Book Report on "Product and Target Market Description Promotion Strategy"

Book Report 10 pages (2875 words) Sources: 15

[EXCERPT] . . . .

Product and Target Market Description

Promotion Strategy

Pricing Strategy

Marketing Mix adjustment strategies

In this report, we present a detailed integrated marketing communication report for Volkswagen CC. It covers the IMC tools used in the marketing of the product, a description of the outcome of my investigation, as well as a marketing strategy, product segmentation. Also included are the product and target market description, product strategy, promotion strategy, pricing strategy, marketing mix adjustment strategies, conclusion and recommendation. The presentation also contains a reflection of what I learn about the report process and my ability to complete it.

In this report, we present a detailed integrated marketing communication report for Volkswagen CC. It covers the IMC tools used in the marketing of the product, a description of the outcome of my investigation, as well as a marketing strategy, product segmentation. Also included are the product and target market description, product strategy, promotion strategy, pricing strategy, marketing mix adjustment strategies, conclusion and recommendation. The presentation also contains a reflection of what I learn about the report process and my ability to complete it.

Introduction

Marketing is a term that has two faces (Lamb et al.,2010) .The first face of marketing is noted to be philosophical and attitudinal, a perspective and a management orientation that has a deep emphasis on customer satisfaction. The second phase is noted to involve activities as well as processes that are used in the implementation of the above mentioned philosophy. The American Marketing Association defined marketing as an activity, processes as well as set of institutions that are used in the creation, communication, delivery as well as exchange of offerings that can add value to clients, customers, partners as well as the society at large. Integrated marketing Communication on the other hand, is a customer-centric and yet data driven technique of communication with clients. It involves the coordination as well as seamless integration of all the marketing communication tools, sources as well as functions within a corporation into a program that can help in the maximization of the impact of clients as well as other end users at the least possible cost (Clow & Baack,2007).As mentioned earlier, in this presentation, we present a detailed integrated marketing communication report for Volkswagen CC. It covers the IMC tools used in the marketing of the product, a description of the outcome of my investigation, as well as a marketing strategy, product segmentation. Also included are the product and target market description, product strategy, promotion strategy, pricing strategy, marketing mix adjustment strategies, conclusion and recommendation. Our emphasis is however on the product and target market description, product strategy, promotion strategy, pricing strategy, marketing mix adjustment strategies, conclusion and recommendation.

Product and target market description

The Volkswagen CC is a car which is also known as Volkswagen Passat CC (Lavrinc,2008). Is a 4-door coupe version of the famous Volkswagen Passat. The car debuted in 2008, January at the North American International Auto Show in the city of Detroit. The CC stands for the word Comfort Coupe . The Volkswagen CC is manufactured and marketed by Volkswagen as a luxurious car that the standard VW Passat saloon car (VW,2008). The car falls between the Phaeton and Passat in Volkswagen's range. It has a sharing wheelbase of 27mm longer while it is 50mm lower than the Passat. The car is also 36mm wider than the usual Passat.

Brown (2008) noted that in terms of capacities, the car can carry 4 people while its cargo capacity is rated at 13 cubic feet. The car's fuel tank can hold close to 18.5 gallons of premium unleaded gas (recommended).

In regard to safety issues, the car has standard safety equipment that includes 4-wheel disk brakes with antilock protection, electronic stability as well as traction control, emergency braking assistance as well as front and head air bags.

In regard to price for the 4-cylinder Sport model, it starts at U.S.$26,790. There is a however a huge uptick in the V-6 models' prices with the highest starting at close to $39,300.

The car's engine transmission is 3.6 liter and 24-valve V6 engine with the ability to develop about 280 horsepower and 265 pound-feet at about 2,750 rpm.

Target market

The car's target market is the young and affluent clients. The company is noted to expect to sale more than 26,000 units per annum (Carter,2008)

Product Strategy

Product is the essence of starting a new business. The development of a product strategy is therefore one of the most crucial decisions in the marketing of a product because a product plays an important role in the demand, success as well as competitiveness of a given company .It is therefore crucial for the marketing teams and managers to comprehend the ramifications of the chosen product strategy on the other areas of marketing such as price, promotion and distribution.

Before formulating the appropriate product strategy, it is worthwhile to have a unique selling proposition. This means that every marketer must be able to determine a unique marketing proposition of the given product (in this case our product is Volkswagen CC) within the public relation team's vision. It is this particular unique proposition that will then be used in carving out the niche for Volkswagen CC as a product that can endure over the existence of competing products.

Other competing brands like Acura and Lexis for instance introduced at almost the same time high-priced and yet luxurious models into a category which is mainly dominated by BMW and Mercedes Benz. While all the above mentioned competing brands/car are relatively successful, Volkswagen Passat can establish itself in the market by advertising itself with its unique slogan "Engineered in Germany, Born in the U.S.A." As a selling proposition of its engineering excellence and be cut slightly above the rest in terms of quality finish and affordability.

It is important for Volkswagen to push its Passat CC product amidst growing competition from Mercedes Benz, BMW, Acura and Lexus. They should do this by starting an aggressive campaign to source new customer segments as well as by referencing the heritage of their car quality while they introduce their new design.

Therefore, before formulating a product strategy, it is important to perform a thorough evaluation of the competing products in all possible dimensions in terms of price, distribution and promotion in order to determine the winning category. This would be used in the determination of the product's success. The information that is gathered should then be factored into Volkswagen CC's product strategy.

Customer demand

Before formulating the product strategy, it is important for the level and type of consumer demand to be established. This is because the consumer's needs as well as desires can effectively influence the development and well as marketing of a product. The needs as well as desires can be translated to mean sales demand. Most products are developed to meets certain need. These products that are tailored to meet the needs as well as desires of the consumers are noted to have a higher chance of success within the competitive marketplace.

The Volkswagen CC should therefore be positioned as a luxurious coupe which is available at affordable prices.

. SWOT analysis

Strength

Weaknesses

1. Has stylish and yet very luxurious exteriors

2. Is very Elegant, spacious and possesses comfortable interiors

3. Is very powerful with a very smooth drive

4. The constant innovation of the Volkswagen Passat over the years has led to an improvement of its brand presence

1. Is not very attractive to the middle income segment of the market as a result of an expensive brand perception

2. Has a high price which effectively limits penetration in the emerging economies

Opportunities

Threats

1. Increasing its overall fuel economy

2. Going green through the introduction of eco-friendly alternatives as well as technologies

3. Launching as well as marketing the product in the emerging economies

1.Stiff government regulations on pollution, taxation as well as competition

2. Intense competition from other competing products from other manufacturers like

Promotion Strategy

The promotional strategy to be used by Volkswagen CC is to include various aspects of advertising techniques that are used by car manufacturers as well as marketing agencies that they work closely with. The various changes in the lifestyles, tastes, economic fluctuations as well as brand loyalty must be taken into account.

For Volkswagen to effectively promote its Volkswagen CC product, it must;

Market its products to the younger audiences

Sell the cars to the female market,

Use internet as well as showrooms to promote the car

Employ various communication styles in the promotion of its products

Before deciding on the appropriate promotional strategy, it is important for us to evaluate the historical changes in the car and economy, the changes in the functionality of cars, the relationship between cars and lifestyles as the concept of brand loyalty.

We must also ensure that we make a decision to push the brand or the specific models into the minds of the consumers. Volkswagen CC being a product of… READ MORE

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