Aston Martin's New Idea Essay Example | Topics and Well Written Essays - 1000 words

Aston Martin's New Idea - Essay Example The essay finally tells about the impact of the marketing plan on the sales of the company and the need for right strategy for developing the effective marketing plan. Table of Content Introduction 4 Marketing plan 5 Marketing objective 5 Target market and Segmentation 5 Marketing Strategies 6 Budget 7 8 Introduction Aston Martin, the iconic name in the world of cars, was founded in 1913 by Robert Bamford and Lionel Martin. The car company is headquartered at Gaydon, Warwickshire in England. Aston Martin is known for its luxury and style around the world. There are various models of the car in the market but some of the famous models include Aston Martin DB series, Lagonda Marque, Aston Martin One-77, etc (Aston Martin, 2012). The company has recently decided to change the style and theme of the car to make it more attractive and appealing to the young people in the age group of 20s. This idea of developing a new style and theme for Aston Martin cars can be both advantageous and disa dvantageous for the company. The whole idea of the company with its plan is to increase its market share and profit by targeting new markets which would mainly comprise people of today’s generation, especially in the age group of 20s. ... Marketing plan The marketing plan based on Aston Martin’s new approach to attract a new target market requires a planned marketing strategy which can be discussed as follows: Marketing objective Marketing objective is related to the company’s objective associated with Aston Martin. The objective of the company should deal with its long-term plans in establishing Aston Martin as a brand not only for luxury seeking people but for younger generations. Young people who prefer the sporty look with style and luxury but with different theme and design can be a great market opportunity for the company in terms of market share. Target market and Segmentation Segmentation is important for any company because of reasons such as process of segmentation of products according to their life cycle, and finding which product is to be segmented as per the consumers whom the company is targeting. The target market strategy for the company would begin with the analysis of market opportunit y which would allow the company to estimate the sales and size potential associated with the market segment (Lamb, Hair, & McDaniel, 2008, p. 49). Target market strategy implies the importance of segmentation of market for Aston Martin in order to achieve the marketing objective. Marketing Strategies Marketing strategy for the company should be based on market penetration, market development and promotional tools. Market penetration for the company decides it strategy based on the pricing strategy. It is often seen that companies reduce their product price to penetrate the market and attain a considerable market share before planning for market development. Aston Martin can penetrate the new