Marketing strategy of Re-THINK-ing THINK The Electric Car Company

Posted by Zander Henry on Aug-22-2018

1. The vision of Re-THINK-ing THINK The Electric Car Company

The vision of Re-THINK-ing THINK The Electric Car Company is to be the leading quality service and product provider for customers. Being the best and the leading player means that Re-THINK-ing THINK The Electric Car Company marketing strategy and operations focus on:

Providing high quality of products and services
Providing value to customers
Concentrate on building customer experience

2. The mission of Re-THINK-ing THINK The Electric Car Company

Re-THINK-ing THINK The Electric Car Company marketing strategy is grounded in its mission. The mission for Re-THINK-ing THINK The Electric Car Company is to be the favorite brand of the customers. This mission is essential for the marketing strategy of Re-THINK-ing THINK The Electric Car Company as it focuses on all operations and marketing activities in the direction of:

Consumer centrism
Using research to understand and influence consumers

3. Brand Equity of Re-THINK-ing THINK The Electric Car Company

Understanding and knowing the brand equity is vital for directing and giving meaning to the marketing strategy of Re-THINK-ing THINK The Electric Car Company. The knowledge of brand equity will help in shaping Re-THINK-ing THINK The Electric Car Company marketing strategy effectively – thereby facilitating the growth of business for Re-THINK-ing THINK The Electric Car Company.

3.1. Brand awareness

Re-THINK-ing THINK The Electric Car Company has high brand awareness because of international operations
The company focuses on higher budget allocation in the country of origin
Each market for Re-THINK-ing THINK The Electric Car Company has modified marketing and strategic directives and plans

3.2. Brand association

Re-THINK-ing THINK The Electric Car Company is directly associated with the brand name and product category
Re-THINK-ing THINK The Electric Car Company has a broad product portfolio
Re-THINK-ing THINK The Electric Car Company is associated with promising and delivering quality and innovative products
Re-THINK-ing THINK The Electric Car Company is also associated with excellent customer service

3.3. Brand loyalty

Re-THINK-ing THINK The Electric Car Company has been successful at gaining high consumer loyalty because of unique and influential marketing strategy
Re-THINK-ing THINK The Electric Car Company has a global customer base
Re-THINK-ing THINK The Electric Car Company keeps adding value addition to the products and product portfolio to keep consumers engaged

3.4. Brand asset

Re-THINK-ing THINK The Electric Car Company has a substantial brand value
Re-THINK-ing THINK The Electric Car Company also enjoys the high financial worth
Re-THINK-ing THINK The Electric Car Company focuses on building a reliable and robust employee base

3.5. Brand element

Re-THINK-ing THINK The Electric Car Company uses the brand element as a means of competitive advantage
Uses adaptability in product, services, and marketing to meet different cultural demands

4. Situational Analysis of Re-THINK-ing THINK The Electric Car Company

The situational analysis will help in developing the marketing strategy of Re-THINK-ing THINK The Electric Car Company by conducting a thorough market analysis. This market analysis will aid in understanding the compatibility between external opportunities and other factors, and internal strengths – to be used to maximize the marketing influence of Re-THINK-ing THINK The Electric Car Company.

4.1. SWOT

4.1.1. Strengths

Re-THINK-ing THINK The Electric Car Company marketing strategy can benefit from the following internal advantages:

Strong brand image
Global distribution network
Investment in market research
Innovation

4.1.2. Weakness

Re-THINK-ing THINK The Electric Car Company faces challenges in marketing strategy because of the following weakness:

Slow organizational processes
High product prices

4.1.3. Opportunity

Re-THINK-ing THINK The Electric Car Company has the following possibilities of business growth:

Green lifestyles
Regional expansion
Diversification

4.1.4. Threats

Re-THINK-ing THINK The Electric Car Company faces business threats because of the following factors:

Increased competition
Increased imitation

4.2. PESTEL

4.2.1. Political

Re-THINK-ing THINK The Electric Car Company operates I markets with political stability
Re-THINK-ing THINK The Electric Car Company has funding support from the government for small businesses

4.2.2. Economic

Re-THINK-ing THINK The Electric Car Company enjoys high sales because of higher GDP
Lower interest rates make business expansion and loaning easier for Re-THINK-ing THINK The Electric Car Company
Low inflation strengthens the financial position of Re-THINK-ing THINK The Electric Car Company

4.2.3. Social

Higher education and awareness increases sales of Re-THINK-ing THINK The Electric Car Company predict
Re-THINK-ing THINK The Electric Car Company focuses on understanding consumers and fulfilling their demands through its offerings

