Marketing Management Assignment Sample

Marketing Management Assignment Sample

Introduction - Marketing Management 

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1. Introduction and Overview of the Marketing Mix

B2 C is the term that alludes to the technique o8f dealing with items as well as amenities straightforwardly among a business and a client who are identified as the final user of that item and services. The study has been divided into two main segments in which the first segment will discuss about the various promotional material taught in the class with the example of Bentley. And the second part of the study will discuss about the selected product from task 1 and based on the product have to provide a digital marketing strategy that will be aim towards improving the marketing mix of Bentley’s car.

1.1 Introduction of the selected real-world B2C product focused company

It has been already pointed out in the above discussion that the selected B2C Company and its product is Bentley. Bentley Motors Limited is a British producer and advertiser of extravagant vehicles and SUVs, as well as an auxiliary of the Volkswagen Group starting around 1998 and merged under VW's exceptional image arm Audi starting around 2022. The main office located in Crewe, England, the organization was established as Bentley Motors Limited by W. O. The main mission of this company is to motivate their client with some extraordinary mixing of skill, creativity as well as sustainability (Motors ,Bentley , 2021). Some of the renowned and most luxurious car produced by Bentley is:

• Bentley R Type Continental
• Bentley Turbo R
• Bentley Arnage
• Bentley Bentayga 

1.2 Marketing Mix of Bentley

Product	Price	Place	Promotion
Bentley's product offering presently manufactures three models, Bentayga, Continental GT, and Flying Spur. A SUV, a quintessential Grand Tourer, and a completely fledged 4-entryway Luxury cantina.	The cost situating is at the top finish of the business sector. With the Bentayga being the least expensive as well as beginning at around £140,000, the cross breed rendition is somewhat more affordable, and the speed form goes up to somewhat over £180,000.	Bentley deals with its conveyance by means of an established vendor organization. Every vendor needs to go through a severe tender technique and fulfil explicit circumstances to qualify.	Bentley constructed its promotional activity around the new supportability short-term goals with its 'Image Manifesto' expressing every one of the means toward carbon-non-partisanship (alam, 2016).
Concerning the others, the Continental GT got three variants, V8, Mulliner, and Speed all approaching either with the hard-top or as convertibles, along the Flying Spur, having three motor choices, a V8, a W12, and a V6 Hybrid.	Following this the Continental GT with a passage level value near £160,000 and £175,000 for the transformable. This can go up to an expected £200,000 for the speed variation (Dash, 2019).

Figure 1: Marketing Mix

1.3 Analysis of the Marketing Mix

Based on the above done marketing mix of Bentley it can be said that they not only provide the best luxurious cars to its customer. Also the marketing mix of Bentley portray that they believe in keeping things simple and concentrate more on producing the best car to its customers. 

2. Analysis of Segmentation, Targeting and Positioning

2.1 The process of segmentation, targeting and positioning

The automobile sector divides clients on the basis of the client demography facts, location data as well as psychographic profile with the advertising communication targeted to the selected sets. A lot of research has shown that luxury automobile brands like Mercedes and BMW started the technique of marketing segmentation focussing on the young age customer and also those who have a good source of income and specially belongs to upper level class community. Also it is important for the companies specially those who are categorized within the B2C group to follow the five important steps of segmentation which are:

• Grouping the prospective purchaser within segments
• Grouping the items into various categories
• Developing the market-product grid as well as estimating the size of the market
• Selecting the target business sector
• Taking marketing actions (Anon., 2011)

Market targeting is a technique of choosing the targeted business sector from the overall business sector of the selected brand. Targeting of the audience particularly in the case of marketing involves a set of purchaser to whom the firm wishes to make happy or for whom the item is produced, cost is build up, and advertising endeavours are created as well as allocation network of made. Particularly for the luxury car brands their targeted audience are the people who fall under upper income group and lead a posh life (Nadube, 2018).

