Introduction Today’s society is warm with urbanization and demonstration effect. With a view towards it, there are drastic changes coming up in all sectors even in the automobile industries. The following information gives an insight about it. In the present context the companies operate on the principle of natural selection –“Survival Of The Fittest”. Only those companies will succeed which at best match to the current environmental imperatives – those who can deliver what people are ready to manufacturers make. Organizations gain market leadership by understanding consumer needs and finding solutions that delight consumers.
If customer value and satisfaction are absent, no amount of promotion or selling can be compensate. Hence the aim of marketing is to build and manage profitable customer relationship buy. But real marketing does not involve the art of selling. This is a part of the strategic marketing done by every company to achieve it objectives and goals. To maximize the profits and long-term plans every organization has to follow a strategic planning. Marketing is much more than just an isolated business function – it is a philosophy that guides the entire organization towards sensing, serving and satisfying consumer needs.
The marketing department cannot accomplish the company’s customer relationship-building goals by itself. It must partner closely with customer relationship-building goals by itself. It must partner closely with other departments in the company and with other organization throughout its entire value – delivery network to provide superior customer value and satisfaction. Thus marketing calls upon everyone in the organization to “think customer” and to do all they can to help build and manage profitable customer relationship.
Marketing is all around us, and we need to know that it is not only used by manufacturing companies, wholesaler and retailers, but also by all kinds of individuals and organizations. There are four major, powerful themes that go to the heart of modern marketing theory and practice, they are:
- Building and managing porfitable customer relationships.
- Building and managing strong brands.
- Harnessing new marketing technologies in this digital age.
- Marketing in a socially responsible way around the globe.
What marketing is what it does and what it offers?
“Marketing is a social and managerial process whereby individual and groups obtain what they need and want through creating and exchanging products and value with others. ” “Marketing management is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals. ” “Marketing offers some combination of products, services, information, or experiences offered to a market to satisfy a need or want” Marketing is an orderly and insightful process for thinking about and planning for markets.
The process starts with researching the market place to understand its dynamics. The marketer uses research methodologies to identify opportunities, that is, to find individuals all groups of people with unmeet needs or latent interest in some products or service. The marketing process consists of the following:
- Analyzing marketing opportunities.
- Developing marketing strategies.
- Planning marketing programs
- Managing the marketing efforts.
Before taking any decision and achieving the goals, it has to make analysis of what to do, how to do, when to do, where to do and who is to do it. This is nothing but strategic planning. Goals indicate what a business units wants to achieve whereas strategy is how to get there. Marketing strategies “Marketing strategy is a process that can allow an organization to concentrate its limited resources on the greatest oppurtunities to increase sales and achieve an organizational goals. ” Marketing strategy includes all basic and long-term activities in the field of marketing that deal with the analysis of the strategic initial situation of a company and the formulation, evaluation and selection of market-oriented strategies and therefore contribute to the goals of the company and its marketing objectives.
Marketing strategies in simple terms are the complete and unbeatable plans designed specifically for attaining the marketing objectives of the firm. Marketing can be called as a game plan for achieving its goals. Strategy choice will depend on whether the firm or the marketer plays the following roles. A marketing strategy defines objectives and describes the way you're going to satisfy customers in your chosen markets. It does not have to be written down but it is easier to communicate to outsiders, like your bank manager or other investors, when it is. A set of strategies found quite commonly in smaller businesses are growth strategies.
One way to look at strategies to grow your business is through the way you will use products and markets or customers. The marketing strategy focuses on markets and customers and is just one part of business strategy. Business strategy takes a broader view that includes other business functions such as manufacturing and operations, finance, quality, purchasing and supply chain, and information and communication technology. For example, a business objective may be to increase sales. Marketing objectives to achieve this would be to reach new customers, promote repeat buying among existing customers and launch new products.
The marketing mix is an important part of the marketing strategy and consists of the marketing 'tools' you are going to use. But marketing strategy is more than the marketing mix. The marketing strategy sets your marketing goals, defines your target markets and describes how you will go about positioning the business to achieve advantage over your competitors. The marketing mix, which follows from your marketing strategy, is how you achieve that 'unique selling proposition' and deliver benefits to your customers.
Types of strategies
Marketing strategies may differ depending on the unique situation of the individual business. However there are a number of ways of categorizing some generic strategies. A brief description of the most common categorizing schemes is presented below:
- Market penetration strategy Market penetration is a strategy of increasing your share of existing markets. You might achieve this by raising customers' awareness of your products and services or finding new customers.
