Toyota Motor Corporation is an automotive multinational; the business is located in Toyota City, Aichi, Japan. The firm was established by Kiichiro Toyoda on August 28, 1937, it is one of the biggest car manufacturing companies in the world. This report explains the marketing perception of the company and also the task of marketing in the 21st century. Marketing is one of the most essential activities of the firm, Toyota's marketing mix generally indicates the 7 Ps of marketing. It also includes the roles of marketing that focus on the marketing environment. The role of marketing is to influence the audience toward the company's products and services. In the firm, all the departments are interrelated such as finance, human resource, marketing, sales, etc., and work collectively to expand the business of Toyota. The internal atmosphere of the company includes employees, machines, materials, etc. The outer environment of the firm involves consumers, suppliers, the market, etc (Toyota, 2023).
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Define marketing, and explain the concept and role of marketing in the 21st century
Marketing is the technique to create, advertise, promote, and supply goods and services to the market and businesses. In the 21st century marketing emerges in both old and new (traditional and digital) platforms to advertise goods and services. Before the 21st century, companies had no promotion option channels; they just had conventional channels like newspapers, TV, and radio to attain the target customers(Akter, et.al 2016). Businesses concentrate on massive marketing campaigns to create awareness about the commodities and services in the target marketplace. Inbound marketing offers two-way syndication among companies and customers through different marketing platforms such as social media channels, email, and content tactics.
Social media marketing: Companies use different social media platforms such as Instagram, FaceBook, Twitter, etc. to attract target audiences to their products and services. social media has turned into a channel for individuals to exchange their ideas, and opinions and buy experiences. Social media promotion is beneficial for organizations such as this technique offers the benefit of less cost and elevatedreaction rate.
Personalized email marketing: Marketing in the 21st century concentrates on including values for clients by informing and engaging them throughout online channels. Email marketing is the most used tool for texting-modified communication to target audiences and influence them to make purchases. Businesses in the modern era have developed opt-in email lists to conduct email marketing campaigns. An opt-in email list comprises email accounts of people who have exposed awareness in companies’ products and services.
Content marketing tactic: It is one of the most significant techniques of marketing in the digital era. Micro and medium-sized firms highly exercise search engine marketing strategies to attain the target audiences digitally. Great-quality, unique, and charge-based content is important for websites to attain high ranks on search engines like Google, Yahoo, etc. This marketing technique in the modern era is to support businesses in accomplishing their goals and objectives.
Traditional marketing in the 21st century –
In the modern era, micro and medium size companies use digital marketing techniques but macro-level organizations still rely on traditional marketing such as TV advertisements and newspaper advertisements to influence customers purchasing power (Felix, Rauschnabel, and Hinsch, 2017). The macro-level companies combine traditional and modern marketing techniques to develop the most suitable company image for their goods.
The roles in marketing concerning the marketing environment
The marketing atmosphere incorporates all the inside and outside elements that run and impact the company's marketing functions. A marketing manager must be attentive to the marketing environment to manage growth and handle any risks or opportunities that can impact their work. A marketing atmosphere is huge and varied, containing manageable and irrepressible elements.
The role of marketing manager in a transforming marketing environment –
Coping with shared procedures is known for a considerable quantity of work and skill. Marketing management takes a position when at least one side or one party to a possible exchange provides thought to goals and means of attaining responses from other parties. Marketing management is the procedure of organizing and operating the conception, pricing, advertising, placing, or distribution of products services, and ideas to develop connections with target teams that fulfill the requirements of the clients and the goals of the business (Kelly, 2016). A marketing manager concentrates on different tasks for taking a market position.
Creating the marketing strategies and plans: A marketing manager has to address customer requirements and desires to deliver them by including quality and value to the items and explaining higher value. Strategic development is a supervisory procedure of creating and managing balance and stability among companies' goals, services, and resources and transforming marketing opportunities. Strategic planning takes place at four levels such as company, union, business unit and products.
Marketing information system: Marketing managers require a marketing information system for market and goods analysis, organizing and execution, and for powering responsibilities, MIS offers require details and supplies in a fixed time (Dereli, 2015).
Monitoring marketing environment: Marketing managers must address trends and change them into opportunities. With the transforming global state, marketers must observe six large environmental factors. They consist of demographic, economic, socio-cultural, ecological, mechanical, political, and legal factors.
