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

Aston Martins New Idea - Essay ExampleThe essay finally tells about the impact of the trade devise on the sales of the conjunction and the need for right strategy for developing the effective marketing plan. Table of Content debut 4 market 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 play along is headquartered at Gaydon, Warwickshire in England. Aston Martin is known for its luxury and stylus around the world. in that location 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 impudently style and theme for Aston Martin cars washstand be both advantageous and disadvantageous for the company. The whole idea of the company with its plan is to increase its market make do and hit by targeting new markets which would mainly comprise people of todays generation, especially in the age group of 20s. ... Marketing plan The marketing plan based on Aston Martins 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 companys 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 formula with style and luxury but with different theme and design can be a great market opportunity for the company in scathe 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 purpose 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 opportunity 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 gain 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