- Market development strategy Market development is a strategy of finding and entering new markets with your current product or service range. The new market could be a new region, a new country or a new segment of the market.
- Product development strategy Product development is a strategy for enhancing benefits you deliver to customers by improving your existing products and services or developing new ones.
- Diversification strategy Diversification is a strategy that usually carries high costs and high risks. It often requires firms to adopt new ways of doing business and so has consequences far beyond simply offering new products/services in a new market. It is therefore usually a strategy to be adopted when other options are not feasible.
The key in marketing strategy is to understand and match the capabilities of your firm to the opportunities available in the market. You will therefore need a range of information such as:
- Market data: data about the size and growth rate of the market, who potential customers are, what they buy, when they buy, from whom and through whom do they buy, etc
- Competitive data: data on who direct competitors are, their products, prices, etc. It also helps to identify indirect or potential competitors who may take you by surprise.
- Internal data: data within your business will help to assess the strengths and weaknesses of your product/service and its core capabilities.
Your business judgement will play a key part in deciding marketing objectives, target markets and suitable positioning strategies. Composition of marketing stratetgies The constituent parts of a marketing strategy are based on a thorough and objective understanding of the current situation.
They usually include:
- The scope of the business: the customer groups you serve, the benefits they are seeking and which you deliver, and the technology you use. This may provide you with what some companies call a 'vision' or 'mission statement', a set of words explaining what your business is about and where it is going.
- Marketing objectives: eg market share, sales or market share growth, market entry, increase awareness, etc.
- Target segments and positioning: the specific customer groups or segments you are targeting and your business' position in those segments. For further information on segmenting and targeting customers see the Related Items section below for a link to the Factsheet: Segmentation, targeting and positioning.
- Marketing mix: the products, price, place (distribution) and promotion that you are using as 'marketing tools' to deliver benefits to your customers and beat competitors.
- Implementation: includes action plans, budgets, timescales and resources. The best marketing strategy is not going to help if it you cannot implement it. When you have finished your marketing strategy, it is worth checking that you have the operational capacity and processes capable of fulfilling the extra orders, delivering on time and providing any extra services reliably and efficiently. Core elements of marketing strategies
Marketing strategy process
- Understand Your Customer Develop a clear picture of your target customer using market research and analysis. Understand their pain points and the benefits of your solution.
- Analyze the Market Some basic market research should allow you to find market data such as total available market, market growth (historical numbers and projections), market trends, etc.
- Analyze the Competition Ask yourself what other choices your target customers have to solve their pain point. Research and assess the strengths and weaknesses of each.
- Research Distribution Channels What is the best way to deliver your product or service to your target customers? This will impact your sales strategy and your financials, as well as your marketing mix.
- Define Your Marketing Mix Developing your marketing mix refers to finding the optimal strategy for the four Ps of marketing:
- A. Product
- B. Price
- C. Place (Distribution)
- D. Promotion
These four components are the essential elements of your marketing plan. You can produce different results from your marketing efforts by altering your strategy for each of these ingredients in the mix.
6. Analyze the Financials Put together your marketing budget and evaluate projected marketing ROI, customer acquisition costs, etc.
7. Review and Revise Continuously evaluate the effectiveness of your marketing strategy, and revise or extend as needed.
Developing a marketing strategy Marketing strategies serve as the fundamental underpinning of marketing plans designed to fill market needs and reach marketing objectives.  Plans and objectives are generally tested for measurable results. Commonly, marketing strategies are developed as multi-year plans, with a tactical plan detailing specific actions to be accomplished in the current year.
Time horizons covered by the marketing plan vary by company, by industry, and by nation, however, time horizons are becoming shorter as the speed of change in the environment increases. Marketing strategies are dynamic and interactive. They are partially planned and partially unplanned. See strategy dynamics. Marketing strategy involves careful scanning of the internal and external environments. Internal environmental factors include the marketing mix, plus performance analysis and strategic constraints.
External environmental factors include customer analysis, competitor analysis, target market analysis, as well as evaluation of any elements of the technological, economic, cultural or political/legal environment likely to impact success. A key component of marketing strategy is often to keep marketing in line with a company's overarching mission statement. Once a thorough environmental scan is complete, a strategic plan can be constructed to identify business alternatives, establish challenging goals, determine the optimal marketing mix to attain these goals, and detail implementation.