The method of generating a picture of the item in the brain of the clients is usually known as positioning. The concept of positioning assist in creating the initial picture of the brand inside the mind of the target audience. In easy language it can be said that companies make use of positioning to create a perception concerning the item or amenities between the clients (Kalafatis, 2000).

2.2 The STP theory to the chosen proposition

In this segment of the study the STP for the selected brand that is Bentley will be discussed in detail.

Segmentation of Bentley: Bentley utilizes various types of business sector division to fragment their worldwide market. Bentley understood that the utilization of the additional customary market division factors like age, orientation, instruction, and level of monetary advancement doesn't appear to showcase the genuine part of market conduct. Particularly the blossoming buying force of the wealthy in the enormous developing business sectors like Brazil, Russia, India and China. The aftereffect of the investigation was the business sector division in view of new monetary elements like the amount of deals in that market. Deploying the broad range of division factors, portray how Bentley fragments and focuses on the worldwide extravagance vehicle market. The full range of division factors are way of life, feeling affiliation, qualification and so forth (Shende, 2014).

Targeting of Bentley: Bentley usually targets the upper-class group those who have a high range of salary and bunches who need to become involved with the imagery and history of the Bentley brand. It focused on audiences in the arising economies who are regularly more seasoned or resigned males, got proper higher educations well as have and are highly paid. In correlation, Bentley's objective shoppers in developing business sectors are in many cases the youthful, less taught, business visionaries who share various significant shared traits. They have areas of strength for a for Western-marked extravagance merchandise. Perceiving the distinctions and the chance to be had from separating its focusing on endeavours. Furthermore, it’s likewise focus on the conventional business sector with its unique incentive of extravagance, execution, and selectiveness.

Positioning of Bentley: Bentley has separated as well as situated its image effectually. High-contact separation and situating program custom fitted to the painstakingly characterized wealthy gatherings in every one of its business sectors. Bentley offers an elite assortment of restricted non-motoring items created under permit from its fair select accomplices. For instance, Zai is a Swiss creator of extravagant ski gear known for its specialty and selectiveness. Bentley offers him hardware for the Bentley Styling Studio in England. And afterward, they made the golf occasions; these occasions unite golf players from various items with normal interests (Bogyor, 2015).

3. Social Media Marketing

3.1 SMART Objective for Social Media Marketing

The SMART objectives for the digital marketing strategy that is social media marketing of new product Bentley Bentayge and its strategies.

Specific: In terms of goals, the management of Bentley need to be specific regarding the goals and objectives for promoting the Bentayge. The main objective of Bentley is to reach maximum customer through social media marketing. However, be specific towards the goals helps the company to achieve the target for better enhancement of the products. It is important to implement the customer growth strategy which helps to develop appropriate communication with concentration on the different advertisement on televisions.

Measurable: It can be measured with the help of analysing the amount of engagement through the website on a daily basis. However, it gives an estimation regarding the customer acquisition cost along with the return on investments.

Attainable: It can be attained with the help of developing new strategies like social media marketing which helps to focus on promoting Bentayga and also provide personalize experience with the help of encouraging the discussion with community. However, the objectives can be achieved by proper planning and implementation of digital marketing strategy for the product.

Relevant: it is relevant as it helps the company to engage more customers which ultimately improve the brand image that will helps to gain the competitive advantage within marketplace (Chaffey, 2022).

Time-Bound: The objective can be achieved within two years that helps to grow the product in the marketplace.

The SMART objective helps the Bentayga to make a plan for the digital marketing strategy for promotion of products and understand the minds of customers. It will help to understand the perception and strategy for the development of product and enhance the services based on the requirement of customers.

3.2 Recommendation for using appropriate digital marketing strategy

At the time of implementing the digital marketing strategy, the management of Bentley Bentayga need to consider the proper improvement in the procedure. In terms of focusing on conversion, it is considered as important aspect for the success of digital marketing strategy. Due to the market division, there are certain changes in the performance metrics that affects the choice of customer, so it is important for Bentley to collect information and data of Bentayga through social media platforms. However, it can be recommended to entail the implementation of data analysis to analyse the activities and perspective of customers in the present scenario. It is significant to implement the machine learning for understanding the rates of customers and make an influence to purchase the product. For achieving this target, the management of Bentley need to manage the long term values where the main target of Social media marketing of Bentayga is to reach maximum customers.