Marketing Research: In addition, to monitoring the marketing atmosphere, managers also require business-specific understanding and knowledge. Certain knowledge can be based on their goods, firm's market, target audience base, and response to their communication attempts. Thus, modem marketing managers either recruit experts or commence marketing inquiries.
Developing customer value, satisfaction, and loyalty: Customers are focused on value, they purchase from the companies that offer the highest purchaser value. Therefore, maximum importance has to be provided to quality management programs and this will create consumer loyalty (Doyle, 2016). Customer relationship management is a procedure of handling brief information of individual purchasers and utilizing them to develop customer loyalty.
The marketing function helps an organization shape and achieve its vision, mission, and purpose
Marketing functions are all the altered stage of supplying a product to a purchaser that consists of the marketing department. The reason for marketing is to link the commodities and the client by offering similar details to them. Toyota's vision is to interact and link with the customers by explaining to them the value of goods and their benefits, the end goal of the company is to purchase the cars Toyota. There are some key functions of marketing that are helping the firm in shaping and retaining its vision, mission, and purpose.
Research: In the research stage, the marketing manager unfolds customer behavior and practices. The main purpose of the company is to discover who will purchase what. Various factors are included in it such as the income of the consumer, age group, profession, area, etc. This kind of market research consists of collecting information to save what they have discovered (Van Kerrebroeck, Brengman, and Willems, 2017). For example, marketing research includes organizing surveys and questionnaires, driving focus groups, explaining findings, etc.
Product Marketing: This function consists of planning for new items and analyzing old ones to discover if there is still a market for them. When introducing a new model of a car, marketing managers draw on their findings to plan for how they can bring something unique to what already exists in the market. Toyota's product marketing involves; analyzing research data, working on new ideas, creating marketing plans, applying new marketing strategies, and taking feedback from customers.
Distribution: Distribution indicates the sale of products, many attempts go into determining to price, the area for selling products, the production process, and how many varieties there are. For example, the distribution function involves; creating and managing connections, negotiating contracts, maintaining funds, and creating or writing sales plans.
Management: This function of the company concentrates on handling both the marketing department's functioning and the members in it (Erevelles, Fukawa, and Swayne, 2016). There are various leaders and managers in the Toyota, management department handles hiring, overseeing daily tasks, giving plans and opinions, and feedback on work. For example, management includes; hiring new people in the firm, handling teams, supporting career growth and advancement, etc.
Sales promotion: This function of marketing is related to advertising Toyota's products to support the company in selling them. There are various techniques of sales advertising, consisting of promotion on social media, email marketing, online content, etc. For example, sales promotion consists of content writing, shaping or video making, handling social media, and observing performance.
The interrelationships between various functional units of an organization and marketing
The marketing department cannot work individually because different functional units and the marketing department are interconnected each department is reliant on other departments.
Marketing and production: The marketing department of Toyota works around the manufacturing department. It ensures that appropriate research and enlargement are organized to fulfill existing and future consumer requirements (Kotler, Kartajaya, and Setiawan, 2019). It also ensures that the products can be developed according to the customer's preferences. The company's marketing manager expects to deliver products as soon as possible in the market to ensure a competitive advantage. Whereas the manufacturing department wants to experiment with products completely to ensure lower defect rates and fulfill legal needs.
Marketing and finance: The Company’s marketing department is working around the finance section to confirm that there is a required fund to fulfill the requirements of research, advertisement, and allocation. The Finance department's position is to ensure that the company functions under its economic capabilities. The marketing department focuses on sales growth and market share, while the monetary subdivision is more focused on the company's money flow, costs, and reserves.
Marketing and human resource management: Toyota’s marketing department is also operating around the human resource department to ensure adequate skills and recruitment processes are in place to find and create a new product idea, complete production targets develop a great sales team, etc. The HRM department focuses on hiring and training programs to maintain its duties towards marketing and other departments (Deepak and Jeyakumar, 2019).
Marketing and supply chain: The Firm's marketing team gets information supply chain team, and the marketing department enables the supply chain team to distribute the right products and services to the right audience. The supply chain is also expecting to ensure they have a sufficient collection of items so that purchasers buy them within the time duration that sales teams promised.
The external and internal environment in which the marketing function operates
The marketing environment is the mixture of outer and inner factors that impact the firm's capability to implement a connection and serve its target audience. The internal atmosphere of Toyota involves owners, equipment, materials, etc. The external atmosphere of the company is divided into two factors; micro and macro.