A final step in developing a marketing strategy is to create a plan to monitor progress and a set of contingencies if problems arise in the implementation of the plan. The identification of objectives, both in quantitative and qualitative terms, is an essential backdrop to strategy formulation. Goals have a quality and time frame attached to them. These are typically spelt out in terms of financial return, market share, market presence, etc. Thus, the concept of market oriented strategic planning arises with the link between the products the link between the products the manufacturer is dealing in conditions.
In this direction, our study deals only with the marketing strategies i. e. promotional strategies of the Ford automotives. Strategies based on market dominance – In this scheme, firms are classified based on their market share or dominance of an industry. Typically there are four types of market dominance strategies:
Porter generic strategies – strategy on the dimensions of strategic scope and strategic strength. Strategic scope refers to the market penetration while strategic strength refers to the firm’s sustainable competitive advantage.
The generic strategy framework (porter 1984) comprises two alternatives each with two alternative scopes. These are Differentiation and low-cost leadership each with a dimension of Focus-broad or narrow. ** Product differentiation ** Cost leadership ** Market segmentation * Innovation strategies — This deals with the firm's rate of the new product development and business model innovation. It asks whether the company is on the cutting edge of technology and business innovation. There are three types: ** Pioneers ** Close followers ** Late followers * Growth strategies — In this scheme we ask the question, “How should the firm grow?
” There are a number of different ways of answering that question, but the most common gives four answers: 1. Horizontal integration 2. Vertical integration 3. Diversification 4. Intensification A more detailed scheme uses the categories Miles, Raymond (2003). Organizational Strategy, Structure, and Process. Stanford: Stanford University Press.
- Marketing warfare strategies – This scheme draws parallels between marketing strategies and military strategies.
Strategic models Marketing participants often employ strategic models and tools to analyze marketing decisions. When beginning a strategic analysis, the 3Cs can be employed to get a broad understanding of the strategic environment. An Ansoff Matrix is also often used to convey an organization's strategic positioning of their marketing mix. The 4Ps can then be utilized to form a marketing plan to pursue a defined strategy. There are many companies especially those in the Consumer Package Goods (CPG) market that adopt the theory of running their business centered around Consumer, Shopper & Retailer needs.
Their Marketing departments spend quality time looking for "Growth Opportunities" in their categories by identifying relevant insights (both mindsets and behaviors) on their target Consumers, Shoppers and retail partners. These Growth Opportunities emerge from changes in market trends, segment dynamics changing and also internal brand or operational business challenges. The Marketing team can then prioritize these Growth Opportunities and begin to develop strategies to exploit the opportunities that could include new or adapted products, services as well as changes to the 7Ps.
Real-life marketing Real-life marketing primarily revolves around the application of a great deal of common-sense; dealing with a limited number of factors, in an environment of imperfect information and limited resources complicated by uncertainty and tight timescales. Use of classical marketing techniques, in these
circumstances, is inevitably partial and uneven. Thus, for example, many new products will emerge from irrational processes and the rational development process may be used (if at all) to screen out the worst non-runners. The design of the advertising, and the packaging, will be the output of the creative minds employed; which management will then screen, often by 'gut-reaction', to ensure that it is reasonable. For most of their time, marketing managers use intuition and experience to analyze and handle the complex, and unique, situations being faced; without easy reference to theory.
This will often be 'flying by the seat of the pants', or 'gut-reaction'; where the overall strategy, coupled with the knowledge of the customer which has been absorbed almost by a process of osmosis, will determine the quality of the marketing employed. This, almost instinctive management, is what is sometimes called 'coarse marketing'; to distinguish it from the refined, aesthetically pleasing, form favored by the theorists. Objectives of the study Primary Objective: 1. To know the influence of various Marketing Strategies, Promotional Activities towards the customers of four wheelers. Secondary objective:
- To know the effective factors for preferring 4 wheelers
- To know the factor of awareness of the cars.
- To Study and analyze the Promotional Strategies of Ford.
- To know whether the customers are satisfied with the offers given by the dealer.
- To know which kind of offers can attract the new customers.
- To find the area to be improved.
- To find out satisfaction of the customers.
- TO study and analyze the customer's perception regarding the usefulness/utility of Ford cars.