4.2.4. Environmental

Re-THINK-ing THINK The Electric Car Company has an active CSR program
Re-THINK-ing THINK The Electric Car Company ensures environmental safety in all its operations

4.2.5. Legal

Re-THINK-ing THINK The Electric Car Company is aware of local and global laws of business and human resource management
Re-THINK-ing THINK The Electric Car Company abides by all statutes – especially labour law, discrimination law, and employee safety laws

4.3. Porter’s Five Forces

4.3.1. Threat of substitutes

High risk of replacements
Substitutes offer similar products at low prices

4.3.2. The threat of new entrants

New entrants need high financial investment
New entrants need updated technology for keeping par with industry progress

4.3.3. Bargaining power of buyers

Sales made to end consumer directly
Stocking of products at retailers, as well as own-controlled retail outlets

4.3.4. Bargaining power of suppliers

Multiple suppliers of raw materials
Suppliers are chosen after careful inspection, and through contracts

4.3.5. Industry rivalry

High industry rivalry
Players offer similar products
Players compete through marketing to influence consumers

5. Marketing Objectives for Re-THINK-ing THINK The Electric Car Company: The Marketing Strategy of Re-THINK-ing THINK The Electric Car Company

Re-THINK-ing THINK The Electric Car Company marketing strategy has the following objectives for the current financial year:

5.1. Increased market penetration

Increase top of mind recall for Re-THINK-ing THINK The Electric Car Company brand and products by 30%
Increase sales for Re-THINK-ing THINK The Electric Car Company by 40% by the third quarter of the financial year
Achieve a trial rate for new products of 10% during the first quarter of the launch
Increase consumption rate of existing products by 45% during the current financial year

5.2. Enhanced brand recognition

Increase top of mind recall by 65% during the current fiscal year
Increase brand recognition by 80% during the first two quarters of the current financial year

5.3. Increased use of digital marketing

Acquire 25,000 new online customers during the financial year
Increase website traffic through using blogging and email tactics effectively by 505 during the first two quarters of the year
Acquire 65,000 likes on the official Facebook page of Re-THINK-ing THINK The Electric Car Company during the first quarter of the financial year

5.4. Retail Growth

Contract with five more leading supermarkets in the first quarter of the year to stock product at eye level shelving
Contract with two leading online retail sites – eBay and Amazon – to stock our products, and increase accessibility for consumers globally by the second quarter of the financial year

6. Segmentation of Re-THINK-ing THINK The Electric Car Company

Re-THINK-ing THINK The Electric Car Company marketing strategy uses different means of segmentation to reach an increase in market penetration.

6.1. Demographic segmentation

6.1.1. Age

Re-THINK-ing THINK The Electric Car Company has consumers of age groups

20-45 years
45-60 years

6.1.2. Gender

Re-THINK-ing THINK The Electric Car Company has a broad product portfolio for both males and females

6.1.3. Life-cycle stage

Consumers for Re-THINK-ing THINK The Electric Car Company, according to the marketing strategy, are in the following various life cycle stages:

Single students
Single graduates
Single people living at home/not living at home
Young couples without children
Married couples with one to four children – all at home
Married couples with one or two children in college
Old married couples with an empty nest

6.1.4. Occupation

The marketing strategy devises the following occupations for Re-THINK-ing THINK The Electric Car Company consumers:

Professionals
Students
House makers

6.2. Psychographic segmentation

6.2.1. Social class

Re-THINK-ing THINK The Electric Car Company focuses on segments of middle-upper and upper social classes

6.2.2. Lifestyle

Re-THINK-ing THINK The Electric Car Company consumer segments have the following lifestyle characteristics:

They aspire towards a better and higher living standard
They want to be successful – professionally and socially
They are not hesitant to try new things, products and services in life
They are confident in their behaviour and attitude
They are mainstreamers in their fields

6.3. Geographic segmentation

6.3.1. Region

Re-THINK-ing THINK The Electric Car Company has operations spread across the western developed countries such as America, the united kingdom, and the Netherlands
It also has operations in emerging markets such as Brazil, India, and China

6.3.2. Density

The focus of Re-THINK-ing THINK The Electric Car Company remains on the urban part of the population

6.4. Behavioural segmentation

6.4.1. Personality

The marketing strategy defines personality characteristics for the consumers of the brand of Re-THINK-ing THINK The Electric Car Company, such as:

Determined
Confident
Ambitious
Hardworking

6.4.2. Usage frequency

The consumer segments for Re-THINK-ing THINK The Electric Car Company are regular and frequent users of the product

