Wearnes Automotive Pte Ltd is a multinational corporation that deals in luxury automobiles such as premium passenger marques. Lately, the firm manufactured a Volvo car brand that in 2015 it was the most desired and successful premium brand in Singapore. Wearnes Automotive Pte Ltd, initially known as Wearnes Automobiles Pte Ltd was established in 1979. The company deals in a wide range of car products such as XC90, V90, S60, V40, and an aspect which enables it to reach many buyers with different needs, preferences, and tastes. For reasons such as outstanding corporate image and distinctive advertising campaigns, Wearnes Automotive Pte Ltd has founded a unique reputation in the automobiles industry. This, for instance, includes a broad customer base that is committed to the conglomerate and its Volvo car brand, predominantly in Southeast Asia, Singapore.
The Singapore government is progressively backing up the technological improvement to enrich economic situations. This condition offers an opportunity for Wearnes Automotive Pte Ltd Company to utilize governmental inducements for invention, ecologically responsive commodities, and sustainability. Volvo cars, for instance are modified in an environment friendly manner such as that they cannot emit pollutants. Wearnes Automotive Pte Ltd also has the chance to develop its processes based on international trade contracts, which make it easier for corporations to get into intercontinental marketplaces. Furthermore, high-growth industrializing nations are refining their infrastructure networks such as conveyance set-ups. This far-flung or macro-environment situation leads to the aggregating demand for Volvo vehicles in these nations, and in so doing giving Wearnes Automotive Pte Ltd the opportunity to develop globally. This constituent of the PESTEL analysis demonstrates that the external political influences generate noteworthy opportunities for Wearnes’ growth and expansion (Rao, Rao, & Sivaramakrishna, 2008).
Wearnes Automotive Pte Ltd with its Volvo should at all times keep an eye on fluctuating economic state of affairs. This element of the PESTEL analysis recognizes the effect of both national and global economy on the company’s remote and macro-environment. Wearnes Automotive Pte Ltd has an opportunity to propagate based on the dawdling but a remarkable evolution of the Singapore economy which is the business’s leading marketplace. In addition, Wearnes Automotive Pte Ltd has the chance to develop in high-prospective industrializing nations, where the corporation still has narrow manifestation. Such remote or macro-environment circumstances designate that Wearnes Automotive Pte Ltd ought to expand business competencies to capitalize on the opportunities in international markets recognized in this constituent of the PESTEL analysis (Marmol, Feys, & Probert, 2015).
Wearnes Automotive Pte Ltd is able to develop by offering merchandises which address the swelling petition for hybrid and power-driven vehicles. Besides, Wearnes Automotive Pte Ltd has got the opportunity to advance its facilities, particularly aftersales services to appeal to the auxiliary consumers. Nevertheless, the accumulative wealth breach and social classes are macroeconomic environment conditions which threaten Wearnes’ Volvo car brand. This section of the analysis, Wearnes’ remarkable development stratagems must put emphasis on brand revolution to content varying consumer partialities and address the socio-cultural peripheral issues in its business (Dransfield, 2004).
The increasing usage of mobile computing is one of the external factors that generate opportunities for Wearnes Automotive Pte Ltd to propagate via mobile facility sustenance and mobile publicizing. Correspondingly, the organization with its Volvo brand is able to advance its enactment through enriched virtual nirvana services. For instance, Wearnes Automotive Pte Ltd Volvo car parts can be supplied to consumers over these fulfillment facilities. Contrariwise, the enterprise’s probable growths in availing alternative-fuel automobiles may suffer due to the restricted substitute fuel stations. Therefore, based on the technological element of this analysis, Wearnes Automotive Pte Ltd needs to concentrate on service upgrading and high-tech augmentation to ascertain attractiveness notwithstanding challenges in macro-environment (Gorgenla?nder, 2010).
Ecological disquiets somewhat control the conditions of Wearnes’ macro-environment.
