External marketing environment factors Essay
External marketing environment factors
Marketing assignment on: External marketing environment factors Q1. Identify & Discuss which external marketing environment factors more impact on Ford. Ans1. Ford Motor Company refers to an American multinational enterprise which deals in the manufacturing of the automobiles. Ford has been known for manufacturing cars on a large scale. Ford refers to the second largest manufacturer in case of the automobile sector. Based upon the annual sales figure, Ford has been termed at the fifth largest amongst all across the globe.
In order to study the external environment of the same, the five major fact ors such as Political, Economic, Social, Technology & Legal aspects should be kept in mind. One of the external marketing environment factors which would impact more on Ford would be the Technological Factors. In order to attain competitive advantage as compared to the other automobile manufacturers, use of the upgraded technology would play one of the most crucial roles. These days technology is being changing in a blink of an eye. Therefore, Ford must do proper research in order to see what all changes have been made in the same.
In case of the automobile industry, innovation would also play a major role. Innovating the existing automobiles would give the old cars an entire new look. Use of internet would also help the organization in order to communicate with the internal as well as the external customers. Internet would also help in order to protect the privacy of the organization. Q2. Product Strategy A) Evaluate products Strategy which can adopt to Ford industry. In order to sustain amongst the competition, Ford industry should keep in mind the following product strategies.
This would help in order to redesign or re consider the entire product line of Ford. ? In order to reduce the level of pollution, Ford should try to make eco friendly cars which would help in order to emit less amount of smoke. ? The car so developed should be made out of approximately 85% of recyclables. Eco friendly bio based seats should be incorporated in the same. ? Ford should make commitment with it’s customers that in order to have a broader sustainability all across the globe they shall follow the principle “reduce, recycle & reuse”.
? Use of renewable along with recyclable material should be used. This would help the organization to go green & help save the planet from the pollutants. ? Use of flexible fuel vehicles, Hybrid technology & Electric Vehicles should be used. This would help in order to reduce the level of emissions in the atmosphere. B) Analyze what kind of impact of Ford on the performances. By adopting the various product strategies mentioned above, Ford would have the following performances over the same. ? With the use of various recyclable materials, the level of emissions would decline.
? People would prefer Ford as compared to any other automobile manufacturer. ? Use of flexible fuel vehicles, Hybrid technology & Electric Vehicles should be used. This would help in order to reduce the level of emissions in the atmosphere. ? Productivity as well as the efficiency or performance of the cars would also be increased. Q3. Strategy Marketing Planning A) Do you think large companies need strategy marketing planning? Yes. Why? Yes, large companies require strategic marketing planning.
A strategic market plan refers to a type of plan which would help any organization or a sector regarding the various types of objectives to be taken into consideration in the years to come. One of the major reasons as to why large companies need a strategic marketing plan is that it has been regarded as a well structured guide book which consist of all the relevant points of a marketing plan. The strategic marketing plan would take into consideration a detailed budget, source of media to be used, potential target audience, and channel of distribution to be chosen.
The strategic marketing plan would help the organization in order to have an in depth knowledge regarding the automobile industry. This would help Ford in order to have detailed information regarding the marketing strategies to be used & measure its performance as well. This would also help in order to examine or re-examine the objectives to be used at Ford. A well structured strategic marketing plan would help Ford in order to create a difference amongst successful strategies as compared to the failed ones.
The strategic marketing plan would also help in order to define the marketing objectives, plans, procedures, goals, vision, target audience in the most cost effective & efficient manner. Hence, it must be noted that Ford should use a well structured & a formal strategic marketing plan which would help the organization in order to have well defined objectives, goals, vision, mission, etc regarding the same. This would help in order to assess the current status of the organization with respect to product, promotional, pricing & distribution strategies.
B) Analyze strategy marketing plan on Ford and discuss why Ford’s strategy marketing plan is not working and give solutions for it. By analyzing the current marketing plan on Ford, it can be concluded that the current market share of the same has been declined. It could be stated that the current domestic market share of Ford has been declined by an approximate figure of 5% since 2001. The stock for Ford has also closed at a price of $8. 01in Jan. In order to stabilize its market position, Ford should launch various models of car catering to the small segments.
This would help in order grasp demand from the other segments as well. This would also help in order to scant the demand in the years to come. The organization should try to adopt various pricing strategies such as bei8ng cost effective, low cost model which should be priced approximately in the range of $9,000 – $13,000. This would help in order to target the young potential buyers as well. In order to get into them, revitalization of the product line with a new marketing strategy along with the product design should be done. This would help in order to boost up the level of sales & stabilize its position in the market.