6.4.3. Benefits sought

Consumers seek functional benefits
The focus, however, is more on the emotional benefits reaped from the consumption of the brand

6.4.4. Degree of loyalty

Consumers are very loyal
Have an emotional attachment with the brand

7. Targeting of Re-THINK-ing THINK The Electric Car Company Positioning of Re-THINK-ing THINK The Electric Car Company

The marketing strategy of Re-THINK-ing THINK The Electric Car Company targets consumer groups based on segmentation as follows:

7.1. Target market

The target market for Re-THINK-ing THINK The Electric Car Company is from middle to upper class
The target market is ambitious and desires to purchase high-end consumer products
This target market also seeks affordability
To meet target market expectations, the Re-THINK-ing THINK The Electric Car Company focuses on quality control

7.2. Mass marketing

The marketing strategy of Re-THINK-ing THINK The Electric Car Company focuses on mass marketing
This also requires unique marketing designs and product promotion programs
Re-THINK-ing THINK The Electric Car Company makes use of one strategy to influence all segments

7.3. Undifferentiated marketing strategy

Re-THINK-ing THINK The Electric Car Company does not differentiate between market segments
It uses a single marketing strategy to target all segments and consumer groups
Based on this, Re-THINK-ing THINK The Electric Car Company also created the marketing mix under the marketing strategy as a singular one for the whole market – regardless of the segmentation divides.

7.4. Focus on quality

Re-THINK-ing THINK The Electric Car Company has created, developed, and maintained a brand that satisfies all consumers under the undifferentiated marketing strategy and mass marketing
No compromise on quality has been made in the broad product portfolio
To ensure the influence of a single marketing strategy, the Re-THINK-ing THINK The Electric Car Company has also adopted a consumer-centric approach in its overall marketing strategy and operations as well
This was used for targeting strategy as well as for maintaining growth

8. Company Competitive Advantage in the marketing strategy of Re-THINK-ing THINK The Electric Car Company

The marketing strategy of Re-THINK-ing THINK The Electric Car Company stands out from the clutter and competition. Re-THINK-ing THINK The Electric Car Company has also achieved a sustainable competitive advantage in its marketing strategy. This is because of the following factors that Re-THINK-ing THINK The Electric Car Company has utilized:

8.1. Cost-effectiveness

Re-THINK-ing THINK The Electric Car Company focuses on reaching consumers effectively rather than grandeur
Re-THINK-ing THINK The Electric Car Company focuses on developing an integrated marketing approach
The use of digital marketing efficiently and expertly has helped the company reach a wider audience at a lower cost
Re-THINK-ing THINK The Electric Car Company has in-house copywriters for marketing campaigns which also helps in controlling costs
Re-THINK-ing THINK The Electric Car Company also focuses efforts on ground activities – which are less expensive than commercial marketing tactics

8.2. Innovation

Re-THINK-ing THINK The Electric Car Company has stayed updated with latest developments in marketing research and marketing knowledge
Re-THINK-ing THINK The Electric Car Company makes use of new and innovative tactics to reach its target consumers
Re-THINK-ing THINK The Electric Car Company also employs top of the field marketers to facilitate its marketing strategy and promotional campaigns
Each marketing campaign launched by Re-THINK-ing THINK The Electric Car Company is effective catchier and more influential than the previous one

8.3. Strong market research and consumer understanding grounded

Re-THINK-ing THINK The Electric Car Company marketing strategy is strongly grounded in consumer and market research
Re-THINK-ing THINK The Electric Car Company makes informed marketing campaigns and goals based on consumers’ behavioural feedback
Re-THINK-ing THINK The Electric Car Company also incorporates consumer feedback in its marketing strategy
Re-THINK-ing THINK The Electric Car Company marketing strategy is based on market trends, and consumer needs and wants

8.4. Making effective use of emotional appeals

Consumers’ emotional needs strongly influence all marketing objectives and marketing goals set by Re-THINK-ing THINK The Electric Car Company
In addition to fulfilling functional needs, Re-THINK-ing THINK The Electric Car Company also tries to fulfil the emotional and psychological needs of the consumer
Re-THINK-ing THINK The Electric Car Company tries to build a strong emotional bond with the consumer, which also results in high consumer loyalty

9. Distribution Strategy of Re-THINK-ing THINK The Electric Car Company

Re-THINK-ing THINK The Electric Car Company marketing strategy highlights the use of the following distribution strategy to maximize reach and accessibility for consumers.