In addition to this, the social media marketing campaigns need to target the customer requirement and develop engagement with the customers (Muninger, Hammedi, and Mahr, 2019). It will helps to develop customer advocacy and make changes in the decision of purchasing the products. The marketing management of Bentley need to be aware about the audience provide appropriate response and it can be sensitive as the data is shared on internet. It is important to manage the transparency with some indications regarding the opinion of customers. The company must manage the reach of customers through Facebook so that there is clarity regarding the activities of customers. It can be beneficial for the enhancement in product reach within the huge marketplace. It is highly recommended to involve the team members in the process of promoting the product as it provides a detailed information regarding the use of digital marketing strategy.

3.3 Demonstration of Customer Led Positioning Theory to Bentley Bentayga

Customer led positioning theory of digital marketing strategy that is used for Bentley Bentayga where the customers of the products mainly shows what they need in the products and services. In this, the marketing management of Bentley create an image for the new products Bentayga in the mind of customer. However, Bentley does not position Bentayga but also try to better the position of other products as well as features that is based on the needs and requirements of customer (Ebrahim, 2020). The new product Bentley mainly focusses on understanding the wants of customers and the theory helps to understanding the needs of customers. The theory helps to develop a close relationship of the company and the customers which plays an important role to gain success of the business and new product.

In addition to this, the digital marketing strategy for Bentayga is social media marketing that is directly related to the customers and provide better products to them. It is important to position an image of Bentayge in the minds of customer for getting better output and offer many facilities regarding the same. With the help of data and information about the customers, it will be easier for Bentley to promote product in the rage of the customers. It can create a positive impact on the mind of customers and certain change in the buying behaviour. The customer are considered as one of the major aspect of promoting products with an appropriate positioning that is called as a customer led positioning and it is one of the most important theory of digital marketing which is used by Bentley (Dwivedi, and et.al., 2021).

3.4 How digital marketing strategy improve marketing mix

It has been identified that an appropriate launch of a product is considered as an outcome of many months. The digital marketing strategy makes improvement in the marketing mix and its elements. The marketing Mix of Bentley is simple as they believe in to make simple things for considering the marketing objectives of the company. The promotions through social media marketing, the company advertises the Bentayga with some innovative marketing’s schemes. They started making the printing the official URL for the test cars which helps them to get more coverage in the market. However, the company believe in managing the integrity of the brand and try to sell the car with appropriate demand in the marketplace.

The digital marketing strategies of Bentley improve the marketing mix through new innovative ideas of promoting the product in the market and provide elements of developing the system of marketing (Chen, and Lin, 2019). Bentley contends in ethical over luxurious sales promotion. When it launches new products Bentayga, it employs some of the most innovative advertisements. Bentley ensures that their unique product reaches their target customers through adequate advertisings on Television and internet. Bentley also employs intelligent building promotional technology to increase the visibility of its item on a global level. The digital marketing strategy makes many improvement in the marketing mix as it delivers the product strategies for managing the system with new price and promotional strategies. There are certain changes in digital marketing strategies affect the marketing mix in a positive manner so that it will become easier for Bentayga to make a place in the market. In addition to this, the participation by Bentley in different branded shows leads to enhance the Bentayga sales in the future (Alam, and et.al., 2018).

3.5 How to evaluate the success of social media marketing

In order to evaluate the success of social media marketing for Bentayga can be analysed with the help of online traffic that is the simplest way to measure the outcome that gives volume of traffic as it can be done with the help of different blogging platforms. Bentley can evaluate the return on investment through the social media efforts that can be considered as a difficult part for making a purchase decision of customer (Lal, and et.al., 2020). The evaluation of success of social media marketing of Bentayga can be carried out with the help of sourcing the leads and determine the number of leads which are come from the social media. It helps to make a comparison of the products sales and identify the different platform for future promotions. The customer services helps to determine the cost of issues solved and tract the sites through different channels like email, web as well as phone. It takes time and patience to use social media effectively. Pay any attention, quantify, and understand on a daily basis. Then, find what works best, adapt the plan.