The micro atmosphere of Toyota includes factors like involvement in the production process, supply, and promotion of the products (Mu, 2015). On the other hand, the macro or exclusive environment consisting social factors that impact the entire community such as economic, political-legal, technological, etc.
Internal environment: The internal atmosphere of Toyota consists of all the factors that are coming in inside of the business and impact its promotion functions. These elements can be categorized under the five M’s of the business such as –
Men: The individuals of the firm who are trained and untrained employees or workers.
Minutes: Time occupied for the procedures of the company’s industry to complete.
Machinery: Machines are needed for businesses to complete the procedure.
Materials: The elements of the manufacturing or distribution needed by the company to fulfill the procedures.
Money: Money is the monetary resource utilized to buy things like equipment, materials, and employees’ salaries.
The internal atmosphere is influenced by the marketing managers and can be transformed by the changing outer environment (Masa’deh, et.al 2018). However, the inner marketing atmosphere is as essential as the outer marketing atmosphere.
External environment: The external environment includes the forces that are outside of the company and the marketing manager has no control over them. The microenvironment includes:
Suppliers: These people of groups provide resources like raw materials, machine parts, etc. to the company.
Market intermediaries: These include people or parties who supply the goods and services of the firm.
Customers: These are the people for which the company manufactures the products and services.
Competitors: These are the group of people who sell similar products and services in the market which are sold by the company.
Macro environment: It consists of external factors that impact the entire firm but do not have a straight effect on the business. the macro atmosphere is categorized into six different parts (West, For,d and Ibrahim, 2015).
Demographic environment: This atmosphere is developed by the people who drive the market. It is characterized as the realistic analysis and separation of the population based on their six concreteness this are area, age group, sex, competition, and business.
Economic environment: The economic atmosphere consists of forces that impact customers buying behaviors and spending ways. These forces involve the GDP, GNP, interest rates, income distribution, legal funding, etc.
physical environment: The physical atmosphere consisting the ecological atmosphere in which Toyota's business operates. This involves the weather conditions, environmental transition, availability of water natural resources pollution, etc.
Technological: The technological atmosphere allows innovation; findings and enlargement in mechanism, technological changes, and innovation enticements are also technological obstacles in leveling operations.
Political-legal environment: The political and legal atmosphere involves regulations and bureaucratic policies governing the countryside. It also consists of other force groups and agencies that impact or block the operations of the company in society (Nimtrakoon, 2015).
Social-cultural environment: The social-cultural feature of the macro atmosphere is ended up with the standard of living, beliefs, traditions, preconceptions, and values of the persons, this varies in diverse areas.
Recommendation
According to this report, a 21st-century marketing strategy is the best way to promote and advertise the products and services of the company because this digital marketing saves a lot of money and time for the company (Dangelico, Pujari, and Pontrandolfo, 2017). Through digital marketing, firms can save the cost of printing papers. With the help of social media marketing, Toyota can promote its automotive business on different social media platforms such as FaceBook, Instagram, etc.
Conclusion
This power point concludes the marketing concepts such as promoting and selling goods and services. It also explains Toyota's marketing manager's role in the marketing environment such as the marketing manager having control of the internal environment of the company. The company's marketing manager can influence the inside environment of the firm such as employees, manufacturing process, etc. There are some marketing functions of Toyota like distribution research, etc. support the company in shaping and attaining its vision, mission, and objectives.
References
Akter, S., Wamba, S.F., Gunasekaran, A., Dubey, R. and Childe, S.J., 2016. How to improve performance using big data analytics capability and business strategy alignment? International Journal of Production Economics, 182, pp.113-131.
Felix, R., Rauschnabel, P.A. and Hinsch, C., 2017. Elements of strategic social media marketing: A holistic framework. Journal of Business Research, 70, pp.118-126.
Kelly, P., 2016. The self as enterprise: Foucault and the spirit of 21st-century capitalism. Routledge.
Doyle, C., 2016. A dictionary of marketing. Oxford University Press.
Van Kerrebroeck, H., Brengman, M. and Willems, K., 2017. When brands come to life: experimental research on the vividness effect of Virtual Reality in transformational marketing communications. Virtual Reality, 21, pp.177-191.
Erevelles, S., Fukawa, N. and Swayne, L., 2016. Big Data consumer analytics and the transformation of marketing. Journal of business research, 69(2), pp.897-904.