9.1. Intensive distribution strategy

Re-THINK-ing THINK The Electric Car Company makes use of intensive distribution strategy because it is mass marketing
Re-THINK-ing THINK The Electric Car Company’s marketing strategy is based on undifferentiated segments, and thus an intensive distribution strategy allows high penetration and reaches in the overall market
With the use of the intensive distribution, Re-THINK-ing THINK The Electric Car Company tries to maximise its coverage of the markets where it's present
For achieving the intensive strategy, the company uses hardcore 360-degree integrated marketing strategy and campaign to reach all consumers, across all segments in the market.

9.2. Direct distribution strategy

Re-THINK-ing THINK The Electric Car Company uses direct distribution country of origin as well as in locations where it has subsidiary operations
The Re-THINK-ing THINK The Electric Car Company also makes use of modern retailing channels
Also, Re-THINK-ing THINK The Electric Car Company makes use of e-commerce and makes a sale through online retailers, as well as through the company website
Direct distributions have allowed Re-THINK-ing THINK The Electric Car Company to increase market penetration and accessibility for consumers

9.3. Indirect distribution strategy

This strategy is largely used for offshore operations where the Re-THINK-ing THINK The Electric Car Company does not have a subsidiary
In these offshore locations, Re-THINK-ing THINK The Electric Car Company largely works through the export model
This makes use of several intermediaries in between, before the product by Re-THINK-ing THINK The Electric Car Company reaches the target consumers
Intermediaries for Re-THINK-ing THINK The Electric Car Company include not only the end retail outlets, but also sales agents, retail agents, and distribution agents in offshore locations

9.4. Selective distribution strategy

For some products of its portfolio which are premium in nature, Re-THINK-ing THINK The Electric Car Company makes use of selective distribution channel
Re-THINK-ing THINK The Electric Car Company has maintained a few outlets in the country of origin, and in selected offshore markets for these products
These placements and locations are chosen based on the niche market that Re-THINK-ing THINK The Electric Car Company has for its premium products
These locations, placements, and marketing strategy helps make the company’s product selectively, but readily accessible for its niche target audience

10. Competition Analysis in the marketing strategy of Re-THINK-ing THINK The Electric Car Company

The industry in which Re-THINK-ing THINK The Electric Car Company operates is very responsive to market and consumer trends. Re-THINK-ing THINK The Electric Car Company, therefore, needs to be vigilant in its market strategy towards competition – to make sure that it maintains its competitive advantage.

10.1. Strategic Group Analysis

Re-THINK-ing THINK The Electric Car Company competes with direct and close competition based on quality and price
Consumers choose between different companies from the industry based on their functional offering
Consumers have progressively evolved to strengthen loyalty and form an emotional bond with products that they consume
Re-THINK-ing THINK The Electric Car Company also competes, thereby, with close competition for building stronger brand image, increasing consume loyalty, and for forming strong emotional ties with the consumer

10.2. Industry rivalry

Re-THINK-ing THINK The Electric Car Company experiences high industry rivalry
The barriers to entry for the industry are low, and new entrants gain easy access in the industry
The number of local as well as global players is increasing

11. Marketing mix of Re-THINK-ing THINK The Electric Car Company

The marketing mix for Re-THINK-ing THINK The Electric Car Company as per the marketing strategy is the following:

11.1. Product

Re-THINK-ing THINK The Electric Car Company has a broad product portfolio
Re-THINK-ing THINK The Electric Car Company provides mass marketed products for all segments across the market undifferentiated
Re-THINK-ing THINK The Electric Car Company also provides some selected, premium products to niche customer groups
All products in the portfolio consistently maintain high quality
All products are tailored to meet consumer specifications, demands and needs across different regional markets
The Re-THINK-ing THINK The Electric Car Company maintains a high focus on innovation in products and introduces new products frequently to keep the consumers engaged

11.2. Place

Re-THINK-ing THINK The Electric Car Company wants to have a close, emotional and personal relationship with its consumers
The company maintains high control in its distribution strategies – especially through direct distribution strategy
The company has a presence in leading supermarkets
The Re-THINK-ing THINK The Electric Car Company also has company-operated stores in malls, and otherwise to make products accessible to consumers easily
Re-THINK-ing THINK The Electric Car Company also makes use of e-commerce to increase penetration and sales

11.3. Price

The Re-THINK-ing THINK The Electric Car Company prices its products so that its target consumers can afford it easily
Re-THINK-ing THINK The Electric Car Company uses relative pricing strategy for its products
The price of Re-THINK-ing THINK The Electric Car Company’s products include not only the high quality raw materials and value additions but also the enhanced customer experience they deliver
The company’s pricing strategy allows it to enjoy stable revenue and profit growth

