
For this purpose, it is going to develop feminine car models because from research it has found
that females consumers age of 30-50 are fond of eco friendly products. So, for this target
customer of this company is female consumers’ age group of 30-50. Mini cooper is the eco-
friendly vehicle of this company.
For more satisfying needs of target market of China, it has developed infrastructure or
charging stations in order to allow customers to charge their electric vehicles whenever needed
and increasing their experience. It has also developed electric public transportation as the
government of China take interest in developing electric vehicles. For more focusing on
accomplishing goals and reducing carbon emission, BYD has developed municipal vehicles for
collecting waste and cleaning trucks for improving health and satisfying customers.
PART 2
Strategic Marketing Options and Planning in Future
Strategic marketing involves several concepts that company can take into consideration
while planning for the future. Strategic marketing includes that companies strategically plan their
marketing in such way that company can link its efforts in marketing with its marketing
objectives (Lo and Campos, 2018). In order to be considered by BYD Energy several options are
available and among all the available options Relationship Strategies and Social & Ethical
Strategies can be considered by the company.
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Relationship Strategies
Relationship strategies are for relationship management in marketing. Relationship
management and marketing focuses on customer-loyalty and long term customer engagement
rather than short term goals based on acquisition and individual sales. The goal behind
relationship marketing is to create strong and emotional, customer connection to a brand that can
lead to ongoing business, free word of mouth promotion and information from customers that
lead can generate leads. For a company which is global and already well established this
marketing strategy can be very effective. Relationship strategies by BYD Energy can help
company to create long term customers having loyalty for the company. This will encourage and
insist customers to stick with one brand that is BYD Energy. Relationship strategies are as
follows-
Prioritising Customer Service
This is most important relationship strategy that BYD Energy can utilise. This strategy
for relationship involves relating to customers positively and offering and providing consistent,
personal support. While applying and adopting this strategy for marketing and relationship focus
on the every aspect of business and how the service is provided by the customers and along with
the focus also involve in every aspect of the customer relationship. This means that product is
developed in such way that fulfils customer requirements. Later the product is delivered to
customers along with all the required services and relationship strategy also involves providing
associated services after the product has been sold to the customers (Nipp and et.al., 2016). This
means that a long term approach is adopted by the BYD Energy so that they can ensure customer
loyalty. BYD Energy can with help of its excellence and innovation company can ensure that its
customers get the best service through their products. This will work more effectively in which
customers will not require any kind of additional support after they have made the purchase.
Connecting with Customers Directly
This means that BYD Energy should ensure customers are able to connect with the
company directly in order to ask for support and solutions. This plays important role in
maintaining relationship with the customers. Customers when are able to get direct support from
the company and are able to communicate with the company, contribute in ensuring all problems
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of the customers are resolved. This increases their satisfaction with the product and company as
customers. Increased satisfaction of the customers leads to increase in loyalty and strengthen
relationship of the customers. This means that connecting with customers and allowing
customers to connect with the company play important role in strengthening relationship of
company with customers. Passion is one of the core value of BYD Energy and their passion
towards their customers allow them to have strong and effective relationship with the customers.
Employing Loyalty Programs
This is another relationship strategy in which with help of loyalty programs company can
enhance and strengthen its relationship with its customers (Caliskan, 2019). Loyalty program
refers to program that are designed for customers who has maintained loyalty towards company
and its products. Such programs are effective in attracting customers and also reward those who
have earlier maintained their loyalty for the company. In order to do this company can provide
financial benefits to the customers in form of added benefit for their loyalty.
Social and ethical strategies
Ethics and social responsibility plays an important role in accomplishing goals. Maintaining
social responsibility in automotive sector is one of the main key of success because it is the
industry in which wastes are being produced to the great extent. In the context of BYD it is
found that it focuses on corporate social responsibility strategy in which it takes environmental
factors into consideration and for that it has also promised to reduce carbon emission and
becoming sustainable. There are some corporate social responsibility theories which include:
environment conservation, labour practices, philanthropy and volunteerism.
