2.1 Importanceof marketing for a successful business:Marketingplays a vital role in any business to make it successful, it is impossible tosimply put out a great product and expect to get financial rewards. Asmarketing completely expose product and brand it is the most effective way tomake your customers aware of your product. Marketing has very deeper effects onyour business and its cash flow. Investment in marketing is equally importantas you are investing in your products. While you are not marketing your producteffectively your business will start facing a serious financial cut backbecause very fewer people are finding your product and they are becoming loyalto your competitor and your brand will lose its visibility. A steady marketingstrategy is important if you want to stay relevant, and if you want yourcustomers to have confidence in your brand.
Marketing create a specific image inthe brain of consumers. Main target of any business is to create image andcombine benefits to make the customer. The biggest advantage of marketing isthat the products are being recognized in the mind of customer at first levelthis is through direct advertising and promotions.
2.2Marketing plan and its importance:Amarketing plan gives a well ordered guide for what you are burning through cashon and when. It empowers you to spending advertising costs – helping you keepcontrol of your uses, deal with your income, track deals to showcasing costproportion, and measure achievement of your promoting endeavors. Itadditionally guarantees that item advancement dollars are not squandered. Agood marketing plan can help you assure that you’re using your resources inmost effective way. An effective marketing plan should be based on followingthings.2.
2.1Situation Analysis: It tells youabout market place of your product and what will be your targeted market. Italso provide you the current trends and competitors of your product in marketand how you will be different from them.2.2.
1Target Market:Whatage group will you be targeting Will your product or service appeal more to menor women, single or married? The list goes on about the things that you couldlearn about your customers, but the important point is this: the more that youknow about them, the better you’ll be able to connect with them in a waythat will be meaningful to them.2.2.3 MarketingStrategy:The marketing strategyaddresses the 4 P’s of marketing product, price, promotion, and place.
Basically, what is your product and how it is different, how will you price it,how will you promote it, and where will you sell it.2.2.4Objectives & Tactics:Once you’ve recognized your methodology, you have to make sense of how toexecute it. You can set goals to meet and distinguish the strategies that youwill use to meet those targets. 2.2.5 Salesand Budget:Your marketing plan canalso include a sales forecast and an advertising budget.
Thebusiness projections will diagram your business focuses on a month to monthpremise. Your spending will determine the amount you will spend and when. Theblend of offers and spending will enable you to know about the amount you arespending on advertising and how much income you’re producing therefore.
2.3 Whycustomer will going to buy your product:Just as the business of automobile is expanding day by day and hasbecome an important part of the economyand the society. The car has become apart of today’s busy life every person want tohave it’s own private car that result in huge expanded business and demand ofautomobile not only business and demand have been increased but also thecompitition between companies offering different brands of automobile has beenincreased, every company Try their best to come upwith an extraordinary automobile, which can fulfill all of the customerrequirement and have an updated features and performance than in old model ofthat brand.Launchingnew model with updated features and adding more options in automobile is notenough the customer will never get to know about your product until he didn’theard good things about that product, seeing someone using that product orseeing someone repudiated personality to promote that product.2.
3.1Trust: Trustis described as an Assumption of one party that other Function will beaccomplishing their Demands and requirements. As long as services areExercised, trust is the morale that customers obtain on the provider ofservices to achieve their needs. Primilarly trust can be explained asconfidence that one party has on someone else because of sincerity and efficiency of the otherassociation (Morgan & Hunt, 1994). This explanation can be probably appliedin different directions, including transaction of goods and services. (Doneyand Cannon 1997) study that trust isformed of two aspects: perceived credibility and benevolence.2.3.