- TO study and analyze the distributors perception regarding the promotional and distributional strategies of Ford.
Company Profile Company type| Public| Founded | 17 june 1903 | Founder | Henry ford | Headquarters | Dearborn ,Michigan,USA | Area served| Worldwide | Key people| William clay ford(jr. executive chairman); Alan mulally (president & ceo)| Industry | Automotive | Products | Automotive goods and services| Services | Automotive finance,vehicle leasing,vehicle service| Employees | 164000 (2011)| Divisions | Ford Credit, Ford division, Lincoln, Mercury, | subsidiaries | Automotive Components Holdings, Jaguar, Land Rover| | | Slogan 1. Bold Moves 2. Have you driven a Ford lately? 3.
Built Ford Tough 4. Built for Life in Canada 5. Feel the difference 6. Make Everyday Exciting Vision and values Ford has a vision to become one of the world's leading consumer companies for automotive products and services. Apart from that, its vision is to provide personal mobility for people all over the world. This Vision is accomplished by: 1. Strategic Planning 2. Teamwork 3. Management team with shared vision 4. Technology 5. Dedicated Employees Goals Four goals of Ford are: 1. To be a consumer-needs driven company. 2. To respect and value each team member’s contribution. 3.
To be an environmentally responsible company that lives up to the standards of society. 4. To constantly improve in everything the company does. In an effort to become socially responsible, Ford also established its electric vehicle line, with the first car being the Ford Ranger Electric Vehicle. This car operates on batteries and thus does not cause pollution. Ford believes that quality comes first. Their goal is to achieve customer satisfaction by providing customers products of high quality and good service. They also believe that customers are the focus of everything the company does.
They aim to provide better products than their competition. Their goal is to strive for excellence in everything they do. They uphold the highest standards of employee satisfaction by treating their employees with trust and respect. To move their business forward, Ford aims to maintain healthy relationships with its vendors and business associates. The company does not discriminate against people of different caste, race, sex and religion. Ford Motor Company is an American multinational corporation and the world's third largest automaker based on worldwide vehicle sales. In 2006, Ford was the second-ranked automaker in the US with a 17.
5% market share, behind General Motors (24. 6%) but ahead of Toyota (15. 4%) and DaimlerChrysler (14. 4%). Ford was also the seventh-ranked American-based company in the 2007 Fortune 500 list, based on global revenues of $160. 1 billion. In 2006, Ford produced about 6. 6 million automobiles, and employed about 280,000 employees at about 100 plants and facilities worldwide. In 2007, Ford had more quality awards from J. D Power than any other automaker. Based in Dearborn, Michigan, a suburb of Detroit, the automaker was founded by Henry Ford and incorporated in June 16, 1903.
Ford now encompasses many global brands, including Lincoln and Mercury of the US, Jaguar and Land Rover of the UK, and Volvo of Sweden. Ford also owns a one-third controlling interest in Mazda. Ford has been one of the world's ten largest corporations by revenue and in 1999 ranked as one of the world's most profitable corporations, and the number two automaker worldwide. Ford introduced methods for large-scale manufacturing of cars and large-scale management of an industrial workforce, especially elaborately engineered manufacturing sequences typified by moving assembly lines.
Henry Ford's combination of highly efficient factories, highly paid workers, and low prices revolutionized manufacturing and came to be known around the world as Fordism by 1914. History Henry Ford was launched in a converted factory in 1903 with $28,000 in cash from twelve investors, most notably John Francis Dodge and Horace Elgin Dodge who would later found the Dodge Brothers Motor Vehicle Company. During its early years, the company produced just a few Model T's a day at its factory on Mack Avenue in Detroit, Michigan. Groups of two or three men worked on each car from components made to order by other companies.
Henry Ford was 40 years old when he founded the Ford Motor Company, which would go on to become one of the largest and most profitable companies in the world, as well as being one of the few to survive the Great Depression. The largest family-controlled company in the world, the Ford Motor Company has been in continuous family control for over 100 years. Ford in INDIA Ford started its innings with the Mahindra-Ford joint venture formed in 1994, which produced the Escort out of M&M Nashik plant. After meeting initial success, sales of the Escort was finally replaced by the Ikon in 1999.
