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A Successful Brand Depends on Its Marketing Strategy

Essay by   •  March 9, 2013  •  Case Study  •  4,734 Words (19 Pages)  •  1,181 Views

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Introduction

This report will talk about the MINI brand and the way that it becomes to a successful brand depends on its marketing strategy. There are four parts in this report. First part is about the total analysis of MINI's current marketing strategy. Then, Companies that make the deep strategic, organizational, and operational shifts required to become effective digital marketers can be more agile and productive, while also accelerating revenue growth (David, 2010). MINI takes place taking the digital marketing and get benefits from such the approaches. Next, Brand value is the premium that accrues to a brand from customers who wants to pay extra for it, (Albert, 2009). In this report I will explain how MINI creates the brand value for customers. Final part is about the ethical values. (Robert, 2009) p1016 believe that "ethical value plays an very important role in the business". In this report, the examples will used to explain why so many companies put much emphasis on conducting their business.

The vision of the company is to match the emotional power of the original mythic model with the technology of the future (McCartie, 2011). Moreover, the mission of the company is that MINI will be the best premium car seller when the customer considers the MINI products and its value.(McCartie, 2011)

Current situation analysis

SWOT Analysis

(Guide to Management Ideas, 2003) p218 states that "SWOT is handy mnemonic to help planners think about corporate strategy. It stands for strength, weakness, opportunities and threats".

As follow the SWOT analysis of MINI will be shown:

* Strengths * Weaknesses

* Perception of the brand is good

* Large variety of products

* Strict parameters of the skills and resources

* High experience and technology skill

* Strong database system * Price limited: more expensive than other small vehicle.

* Dealership is narrow

* Size of the car is small

* Opportunities * Threats

* Raise of social media: Facebook, Twitters and MINI Space

* The products' design and quality of competitors are not good

* The sponsorship of 2012 Olympic Games will increase the reputation * Competitors: Audi A1 Hatchback

* Outside perception of MINI brand: expensive, high maintenance

Marketing mix

According to McDonald (2007) and Kotler and Armstrong (2006, p15), "the marketing mix is blending between tactical operations and marketing tools control, which is likely to identify and analyze customers' need in order for them to decide to purchase products from Lastminute.com". Due to a product's perception can match the demand of a customer's expectations with affordable prices, value and convenience. As a result, it would lead to customers' satisfaction.

1) Product

McDonald, M (2007, p15) suggests that "consumers' satisfaction is the crucial area for the customers' criteria. Sometimes customers are willing to pay more than expected, if they perceive the product to be the greatest value to their personal needs and expectation even when compared to multiple choices of cheaper prices in the market."

Based on the case study, MINI provides a large variety of products and service to its customers. MINI distinguished their products based on the different needs of customers, such as Hatchback, Convertible, Clubman and Countryman. Moreover, there is the good reputation of MINI brand for offering the premium quality products. There also have the ability to create more products to compete with their competitors. For example, the product portfolio has grown from the MINI One and MINI cooper to include the Cooper S, Cooper D, MINI Convertible, MINI Clubman and Countryman. More and more new products will be created in the future to satisfy the customer and market demand.

2) Price

Kotler, P. And Armstrong (2006) define price is the cost of product and service that the customer can accept and can pay. Their decision making is based upon several factors, including their budget, their desire for the product and their perception of the brand, the quality of products and additional services on offer. A prime consideration is that the vacation will leave them with 'memories to treasure'.

Based on the case, MINI provides different kinds of price level from 7500 pound to 30000 pound based on the specific series of the car. Because of the internet, customers can compare different offers which are similar products and price. MINI also gives the chance to customers that customers can fiancé their own MINI based on their income or purchase situation. Furthermore, the staff o MINI will give customers the suggestions about purchasing based on their own budget situation.

3) Place and distribution

A marketing channel can be defined as the structure linking a group of individuals or organizations through which a product or service is made available to the consumer or industrial user. (Brassington and Petitt, 2007)

MINI has its own place and distribution approach. They used the special and direct way to pass the information customers different from the way to pass the information to the public. MINI has the wide and successful dealership in the world. Not only the MINI Company but the dealers hold a database and communicate with customers through postal and digital communications. There are 146 MINI dealerships in the UK. MINI does not own the dealerships, as they are individual of franchises. Anyway, the MINI is expensing its business in the world. The dealers can divided the products well, improve the business efficiency, provide the specialist services and make the ownership information and time utility. So MINI has the good place and distribution.

4) Promotion

Kotlor, P. And Armstrong (2006) state that promotion is a mix of tools, taking place in integrated marketing communications. The purpose is to influence customer behaviour. The most successful enterprise should deliver a clear statement to target consumers using the best methods available. Lastminute.com uses the latest technology to communicative with customers.

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