The identification of success is a kind of verification of selling of product as it helps in deciding the actual condition of product with its demand in market. The audit of customers and their activities on different website helps to understand the aspect of dealing with the changing environment and provide better level of indicators as the success of SMM. It gives a unique perception of customers to deal with the new tactics so that it will helps to manage the people on different social platforms (Arora, and Sanni, 2019). Thus, in order to evaluate the success of social media marketing there are many things to consider for handling the system through varied metrics and tools for growth and development. 

Conclusion

So, from the overall discussion it can be concluded that the STP of Bentley is very much different from the usual luxury car brands as they do not focus on number rather they provide their focal point on selecting the group who are comfortable enough to afford the cars manufactured by them. Also from the study it can also be concluded from the marketing mix that they offer various luxury cars whose prices are set on the basis of the engines and models used. With the help of the promotion and place strategy it can be concluded that the brand is more focused on traditional form of advertising though they are also focussing on creating a better digital marketing strategy to make the marketing mix better.

Also, from the above discussion, the social media marketing of Bentayga helps the company to promote their product online on different platform and collect information from this. The social media marketing of Bentayga provides an opportunity to increase the level of trust with the potential customers as well as other people. It helps the Bentley to understand the feedback from the customers and enhance the brand loyalty for the business. Thus, the digital marketing strategies for new product Bentayga helps to develop some level of market and offer it to the customers. The social media marketing helps the company to promote new product in the marketplace for better the sales.

References

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Anon., 2011. The basis of market segmentation: a critical review of literature. European Journal of Business and Management, 3(9).

Bogyor, S., 2015. LEADING MARKETING STRATEGY IN THE LUXURY CAR BUSINESS SZABOLCS BOGYOR. SMC University.

Dash, M., 2019. Marketing Response Modelling: Impact of Digital Marketing for a Luxury Car Brand. Journal of Creative Communications, 14(3), pp.254-70.

Kalafatis, S.P., 2000. Positioning strategies in business markets. Journal of Business & Industrial Marketing , 15(6).

Nadube, P.M., 2018. Market targeting and strategic positioning. Rivers State University of Science and Technology.

Shende, V., 2014. Analysis of Research in Consumer Behavior of Automobile Passenger Car Customer. Pondicherry University.

Chaffey, D., 2022. How to define SMART marketing objectives. [Online] Available at: https://www.smartinsights.com/goal-setting-evaluation/goals-kpis/define-smart-marketing-objectives/#:~:text=By%20definition%2C%20an%20effective%20SMART,their%20marketing%20strategy%20and%20planning. [Accessed 17 June 2022]

Lal, B., Ismagilova, E., Dwivedi, Y.K. and Kwayu, S., 2020. Return on investment in social media marketing: Literature review and suggestions for future research. Digital and social media marketing, pp.3-17.

Arora, A.S. and Sanni, S.A., 2019. Ten years of ‘social media marketing’research in the Journal of Promotion Management: Research synthesis, emerging themes, and new directions. Journal of Promotion Management, 25(4), pp.476-499.

Chen, S.C. and Lin, C.P., 2019. Understanding the effect of social media marketing activities: The mediation of social identification, perceived value, and satisfaction. Technological Forecasting and Social Change, 140, pp.22-32.

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Muninger, M.I., Hammedi, W. and Mahr, D., 2019. The value of social media for innovation: A capability perspective. Journal of Business Research, 95, pp.116-127.

Alam, F., Chew, M.T., Wenge, T. and Gupta, G.S., 2018. An accurate visible light positioning system using regenerated fingerprint database based on calibrated propagation model. IEEE Transactions on Instrumentation and Measurement, 68(8), pp.2714-2723.