Principles of Marketing Plan

Question: Discuss about the Principles of Marketing Plan. Answer: Introduction 3M is a firm that has brands all over the world with its products appearing in all the continents and regions. The company has a wide range of products that range from household, electronic and medical brands that are utilised in different areas. This report chooses 3M Crystalline Automotive Films in Australia since this is the country that I come from (Crystalline 2016). Company analysis 3M is a diversified company with an international presence in many countries. The company grows its base annually and it is currently listed among Dow Jones Industrial Average 30 companies and a component of the Standard and Poors 500 indexes. The marketing program of 3M is based on emphasizing company utility through showing how the products can be used to make life better and creative. The company does not only use TV but social media which helps the company to determine the habits being adopted by consumers (Kerin, 2006). Competitor Analysis Despite 3M producing tinted auto films it faces competition from Solar shade, Smart tint, Premium shield and Gum tree that produces automotive films. All the four major competitors specialize in automotive films by designing different types of films that range from adhesive and non adhesive films that are for both domestic and automotive use. All the film designs are based on reducing radiation by over 90%. However 3M is placed competitively since most of the manufacturers use 3M take for fitting the films while 3M designs its films with the tape. Customer Analysis The increase GDP of the country has increased the number of people who own automotives. However due to global warming and changes in climate, the need for consumers to have crystalline windows that can reject 97% of the suns heat keeping the consumer from infrared and 60% of the heat that passes through windows. The customers are segmented across gender and age SWOT analysis Strengths Crystalline Automotive Films are made of plastic which makes them more preferred due to its UV rejection rate of 99.9% and high visible light transmittance. Other companies use 3M fixing tape to fix their films which makes them rely on 3M. The plastic nature of the film makes it light and non reactive to automotive GPS. The films are also easy to fix and wash since they are non-reactive to most car washing detergents. On the other hand other companies do not offer installation services making 3M the preferred company due to its fixing tape. Weaknesses The film only comes in a single form of the Crystalline Automotive Films, while other companies have several tinted automotive films that are ceramic, dyes and metallic. These different products offer different satisfaction levels to the customer and a range of preference that they can choose from. Opportunities Increasing GDP of the country has increased the number of people who own motor vehicles. This thus increases the number of customers that are available within the country and beyond. Further the need to reduce radiation in the automotive industry presents an opportunity and increasing market for tinted Crystalline Automotive Films. Threats Tinted automotive films are not only crystalline but come in different forms, different customer preferences exist across the segments in the market. Other companies offer ceramic films, dyes and metallic films this leads to competition that costs the market share. They also exist in different prices depending on customer affordability. Objectives The objective of any business is to maximise its profits through increased sales. Therefore 3M has to utilise all the available marketing opportunities that can be used to promote its products. Due to the changing trends in the automotive industry, the objective of the industry therefore is to develop a strategy that will fit the product line being promoted. Target market Kotler, Roberto Lee (2002) argue that psychographic segments are based on the behaviours and interests of customers. Customers have certain behaviours and the way they prefer certain things in life. For example young customers prefer curved windows while old people prefer regular straight windows. This is due to their following of celebrities in the market. Behavioural variables are based on the experience that they have with the products of the company. 3M allows its customers to share their feelings through social media by expressing how they feel with the crystalline automotive films. In marketing the company does not talk to customers but rather talks with customers about the crystalline window and how it fits the market share. Geographical variables are based on the regions that customers come from and how their margins increase the companys sales. Different regions require different intensities of the tint that needs to be installed on the window. Having different tint levels that are customised based on the geographical radiation levels will satisfy the customer and increase the customer base. Demographic variables are based on customer factors like age, gender, marital status, occupation, education status and race. Demographic factors play a role in the tint preference based on colour and strength. To satisfy the customer demographic trends the company produces different sets of films that are based on the customer preference (Reutterer 2006). Market mix analysis Marketing entails collecting and analysing data that helps firms sell products. to set prices, create brands, prices and choose distribution channels. This data is based on customer demographics, number of sales and industry statistics (Chai 2009). Product The crystalline windows are non metallic making them offer more solar protection. Their non metallic nature makes them easily to maintain, a long life and non interference with the car electronics. The design is a multilayer technology with a 200 thin layer film. This makes them easily protect the user from solar radiation and reduce heat in the car. The products are spread along different quality dimensions of good, better, very high quality, top of the line and superior quality depending on the affordability of the customer. Kotler et al (2001) argues that packaging of the material is an important factor in product segment. The packaging also needs to have complete information that will enable the customer to be able to learn how to manage the film (Kerin et. al, 2006) Price Price is an important factor in determining the sales of any product. The price of the films is set at a minimum level that enables the company to gain a marginal profit and at the same time satisfy the economic need of the customer. Today the films are sold from $80 to $640 depending on the product quality the customer chooses. The launching of different prices for different qualities enables the customer to have several options. This different pricing creates value to the customer by making them understand the value in different qualities (Kotler et al., 2003). Promotion 3M promotes its Crystalline Automotive Films product across different media platforms to create awareness for the product. The promotion strategy is based on television, social media and the companys website. The company has a special website for the automotive films where customers are able to sample out the films that they prefer. Use of brand ambassadors increases the perception of the customer to the brand by linking the class of the individual and how the film fits specific windows. Place 3M crystalline window is distributed through dealers that are across the globe. By sing dealers 3M has made it possible for the films to be spread almost everywhere in Australia and made them easily available to the customer. By using recognised 3M dealers across the country brand awareness is increased since customers can easily reach to the dealer to understand the film. The company has also opened show rooms in specific cities that display 3M products showing how different designs fit specific types of cars. Conclusion 3M Crystalline Automotive Films offer the best radiation cover protecting the customer from heat and solar radiation. However customer demographics and tends tend to shape the way people buy and prefer certain products to others (Dibb et al, 2001). Thus 3M needs to develop an aggressive marketing trend that will see the company compete against others. References Chai Lee (2009 may) A Review of Marketing Mix: 4Ps or More?. International Journal of Marketing Vol. 1, No 1. Crystalline (2016). 3M automotive window films. Looks hot, feels cool. Retrieved from https://multimedia.3m.com/mws/media/662303O/3mtm-crystalline-automotive-window-films-brochure.pdf Dibb, S., Simkin, L., Pride, W. M. and Ferrell, O. C. (2001). Marketing: Concepts and Strategies, Houghton Mifflin: Boston. Kerin, R, Hartley, S, Berkowitz, E Rudelius W (2006) Marketing, 8th edn, McGraw-Hil Irwin, Americas, New York. Kotler, P., Adam, S., Brown, L. and Armstrong, G. (2003). Principles of Marketing, Edition 2. Prentice Hall: Australia. Kotler, P., Roberto, N. Lee, N. (2002). Social Marketing, Improving the Quality of Life, Sage Publications: Thousand Oaks. 3M. retrieved from https://www.3m.com/?WT.mc_id=www.3m.com/greptile Performance Window Tint. 3M Window Tint Pricing. Retrieved from https://www.performancewindowtint.com/Pricing.html. Reutterer, T., Mild, A., Natter, M. and Taudes, A. (2006) A dynamic segmentation approach for targeting and customizing direct marketing campaigns, Journal of Interactive Marketing, 20(3/4), 4352.