Kotler, P., Kartajaya, H. and Setiawan, I., 2019. Marketing 3.0: From products to customers to the human spirit (pp. 139-156). Springer Singapore.
Deepak, R.K.A. and Jeyakumar, S., 2019. Marketing management. Educreation Publishing.
Mu, J., 2015. Marketing capability, organizational adaptation, and new product development performance. Industrial Marketing Management, 49, pp.151-166.
Masa’deh, R.E., Al-Henzab, J., Tarhini, A. and Obeidat, B.Y., 2018. The associations among market orientation, technology orientation, entrepreneurial orientation, and organizational performance. Benchmarking: An International Journal, 25(8), pp.3117-3142.
West, D.C., Ford, J.B. and Ibrahim, E., 2015. Strategic marketing: creating competitive advantage. Oxford University Press, USA.
Mu, J., 2015. Marketing capability, organizational adaptation, and new product development performance. Industrial Marketing Management, 49, pp.151-166.
Nimtrakoon, S., 2015. The relationship between intellectual capital, firms’ market value, and financial performance: Empirical evidence from the ASEAN. Journal of intellectual capital, 16(3), pp.587-618.
Dangelico, R.M., Pujari, D. and Pontrandolfo, P., 2017. Green product innovation in manufacturing firms: A sustainability?oriented dynamic capability perspective. Business Strategy and the Environment, 26(4), pp.490-506.
Dereli, D.D., 2015. Innovation management in global competition and competitive advantage. Procedia-Social and behavioral sciences, 195, pp.1365-1370.
Task 2
Introduction
The marketing procedure includes four main components planned marketing analysis, marketing-mix planning, marketing operation, and marketing controller. The goal of marketing in companies is to fulfill the desire for profitability. This report explains the Toyota and BMW business objectives, marketing mix, and different marketing tactics. Toyota is a leading brand in the automobile industry, which was started in 1937. The Firm's headquarters is located in Kiichito, Toyota, the company has 370,870 employees from different nations as the company is working throughout the globe (Toyota, 2023). Another firm is BMW, which is German based automobile company, it was founded in 1916. The firm is manufacturing Mini cars and also owns Rolls-Royce Motor Cars (BMW, 2023). This briefing paper is made to discuss the benchmarking analyses of Toyota and BMW for the understanding of the senior management team.
Identify Toyota and BMW business objectives
Toyota’s business objectives –
The company will guide the future movement of culture, inspiring lives throughout the world in harmless and generally accountable behavior. Toyota's future commitment is to give quality-based, constant innovation without impacting the environment.
Figure 1: Toyota Global Vision
The figure 1 shows the picture of a tree which has been utilized to represent Toyota's objective from roots to fruits. The tree is a sign of environmental strength. It is essential and long-lasting, something that constantly propagates and flourishes every year. The firm's values are embodied as the roots because everything that the company operates or performs is nurturing from the core of its principles. These roots help the trunk of the tree, which represents the strong point and balance of the business (Toyota, 2023).
From the trunk, the subdivision guide to the 12 beliefs that make up the company's vision, the fruits of the tree. The tree enables all of these images to be linked together, a representation of how closely the company works collectively to attain success.
BMW’s business objectives are:
To encompass its leading position
Reduce carbon emission
Exclusive enlargement of electro-mobility
BMW aims to encompass its leading position in resource effectiveness in manufacturing to the whole life cycle of its automobiles. The company's objectives are concentrated on minimizing carbon emissions, rising resource effectiveness, and sustainability enhancing communal and ecological standards. Therefore, the company already implemented a well-explained target in July 2020 that it aims to establish by 2030. The field ranges from zones like carbon minimization and electro-movement, through directness and ecological and social norms, all the way to communal accountability. The firm also concentrates on realizing another, even larger minimization in carbon emissions of over 40%by in 2030, by covering the overall lifespan, from the supply chain, through manufacturing, to the end of the cycle.
Figure 2: BMW Logo
BMW is concentrating on the exclusive development of electro-flexibility; approximately 10 million fully electric cars will be delivered by the company in 2030. It is one of the essential topics that is determining the future of the company on the basis of the ecological movement. The rising number of electrified simulations and constantly increasing sales bulk records place the BMW Group decisively among the foremost suppliers of superior electric mobility throughout the globe. The firm has always concentrated its business on the requirements of its audience and the company's product portfolio fully mirrors this continuing goal.
