This presentation discusses strategic marketing for Bentley Motors in Sweden, including the marketing mix, CBBE model, IMC, and measurement of marketing effectiveness.
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Strategic Marketing
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Table of contents Introduction Marketing Mix CBBE Model IMC Measurement of marketing effectiveness Conclusion References
INTRODUCTION Strategic marketing refers to a process through which an organization can differentiate itself from its various competitors through the use of effective techniques of marketing. Ithelpsingainingadistinctcompetitiveadvantageoverthecompetitors. This presentation is based on Bentley Motors. The company wants to expand its business in Sweden. In this report, detailed analysis will be made on organization’s internal and external environment, development of strategic marketing plan. Additionally, focus will be made on management of resources and monitoring, measuring and adapting the marketing plan for the purpose of achieving continuous improvement.
Marketing Mix Marketing mix refers to using of 4P’s of marketing. These are explained in the context of Bentley Motors as follows- Product- Product refers to the goods or services which are provided by an organization to its various types of customers. In the context of Bentley Motors, its products are cars which it sells in the market. It will use the broader market of Sweden to target various customers.Bentley Motors can make sure that it provides good cars in the market of Sweden which justify their price tag thus helping the company to make profits in the country. Price- Price refers to the amount of money which is charged from the customers by providing them goods or services. For Bentley Motors, to target expansion it is necessary to use the right pricing strategy. It is recommended that it uses competitive pricing strategy to expand to the parts of Sweden where it is not present.Bentley Motors has to make sure that it is able to set a right price in the market for its cars in Sweden so that the customers look forward to its products. As Sweden has a high- income economy therefore premium segment can be targeted easily here.
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Continued… Place- Place refers to the location where a business is being carried out. It is quite important as it is essential for a business’s success. Bentley Motors has chosen Sweden for expansion. For this purpose, the managers of the company have analyzed the macro-environment factors which can affect the firm’s performance in the country. Bentley Motors can select different locations in Sweden for its stores and can make sure that it is targeting the right customers so that it can achieve its goals as well as objectives and can maximize its level of profits.
Continued… Promotion- Promotion is the last element of the marketing mix. It is required because brands need to promote their goods and services in order to reach the customers. Bentley Motors needs to actively engage in its strategy for promotion and must aggressive tactics in order to make sure that it is able to get ahead of its various competitors in the market.
Customer Based Brand Equity Model CBBE Model refers to building of a strong brand by shaping the mindset of customers about the products and services. The different steps in this model are as follows- Brand Identity- The first step aims towards creating brand awareness among the customers. This can be done by creation of goodwill and brand image so that the customers can recognize the brand easily.Bentley Motors needs to maintain its identity and brand image in the market of Sweden by making sure that it provides good quality products. Brand Meaning- The second step is all about creating a meaning around the brand. This can be done through performance and imagery. Performance means meeting out the needs and requirements of the customers by providing them best products and services.Bentley Motors needs to ensure what it brand means to the customers in the country so that it can earn higher profits. It can do so by selling them high-quality cars.
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Continued… Brand Response- The third step revolves around the response which has been received from the customers about the brand. Bentley Motors has to see whether it has received the right response from the customers about its brand and its performance in the markets of Sweden where it is not present.The company has to make sure that it receives the right response from the customers by the use of right tactics.
Continued… Brand Resonance- The fourth step revolves around the connection the customers can have with the brand. For Bentley Motors, it is quite important because resonance can be broken into different categories such as behavioral loyalty, attitudinal attachment, sense of community and active engagement.The company has to make sure that its brand has resonance with the people by providing good products to them.
Integrated Marketing Communications Marketing communication is very important from the point of view of any organization . It is so because it helps in connecting with the customers easily. The methods of marketing communication which Bentley Motors is going to use are as follows- Advertising- Advertising refers to use of various tactics and methods to reach directly to the targeted customer for the product or service.It can use this strategy in Sweden to increase the sales of its cars. Digital marketing- Digital marketing is the latest form of marketing which is used by the firms in order to reach the targeted customers .It can use it in Sweden by using different types of digital channels effectively. Sales promotion- Sales promotion refers to the use of tactics to attract the customers towards a particular product or service.It can use these tactics in Sweden to raise its sales and revenue.
