The report highlights over the marketing strategies for the selected product of a company. The product is “Honda City 2017 Car” and the company name is Honda. The previous report discusses the brief introduction of the company along with its mission, vision statement and others which is basically the representation of the company. In this reported study, the various marketing strategies used by the company have been discussed and also its marketing plan is stated in the report. Furthermore, the positioning strategy, marketing objectives, as well as marketing mix in the context of the Honda City 2017 Car, has been discussed. The various graphical and diagrammatic representations have been made in order to clarify the result in an effective and efficient manner. In addition to this, the report study emphasis on the marketing plan of Honda which is used for marketing and promoting its product within the business environment or industry.
The positioning statement refers to as the expression which is reflecting about the product or service in order to fulfill the required needs and demand of customers than that of their competitors (Tybout & Sternthal, 2010). The Honda has positioned itself as excellent features that are providing the distinctive designs, features, dynamic driving experience and many others in its care model Honda City 2017. The company has launched it’s Honda City 2017 car model in a sedan look which provides the luxury to the customers or users.
Positioning statement – “Excellent Features”
According to the views and thoughts of the author Rothfeder (2014), there are various strategies which have led the Honda to become one of the world’s best innovative companies. It is also due to the positioning and other marketing strategies of the company. The company has positioned itself in such a way that is provided with the luxury experience and feeling to the customers. Honda has developed year by year and has tried to bring something innovative each and every time so that the excellent features can be providers to the customers. There are various other areas also in which the company is trying to position itself distinctive from that of its competitors.
These are such as sporty, dynamic driving experience, sensing, safest car and many others. It is in relation to the respective mission and vision of company i.e. top increases the sales and production across worldwide. The main target of the company is the customers exploring a sedan car and experiencing it. The positioning strategy of Honda is innovative from that of its competitors (Rothfeder, 2014).
The marketing objective represents the main aim which the company seeks to achieve through advertising and marketing of its car model. In the current century and market, the customer loyalty is the foremost thing that is must for the enhanced sales and growth of the company and is directly related to its performance (Davis, et. al., 2017). This is so because the customers have a large number of products available in the market which are the close substitute of one another. Therefore, it becomes essential for the marketer to set the marketing objective and use of marketing tools in order to attract a large number of buyers and customers.
There is various marketing objective for the Honda City 2017 Car which is as follows:
• To create awareness about the new product in the market.
• To maintain and build a positive brand image in front of the customers.
• To boost the sales and increase production of the car in the coming year.
• To overcome the rapidly changing business environment.
• To capture a large number of customers and thereby, larger market share.
• To gain a competitive advantage by using the innovative marketing tools so that a distinctive position can be attained from that of their competitors.
The marketing mix is also known as the 4P’s of marketing which aims at defining of the product, price, place, and promotion of the company’s product in the market. The marketing mix helps in attaining the marketing objectives and gathered a large number of market share and customers (Armstrong, et. al., 2015). The Honda Company makes use of the innovative and creative strategies for building up of its brand in the market that comprises of the respective 4Ps of marketing. The marketing mix strategies used by the Honda is as follows:
Product – The new product which has been launched in the market is Honda City 2017 car model. The product provides with the feeling and expression of a luxury sedan and is targeted for the customer segment of the premium group included both the males and females. This new model has been launching within various economies and caters to the high income earning class of people (Luan & Sudhir, 2010). The product is available to both the urban and rural customer segment have features such as Bluetooth, heated seats, cruise control, airbags, colours, leg spacing, sunroof and many others.
Justification – The above product description has been justified to the respective product strategy of the company. The product strategy includes the vision, goals, and initiatives and the product description has been made in the respective context only.
Price – The pricing is the most important segment when it comes to the marketing. It is seen that most of the customers are concerned towards the price range and make their purchase decision according to that the price of the product only. The price of Honda City 2017 Car is estimated in the India at 8.49 lakh and top model 13.52 lakh. The customers are provided with the range or bandwidth of price according to the model in Honda City which leads to ease for them. The customers can select their preferred range of care from the different price variants as per the convenience.
Justification – The premium pricing strategies have been adopted in the respective car model of the company as it caters to the premium market segment. Moreover, in order to place it as distinctive, the company uses such strategies for gaining the competitive market position. The respective pricing has been significantly justified with the respective pricing as it includes the pricing bandwidth of 8.49 lakh to 13.52 lakh. There can be other pricing strategies used by the company in the case when the product is well established and developed. These are such as market penetration, price skimming, and others.
Place – The placement of the product includes the distribution of the product across various countries and cities. For such purpose, a proper channel of distribution is required. The Honda City 2017 car is expected to place around many economies including India, Pakistan, and United States and too many other counties also. The Honda Company has a robust sales network which comprises of the three sales channels and for distributing of Honda City 2017 Car the company will make use of such channel only. Moreover, it has established its retail stores and commonly used structure is manufactured by the retailer to customers.
Justification – The simple supply chain distribution channel has been used by the company so that less number of mediators can be involved in the process of buying and selling. The availability of product is another major factor which is responsible for the increase sales and profitability. The products which are widely available are purchased more as compared to non-available products.
Promotion – In case of promoting the Honda City 2017 Car the integrated marketing communication tool will be used. The combination of IMC tools will be used to market the product and reach maximum to the target audience. Such as advertising, sales promotion, internet marketing, public relations and many others are the most effective and efficient tool. The media strategies are also used for such purpose such as celebrity promotion, using of social media like FaceBook, YouTube and many others for promoting the product at a wider market segment. Celebrity endorsements, innovative marketing campaign, TV advertisements, sponsoring events and many others are the effective strategies used in creating awareness, the building of brand image and sales of the company.
Justification – It is justified that the use of such strategies has led to attaining of the marketing objectives by many of other companies using it. The facts and figures can be assessed through the stats from online blogs (Menegaki, 2012).
It is concluded from the analysis of the above study, that the marketing strategies held in gaining the higher market share of the company. In case of introducing a new product to the market, the use of marketing plan helps in providing the in-depth understanding of each and every element. Moreover, the marketing mix helps in gaining of the large market share and the company can be benefitted from it. Hence, the study of marketing is essential for the awareness and growth of the company in near future. ?