Compare the ways in which Toyota and BMW or any other two organizations apply the marketing mix to the marketing planning process to achieve their business objectives
Toyota is using marketing mix strategies in its business to attain the objectives of the firm (Išorait?, 2016).
Product: With the market's varied demand for diverse likings, Toyota has various sets of goods to aid all kinds of customers. These are some of the products that the firm offers:
Toyota automobiles
Lexus
Welcab series
Marine products
Additional parts and equipment
Engines
Figure 3: Models of the Toyota
There are different ranges of products for different types of people as the Lexus model is for higher class people, whereas the Welcab series is particularly designed for elder people with disabilities.
Place: Making products and services available for customers is a significant part of the company. Toyota is using major supply strategies such as dealerships and Retailers, Most of Toyota's business transactions happen with its dealerships. However, there are vendors such as automobile supply stores who sell the company's parts like spare parts and equipment.
Promotion: Toyota has used various promotion strategies in its business, the company advertises its products through newspapers, TV, social media platforms, web portals, etc. There are some promotion tactics that Toyota is using:
Direct selling
Promotion through different social media sites
Public connections, etc.
Price: Toyota is offering reasonable prices for auto products to its target audiences, The Firm enables payments to its customers at lower interest rates to earn extra profit. Toyota's pricing tactic relies on rivalry, fragmentation, geography, and demand (Lee, et. al 2015). They have a flexible pricing method based on the alteration in market situations and rivals. Toyota is using two pricing methods that are:
Market-based pricing
Value-oriented pricing
BMWs marketing mix strategies that are used in its business such as –
Product: The company has prepared around 80+ models of expensive or luxury cars, and also it manufactured 15+ models of two-wheelers. The firm's auto products and bikes had achieved huge success in rivalry and battles like Touring car racing, Sports Car Racing, etc.
Figure 4: Toyota's products
The company is focusing on preparing cars reaching lower-level to higher-level categories consisting of each category's demand and expectation.
Price: BMW is using premium technology in its business, due to these customers being more attracted to the company's products. The price of auto stuff like Rolls Royce and mini John Cooper is greater than its rivals (Christiansen and Strobel, 2019). These are the costly models because their designs are attractive which influences customers purchasing power.
Place: The firm is driving its business globally, starting its invention unit from Bavaria, Munich covers new people throughout the world. BMW has manufacturing houses in 15 nations with a connection of 31 fabrications and meeting facilities. The organization has an international sales set up in more than 140 nations.
Promotion: The achievement of a business is decided by how it follows the promotion strategy effectively. To develop constant brand attentiveness, the company is highly adopting different promotion strategies such as social media platforms, TV, and many more. BMW highly concentrates on the designs of the products rather than innovation and engine (Fernandes, 2018).
Both the companies Toyota and BMW are using different marketing strategies to promote their products and influence customers purchasing power. Toyota uses direct selling and public connection techniques in its promotional strategy, while BMW highly focuses on its product design rather than its engine.
The marketing strategies and tactical approaches adopted by each business contribute to the success of the organizations in meeting their overall business objectives
Marketing strategy is the course of action that companies like Toyota and BMW plan to implement to attain particular business objectives.
Toyota's marketing strategy differs depending on the market needs of the different locations throughout the globe (Soliman, 2015). There are some marketing strategies that the company is using in its business.
Customer benefits are always the first priority: Customer benefits are always the main concern of the company; it does not mean that the firm is only focusing on end customers, but an individual at the next workplace is also counted as a customer. This leads to a better team and steady analysis to confirm that the whole thing is organized and flawless. Toyota is also aiming for constant enhancement to give the best products to the audience, both external and internal.
Differentiation strategy for each region: Toyota's major marketing tactic is a differentiation technique, which hopes to create its goods diverse from rival products. Toyota's main focus is on making products with sustainability. As firm is aiming to minimize its CO2 emission that is affecting people's lives and the environment. As the company's rivals are mainly focused on attaining market share by applying similar global tactics, on the other hand, Toyota uses particular marketing tactics for each market (Eneizan, et.al 2016).
Marketing strategy of BMW –
BCG matrix: In terms of the BCG matrix BMWs business is increasing, on the basis of a huge split in the quality market segment and a huge expansion rate for its models. its two-wheeler models and monetary services units are measured to be a question mark (Mohajan, 2017).
