Describe your selected company or brand. Tell a brief history of the company. Summarize the core products and services the company offers.
Must be nine to 11 double-spaced pages in length (not including title and references pages or slides) and formatted according to APA Style
- Chapter 9 of the course text, Principles of Marketing
- Chapter 10 of the course text, Principles of Marketing
- It is recommended you review the course text and other resources read or watched throughout this course.
Throughout this course, you have explored all of the elements of a marketing plan. Now it is time to put your marketing plan together for the company you selected for your marketing manager internship.
Part 1 – General Information and Situational Analysis
Section 1 – Company Background
- Describe your selected company or brand.
- Tell a brief history of the company.
- Summarize the core products and services the company offers.
- Identify direct current competitors.
- Explain why they direct competitors.
Section 2 – SWOT Analysis (Links to an external site.)
- Complete a SWOT analysis.
- Propose the product or service line you want to develop a marketing plan for.
- Justify your proposal with a SWOT-based argument for why it warrants marketing investment.
Section 3 – Macro- and Microenvironment
- Analyze at least two elements from each quadrant of Table 8.1 in the course text as the micro-and macro environment factors that affect the company’s overall marketing strategy.
Part 2 – The Marketing Plan
Section 1 – Segmentation, Targeting, and Positioning (STP)
- Describe your segmentation approach for your proposed product/service.
- Be sure to discuss these elements of the segmentation approach: demographic, geographic, behavioral, and psychographic segmentation approaches.
- Provide a rationale for this approach.
- Describe the target audiences or markets.
- Create a positioning statement.
Section 2 – The Marketing Mix
- Formulate the 4Ps for your proposed product/service:
- Describe your core product, extended product, and product concept.
- Explain how you plan to achieve competitive differentiation through creating customer value in four areas: Branding, Packaging, Support & Quality
- Promotion with a special focus on digital media and integrated marketing communications (IMC)
Section 3 – Global and Ethical Considerations, and Conclusion
- Identify three business or sociocultural considerations in translating your marketing plan for use in a foreign market.
- Discuss at least one policy/philosophy or idea regarding the company’s
- corporate social responsibility (CSR),
- green marketing practices, and
- ethics and ethical marketing.
- Conclude with a summary of your plan and why it deserves to be funded.
- Use your Week 2 assignment and make sure you incorporated your instructor’s feedback and have improved your previously submitted work for Part 1 and Part 2, Section 2 (Product).
- Understanding the background of the company will help you complete the SWOT analysis.
- Propose a new idea to market the product or service line. Avoid writing about or proposing the current marketing strategy.
- This is your idea, so use the SWOT analysis to defend it.
- Use the information you researched and analyzed in the Week 4 video presentation to complete Part 1, Section 3.
- Analyze some micro-and macro environment factors that affect the company’s overall marketing strategy.
- You need to provide enough details to the information you included in your slides to fit well with the rest of the paper.
- Make sure you incorporated your instructor’s feedback and have improved your previously submitted work for this part.
- Use the information you researched and analyzed in the Week 4 discussion forum, Finding and Targeting Your People, to complete Part 2, Section 1.
- You need to beef up the information you discussed in that discussion forum to align it with your overall marketing plan.
- Review and refer to Section 7.3 of the course text, Principles of Marketing.
- Spend considerable time completing Part 2, the Marketing Plan; this is the essence of your plan.
- Someone should be able to understand your plan, just by reading this section only.
- At the end of your marketing plan, add an APA-formatted appendix.
- For information on how to create a APA-formatted appendix, please review the University of Arizona Global Campus Writing Center’s resource Tables, Images, and Appendices (Links to an external site.).
- Save your marketing plan as a Word document.
