Marketing Strategy Tactics

Question: Explain the development Of Marketing Objectives, Strategies And Tactics For Jaguar Land Rover. Answer: Marketing objectives: Marketing objectives are defined as the set of goals determined by an organization with an aim of promoting its services and / or products to the potential customers which should be achieved within a specified time period. Marketing objectives of a company for a particular product may include the SMART strategy (Elliott, Rundle-Thiele and Waller, 2012). For the company Jaguar Land Rover, SMART objectives include: S Specific the aim of the company was to be the Best Manufacturer in its home country. M Measureable the objective should be measurable, such that, the progress of the company be understood. For Jaguar, its objective is measurable as to win the award of Best Manufacturer takes the company to a higher level. A Actionable only to set an aim is not the appropriate application of SMART theory, but to perform accordingly to achieve the goal is the main objective. Jaguar started to work hard to achieve their aim. R Realistic the aim should be realistic, that is, practical and achievable. For Jaguar, the aim was realistic that is, to be the best in its home country. T Time bound within one year, the company aimed to be the best, and in the year 2014 only, Jaguar has been named as the Best Manufacturer. Target and positioning: Target: Target means to achieve the specified goals, which are pre-defined by the company. There are three types of target. They are: when there is no major difference between customer characteristics, then the company usually decides to develop only one marketing mix for the whole target market. Companies that lack marketing orientation might follow this strategy (Grewal and Levy, 2012). For example by the year 2020, jaguar decided to create lower carbon vehicle. in differentiated marketing strategy, the differences between marketing segments are exploited by designing a particular marketing mix for each and every segment (Kotler and Keller, 2012). Here separate brands are formed for each segment. For example the owner of the brand Land Rover is more or less 10 years younger than the medium age of Jaguar brand. This difference is made by the company by launching brands for more adventurous, design and style oriented consumers. it involves designing of a promotional message that is related to the benefits desired by a particular segment as the company understands the requirement and motivation of a particula r segments customers, thus design a specialized marketing mix (Kotler and Keller, 2012). This is occurred because sometimes company may not be able to serve all the segments. For example Jaguar Land Rover is the SUV, i.e. sports utilizing vehicle is for specific targeted customers. Positioning: Product positioning is position of a product in consumers mind. So the marketers design appropriate marketing mixes to create their desired product positions (Pride and Ferrell, 2012). Positioning strategies can take any of the following forms or a combination of the following: Specific product attributes Benefits offered Usage occasions Classes of users But the company Jaguar follows the USP theme for product positioning that is, Unique Selling Proposition theme, which includes the rubric Alive. This logo not only represents the refreshment of the logo, but also a global advertisement of largest branding campaign. The new logo of Jaguar brand is Leaper and Growler having a new font and a new corporate identification represents the refreshed image and the underline confidence the company has in its existing products and even the vision the company has for its future. Market Attractiveness: The term is used to describe the possibilities of high profit one might obtain by investing in a market or business (D. Alkire, 2014). Generally, the companies like Jaguar before entering into the market like U.S. perform various types of analysis to determine the prospect of the company, by identifying the size of the market, depth of the market, and the number of potential consumers. Report of all these analysis was positive, thus today Jaguar has became the Best Manufacturer in U.K. Competitive Position Of Jaguar In The Market: Jaguar Land Rover made record sales in the year 2013. It beats the sales of its competitors Mercedes and Audi in the market of U.K. the Land Rover brand sold about 55,000 vehicles in U.K., which is about 25 % more than the previous year. This indicates the smooth progress of the company Jaguar in its competitive market. Positioning of market segmentation: In each segment of market, consumers share same type of likings. Division and subdivision of a huge homogeneous market into distinguishable segments based on similar wants, or demand is called market segmentation (McDonald and Dunbar, 2012). It is of three types: Homogeneous preferences Here all the customers have of similar likings. Diffused preferences It means all of the customers are having different types of needs and likings. Clustered preferences Here, the firm gets three choices it might position in the centre with a aim to hop in all segments; it might have a aim to occupy the largest segment of the market or several brands may be developed for each different market segment. Jaguar follows the third option, thus it has launched various brands, each for different market segment. The targeted market of Jaguar consists of individuals who are having age of more than 40 years and have a record of high net worth retail customers. Business level strategies: Business level strategy means the way, by which a firm competes, concentrates on meeting competition, protect market share and earn profit at business unit level through one of the following methods: Cost Leadership: A particular company achieves cost-leadership when it becomes the industrys lowest-cost provider (Lemper, 2012). It must achieve a cost advantage in ways difficult for rivals to copy. A cost advantage can be achieved in 2 ways: a) by reducing the cost better than the competitors. b) By revamping value chain for bypassing costly activities. A cost leadership is appropriate when: Competition of price among sellers in very high Many sellers selling standardized commodity-type product Few ways to effectively differentiate products Product usage is similar among buyers Large number of buyers and have strong bargaining power An entry barrier is needed to discourage potential new entrants in the industry. Differentiation: Successful differentiation allows a firm to Command a price premium and thus avoid price competition, sales increases, earn loyalty of consumers. Differentiation improves profitability. A company can be differentiated according to lines of products, services, channels, people or image. Products are classified based on features, style or design. Service differentiation can be gained through speedy, convenient or careful delivery. When buyers are unable to discriminate between product brands, they look for company image. For example, logo and symbol of Jaguar provides brand recognition and image of the company. Focus: A firm concentrates on very small or