Distribution technique: The company will constantly invest in the creation of leading stores, so it can increase the customer experience. BMW is also increasing the number of approved dealers. The firm is presently functioning its trade through 6000+ dealerships throughout the globe. The logistics partners are the common players in the respective nations who support the company in making the products accessible to the target audience.
Brand equity: The company's success depends on a solid understanding of identity which is linked to the experiences of functioning the machine. BMW is known as the biggest manufacturer of expensive and state-of-the-art car models. The company is influencing the market with its creation in design, many are impressed with BMWs car designs and its fabric car addressed as GINA.
Customer analysis: The main customers of BMW are elite and higher middle-class people who come in the age group of 30-5- years. On getting connected with the company these people have a sense of pride or rights (Ostrom, et.al 2015). The firm is linked with the demand section in needs, desires, and demands and it displays that the person belongs to an elite group.
Recommendation
According to this report, BMW must focus on its engine and other processes of car making because the company's main focus is only on its car design so it will impact business in the long run. On the other side, Toyota constantly increasing its business throughout the world, and due to this company will face huge market risks, which can diverge from nation to nation. To Reduce the market risk, the company can apply balance variations as part of Toyota's manufacturing system.
Conclusion
This report concludes the Toyota and BMW business objectives, Toyota wants to reduce its carbon emissions and help people who are affected by it. BMW is also eager to lead its role in the market throughout the world; therefore the company is using different marketing strategies such as customer analysis, BCG matrix, etc. Toyota is also using diverse marketing tactics like a diverse strategy for each nation and prioritizing customer benefits, etc. It is also seen that BMW mainly focuses on its car design rather than engines which attracts consumers. On the other side, Toyota mainly focuses on the quality of its products.
References
BMW, 2023. THE BMW GROUP (Online) Accessed <https://www.bmw.in/en/topics/Fascination-BMW/the-corporation-original/the-bmw-group.html> accessed on 27-02-2023.
Christiansen, N. and Strobel, E., 2019. Chance or burden? A study of sustainable business models within the automotive industry: An empirical analysis of BMW Group and Volvo Cars Group.
Eneizan, B.M., Abd-Wahab, K. and Obaid, T.F., 2016. Effects of green marketing strategy on the financial and non-financial performance of firms: A conceptual paper. Oman Chapter of Arabian Journal of Business and Management Review, 34(3796), pp.1-14.
Fernandes, A.A.R., 2018. The mediation effect of customer satisfaction in the relationship between service quality, service orientation, and marketing mix strategy to customer loyalty. Journal of Management Development, 37(1), pp.76-87.
Išorait?, M., 2016. Marketing mix theoretical aspects. International Journal of Research-Granthaalayah, 4(6), pp.25-37.
Lee, J.Y., Kozlenkova, I.V. and Palmatier, R.W., 2015. Structural marketing: Using organizational structure to achieve marketing objectives. Journal of the Academy of Marketing Science, 43, pp.73-99.
Mahajan, H., 2017. An analysis on BCG growth sharing matrix.
Ostrom, A.L., Parasuraman, A., Bowen, D.E., Patrício, L. and Voss, C.A., 2015. Service research priorities in a rapidly changing context. Journal of Service Research, 18(2), pp.127-159.
Shastri, A., 2021. Comprehensive Marketing Mix of BMW – With 4Ps and Company Overview (Online) Accessed <https://iide.co/case-studies/marketing-mix-of-bmw/> accessed on 27-02-223.
Soliman, M., 2015. What Toyota's production system is really about?
Toyota, 2023, Toyota Global Vision (Online) Accessed<https://global.toyota/en/company/vision-and-philosophy/global-vision/#:~:text=Toyota%20will%20lead%20the%20future,be%20rewarded%20with%20a%20smile.> accessed on 25-02-2023.
Task 3
Introduction
This marketing plan for Nissan Food Products Co., Ltd's new sugar-free, organic ice cream launch includes key elements such as company overview, marketing objectives, target market, market positioning, and budget. The plan also explores the marketing mix strategy, integrating the extended 7Ps, and proposes a strategic approach to achieve SMART objectives. Finally, a detailed media plan is presented, recommending various channels like print, social media, and email marketing, and integrating a multimedia approach for a successful product launch.
Develop a marketing plan that includes key elements of marketing planning
The marketing plan includes key elements of marketing planning for Nissan Food Products Co., Ltd (Ferrell, et. al 2021).
