Theoretical models and contemporary literature of MINIs marketing strategy.docx
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Theoretical models and contemporary literature of MINIs marketing strategy.docx
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TheoreticalmodelsandcontemporaryliteratureofMINIsmarketingstrategy
Content
Executivesummary2
TheoreticalmodelsandcontemporaryliteratureofMINI’smarketingstrategy3
Nobrandstrategy3
Marketingtheoryof4Ps3
Marketingtheoryof7Pmarketingmix4
DigitalmarketingapproachanditsbenefitsforMini5
MINIbrandcreatesvalueforthecustomer7
MINIoperateswithasetofethicalvalues8
Conclusion10
References:
11
Executivesummary
Inthisreport,wehavedrawnthetheoreticalmodelandcontemporaryliteraturetoanalyzeMINI’scurrentmarketingstrategythoroughlythroughnobrandstrategy,themarketingtheoryof4Psand7P.ThenfourpossibledigitalmarketingapproachesaregivenforMINIandthebenefitsoftakingthedigitalmarketingapproacharealsoanalyzed.Besides,thetheoryofbrandvaluetocustomersispresentedtohelpanalyzetheMINIbrandcreatesvalueforcustomers.Attheend,theeffortthatMINIoperateswithasetofethicalvaluesispresentedandanalyzedwithrelevantexample.ThereportedisconductedbasedontheMINIcasestudy,whichishelpfulforfurtheranalysisofMINImarketingmanagement.
TheoreticalmodelsandcontemporaryliteratureofMINI’smarketingstrategy
Nobrandstrategy
No-brandstrategymeansthatlittlemoneyisspentonadvertisementorclassicalmarketing.Fromthemarketing,No-brandisaveryhighriskbrandstrategy,butalsoisaverysmartbrandstrategywhichMiniadopted.Intheworld,thereisnotabrandisperfectforeveryone.Liketruth,as"onesizefitsall",even"glamorous",butnotdoallfans.Faceaparticularbrand,someoneloveit,someonedislikeit,andtotalsomeoneindifferent.Attitudesofconsumertoaparticularbrandareverydifferent.Anditisveryeasytogivethebrand'scompetitorsagoodfightopportunity.Ofcourse,inmanycases,somanycompaniesdonotwanttoeasilylosethespecifictargetconsumergroupstotheircompetitors.Therefore,theybegantoadoptanobrandstrategy:
newbrand,makeitverydifferentwiththeparentbrandinthetargetaudience,productpricing,brand,orsomeotherstylecharacteristics.Whileextendenterprisebrandportfolio,itcaneffectivetointerceptcompetitorsfootprint(SchmidtandKlaus,2002).
Ofcourse,thisstrategyandbrandextensionisverydifferent.Theconventionalbrandextensionfulluseofthebrandcharacteristicsoftheparentbrandwhichhasbeencarriedouttoextend.Soafterthebrandextension,thebrandwillreflectsomeofthecharacteristicsoftheparentbrand.Whilethenobrandstrategyrequiresacompletelydifferentstaff,orevenacompletelydifferentofficeenvironment,whichwillallowthemtogrowfreedomfarawayfromtheparentbrand(Lave,J,1991).Aswe'veseenalotoffailuresonthesamebrandextension.Nobrandstrategyisalsogreatrisk,theslightestmistake,likethisanobrandthemandgetinvolvedwiththeparentbrand.BMWintroducedtheMiniuseofnobrandstrategy,whichmakesthegreatsuccessofMini.
ForthecaseofMini,ifnobrandstrategyusedproperly,itcanhelpenterprisestoenterintonewareas.Companiesoftenworryaboutthatrushintoanewareawilldilutethepoweroftheoriginalbrand.BMWfulluseofthemarketreactioncausedbythenobrand,embarkedonaroadwhichfewcarstry.ItsellstheMinitothoseconsumerswhosimplywillnotbuyBMW.Infact,everyMiniownerisalwaysdifferingfromthosechasingthe"ultimatedrivingmachine"BMWownersoneverydetail.WithProphetBrandConsultingPresidentandCEOMichaelDunn'swords,Miniistheanti-BMW.Minihasastrongfightagainstidolfeatures.Itfacedthoseverycreativeaesthetic,attractedthosegroupofpeople:
theyseetheirownlifeasapaintingcanvas,intheaboveofpainting,paintingascrape,scrapethepaintagain.
Marketingtheoryof4Ps
Marketingmixisabroadconceptwhichincludesseveralaspectsofmarkingwhichrelatedtocreatingawarenessandcustomerloyalty.Thetermofthefourfactorsoftenreferredtoas4P:
product,price,promotionandplacement.Thesefourfactorsappliedtothemarketingprocess,toformfouraspectsofmarketingstrategy,coupledwiththepolitical(Politics)andPublicRelations(Public),forthe6P.
BoomsandBitner(1981)suggestedthatbasedonthetraditional4Psmarketingtheoryaddthree"serviceofP",theyarepeople(People),process(Process),environment(orphysicalenvironmentPhysicalevidence).Accordancetotheneedofagainstthemarketcompetitors,developcompetitiveproducts,price,placeandpromotionpolicies.Duringthisperiod,formthefamous4Ptheory.Theprevalencewasstilltheeraofmassmedia,relyingonmassmediatopromotesales,nodifferentiationstrategybecomeasignificantfeatureofthisphase.
Productsstrategyresearchnewproductdevelopment,productlifecycle,brand,packaging,marketingservices,is
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