Question

Part 4: Marketing (Topic 5) Consider if your strategic plan is a market entry plan (entrepreneurial), a market expansion plan for an existing organization, or a mergers and acquisitions plan. Deciding who the target market is and determining their demographics, behaviors, motivation, needs, and goals is essential because the target market drives the marketing plan. This is typically done through studying research and data related to how potential customers are willing to invest their time and energy. Additionally, by deciding who potential customers are, deciphering their needs, and likes and dislikes, learning about their lifestyle, and observing how the target market behaves, creating a brand that appeals to these customers is possible. Create a 15-20 slide PowerPoint that explains your marketing strategy for General Motors. Refer to the Marketing section of “Operations Chart” that was due in Topic 4. Based on your research and experience, your ideas may have changed and can be modified at any time during this plan. Address the following: 1. What is your target market? 2. What is the size of your target market? 3. What resources do you believe would be required to implement your plan? 4. How will you reach your plan? 5. How does your marketing strategy seek to achieve your vision? How will you measure if the marketing strategy is achieving your vision? What are the indicators to identify this? 6. What type of leadership and innovative qualities do you plan to implement in order to execute your marketing strategy? Provide three to five sources in your presentation. While APA format is not required for the body of this assignment, solid academic writing is expected, and documentation of sources should be presented using APA formatting guidelines, which can be found in the APA Style Guide, located in the Student Success Center. This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.

Answer 1

Marketing Strategy for General Motors (GM)

Target Market :

• GM is a leading American company in automobile industry operated globally
• Target market is the market place where there is a great demand for a company’s products and services
• Target market is to be determined based on customer preferences
• Targeting follows market segmentation to penetrate in the demographic sections of the market segment
• Identifying gaps in the market helps to build new target market
• Suppose if customers are willing to use environment friendly or eco friendly vehicles, , then for them electric vehicles are to be designed to capture that market gap and created new marketing opportunities.
• General Motors already implemented this.

Size of target market :

• Size depends on the demographic preferences
• Geographical conditions, economic conditions of that particular marketing segment decides the size of target market
• Competition is also one of the factors to be considered
• Types of customers such as individual or firm like that
• Brand image in the market also decides the size of market

Resources required :

• Current market information
• Future market demands and scarcity of resources
• Market demand, price, competitor analysis
• Customer segmentation and targeting as per their needs, preferences
• Application and usage of technology
• Global market information and competitors strategies

Implementation of plan & accomplishment of objectives :

• Segmenting the market
• Target the groups in the market
• SWOT analysis to assess the exact requirements for market success
• Application of BCG matrix to evaluate the market growth
• Brand equity is another technique to make the way much smooth
• Effective marketing mix strategy where it operates

Achievement of vision:

• Focus on competitive advantage
• Focus on unfulfilled customer needs and preferences
• Stabilizing market growth with strong strategies
• Effective supply chain strategies for the smooth functioning of all operations
• Efficient staff
• Understanding geographies, diversifying businesses, differentiating products
• Cost leadership strategies
• Proactive competitive and marketing strategies

Measurement of marketing strategy:

• Change in profitability
• Growth in sales
• Return on investment is to effected or changed
• Comparative analysis with competitor and also before and after implementation of marketing strategy

Indicators for measurement:

• Competition is the indicator to measure the effectiveness of marketing strategy
• Brand value is another indicator
• Current market position
• Effect on organizational effectiveness and its ability
• Sales and demand are vital factors to measure the performance of marketing strategy
• Market growth and share

Leadership and innovative qualities required for the implementation of marketing strategy :

• Developing core competencies
• Effective communication networks
• Multi talented and dedicated staff to work in diversified business segments
• Continuous process of making innovations
• New product design and development
• Perfect blend product with technology
• Cost effective leadership strategies

whether a strategic market plan is market entry plan(entrepreneurial plan) or market expansion plan, environment is dynamic always. Market transforms everyday. If a company can watch the market in a new direction always , then there is no chance of market failure. So, businesses also should be dynamic as per the dynamic nature of environment and there is no matter of existing or new product or market.