Marketing Objectives and Strategies
Marketing Objectives and Strategies: TATA Motors is one of the leading automotive industries in India. It is nationally known for the production of cheap affordable cars. For instance, the TATA Nano is an example of the cheapest car in the world. However, TATA also produces some luxury cars such as the Jaguar, and land rover that is somehow famous (Garg, 2019).
For this reason, TATA motors manufacture vehicles to satisfy the needs of its customers. Although the company is well known in some countries, the brand lacks international exposure. This is because the company has a limited marketing strategy and thus it is not among the famous automotive companies in the world.
Because successful marketing relies on understanding the nature of your product and defining a specific marketing objective, however, the first marketing objective would be to increase brand awareness up to 50% within the USA base market. For over decades the US market has been the core for the automobile industry, so exploring the US market and creating brand awareness would go a long way to span the product life cycle.
Also, producing good quality products that satisfy consumer wants and needs without ignoring their values might skyrocket sales and thus the decision on sale trend can be predicted. Marketing management believes that consumers that feel satisfied with a product or service, stand a chance of recommending anyone that comes his way seeking for same product or service. Also, there’s a great chance for the consumers to patronize the product or service. Conversely, if TATA Motor can adhere to this, then it appears that they are on the right trajectory to increase brand awareness within the US market.
Also, expanding to a new market can be achieved by opening branches in a new geographic area. When a product is introduced into a new market with existing competitors, the marketing manager might consider offering promotions to attract consumers For example, the company can offer a discount card for gas and gasoline to TATA motors customers for six months. This will attract many individuals who will not want to miss such an offer. TATA motors can also offer an extended manufacturer warranty for its product.
The next objective is the growth of the market share of TATA motors which is currently at 7.07% (Grover, 2020). The comparison of a company to its competitors is done using the market share. Therefore, having a high market share can increase the number of customers who love the brand (Rana, 2019). Another objective is to diversify their products. Manufacturing different types of cars for different classes of people can ensure that most of their customers’ needs are catered for. This will increase the number of customers who are willing to purchase TATA motors. By diversifying their products, the company won’t only be seen as an Indian car manufacturer.
Another key point is for the management to set a watchdog for the innovation of the latest technologies by staying up-to-date when new technologies are developed. Because some consumers are addicted to products with the latest technologies and keeping up with that may attract many customers (Grover, 2020). Producing smart cars with all the amenities that consumers want and need can retain consumers and equally aid in spreading the brand.
First, the company has to research and analyze its target market. However, this can be achieved by deploying the consumer behavior concept. The company can make use of the available digital platforms or social media to carry out its survey and feedback. Also, they can use newspapers and posters since some people read papers but do not watch television.
TATA motors can also research the new technologies and incorporate into its product the ones that meet consumer needs and wants in the automotive industry. TATA motors can also research the problems that people face in the existing vehicles and seek to innovate or revise products to meet consumer demand. For instance, a married couple may prefer a four-wheel car with a baby seat.
Setting up a new branch in another geographic area is another method that TATA motors might consider in increasing its brand. This means that TATA motors have to study its competitors that are already in the market and use the final report as a tool in deciding their new branch locations (Topno, 2019). By choosing a place where raw materials are easily available, the company will be able to cut the costs of production.
The company can also explore a new market and consumer base by opening a branch in Africa that its market less saturated. This will enable the TATA motors to keep up with the latest technologies while making their brand international. By competing with the most famous automotive industries, the company will be able to upgrade its levels of production in India and the world at large.
The target markets for TATA motors are families with a low income/less social status that value quality and affordable cars. This is one of the company’s strengths as they have been producing affordable cars across India. Another target market, in this case, could be the middle-class of people who like to enjoy features of luxury cars. For example, the Jaguar, and land rover could be revised to meet the global standard. TATA motors satisfy the needs of the customers depending on the purpose of the vehicle.
By understanding the product life-cycle and satisfying consumer needs, TATA motors can be able to grow both locally and globally. Producing quality up-to-date vehicles and impressing the customers correspond to an extended product life-cycle. Besides, attracting more customers implies staying up-to-date, and revising products that can make the product remain on the market shelves. Lastly, marketing through social media, televisions, and new papers can also help in analyzing your target market.
Garg, S. (2019). Internationalization of Tata Motors: Strategic analysis using flowing stream strategy process. International Journal of Global Business and Competitiveness, 14(1), 54-70.
Grover, P.( 2020)Analysis Of Profitability: A Comparative Study Of Maruti Suzuki, Tata
Motors, Hindustan Motors, and Mahindra And Mahindra.
Rana, S. (2019). Financial Analysis of Tata Motors and Maruti Suzuki. Research review international journal of multidisciplinary volume, 4, 897-900.
Topno, N. (2019). Globalization Impact on the International Business Development: The Tata Motors Case.