Posted at 10.08.2018
An annual marketing plan is a powerful management tool for business organizations focusing on to strengthen their market positions. The plan provides a guide on all marketing activities for an entire financial year. A good marketing plan is obtained from a tactical marketing analysis and research based on a particular organization. In this essay, we focus on General Motors Company's total annual marketing plan which contains its situation examination, marketing targets, strategies, strategies, financial factors and a timetable for implementation.
A situation research provides a general understanding of Standard Motor's inside and external business surroundings (Dark brown Ph D & Brown, 2008). This is actually the analysis of the company, customers, collaborators, competition and the local climate (NetMBA. com, 2010). The business is one of the world's greatest automaker with several years of experience and operating in over 157 countries in the world and has its head office in Detroit. It offers and services vehicles through several known brands such as Chevrolet and FAW among others. The company is well known brand name in the competitive automotive industry and uses the most advanced technology in controlling its entire marketing network all around the globe. The business's culture is to create and sell high quality vehicles and services to the entire world. Moreover, best goal is to hold on to all its customers for future years service provision. In addition, the business has a diverse provider base which gives quality raw materials for its development process. The company diversity ensures that the company has got the best for its purchases which go a long way in client satisfaction (General Motors, 2010).
The company has an extremely huge world market with wide customer platform which is being targeted by its marketing plan. These customers are provided with timely discount rates on vehicle sales as well as services which stimulate them thus increasing acquisitions. Also, the business is in a very competitive motor vehicle industry facing genuine hazard from existing players such as Toyota and other potential new entrants. Currently, the World's political and regulatory environment is secure and favors the company good performance. Alternatively, the economic environment continues to be recovering from recession which lowered customers' purchasing power. However, the new technology and the social environment are good for the business's marketing strategies (Standard Motors, 2010).
The marketing objectives of Basic Motors are the recovering the lost market show by the finish of the year. This is because recently the business lost United States market show to Ford Engine Co. and Toyota Engine Corp. The next company target is to increase its total annual sales income by over 30 percent30 %. That is to recuperate from its show up of light-vehicle sales by 5. 7 % and to counter Ford and Toyota sales which have soared over 30 percent30 % respectively (Bloomberg, 2010). Another marketing strategy is to position itself in the market for simple and fast benefits of new ground breaking products and services over summer and winter. It is because the company uses its progressive ways of meet powerful customer needs for automotives which require appropriate marketing plan. Furthermore, the company is designed to boost its corporate and business image over summer and winter as well as raise open public knowing of all its automotive models and services (Berry & Wilson, 2000).
The company marketing strategies will include; advertising, sales campaign, publicity and direct marketing. The adverts will entail the paid places and airtime on the broadcast and print media. Additionally, the outdoor advertising with huge pictures of the model vehicles could attract new and existing customers. The sales promotion involves the use of incentives and will be offering that encourage the population to purchase its products and services at specific times. The promotion is that recognition created by the info and opinion transported by third celebrations about the company's automotives and services. The immediate marketing involves the non-public demonstration to customers or potential buyers on the vehicle shows and services offered. This immediate marketing can be carried out through any convenient function of correspondence between the company employees and the target customers (Mullin & Cummins, 2008).
The tactics to be used by the business are targeted at maximizing the success of specific marketing objectives through particular strategies. The major tactic is for the business to engage designed marketing which utilizes the four strategic marketing tools in a well-balanced way to accomplish its objectives. For example, General Motors is an industrial company and as such most emphasis should be placed on direct marketing. Furthermore, the business will select specific cycles within the entire year to handle sales promotion aimed at acquiring short-term sales targets. In addition, the advertising campaign strategy will probably be worth monitoring in order to use the most appropriate advertisement media like the internet, magazine or broadcast. Furthermore, the publicity tool will constantly be in use when the business offers good products and services to third parties who subsequently speak about the company thus achieving indirect marketing (Mullin & Cummins, 2008).
The financial awareness for the company's marketing plan is to ensure that the benefits value go over the marketing expenditures. The marketing expenditures will be checked throughout the entire season to avoid any budget variances. The marketing plan influences the sales, cost of sales and the marketing expenses all of which directly affects profitability and cash flow. Therefore financial concern is very important for any effective marketing plan (Berry & Wilson, 2000). The timetable of execution of the marketing plan begins immediately and can run through the entire financial year. The many marketing strategies and tools will be used appropriately at different times and sometimes combined to attain maximum objectives. The final marketing report will prepare yourself by the end of the entire year for the appraisal purposes. This last report will be utilized further in the preparation of another twelve-monthly marketing plan. In conclusion, an annual marketing plan is an essential management tool that is employed by Standard Motors to achieve their management targets.