The Ikon marked a new beginning for Ford in India. It rolled out of the Marajmalaingar plant near Chennai and by now, the company had parted ways with M&M and was renamed Ford India Ltd in 1998. The Ikon was the first model by a multinational to be developed specifically for India. Though it was based on the Fiesta, it was a unique body style and was offered and was offered with an option of three engines, including a diesel. The car was a big hit. The Ikon underwent several face-lifts and price cuts to keep demand high. However, fresher competition and a reputation for high-maintenance saw sales gradually decline.
After the arrival of the modern and highly-capable Fiesta, another made for- India car, with state-of-the-art engines, the Ikon has been marginalized. The Fiesta has picked up where the Ikon left and is selling well. Though the Ikon and Fiesta have been the mainstays of Ford’s production in India, the company has had limited success with other models. The Mondeo, launched in 2001, was a very talented car by was simply not suited to Indian conditions and earned a reputation for being exorbitant to maintain. The Endeavour SUV was launched in early 2004 and has sold well for its niche.
The Endeavour has recently been upgraded in 2007 and this has boosted the appeal of the big SUV. In 2004, Ford launched the Fusion, which has received a lukewarm response though the recent diesel variant has perked up sales. Ford is an authorized dealer for Ford India Limited, who are one of the leading manufacturers of top quality cars in India, with many variants in the offering. Fortune Ford is a 50:50% Joint Venture set up between two well known and reputed families in Hyderabad, the Modis and the Babu Khans. Fortune Ford is a blend of experience and youth.
The experience and good will that Mr. Misbahuddin Babu Khan and Mr. Pramod Modi enjoy blend very well with the youth and energy of the youngsters Bashir, Ashish, Nirav and Siraj to make Fortune Ford a truly world class Ford Dealership. Fortune Ford markets and services the recently launched truly European Ford Fiesta, the ever-popular Ford Ikon Flair, the No non-sense car Ford Fusion and the macho SUV the Ford Endeavour through its sales and service outlets at Hyderabad. All our cars spring to life at Ford's Rs. 1700 crore integrated manufacturing plant at Maraimalai Nagar, 45 kms.
from Chennai. The plant, equipped with advanced manufacturing technology from Ford, covers 350 acres, provides employment to about 2,000 people directly and many more thousands indirectly and has a capacity to manufacture upto 100,000 vehicles per annum. Ford is a 6-Sigma company. Every step of every process is planned to perfection.
Step 1: STAMPING
- Semi-automatic press line moulds blank sheets into various body parts.
- Thorough checks for perfection in dimensions and surface quality.
Step 2: BODY SHOP
- Entire shell checked with military precision for dimensions.
- Subjected to stresses to check quality of welding.
Step 3: PAINT SHOP
- Cutting-edge technology creates a finish that's unaffected by rain or sunshine.
- Painting so complete that even underside gets full PVC coating for corrosion protection.
- Baking done to Ford's global paint specifications.
Step 4: T C F
- Interiors taken care of, before doors and seats come on in Trim zone.
- In Chassis area, professionals use high power tools to fit in engine, front suspension, bumpers etc.
- Once nuts and bolts are tightened to perfection, the car gets its wheels.
- Rolls into final line for remaining parts and filling of fluids.
Step 5: QUALITY TESTING
- Stringent testing ensures every car is at its best, even in trying conditions.
- All Ford cars complies with Bharat III emission standards, notified by the Government of India.
These centrally located outlets provide convenient and easy access to both the proud owners as well as prospective buyers. The workforce at Fortune Ford is committed to excellence in serving all esteemed customers. The Sales Team is made up of dedicated showroom and field executives who are professionally trained by Ford India Limited.
They are adapt at guiding the customer through the entire sales process right from assisting in the choice of model, color and features to lending a helping hand in providing attractive buyback options and also arranging finance at competitive rates. The Service Centre is armed with the state-of-the art equipment and is in-line with Ford's exacting Global standards. The service team is technically qualified and trained to analyze and provide solutions adhering to Quality Care, in order to satisfy even the most demanding customers.
The Fortune Ford dealership maintains a high standard of excellence in sales and services by sending its personnel for training on a regular basis to Ford India Limited, to update them with the latest technological advances in the automotive sphere. Board of Directors MICHAEL BONEHAM – President and Managing Director, Ford India Michael Boneham is the President and Managing Director at Ford India since June 2008. He reports directly to Joe Hinrichs, President of the Asia Pacific and Africa. SANDIP SANYAL – Executive Director – Operations, Ford India, India San