Climate variations are some of the external factors which generate opportunities for Wearnes Automotive Pte Ltd to proliferate through merchandises that aid in environmental preservation. The similar exertion may possibly make the most of the low-carbon trend. Moreover, Wearnes Automotive Pte Ltd can provide newfangled supplies that utilize substitute fuels or electrical energy to address the influence of the deteriorating oil stashes on the macro-environment of automobile organizations. As a result, based on the environmental constituent of this analysis, Wearnes Automotive Pte Ltd should lay emphasis on product revolution to expand its commercial performance (Khan, 2004).
Wearnes Automotive Pte Ltd with its Volvo brand can expand its corporate sustainability to address the influence of environmental fortification directives. Besides, Wearnes Automotive Pte Ltd can advance brand scheme to take the opportunity based on protection protocols. Furthermore, growing intellectual property bylaws are refining the macro-environment of Wearnes Automotive Pte Ltd by generating further fortification for their intellectual properties and privileges. This constituent of the PESTLE demonstrates that Wearnes Automotive Pte Ltd is able to propagate based on variations in the peripheral supervisory landscape (Rao, 2008).
Wearnes Automotive Pte Ltd offers a robust car brand that is apparent from the firm’s international manifestation as well its financial performance. Wearnes Automotive Pte Ltd is ranked amongst the best performing intercontinental vehicle manufacturing companies. The other strength of Wearnes Automotive Pte Ltd Company is closely connected to the first. This organization has an enormous and dependable consumer base of the brand. The loftier a brand’s customer base, the stouter is its position in both local and foreign market (Wied, & Ebers, 2007).
However, the Wearnes Automotive Pte Ltd Volvo brand has various weaknesses which it might need to address. It ought to first concentrate on its manufacturing systems as well as expand its worldwide supply chain. At present, its network of fabrication amenities is to some degree restricted when paralleled to the brands of primary competitors. In addition, the Volvo manufacturing costs at Wearnes Automotive Pte Ltd are as well higher compared to those of its challengers. Despite the fact that the number of weaknesses is partial, there still is a necessity for Wearnes Automotive Pte Ltd Company to concentrate on them explicitly to keep on being competitive (Lamb, Hair, & McDaniel, 2008).
Wearnes Automotive Pte Ltd Motor Company has the opportunity to develop its Volvo brand internationally into the novel and evolving foreign markets. Newfangled brand improvement can as well offer new opportunities for the firm. In addition, the brand can concentrate on price discount all through its supply chain. Therefore, there exist a number of opportunities that Wearnes Automotive Pte Ltd may as well exploit to its benefit (Hawknis, Mothersbaugh, & Mookerjee, 2011).
Rivalry in this autos industry has escalated and it is deemed to pose a significant threat to the brand. The Company is encountering extreme competition from other automobile organizations both nationally and internationally. Furthermore, considering the possibility of ultra-modern products incoming to the vehicles market aggregating the threat of competition is anticipated to intensify. The inconsistent oil costs are an additional critical threat to the Corporation’s sales. Skyrocketing oil prices, in general, bring about deterioration in the sales of the brand (Gitman, & McDaniel, 2008).
According to Lake, (2009) marketing exists to inform potential customers about the available brand for example Volvo in this case. A targeted market basically describes the clients or audiences most prospective to buy a certain commodity. It is essential for Wearnes Automotive Pte Ltd to maintain pace with customers’ changing requirements and desires in an attempt to continue being competitive. The company must screen international market trends, ever-changing customer interests, as well as societal and political signs of progress to classify matters that may most probably influence brand consumers, the overall industry, and the firm.
Wearnes’ marketing specialists utilize a rigorous market exploration and scrutiny procedures to comprehend who the prospective brand customers are, what they value most as well what they need in an automobile.
The target consumer profiles surpass basic demographic statistics such as age, sex, and revenue levels. Wearnes Automotive Pte Ltd crafts comprehensive profiles of its target customers, containing indicators such as what they relish doing most as well as where they shop. By means of a completely established, archetypal purchaser as the primary focus for automobile improvement, brings Wearnes Automotive Pte Ltd.’s market exploration information to life and retains everybody on the brand advancement team dedicated to designing a vehicle that best meets consumers’ wants and needs (Lamb, Hair, & McDaniel, 2009).