Company Overview:
Nissan is a food products company, it is located in Shinjuku City, Tokyo, Japan. The firm was founded on 4 September 2020. The company is selling convenience food items like noodles, Nissan is now launching an ice cream shop in which it offers different flavors of ice cream (Baker, 2017). As people are now more health conscious, Nissan is offering healthy Ice-creams which is prepared with organic fruits and milk and is totally sugar-free, so people can eat it without thinking about their health or fitness.
Three marketing objectives:
Three marketing objectives of the company, are the main objectives of the company that Nissan wants to fulfill.
Nissan is aiming to offer sugar-free and organic fruit ice cream.
Making a sustainable organization.
Positioning more people towards the company’s products.
Marketing Mix strategy:
The company will use 7Ps of marketing mix strategy such as –
Product
price
place
promotion
Physical evidence
People
Processes
Nissan uses this marketing mix strategy to achieve the success of the organization. As company will launch new food product in the market. This marketing strategy helps firms fix the prices of the item, place the products, and target people.
Target Market:
Nissan’s target market will be young adults between the age group of 20-30 (Kingsnorth, 2022). These young adults will be the potential customers of the company, as adults are more health conscious and fitness freak, so the firm will attract these adults towards the products.
Market positioning:
Market positioning indicates the capability to attract customers or influence consumer perception which is related to a brand or item that is similar to the rivals’ products. Nissan will offer its ice cream in containers that will be prepared with jaggery and banana leaves. These containers will be totally environmentally friendly because the company will not use any type of chemical or plastic. So offering ice cream in eco-friendly containers will create a unique brand image through which customers can identify the products.
Budget:
As Nissan will offer totally organic fruit and milk-based Ice-cream which offers eco-friendly containers, the prices of the products will be costly. This product is for elite people to upper-level middle-class people who can afford this product.
Nissan will sell approximately 1000 units in the first year of the business. The firm’s per unit product price will be 50 euros each.
Formula for Sales Revenue = Number of sold units* Average sales price per unit
Revenue = 1000*50 = 50000 Euros.
The expected Revenue for Nissan will be 50000 Euro in the first year.
Monitoring and Evaluation:
Monitoring and evaluation is a constant procedure to evaluate the progress of the business or project that is implemented within the organization. The business leaders or executives of Nissan will monitor these processes by analyzing technical, operational, and business procedures.
Integrate the extended marketing mix to achieve the marketing objectives
The extended marketing mix will help the organization in attaining the marketing goals such as –
Product: Nissan will offer sugar-free, organic fruits and milk-based ice cream to its potential customers. As people are now more fitness-freak and health conscious it’s a recipe prepared with the concern of peoples’ health.
Price: The price of ice cream is 50 EURO each.
Place: The company will offer its product through Retailers, online stores, mail orders, and multi-channels.
Promotion: Nissan will promote its products through different social media platforms such as Facebook, email marketing, personal messaging, etc. The firm also advertises its products through offline marketing such as newspaper, TV, radio, etc (Othman, et. al 2021).
Physical evidence: The company will offer its products in jaggery and grass-made containers that will totally eco-friendly. So customers can easily identify the company’s product.
People: The main target audience of Nissan is young adults between the age group of 20-30 years, who belong to an elite group of upper-level middle-class people.
Process:The firm’s products will be distributed through vendors and the firm’s official website.
A strategic marketing plan for an organization
A strategic marketing plan is complete records or documents that describe the existing market situation of the business, its target audience, and report of the marketing mix that will usage in attaining marketing objectives. SMART objectives are –
Specific: The specific goals of Nissan are budgeting and marketing mix.
Measurable: The company will monitor and evaluate these goals through strategic analysis.
Achievable: Nissan will achieve all its goals within 12 months.
Relevant: The company’s goals are attainable because the firm is offering healthy products as today's modern generation is more focused on their health and fitness.
Time-based: Nissan will monitor its objectives every month.
Produce a media plan recommending at least three different channels/media
Campaign types & rationale
Objectives
Target Audience
Medium
Rationale for selection of medium
Run Time
Evaluation
Estimated cost
Print media
The company will offer sugar-free and organic fruit-mixed ice cream.
Young adults between the age group of 20-30 years.
Nissan will advertise its product in the newspaper.
The firm will encourage people to eat healthy food.
The campaign will run from January 1st to 31st December.
Nissan will evaluate through purchases and increases in sales.
100 Euros
Social media
Making sustainable organization.