Marketing Plan: Product Identification and SWOT Analysis
Marketing Plan: Product Identification and SWOT Analysis
BUS 330 Principles of Marketing
University of Arizona Global Campus
May 2, 2022
Established as an aircraft research laboratory company in Japan, Subaru Corporation was founded in 1917, and it is the parent company of Subaru. American Subaru was established in 1968, and the first major was in the production of engines for snowmobiles. Subaru first produced its vehicle, the 4WD passenger van, in 1972. That is when Subaru started fully operating in the automotive industry. Later, the company opened another branch in Canada and started expanding to become a household name in the motor vehicle industry. According to White, S. (2012). “Once marketers have selected a market niche to target, they manipulate thousands of variables to design the exact offering that will stand out as the best value compared to competing offerings.” Subaru has created a niche and built a reputation that has helped it maintain a loyal customer base. The goal of Subaru is to “provide enjoyment and peace of mind to all its customers through people-oriented vehicle manufacturing” (Subaru, 2021). This text aims to provide a situational analysis of Subaru. The paper highlights the core products and services of the company, its competitors, and its SWOT analysis, which provide a guideline for its marketing plan. Lastly, the paper offers recommendations for how Subaru can achieve competitive differentiation through branding, packaging, support, and quality.
Core Products and Services of Subaru
Subaru has been in the automotive industry for over a century now. Its main products and services have included manufacturing engines, ATVs, automobile components and parts, and the assembly and manufacturing of cars. The company is famous for its All-Wheel Drive (AWD) and boxer engine, which have increased its resources and capability to compete in the automotive industry. The cars of Subaru have the highest resale value, which is rare with other car brands. All its vehicle models have attracted a large customer base for the company, which has expanded its services worldwide. The company has focused on one customer niche that it understands well, and it has increased its positive reputation in the production of AWD vehicles.
Key Current Competitors
The main competitors of Subaru are Volkswagen, Ford Motors, and BMW. These companies have realized a high demand for vehicles worldwide, and they are implementing necessary strategies to beat Subaru. They are producing unique models and offering them at lower prices. BMW is a big giant that Subaru must be wary of after topping the 2021 list of luxury car producers. Ford Motors is getting a pay-off from its venture into electrified cars, trucks, and SUVs. Its models, such as the Mustang Mach-E, increased the sales of Ford, and it ranked number 3 in sales in 2021. “Ford stated that its F-150 Lightning has generated 200,000 reservations since its unveiling in May and explained that around three-quarters of these buyers are new to the brand” (O’Donoghue, 2022).
On the other hand, Volkswagen is making solid footprints in the automotive industry through its ID Range. According to Volkswagen.com (2022), the ID.4 range and the Atlas increased their sales by 12% in 2021. It now ranks among the top car manufacturers at 85.97%, increasing overall industry resilience and strong competitive advantage.
However, Beresdord (2021) asserts that the automotive industry is experiencing a shortage of microchips, and the production of these companies is affected since they have focused on mass production. Subaru will be ahead of them because it has always focused on manufacturing what it only needs.
· Highest resell values which increase revenue
· Traditional boxer engine gives Subaru the right of technology patent.
· Over 75% sale of cars internationally
· Innovative and technologically driven which increases its competitive advantage.
· Environmental protection policies such as using recyclable materials enhance its reputation.
· Poor in R&D especially on customers
· Decreasing net profit from JPY 436.65 billion in 2016 to JPY 76.51 billion in 2021.
· High attrition rates and spends more in hiring and training
· Focusing on only one segment by always launching cars with sports designs and looks
· Creativity, innovation, and technology to meet the fast-changing customer preferences.
· Digitize by creating websites and marketing through social media platforms
· Invest more in the manufacture of electric vehicles since their demand is increasing.
· Competition from giants such as BMW, Volkswagen, Ford Motors, and Tesla.
· Rising fuel costs are reducing its customers
· Rising costs of raw materials are making production costly.
· Competitors’ use of technology and innovation to produce superior products.