1Reputation of concerning brand: Brandnotoriety alludes to how a specific brand is seen by others. A great brand notorietyimplies buyers confide in your organization, and like buying your merchandiseor administrations. A horrible brand notoriety, be that as it may, will makebuyers doubt your organization and be reluctant about acquiring your items oradministrations.Whilecompanies used to be able to shape their brand reputation with ease usingtraditional advertising and public relations, it is much harder to keep othersfrom damaging your brand without online reputation management in today’s world.Tokeep their reputation and brand companies must have to follow the followingthings as listed below:· To identify all positive and negativeaspects of business over the year· Maintain consistency and accuracy inbusiness activities· Assessing where in business or marketingactivates you are not going on track· Reviewing and understanding yourcompetitor’s business and marketingstrategy· Monitoring for brand mentions andsentiment · Working on recommendations to maintainyour worth· Improving your work plan and strategies.2.
4 BestMarketing tools/strategies for automotive dealers: Justas new car models are released each year, the way in which you market your autodealership should take on a new model year after year. To make the most of yourmarketing initiatives it’s important to stay up to date, understanding newtrends in technology and advertising options that can help your business.Herewe have some strategies and tools for best marketing of automobiles:2.4.1Marketing automation software:Itallows you to market on different public platforms and to automate yourrepetitive nature tasks.Thebest part about marketing automation software is to gather information of thecustomers the best part of software is it understand the buying habits,interests, geographic information, and more helps you nurture leads andpotentially turn them into customers.it can also gather emails from interestedparties but however the main disadvantage is that marketers begin buying listsof email addresses to nurture instead of generating inbound leads.
While itseems like a quick fix, it’s not a long-term solution, nor does it create thefertile ground for a healthier, longer relationship with your future customers.Soyou can avoid this generating inbound leads by offering relative content topotential customers.2.4.
2Social Media Management Platforms:Web-basedsocial networking is a vital piece of your promoting endeavors, enabling you tocreate leads and instantly observe the achievement (or not) of crusades throughgathering of people engagement. A more youthful and more tech-accommodatinggroup of onlookers is utilizing online networking to settle on educated autopurchasing choices. Auto News shares that “In 2013, Market Share presumedthat Twitter drove $716 million in automobile deals among those 20 nameplatesthrough Twitter Ads, positive brand notices, enhancement of TV promoting andthe Twitter movement of the automakers themselves.
“Ifthat’s not convincing enough, take a look at these 2014 stats from the CMOCouncil:· 23% of car buyers use social media to discussor communicate a recent purchase experience.· 38% of consumers report they’ll consultsocial media the next time they purchase a car.· 84% of all automotive shoppers are onFacebook, with 24% using the platform as a resource for the purchase of theirlast vehicle.Facebookenables you to achieve your statistic with focused promotions and the capacityto discover supporters from your membership database on the stage.
To keep upengagement consistency is critical. Consistently plan substance and offerrecordings, and in particular, react to inquiries and remarks when they emerge.2.4.
3Website Chat:Offeringa chat feature on your website gives you the opportunity to engage potentialbuyers visiting your site, answering questions and discussing features, as wellas lengthening the amount of time prospects remain on your site.WeMake Websites lists several benefits of offering live chat sessions on yourwebsite, including convenience (customers want quick assistance), buildingtrust and the ability to make recommendations based upon information gleanedthrough a chat session. 2.4.3Pay Per Click Advertising:Anothersought after showcasing choice for automobile merchants is pay per clickpublicizing, in which you pay for deliberately put advertisements to directpeople to your site. For instance, you can utilize Google AdWords to targetclients utilizing painstakingly chose catchphrases. World Dealer Advertisingtalks about the advantages of PPC, including catching the online market and thecost viability of utilizing this approach.
Youcan utilize pay per click publicizing to target potential clients in your landterritory, those performing web looks for specific auto models you offer, andsignificantly qualifier watchwords, for example, “shabby” or”utilized”.2.4.4Targeted Advertising:Withthe ever growing use of smartphones, targeted advertising offers the abilityfor you to further narrow your advertising efforts with mobile ads. Not onlycan you target prospects searching for a specific vehicle, you can also targetyour ads to reach potential customers within a geographic area and based upontheir buying habits.FrostPride au, CEO at Simplify, provides a great example of the importance oftargeted advertising used in this interview with Street Fight, saying “in theauto industry the Toyota dealer in Palo Alto, Calif., has a lot full of Priusesand hybrid cars on its lot, and is after a very different audience than theToyota dealer in Fort Worth, Texas, where they have a lot full of Tundra’s,pickup trucks and SUVs.