Young adults.
The firm will promote its products through Instagram.
Making eco-friendly organizations by making harmless chemical-free products (Fernandes, 2018).
The campaign will run from January to December last.
The company will assess this through a number of views on the post or video.
60 Euros
Email marketing
Attracting more people towards the product.
Young people
The company will send personalized emails to its target audience.
Making people aware of the health and environment.
The campaign will run the whole year.
Nissan will evaluate this through a number of clicks.
80 Euros.
Integrate into the media plana multimedia plan, selecting relevant digital, offline, and social media channels for communication
Integrated media planning is the procedure that companies will go through when they see several media channels they want to use in their marketing campaigns (Wilson,et. al 2016). Integrated marketing plans also ensure that the advertisements that the firm creates over its different platforms are reliable and interconnected with what they are offering. The integrated media plan includes some highlights of some steps that are considered in this process such as
Goal setting: Before initiating an integrated media plan, businesses have to know their goals such as Nissan’s main goal to attract young people towards the new product.
Determine target market: organizations must decide their target market such as where and which categories of people they want to attract. Nissan will target elite groups and upper-level middle-class adults.
Select different media channels: Firms must choose different marketing channels for their product promotion as Nissan will promote and advertise its product on Instagram, email, and newspaper, respectively.
Produce the creative: To attract the larger audience towards the products companies must use some creative ideas in their marketing campaign. Nissan will promote its product through an environment and health-based story.
Execute and analyze: After completing all of these steps its time to implement this integrated media plan in business (Fraccastoro, et.al2021).
Nissan is a food product company; dealing in convenience food items like noodles for the people. The company used integrated marketing to promote one of its healthy and sugar-free ice creams for people who are very health-conscious and fitness freak. It will create marketing assets for three multi-media marketing platforms Instagram, email, and newspaper, respectively. On these platforms where audiences arrive, every single promotion or advertisement tells a story about the products, such as if people eat this, they will become healthier and fit. Promoting products on different marketing channels such as Nissan will attract young adults who are more focused on their health and fitness.
The quantitative and qualitative criteria, provide a justified integrated multimedia plan
To create an effective integrated multimedia plan for Nissan's new food product launch, we must consider both quantitative and qualitative criteria to ensure that the plan is tailored to the target audience and generates the desired outcomes (Mills, and Plangger, 2015).
Quantitative Criteria:
Reach: The multimedia plan should reach a large audience within the target market.
Engagement: The plan should generate high levels of engagement among the target audience.
ROI: The plan should result in a positive return on investment for Nissan.
Qualitative Criteria:
Relevance: The multimedia plan should be relevant to the target audience and the product.
Branding: The plan should enhance the Nissan brand and its reputation in the food industry.
Innovation: The plan should showcase the innovative aspects of the new food product.
Based on these criteria, here is a proposed integrated multimedia plan for Nissan's new food product launch:
Social Media Advertising: Nissan should use social media platforms like Facebook, Instagram, and Twitter to promote the new food product. The company should create engaging content, such as short videos and images, to showcase the product's features and benefits. Nissan should also use targeted advertising to reach specific demographics within the target market.
Influencer Marketing: Nissan should collaborate with food influencers on platforms such as Instagram and YouTube. The influencers should create content that showcases the new food product in a unique and engaging way. This will help to increase the reach and engagement of the product launch.
Email Marketing: Nissan should send promotional emails to its subscribers, which should include information about the new food product, its features, and benefits. The emails should also include a call-to-action, such as a link to the product website, to encourage subscribers to try the product.
Press Release: Nissan should send a press release to relevant media outlets announcing the launch of the new food product. The press release should highlight the innovative aspects of the product, such as its unique ingredients or health benefits (Ali,et. al 2020). This will help to generate positive media coverage and enhance the Nissan brand.
In-Store Promotions: Nissan should offer in-store promotions for the new food products at grocery stores and supermarkets. This could include discounts, free samples, or other promotional offers. This will help to increase product visibility and encourage customers to try the product.
Product Website: Nissan should create a dedicated product website that includes information about the new food product, its features, benefits, and ingredients. The website should also include user-generated content, such as reviews and testimonials, to showcase the positive aspects of the product.
By utilizing these multimedia channels, Nissan can create a comprehensive and effective marketing plan that reaches a large audience, generates high levels of engagement, enhances the brand's reputation, and showcases the innovative aspects of the new food product.
References
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