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Continued… IMC- IMC is a process through which companies take an approach which is centered on the customers by aligning their objectives with the goals . The steps which Bentley Motors can take for it are as follows- Identification of customers- For adopting this step, proper market segmentation is required . Its data will ensure that the market is segmented properly, effectively and efficiently so that the customers which can be targeted are identified.Thus in this manner the company can find out which segment of the customers can be targeted particularly for its cars. Determination of financial value- Financial value which the customers hold needs to be determined effectively so that the prices can be set.This can be used by the company for determining the financial value of its products and it can do so by setting a right price for its products. Creating and delivering message- A message has to be provided by the brand to its various customers.It needs to give a right message to the customers in Sweden which it can do by developing a creative message.
Continued… ROCI- It is the Return on customer investment.It needs to see whether the amount invested by it in Sweden for customers is getting adequate returns or not. Budget, allocate, evaluate and recycle- For this step, Bentley Motors needs to understand the three C’s which are Contribution, Commitment and Champions.By this, the company can identify whether its tactics are working in Sweden or not. Using the IMC process, Bentley Motors can easily use the marketing communication methods like advertising, digital marketing and sales promotion easily as it can identify the techniques which it needs to use to apply these methods in the market.
Measuring marketing effectiveness Marketing effectiveness is required to be measured so that a firm can identify whether its marketing efforts have yielded the benefits or not. Bentley Motors can identify the effectiveness of its marketing plans using the following approaches- Return on Investment- It is a technique through which the returns which have been received on the investments can be measured accurately without any issues.The company is required to ensure that its ROI is good enough in Sweden so that it gets decent returns. Cost per sale- Through this technique, a company can find out the cost which it has been incurring in order to generate the sales.The company has to see that how it can reduce Cost per sale in Sweden.
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Continued… Cost per lead- Through this technique, a company can identify the cost incurred by it in generating potential leads.The company has to see how it can reduce Cost per lead in Sweden. Conversion rate- Conversion rate technique can be used in order to find out the leads which have been converted into actual sales.The firm needs to increase this rate which will lead to higher sales and more revenues and subsequently the profits will be maximized. Incrementalsales-Incrementalsalesareusedtomeasurethecontributionof marketingeffortshavetowards thesalesnumbers.IncrementalSales has tobe increased by Bentley Motors to earn more profits in Sweden.
Continued… Purchase Funnel- This technique can be used in order to find out and analyze the sales leads generated with the help of marketing efforts made.The company can make sure that appropriate sales leads are being generated in the country. Customer Lifetime Value- Using this technique, the lifetime value of the customers can be easily measured without any problems.The company can provide Customer Lifetime Value if its products are good enough for the customers and provide the required satisfaction for their price tag. Multi-Channel Funnels and Attribution- In this technique, multiple channels can be used attribution modeling can be applied.The company needs to see how it can use them in the right manner in Sweden and how the profits can be maximized.
CONCLUSION From the above report, it can be concluded that strategic marketing is a process which is generally used by firms to get advantage in the market. There are 4P’s of marketing which can be applied in the target market, CBBE model can help in finding out the value of brand among customers, IMC can be used for using the techniques for marketing communication and measurement of marketing efforts can be made using various types of tools.
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References Plouffe, C.R., Bolander, W., Cote, J.A. and Hochstein, B., 2016. Does the customer matter most? Exploring strategic frontline employees’ influence of customers, the internal business team, and external business partners.Journal of Marketing,80(1), pp.106-123. Shalender,K.,2017.Marketingflexibilitymeasurementscale:conceptualization, developmentandnomologicalvalidation.JournalofStrategicMarketing,25(7), pp.618-628.