If you were to apply a national audience segment tolocal Toyota dealers you’d be targeting an audience that wasn’t ideal foreither of them.”Youcan further hone your results with targeted contextual ads, as they are alignedwith web content directly related to your business. For instance, if you are aFord dealer, you would align your ads to content that is written about Fordcars, buying Fords, and the cost effectiveness of Ford vehicles. To see how targetedcontextual ads work and look, take a look at this example on Dealer.
com.Theonline arena is ever-changing, but you can capitalize on your digital marketingefforts by using marketing automation, social media, web chats, pay per clickadvertising, and targeted ads.2.5 Factorsaffecting the business of automobile even after strong marketing:Theautomobile industry crisis of 2008–2010 makes us wonder what the factors whichlead to such a crisis are.
Let us discuss in detail the various demand andsupply factors which affect the automobile sector. 2.5.1 Financing Options:Carindustry onlookers refer to auto credits as the greatest driving element forthe expansion of the Compact Car fragment. At display, very nearly 85 for eachpenny of all new auto deals are supported via automobile back, contrasted with65 for every penny five years ago. Interest rates on auto credits havedescended definitely in the previous four or five years, which enablesforthcoming purchasers to dive in. The development of the CC-portion in theprevious couple of years can be chiefly acknowledged to elements, for example,ascend in pay levels leading to expanded moderateness and concurrentdiminishment in loan fees prompting lower EMIs. The drop in loan costs as arule causes not very many individuals to likely move from the base model to achoice model.
A bigger move happens if individuals are eager to take long-termcredits, similar to five years rather than the prior three-year advances.2.5.
3 AdvertisingAnd Marketing:Dueto the advertising techniques adopted by all the manufacturers in theCC-Segment the sales have risen drastically. It is all due to because thecompanies now days are using even aggressive selling techniques for which theyare even coping with the Film celebrities and Cricket stars, like Maruti hascontracted Irfan Pathan as the brand ambassador of Zen and for Santro Hyundaihas contracted for Shah Rukh Khan. And the companies are even trying toapproach to the customer as to their demand for a vehicle at special interestloans, etc. They are using data according to the customers return and earningcapacity for attracting the customers for their vehicles.2.
5.4 PriceOf The Car:Oneof the main considerations that influence the request of any ware in the marketis the cost of the item. As the law of interest additionally expresses thatwith an expansion in value the request of the product declines and bad habitversa. Since, in the minimized auto section advertise even there are lesscontenders there is stiff value rivalry. Like the cost of Zen in 2001 was Rs.3.
93 lacs which increased to Rs. 4.01 lacs in 2005, yet at the same time theoffer of the Maruti mark continues on increasing it was because of theorganization’s notoriety with the clients2.5.5 IncomeOf Consumer / Buyer:Theincome of the consumer or buyer of the car is a very important factor ofdemand. In recent time we have seen that due to increase in the Income of thegeneral public, there has been a shift from the Lower CC-segment cars to theUpper CC-segmentcars.
2. Due to the recent increase in the number ofmultinationals in India, the income level of the employees have risendrastically and has made CC-segment cars an entry level car for a lot ofpeople. The average age of a CC-segment car owner has also dropped from 35years to 31 years.2.5.6 IncreaseIn Affordability: Theinterest for traveler autos is driven chiefly by more prominent reasonableness,which in turn increases the yearning level of the clients. Today with highmeasure of disposable income in the hand of Indian youth, who framessignificant segment of the populace, PVmarket has bigger addressable market.