The Corporation develops its target customer profiles centered on psychosomatic behaviors and prototypes which go beyond domestic features and nation-explicit consumer needs. This forms a crucial fragment of the firm’s motive to advance truthfully intercontinental autos that entreaty to consumers in various marketplaces. Toward this end, the organization is concentrating entirely on the psychological and expressive rudiments of the way consumers select their means of transportation in addition to the customary financial principles of prices and features. For instance, the market average price for 2017 Volvo S60 Cross Country is $41, 509. This brand offers the most classic features and at this fair price, and therefore it is clear that the Company’s primary objective is to manufacture products that satisfy the dreams and ambitions of every target customer segment (Rao, 2008).
Kacen, & Lee (2002) describe need recognition as the paramount step in customer purchasing behavior and is also known as problem identification. It takes place the moment a purchaser realizes an unmet necessity that should be satisfied. A need can be prompted by either an external or an internal stimulus. Internal motives can be individual perceptions or attitudes experienced by a consumer. However, in Wearnes Automotive Pte Ltd Inc., focus is directed more on external stimulus which incentivizes a customer to buy a car brand like 2016 Volvo XC90. Such influences may originate from peer influence, consistent advertising or relentlessly maintaining products at the vicinity of the target customers. To reinforce the importance of advertising in this initial stage, Mellott, (2014) provides an example of a consumer who moves to Minnesota and at first fails to recognize the need for heavy wintertime cloth until he sees a store advertising for it, which prompts the need in his mind.
Information search is the second step in consumer decision-making process. Often buyers employ both internal and external information search. In the internal information search, the buyer identifies the best course of action or substitutes from his or her memory. However, internal information search often takes place with low involvement products, and since Wearnes Automotive Pte Ltd deals with luxury cars, relatively high involvement products, the company invests in having information presented to the customer in need, for example through websites, news coverage, and brochures. Before purchasing a Volvo vehicle, the customer might inquire for their friends’ sentiments, read periodicals in Consumer Reports, refer to several websites or visit various franchises (Chandler & Heinzerling, 2009).
In the course of the assessment of alternatives phase, the customer assesses every product accessible on a scale of certain characteristics which have the capability to bring the benefit that he or she is in search of. In an attempt by Wearnes Automotive Pte Ltd to upsurge the possibility that their main product, Volvo is part of the considered group of brands by various customers, they usually comprehend what benefits shoppers are looking for and explicitly, which qualities will be most persuasive to their decision-making procedures. For example Volvo is the number one brand in the market aiming at adequate customer satisfaction. As Bargh, (2002) reminds, it is imperative to acknowledge that customers assess substitutes in regards to the functional and psychological benefits that they provide. At this point, buyers can be considerably swayed by their mindsets and the magnitude involvement that they might have with the brand, product, or general category.
This is the fourth step in which the acquisition occurs. According to Cronin, Brady, & Halt, (2000) the ultimate buying decision can easily be interrupted by various factors such as the adverse reaction of different other consumers and the tier of inspiration to conform or take the comment or response. For instance, after undergoing the above three phases, a purchaser decides to buy a Volvo S60 Cross Country. Nevertheless, since one of his close friends, who has owned this similar brand for quite some time provides him with a negative response; he will then be destined to alter his first choice. The holder may relate an incident when the Volvo got fire and the supplier said there was recall for the brand alternators. Besides, the choice might be interrupted due to unexpected circumstances such as an unexpected job loss or the termination of a merchandizing store. A potential buyer with a perceived price of $39, 200 for 2017 Volvo S40 may not purchase in case the price skyrockets to around $49, 700
This is a crucial phase since it determines whether the organization will retain the customer or not. At this juncture, consumers compare brands against their anticipations and are either contented or discontented. This can then significantly influence the decision procedure for a related consumption from the similar company in the future. If consumers are gratified, this contributes to augmented product loyalty, and the previous steps, information search, and evaluation of alternative are at times accelerated or skipped totally. Therefore, product devotion is the definitive objective of various establishments. In consideration of either being contented or discontented, a purchaser will disseminate either positive or negative reaction concerning the brand. At this juncture, at Wearnes Automotive Pte Ltd often judiciously crafts positive post-acquisition communication to engross the consumers.
