Principles of Marketing: Bentley Motors

Principles of Marketing: Bentley Motors Marketing strategy with details of the 4 P’s with justification (Bentley Motors): Bentley Motors limited is a British luxury automaker and a wholly owned subsidiary of the Volkswagen AG. Designing, engineering, manufacturing and distribution of luxury motors are the major activities of Bentley Motors. Bentley Motors was established in the year 1919 by W. O. Bentley. This company was founded in Cricklewood near London. Rolls-Royce Motors had acquired this company in the year 1931 and in the year 1998 this company had purchased by Volkswagen AG. Since then this company has been the wholly owned subsidiary of Volkswagen AG (Stephanie, 2013). The marketing strategy of Bentley Motors had been so formulated that the company sells the models of the automobiles through the franchised dealer all over the world. This company had been producing the motors which are considered to be the luxury motors in the global market. The strategic management of the company makes the company to successfully market the models of the cars all over the world. The marketing strategy of Bentley with the 4Ps is as follow; Products: The luxury automobiles of the company satisfy the needs of the customers. The cars models of 4.5 liters became much popular as the vehicle of choice of the population. The luxury cars of this company are designed as per the needs and the demands of the customers. The racing cars designed by this company are also much popular. The Bentley Continental fastback coupe was designed by this company to cater the domestic demands. These models were manufactured with the compilation of many important standardized components. Standard steel saloon, continental models, S-Series, T-series models are some of the well known and popular models of the company (Georges, 2014). Place: The company sells the cars models through the franchised dealers all over the world. China has been a very good market for this company’s cars. The company tries to enter into many emerging markets scattered across the world. After Rolls Royce had purchased Bentley Motors, the later could compete with other competitive and expensive car producing companies in the international market. Price: The cars of this company are of high quality and thus the prices are higher compared to regular use cars. The company focuses on the satisfaction of the customers and tries to cater best quality racing cars and luxury cars. The company could not compromise with the quality and standard of the motors. The high end cars are designed and engineered with the use of technology. The company targets rich section of the society those who consider the quality of the cars with their prices. Promotion: The company implements ethical marketing strategies compromising of effective marketing tools to market the cars in the international market. Proper advertisements, campaigns, promotional schemes and other promotional schemes are practiced to make the product well known to the customers of the world. The logo of the company is a symbol of status and prestige for the customers (milesperhr, 2012). Briefly discuss about the Integrated Marketing Communion (IMC) to become more competitive: Integrated Marketing Communication or IMC is the tool to understand the marketing communication strategies in the light of innovation and innovative strategies. IMC helps to formulate such strategies which could solve different types of the business issues through the collaboration with the international companies and the rivals in the market. The IMC strategies help the companies to become more competitive in the market and to make them cost effective in the competitive world. The companies could implement the IMC strategies in both the conventional and non conventional marketing media. The companies could implement these strategies in making the promotional methods to make them more effective and efficient towards successful achievement of the organizational goals. There had been several changes in the modes of communicating with the customers. These continuous changes have been possible because of the consistent conduction of the research and development in the field of marketing strategies (bentleymotors, 2014). There had been various positive shifts from the conventional marketing strategies to interactive marketing, from Mass Media to some kinds of Specialized Media, from Low Accountability in marketing to high Accountability in marketing spend, from limited connectivity to persuasive connectedness. These shifts had made the Integrated Marketing Communication so much effective to make the goal of customer orientation possible by the companies. The various components of IMC which are implemented in the marketing strategies of different companies are the following: Organizational culture The mission, vision, goal and objectives together build the organizational culture. Four Cs in Marketing Mix- Consumer, Cost, Convenience, Communication The most important components of the marketing strategies are described here. The consumers are the target segment; cost and convenience decide the price of the products and the distribution channels to be formulated. Finally the communication is the important tool of intimating the customers about the products. Advertising: The advertising includes various media like broadcasting, commercial ads, outdoor advertising, online advertisement which is also gaining much popularity now a days. The companies can put advertisements in different auction sites, social networking sites and classified ads are also there in the newsletters etc. Direct marketing: Another important tool of communicating is direct marketing where the customers could be interacted directly through different channels like direct mails, telemarketing, shopping channels, internet sites, websites, mobile messages, outdoor advertising etc. The seller could come into direct connection with the buyers through direct marketing (Panerai, 2015). E-Commerce: E-Commerce includes Search engine optimization, Mobile marketing, content marketing, social media like Facebook, Twitter, Instagram etc. The components of E-Commerce are making the marketing more effective and useful. Public Relations: The companies could interact with the target segment through creating an effective public relation strategy. The companies could communicate through special events, interviews, conferences, charity involvement etc. Promotions: There are various promotional tools which are to be implemented by the companies. The promotional schemes include contests, coupons. Product samples, prizes etc (milesperhr, 2012). Corporate volunteering: Now a day the companies are getting engaged in donations, volunteering and many other charitable actions. References: bentleymotors. (2014, August 28). Bentley Looks to the Future with new Skills Programme. Retrieved from bentleymotors: http://www.bentleymotors.com/en/world-of-bentley/our-story/news/2014/bentley-new-skills-programme.html Georges, C. (2014, September 09). In Conversation With Christophe Georges, President CEO, Bentley Motors Inc. Retrieved from luxurysociety: http://luxurysociety.com/articles/2014/09/in-conversation-with-christophe-georges-president-ceo-bentley-motors-inc milesperhr. (2012, March 01). Bentley Motors Campaign Plan. Retrieved from milesperhr: http://www.milesperhr.com/tag/bentley-marketing/ Panerai, F. (2015, February 18). Bentley motors. Retrieved from slideshare: http://www.slideshare.net/FiammaPanerai/bentley-motors-art Stephanie, A. (2013, October 02). Bentley company case. Retrieved from slideshare: http://www.slideshare.net/aguness/bentley-company-case