Marketing Mix in the Automotive Industry
Name (Pawandeep Kaur) (18000464)
Acsenda School of Management
Professor: Dr. Zahra Jiwani
Course Number & Course Name: BMK231
Date Assignment is Due:23rd March 2019
Table of Contents
Abstract……………………………………………………………………………………………3
Introduction………………………………………………………………………………………..3
History……………………………………………………………………………………….…….3
Marketing Mix……………………………………………………………………………….……4
Product Strategy……………………...……………………………………………....……4
Pricing Strategies ……………......……………………………………………….……..4-5
Place Mix…………….……………………………………………………………….…5-6
Promotion Mix……………..……………………………………………………………6
Conclusion………………………………………………………………………………………6-7
References………………………………………………………………………………………8s
Abstract
Marketing is the process in which things and goods are sell to consumer. Market Management is the process in which all the things or goods are properly designed. To make well organize product and increase the sale of product, market mix is used. This paper describes the strategies of marketing mix of automotive industry in detail in the next pages that are prominent to attract the customer as well as earn a good revenue cost.
Introduction:
Automotive industry: This industry is a manufacturing industry and becomes a leading industry in the world which sells the product such as motor vehicle, engines and bodies of vehicles. This industry does not include the components like batteries, fuel and chargers because it makes the only 4wheeler vehicles. This main focus of this industry to produce passenger automobiles, light trucks, including pickups, vans, and sport utility vehicles.
History: Automotive industry is first developed in 19th century in Europe, but it is completely dominated the world leading industry by United States in the first half of 20th century because of its universal production and techniques. Many others industry have exceptional interest because of this industry’s effects in the half of the 20th century. In the second half of the century this industry increased sharply in western European countries and Japan became major producers and exporters of this industry’s products. Although steam-powered road vehicles were produced earlier, the origins of the automotive industry are rooted in the development of the gasoline engine in the 1860s and ’70s, principally in France and Germany. By the beginning of the 20th century, German and French manufacturers had been joined by British, Italian, and American makers(Binder & Rae, 2018).
Marketing Mix: Marketing Mix plays vital role to help the company for gaining success. To ensure the 4p’s of marketing a company has face many challenges and do struggle. Marketing mix is a term which includes the company’s strategies for its product mix, price, promotion mix and place or distribution but now it is extended with three more p’s these are people, process and physical evidence.
Product: In marketing mix, product refers to the item actually being sold that shows the brand name, functionality, packaging, design, guarantee, are choices that can be made according to the demand of consumer. This industry produces the product in two strategies. These are tangible product and intangible products.
Tangible Products are motorcycles, cars, trucks, buses and autos.
Intangible Products are insurance, after sales services, financing facilities etcetera.
Width of Product : It is determined by the different product line of products such as buses, cars and vans.
Length of product is determined by the total number of products in product line such as cars sedn.
Pricing Mix: This strategy of marketing mix is very important for buyer and seller because seller has to set price according to his or her competitors and customer. It is a tough task to set price according to the people because companies have to set price that is suitable for all people. Of their product is to much expensive then everyone can not afford this and company can get loss. To set a good pricing mix a company can increase its revenue cost. Pricing strategy includes discounts, payment plan, credits, bonus etcetera. Usually automotive industry uses to types of pricing mix are market oriented and premium price.