Social factors play a crucial role in impacting on the purchasing decisions of shoppers. Various social factors such as reference groups and societal status influence consumer decision-making behaviors. Reference groups encompass of individuals that persons associate themselves with. Every single person identifies certain individuals in the society who turn out to be their pinups in due course of time. Colleagues, relatives, fellow citizens, friends, seniors at a place of work often form reference groups. These people play a critical part in the buying mannerisms of a customer. A person from a superior, intermediate class would tend to spend on expensive and deluxe stuff while another from middle to inferior revenue group would purchase things vital for his or her continued survival.
Perception, beliefs, and attitude are two major psychological factors which affect buyer behavior. Pride & Ferrell, (2003) points out that what a person thinks concerning a certain brand or service is termed as his or her perception towards the same. Potential buyers with the similar requirements may not buy comparable products because of dissimilarity in perception. Purchasers perceive similar condition in a different way owing to the difference in the manner they interpret provided information. Person’s beliefs and attitude take a vital role in affecting the purchasing choices of customers. Individuals craft a particular image of each commodity or service obtainable in the marketplace. Every single brand has its unique image embedded to it, also referred to as its brand image. Customers buy goods or services based on their attitudes which they craft towards a certain commodity or service. A brand may be actually virtuous, but then again if the customer feels it is of no use, he would by no means purchase it (Schwenker & Spremann, 2009).
Personal factors such as occupation and age play a significant role in influencing customer purchasing behavior. A person’s nature of occupation has an unswerving effect on the commodities and brands he chooses for himself/herself. A party’s description and his kind of job sway his buying decisions. It is not easy to find a low-level employee buying business outfits or ties for him or herself. Age and human lifecycle as well affect the purchasing mannerisms of customers. Youths would be more engrossed in ordering bright and loud colors as opposed to a mid-aged or aging person who would have a preference for conventional and elusive designs. Some customers are laggards preferring to buy hoary vehicles to the emerging brand of Volvo in Wearnes Automotive Pte Ltd
Wearnes Automotive Pte Ltd marketing mix (the 4Ps) maintains the organization’s capability to link with its target audiences. The marketing mix according to Kolenda, (2013) refers to tactics utilized to execute a marketing plan for a company. In Wearnes’ case, the primary target marketplace is extremely diverse and spans the international economy. As such, the business’s marketing mix is as well all-inclusive. With its high position in the automobiles industry, an all-inclusive marketing mix is crucial to sustaining its productivity. This marketing mix and interconnected approaches also change with time to safeguard Wearnes’ competitiveness in attaining its target markets all over the world.
Wearnes Automotive Pte Ltd provides an extensive assortment of products. Organizational yields are encompassed in this component of the marketing mix. Wearnes’ main products include autos trucks, buses, tractors, financial services, and automobile leasing. The broad assortment of brands will go a long way assisting the company in securing an extensive customer base composed of individuals with different needs and wants.
Wearnes Automotive Pte Ltd with its Volvo brand makes use of archetypal places or venues utilized for its plan of commodity distribution. This component of the marketing mix concentrates mainly on the settings or localities used to stretch and vend to consumers. In Wearnes’ case, some of the key places used for Volvo product circulation include charters, automobile parts stores, Wearnes Automotive Pte Ltd website. This Company promotes it goods and services via all of the orthodox tactics. Wearnes’ promotion accomplishments according to significance include advertising, personal selling, direct selling, sales promotions, and public relations.
Wearnes’ prices levels fluctuate, subject to the market trends. This portion of the marketing mix comprises of the approaches employed to decide on suitable prices for goods and services, based on the prevailing market and business circumstances. Wearnes Automotive Pte Ltd uses two primary pricing tactics, namely, market-oriented and premium pricing schemes. The former is used to fix prices deemed suitable to the prevailing market situations, with respect to factors such as consumer perception, competition, demand, among other variables. Conversely, the corporation employs the premium valuing stratagem to fix upper prices for some of its products.
References
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