narrow market segment called niche market. This strategy is appropriate if the niche market is profitable and has good growth prospects; industry leaders are not keen on a presence in the niche market; industry leaders are not willing to address the highly specialized needs of niche market which will divert attention from their more important and bigger segments; the industry has many niche markets being served by different firms; few rivals are attempting to enter the niche market (Strohhecker and Grler, 2012). Strategy implementation and control: The translation of some specific strategy into actions of organization with the aim to achieve strategic objectives is known as strategic implementation (Deng, 2012). This implementation is done for the betterment of the company regarding the performance of the company and the competitive advantage. Organizational structure provides additional value to tasks, employee roles, quality, but it is not sufficient to motivate employees, thus, organizational control is also required. This control provides managers with motivational incentives for employees, feedback on employees and performance of the organization. By applying this organizational control, Jaguar has succeeded in its business. Marketing Mix Programme: : Product, Price, Place and Promotion are the elements of 4 Ps. Product: There are various products or models of Jaguar with various facilities, like Jaguar XJ(X351) which is a luxury passenger car with a 4 door saloon. These various products of Jaguar attracts customers. Price: Price of a particular car depends on various features like types of engine oor model. In most cases a premium price has to be paid by the consumers for a new XJ because of a strong brand loyalty or class association (Kotler and Sheth, 2012). Promotion: in case of Jaguar, promotion takes place by magazines, newspapers, business reports. Dealerships themselves are one of the important sources of promotion. Place: Jaguar is considered as a worldwide company having high sales and strong network of distribution. Ford acquired Jaguar in 1989 which sheared some common dealerships with Land Rover. 7Ps: People, Process and Physical evidence are the elements of extended service mix. The extended market mix is used by Jaguar for the betterment of the company. People: The term people refers to all those persons who are involved in the process of production and consumption of a service. They include the front-line employees of a service organization and the customers purchasing the service (Martin and Schouten, 2012). Recruiting the people with the right attitude is extremely necessary for service organizations. In Jaguar, the sales persons play the main role, as they interact with the customers and thus bring in revenue for the company. Process: A process indicates the methods of producing and delivering a service. It measures the extent of involvement and participation of customers reargued in service, creation and delivery (Kotler and Armstrong, 2012). Therefore, in Jaguar, the process determines the role of the service person and the consumers. Physical Evidence: Physical evidences of Jaguar include the services provided by the company towards its customers, the loyalty, and also the comfort. All these services are intangible in nature. Routes To Competitive Advantage Creation: Jaguar is a very special brand, having proud heritage to car enthusiasts. Thus dealership staff should retain the product knowledge in order to embody the brand with the aim to deliver well customer experiences. The main responsibility of protecting the prestige of the brand lies with the employees who are in frontline customer contact (BratiĆ¡, 2011). These experiences of brand are seemed to be the main for competitive advantage. Thus, the focus is on the quality people in dealership department, as this is the key to future success of the company Jaguar. Achieving Differentiation: Substantial potential differentiation is the differentiation achieved by the company Jaguar, than the other companies, due to the differences in the products and the services provided by Jaguar, positive long term impact on the entity helps in value addition, and the qualitative factors are difficult to defend. Offensive And Defensive Competitive Strategies: In Offensive marketing strategy, it attacks the weaknesses of the competitive and emphasized companys strengths, but never the industry leader (Krstic and Becic, 2011). For example Jaguar by using offensive strategy targets the products of other established companies of the same industry and thus introduces new products. When a company seeks to introduce better products in the market than the existing one, it is called defensive strategy (Lok, 2005). Jaguar uses both of them for the betterment of the organization. Competing Through The New Marketing Mix: The new marketing mix strategy involves the expended market fix (Glisby and Holden, 2011). That means Jaguar used to follow 4 Ps but later for betterment of the company started to use 7 Ps. Thus Jaguar started to focus on the People, Process and Physical evidence. Competing Through Innovation: Innovation is the main objective of the company Jaguar. Thus, the company has enriched so far. Jaguar Land Rover won the Altair Enlighten Award in the competition of the year 2014, for the implementation and development of the concept of its premium lightweight architecture design on latest Range Rover (Orstavik, 2014). Competing Through Superior Customer Management: The major competitive advantages can be achieved through customer satisfaction like after sales servicing, word of mouth, higher prices and many more. This is the thumb rule followed by Jaguar to gain, retain and maintain customers, and thus can easily manage the customers of the company. Internal And External Development: The company Jaguar is internally well developed, as it has huge assets, and has the internal strength of a large number of employees, high brand value, culture identity is rich and has increased R D and marketing investments. External development includes the strategic allowances and joint ventures. Strategic allowances mean a company partners with other in order to earn advantage by working together (Larraneta, 2012). For example, the automotive division of Alibaba Group Holding Ltd. has entered into alliances with Jaguar to extend its sales and to provide best customer services in China. For extension of the business, British company Jaguar Land Rover make a joint venture with a Chinese company Chery Automobile and established its first manufacturing unit in China. Conclusion: Thus it can be concluded by analyzing the marketing objectives, strategies and tactics of the company Jaguar Land Rover that the company is running smoothly and successfully in its home country U.K. and also in the overseas. The company has the objective to be the Best Manufacturer, best in customer service, and best analyst of the market to gain new customers from different segments and to maintain the existing customers by launching new products and modifying the existing ones. References: BratiĆ¡, D. 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