The Product for a Marketing Plan
The market plan targets Subaru Ascent, the largest automobile manufactured by the company. The vehicle is mid-size with three rows and can accommodate eight passengers. There is a need to improve the Ascent because the COVID-19 pandemic made people realize the importance of family. Therefore, many people take their families out for camping and other recreational activities. Subaru vehicles have been suitable for meeting this demand through their sport design. The Ascent can accommodate up to 8 people, making it perfect for that. One of the strengths of Subaru is its AWD, and Ascent has it, which makes it fit for vacations and road trips. However, the weakness is that the Ascent may be small for large families with extended relatives as they may not fit in the car. The opportunity for Subaru is that many families are made up of mothers, fathers, and children. With the ongoing outbreak of COVID in different phases, the company has a chance to increase its revenue. Subaru has always been known for perfect cars on Terrain and road trips. It can take advantage of this to market its Ascent to families globally. However, it also has to be wary of its competitors, who are its most significant threat. Other companies have recognized the effects of the pandemic and understood what their customers need, and they can threaten Subaru’s new marketing strategy.
The Product and Its Concept
Subaru has a positive track record in the manufacture of sports cars. Therefore, making something that will meet customer needs after the pressure of the COVID-19 pandemic will increase its venue. They can extend their sports design to cover the family, which will indicate that the company can handle all types of customer segments. Families have that expensive feel but at the same time need something affordable. Subaru should step in and offer precisely that through its Ascent.
Achieve Competitive Differentiation
When it comes to branding the Ascent, Subaru has to be creative, rebrand, and committed to creating a brand image that has never been seen before. This will differentiate the brand and attract new clients and its existing customer within its target audience of families. Subaru should roll out a model that envisages sports, recreations, and vacations with packaging. The three rows should be structured to allow the family to interact freely for fun. This will attract more families to the product. In terms of support, the Ascent should be designed so that it is the only alternative for customers. The ability of Ascent to accommodate family, be effective in terrains, and provide the customer with comfortability will ensure the customers perceive the vehicle positively through the benefits they will derive from it. Lastly, Subaru has to ensure Ascent is of high-quality and unique to differentiate it from the cars of other manufacturers such as BMW. Every customer is after high-quality products that can meet their demands and needs. However, the Ascent is already a quality roll-out with AWD, and it is expected to increase its competitive advantage of Subaru.
Subaru is one of the giants in the automotive industry, and it is famous for its AWD and the traditional Engine, which have contributed to its global growth and expansion in the industry. It has maintained a trend of manufacturing cars with a sports design and model, which has made it competitive in a wide range of markets. With the growth in technology, Subaru has the opportunity to utilize innovation and digital technologies to market its products and increase its presence globally. However, with the COVID-19 pandemic that hit the world hard, consumers have focused their attention on their families. There is a need for Subaru to focus on the Ascent since it can accommodate families and provide excellent vacation and road trip services.
Beresdord (2021). A Microchip Might Be Why The New Car You Want is Hard To Locate. Car and Driver; Retrieved from: https://www.caranddriver.com/news/a35228204/microchipshortage-car-production-disruption/
O’Donoghue, J. (2022). Tesla’s Competitors: The Other Players in the Electric Vehicle Industry. Retrieved from https://mywallst.com/blog/teslas-competitors/
Subaru (2021). Corporate Profile. Retrieved from https://www.subaru.co.jp/en/outline/pdf/company_brochure.pdf?0108
Volkswagen.com (2022). Volkswagen Group achieves solid results in 2021 and drives forward its transformation to NEW AUTO. Retrieved from https://www.volkswagenag.com/en/news/2022/03/volkswagen-group-achieves-solid-results-in-2021-and-drives-forwa.html
Subaru in Bangladesh
Internship Company: Subaru
Subaru in Bangladesh
Subaru has been successful in the Bangladesh market
Subaru Bangladesh has been introducing new cars into the market
Its models in Bangladesh target 10% of the overall market share
“Since 2012, the industry has been growing at 8% on average” (ICE Business Times, 2019).
