Developing a New Plug-in Hybrid Vehicle (Marketing Plan) Essay

Developing a New Plug-in Hybrid Vehicle (Marketing Plan) - Essay ExampleThe situation psychoanalysis has been conducted using PESTLE and SWOT analysis. PESTLE analysis disclosed that the macro-economic factors argon favourable for Fords hybrid car market development. However, after the fiscal crisis, the purchasing power of the UK consumer has reduced and hence the demand of high comprise hybrid cars will remain low for few years. High brand paradigm and large portion of market share are the two major strengths of Ford in UK, and increasing competition and high production cost are the major threat for the company. Major target market consists of high income group people who are tech savvy and environmentally conscious. The marketing strategy has been think after dish outing the marketing, financial and societal objectives. As per the features of four Ps, Ford is expected to follow differentiation strategy by bringing product developments. promotional activities are important for spreading consumers awareness for hybrid cars offered by Ford and hence, it will follow integrated marketing communication (IMC) approach for better performance. The financial planning is done based on projected sales revenue, and the anticipated profit for the years will be minimum. However, with increasing demand in the following(a) years, the profitability is expected to increase. For controlling, evaluation and adjustments of strategies, balanced scorecard (BSC) approach is very effective as it includes major business perspectives. Ford will also employ financial techniques for evaluating the effectiveness of the marketing strategy. 2. Introduction Globalization has brought several improvements in the society. In the case of economic developments, globalization has helped to encourage the trade and business among the knowledge domain countries. Besides, with time, there has been a significant development in the field of technology that further expands the scope of trade and business in the global market. This has encouraged bleak trade policies and oligopoly market structure. As a result, competitiveness among the players in a given industry has been intensified to a higher extent. This competitiveness has urged the companies to gain a competitive advantage for avoiding unnecessary competition and achieving an upper hand position in the market (Reid, 2002). In this process, in the post-modern business organisations, developments and execution of effective strategic marketing plans has become inevitable tasks for them. Marketing activities are used for a number of reasons, for example, for increasing sales revenues, for brand developments, for promoting corporate image, for gaining trust of local market, for cost efficiency and for sustainability (Burrow, 2008, p.260). An extensive marketing plan includes a number of tasks and activities like developments of mission & objectives, environmental analysis, formulation, execution and evaluation of marketin g strategies & tactics. In this process, marketers have to consider multiple elements of marketing. The primary element of marketing is known as four Ps i.e. product, price, promotion and place. Business organisati