In environmental conservation type of theory of CSR, companies focus on solving problems
which can have long term effects like global warming, carbon emission and others. In the context
of Build Your dream company it is found and stated that it aligns itself in these efforts in order
to help minimize environmental problems by taking steps such as reducing their overall carbon
footprint. For this purpose, it has developed some municipal vehicles for collecting garbage
and protecting environment. It is cooperating with other firms and government in developing
recycling program for making people aware about it and protecting them as well. Social and
ethical strategies of organisation extend to all the activities of organisation. All activities of
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organisation required social and ethical consideration that starts from production and ends after
sell of the product. This require BYD Energy to focus on social and ethical aspect in every
activity they undertake concerned with their business and marketing. BYD Energy is focusing on
renewable source of energy and zero carbon emission in their operations. This way organization
is fulfilling it social responsibility towards environment and environment sustainability. BYD
Energy also considers themselves as official sponsor of mother nature this means that they are
focusing on their impact on nature and environment (Wen and Song, 2017). This can also be
considered by company which is highest electronic vehicle manufacturer in both consumer as
well as commercial vehicles. However social responsibility extends to society and people of the
society and there well being activities. Social strategies that BYD Energy can employee are
communicating their values and product through their social activities.
Ethical strategies are no strategies with the help of which company can determine that on the
basis of right and wrong conduct activities of organisation are right. Ethical strategies of BYD
Energy involves there are there is too low and regulations in which company consider is that they
understand and implement applicable International law, regulations and standard. In their ethical
ethical consideration company also recognizer and considered employees and their participation
in organisation and for which they have established several feedback procedures. Bribery is
considered as unethical and for that BYD Energy strictly forbids provision and acceptance of
bribe in any form. In its ethical strategies related to marketing company can communicate its
values and ethical consideration and using social activities and strategies of the company for the
purpose of marketing can also be helpful for BYD Energy to attract more customers and achieve
marketing objectives of the company.
Many organizations presently are linking their corporate activities with their social activities this
means that they communicate with customers’ how their purchase with the company will
contribute for achieving social goals (Ruane, Birhane and Ventresque, 2019). BYD Energy is
also involved in performing and fulfilling social goals through their products, this means their
contribution for the environment through their electronic products can also be communicated in a
way which is able to convince customers around the globe to utilize the products of BYD
Energy.
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CONCLUSION
From the above study it has been summarized that marketing played a vital role as it allows
companies in promoting their goods and services in the market and attracting customers to the
great extent. Strategic marketing theories also allow companies in grabbing attention of
customers and making them able to buy products of companies. Further, it has discussed
importance of Ansoff, VRIO analysis and others strategies which help company in analysing its
all factors and knowing its actual position in the market. It has also discussed effectiveness of
competitive analysis as how it can help company in knowing strengths of it which can make it
able to take competitive advantages by comparing resources, skills and weaknesses of its own
with competitors. Customers’ analysis also played a vital role because in customers analysis,
company identify its target market as per the suitability of products which it is going to sell and
promote. Target market help companies in attracting customers by knowing their needs and
producing products accordingly. Lastly, it has shown importance of social and ethical as well as
relationship strategy in marketing because it is the one by which company can increase its sell by
making products unique and different than its competitors.
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REFERENCES
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Guo, L. and et.al., 2017. Automated competitor analysis using big data analytics. Business
Process Management Journal.
Lo, F.Y. and Campos, N., 2018. Blending Internet-of-Things (IoT) solutions into relationship
marketing strategies. Technological Forecasting and Social Change. 137. pp.10-18.
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Yudhistira, G.R., 2016. the Vrio Analysis of Corporate Strategy in Facing the Implementation of
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ONLINE
Build Your Dreams Strategy. 2020. Online Available through: <
https://www.slideshare.net/ArthurMEUNIER2/byd-electric-cars-strategy>
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JAC Ranked NO.5 among Chinese Auto Brands. 2018. Online Available through: <
https://www.automotiveworld.com/news-releases/jac-elected-global-auto-brands-top-
100-ranked-no-5-among-chinese-auto-brands/>
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