Final Marketing Plan

Marketing Objectives 1

Marketing Objectives 8

Marketing Objectives

Vamshi Pratap Bokketi

New England College

Marketing Objectives

Marketing objectives

· Our objective this calendar year is to increase sales revenue by selling more than 8 million vehicles and generate an average of 140 billion dollars.

· During the 2020-2030 decade, our objective is to continue being leaders in producing new, environmentally friendly technologies.

· Our objective is to increase our market share from 16 percent to 20 percent in the year 2021 with the help of an increase of 20 percent in the advertising budget.

· Our total target profit in the year 2021 is 250 million US. Dollars.

Research

In order to access the company, I would do research on its position in the market. Understanding the position of a company is crucial when it comes to developing strategies that would be able to transform the company and increase its profitability in numerous areas. For instance, understanding the position of the company would allow me to know the place that the company occupies when it comes to the minds of the consumers and how they can distinguish their products from that of its customers. Therefore, such a strategy would be crucial in developing different strategies that would allow the company to improve its position in the market. Therefore, as a result of such research, the company would develop a strong position that would make it very difficult for the company to be repositioned in the market.

Moreover, I would research the challenges facing the company. As a company progresses, it tends to come across different challenges that affect its productivity and competitive edge in the market. This is an issue that can be seen with the company general motors, as it announced to leave five Northern American factories and relies on over ten thousand jobs, which resulted in discussions being held in the media ( Shih, 2018). While such decisions result in negative impacts on the workers of the company and the families they support, they are often made to protect the company. Such decisions are usually arrived at due to the challenges that are affecting the company. When such issues are analyzed, objectives may be set in the appropriate manner to ensure that the company is back on track or would prevent such issues from reoccurring in the future.

Finally, I would conduct research on the opportunities available for the company. In every challenge that a company faces, there is always an opportunity for it to become better. As the company General Motors is facing challenges, it has been found that there is a problem with the demand for the mid-size and small vehicles in the market that exists in the United States and that its customers have not been flocking to the company’s hybrid Chevy Volt. Although such a challenge may negatively impact the company’s current financial status, it provides the company with the opportunity to change its tactics towards its target market ( Shih, 2018). Therefore, the challenges offer the company an opportunity to increase its sales by introducing a product that the customers would be attracted to. Towards. In researching such an issue, I would also be able to identify the target market of specific types of vehicles that different consumers of the company are attracted towards.

Target markets

The market segments that I would target include the environmentally aware, quality, and I have made it segment. In today’s society, individuals are becoming more concerned about the environment. As a result of such concern from the people, it is essential for companies to ensure that they take into consideration this segment of individuals and make aims of becoming more environmentally aware and build cares that do not have a negative impact on the environment (Market Segmentation Study Guide, n.d.). Also, more hybrid and electric cars that are known to have a little impact on the environment are becoming more common. Therefore, this would require the company to target such consumers and ensure they are creating more environmentally friendly vehicles to target such customers and not to be left out when more individuals opt for vehicles that have a little impact on the environment. This would result in the company being able to increase its revenue.

Additionally, the company being well known, can also market its vehicles to the I have made it segment who are always interested in the social status they can obtain in the community as a result of a particular brand. It is usually important that those individuals communicate their success in business or careers using a vehicle that is expensive (Market Segmentation Study Guide, n.d.). Such individuals would love cars of the companies that would allow them to receive the benefit of being recognized that the features of the vehicles. Along with this group, the company should also strive to attract consumers who would spend more to make a purchase of vehicles as a result of its quality. This is a group in which quality matters towards them, and there would be looking for advanced features in vehicles as well as quality finishes in their vehicles. However, the group is different from the I have made it segment as they are not interested in the symbol of the brand and the status that they would obtain from owning a specific vehicle; however, the products must meet the quality the desire. All the different segments would be catered for through research and proper advertising.

References Shih, W. C. (2018, November 30). The Challenges GM Is Facing, and the Reasoning Behind Its Plant Closures. Retrieved from Harvard Business Review : https://hbr.org/2018/11/the-challenges-gm-is-facing-and-the-reasoning-behind-its-plant-closures?registration=success Market Segmentation Study Guide. (n.d.). Retrieved from https://www.segmentationstudyguide.com/understanding-market-segmentation/market-segmentation-examples/market-segmentation-example-cars/