11.4. Promotion

The Re-THINK-ing THINK The Electric Car Company has a high budget allocated towards marketing activities
The Re-THINK-ing THINK The Electric Car Company invests substantially in digital marketing activities to reap high and effective results
Use of digital marketing has also allowed Re-THINK-ing THINK The Electric Car Company marketing strategy to cap costs and expenses
Re-THINK-ing THINK The Electric Car Company also takes part in direct consumer engagement through on-ground activities where the company initiates trials
Re-THINK-ing THINK The Electric Car Company also invests in traditional media channels to reach maximum consumers in the market

11.5. People

Re-THINK-ing THINK The Electric Car Company has a large workforce across different companies
This workforce is continually trained to become experts in their respective fields of operations
Re-THINK-ing THINK The Electric Car Company hires without discrimination
Re-THINK-ing THINK The Electric Car Company ensures that its employees remain motivated through building an inspirational and creative organizational culture
Re-THINK-ing THINK The Electric Car Company focuses on also building and maintaining organizational commitment and loyalty in its employees

11.6. Process

All activities at Re-THINK-ing THINK The Electric Car Company - from raw material procurement to the final sale to the end consumer - undergo systematic processes
The processes at Re-THINK-ing THINK The Electric Car Company are well defined, and well communicated to all employees
All employees are trained to follow the processes internally to ensure consistently high quality as well as timely production and deliveries
The systematic processes also ensure a smooth running of operations at the Re-THINK-ing THINK The Electric Car Company

11.7. Physical evidence

The physical evidence for Re-THINK-ing THINK The Electric Car Company includes the company logo, company store designs, and the product packaging
Satisfied and excited customers in the retail spaces of Re-THINK-ing THINK The Electric Car Company, as well as during product consumption create a bubbling and an inviting atmosphere
The e-commerce website for retail by Re-THINK-ing THINK The Electric Car Company is also designed with a friendly customer interface to allow maximum interaction with the brand
The store designs created by Re-THINK-ing THINK The Electric Car Company for its retail space allow consumers maximum interaction with the products directly.

12. Promotional tactics for the marketing strategy of Re-THINK-ing THINK The Electric Car Company

12.1. Digital marketing

The company uses social media for reaching consumers effectively
The Re-THINK-ing THINK The Electric Car Company interacts with the consumers directly, and engages with them, answers their queries and takes their feedback
The company also shares information and build relationships with consumers through digital marketing
Re-THINK-ing THINK The Electric Car Company also makes use of blogging, emails, and content creations as a means of digital marketing

12.2. Conventional marketing

The company uses a 360-degree approach in its marketing strategy
This means that the company makes use of traditional marketing channels as well – such as TV, magazine adverts, and out of house placements

12.3. Influencers

For direct, on-ground engagement, the company uses influencers
Influencers interact with consumers directly, or through their channels of communication as a means of content creation and endorsing the Re-THINK-ing THINK The Electric Car Company brand

13. Monitoring and evaluation of the marketing strategy of Re-THINK-ing THINK The Electric Car Company

13.1. Changes in sales

Re-THINK-ing THINK The Electric Car Company regularly tracks its sales to identify the effectiveness of its marketing strategy
Increase in sales reflect the success of marketing strategy of Re-THINK-ing THINK The Electric Car Company
Sometimes, Re-THINK-ing THINK The Electric Car Company experiences increase ins ae after some time of the launch of the marketing promotions

13.2. Surveys and focus groups

Re-THINK-ing THINK The Electric Car Company frequently conducts focus groups and surveys to identify its brand worth
These methods also help the company identify brand value, brand recall, and brand recognition
Focus groups allow Re-THINK-ing THINK The Electric Car Company to gather feedback on its marketing strategy and helps it understand consumers better

13.3. ROI

Effectiveness of marketing strategy of Re-THINK-ing THINK The Electric Car Company can also be seen through the revenue and profit growth
Return on investment allows Re-THINK-ing THINK The Electric Car Company to effective gauge the effect and influence of the marketing strategy, and measure its success

13.4. Attainment of marketing objectives

All marketing objectives set by Re-THINK-ing THINK The Electric Car Company are SMART
The quantitative set against each of the marketing objective can facilitate attainment evaluation for the overall marketing strategy
Successful and timely attainment of these marketing objectives highlight the success of the marketing strategy of Re-THINK-ing THINK The Electric Car Company

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