Explain the development Of Marketing Objectives, Strategies And Tactics For Jaguar Land Rover.
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 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 particular segment’s 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.
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:
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.
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.
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.
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:
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 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:
A particular company achieves cost-leadership when it becomes the industry’s 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:
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.
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 Größler, 2012).
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.
: Product, Price, Place and Promotion are the elements of 4 P’s.
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.
7P’s: 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.
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.
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.
In Offensive marketing strategy, it attacks the weaknesses of the competitive and emphasized company’s 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.
The new marketing mix strategy involves the expended market fix (Glisby and Holden, 2011). That means Jaguar used to follow 4 P’s but later for betterment of the company started to use 7 P’s. Thus Jaguar started to focus on the People, Process and Physical evidence.
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).
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.
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. (2011). Achieving a Competitive Advantage by SCM. IBIMA Business Review Journal, pp.1-13.
D. Alkire, T. (2014). The attractiveness of emerging market MNCs as employers of European and American talent workers. International Journal of Emerging Markets, 9(2), pp.333-370.
Deng, W. (2012). Future control and automation. Berlin: Springer.
Elliott, G., Rundle-Thiele, S. and Waller, D. (2012). Marketing. Milton, Qld.: John Wiley and Sons Australia.
Glisby, M. and Holden, N. (2011). Mastering tacit corridors for competitive advantage: Cross-cultural knowledge creation and sharing at four international firms. Glob. Bus. Org. Exc., 30(5), pp.64-77.
Grewal, D. and Levy, M. (2012). Marketing. New York: McGraw-Hill/Irwin.
Kotler, P. and Armstrong, G. (2012). Principles of marketing. Boston: Pearson Prentice Hall.
Kotler, P. and Keller, K. (2012). Marketing management. Upper Saddle River, N.J.: Prentice Hall.
Kotler, P. and Sheth, J. (2012). Legends in marketing. New Delhi: SAGE Publications.
Krstic, I. and Becic, S. (2011). Implementation of marketing strategy: Factor of competitive advantage.Marketing, 42(2), pp.118-126.
Larraneta, B. (2012). Enriching strategic variety in new ventures through external knowledge. Strategic Direction, 28(10).
Lemper, T. (2012). Five trademark law strategies for managing brands. Business Horizons, 55(2), pp.113-117.
Lok, C. (2005). A defensive strategy. Nature, 437(7063), pp.1392-1393.
Martin, D. and Schouten, J. (2012). Sustainable marketing. Upper Saddle River, N.J.: Pearson Prentice Hall.
McDonald, M. and Dunbar, I. (2012). Market segmentation. Chichester: John Wiley & Sons.
Orstavik, F. (2014). Competing through innovation: Technology Strategy and Antitrust Policies by David J. Teece. Science and Public Policy, 41(2), pp.257-258.
Pride, W. and Ferrell, O. (2012). Marketing 2012. Mason, Ohio: Cengage Learning.
Strohhecker, J. and Größler, A. (2012). Implementing Sustainable Business Strategies. Syst. Res., 29(6), pp.547-570.
Essay Writing Service Features
Our Experience
No matter how complex your assignment is, we can find the right professional for your specific task. Contact Essay is an essay writing company that hires only the smartest minds to help you with your projects. Our expertise allows us to provide students with high-quality academic writing, editing & proofreading services.
Free Features
Free revision policy
$10Free bibliography & reference
$8Free title page
$8Free formatting
$8How Our Essay Writing Service Works
First, you will need to complete an order form. It's not difficult but, in case there is anything you find not to be clear, you may always call us so that we can guide you through it. On the order form, you will need to include some basic information concerning your order: subject, topic, number of pages, etc. We also encourage our clients to upload any relevant information or sources that will help.
Complete the order form
Once we have all the information and instructions that we need, we select the most suitable writer for your assignment. While everything seems to be clear, the writer, who has complete knowledge of the subject, may need clarification from you. It is at that point that you would receive a call or email from us.
Writer’s assignment
As soon as the writer has finished, it will be delivered both to the website and to your email address so that you will not miss it. If your deadline is close at hand, we will place a call to you to make sure that you receive the paper on time.
Completing the order and download