Since 2012, Subaru has made successful steps in Bangladesh by introducing new car models. Each time, it targets a new market segment, and its goal is to capture 10% of the market share. According to the ICE Business Times (2019), Subaru has been growing in Bangladesh at the rate of 8%. The automotive industry in Bangladesh is growing, making it a potential market for Subaru.
Employees, customers, stockholders, partners, and managers may have conflicting interests.
Local publics, Government, print and electronic media are key players in the operation of Subaru in Bangladesh
Employees, customers, stockholders, and the managers in the different branches of Subaru greatly influence the company's success. Subaru has to ensure the satisfaction of these stakeholders to achieve effectiveness in the market. The public also plays a massive role in the success of Subaru. The government, local populace, and the media are watching the business practices of Subaru. The company has to understand the power and interests of each of the parties and satisfy them.
Changes in consumer behavior
With the growth in technology, consumer demands are changing
Competitors such as Ford Motors are utilizing technology to innovate superior products
According to Mansur (2021), the automotive industry in Bangladesh is expanding at a high rate, and with the availability of different car models, consumer behavior and demands are changing. This calls for Subaru to update its products. Competitors are also utilizing technology and innovation to roll out new car models that are superior and unique. This is affecting the sales of Subaru.
The Macro Environment
Bangladesh is more cultural than democratic, and Subaru has to abide by the cultural norms of the country.
Political factors include land and business laws that govern the operations of Subaru in Bangladesh.
In Bangladesh, cultural norms such as decent dressing must be upheld. Therefore, Subaru must observe all these norms and ensures they are kept. For instance, it cannot use indecently dressed individuals in its advertisements. Subaru has to comply with laws such as the customer Act, the Company Act, and other business laws in terms of politics and law. Corporate social responsibility is also essential to uphold in Bangladesh.
The world is becoming a global village, and this is making it easy for Subaru to sell its cars globally.
Technology is growing at a high rate and Subaru is innovating to meet customer demand and increase sales.
Subaru’s Bangladesh branch is growing due to the ability to supply its car models worldwide due to Subaru’s Bangladesh branch is growing due to the ability to supply its car models worldwide due to globalization. The company is advertising through social media platforms and its website to reach a wider audience. It is also taking advantage of technological growth to innovate and introduce new car models that meet customer demands. . The company is advertising through social media platforms and its website to reach out to a wider audience. It is also taking advantage of the growth in technology to innovate and introduce new car models that meet customer demands.
The automotive industry is expanding in Bangladesh
Subaru is growing at a rate of 8% in average.
Globalization, technology, customers, and competition among the factors influencing the operations of Subaru.
Subaru’s venture into the Bangladesh market followed the growth and expansion of the Bangladesh automotive industry. However, Subaru has to watch competitors like Ford Motors, who are also present in that industry, while meeting the needs of its customers and other stakeholders. The company can utilize technology and the high rate of globalization to produce more car models and get them to the consumer.
ICE Business Times (2019). Reyad Hasnain, Managing Director, SUBARU Bangladesh. Retrieved from https://ibtbd.net/reyad-hasnain-managing-director-subaru-bangladesh/
Mansur, H. (2021). Automobile sector development in Bangladesh: Challenges and Prospects. Policy Insights. Retrieved from https://policyinsightsonline.com/2021/01/automobile-sector-development-in-bangladesh-challenges-and-prospects/
Are you looking for custom essay writing service or even dissertation writing services? Just request for our write my paper service, and we\'ll match you with the best essay writer in your subject! With an exceptional team of professional academic experts in a wide range of subjects, we can guarantee you an unrivaled quality of custom-written papers.
Why Hire Collepals.com writers to do your paper?
Quality- We are experienced and have access to ample research materials.
We write plagiarism Free Content
Confidential- We never share or sell your personal information to third parties.
Support-Chat with us today! We are always waiting to answer all your questions.