Marketing Strategies for the Tata Motors †MyAssignmenthelp.com

Question: Discuss about the Marketing Strategies for the Tata Motors. Answer: Introduction The following paper discussed upon themarketing strategies for the Tata Motors as they are gearing up to bring in a new model for increasing their market shares (Tatamotors.com 2017). It has been observed that their market shares had been dropped to a huge level because they were not being able to bring out the new products under their belt. Similarly, they were not being able to enter into different target markets either. This had reduced their credibility to a whole new level. These things had been a prime concern for them over the past few years. There have been certain needs for them to get into the new markets to develop their market shares. The scenario has turned out such that the organization had been running in loss as their market share had dropped down to 6% in 2013/14 while the figures were relatively higher in the previous years, 9% in 2012/13 and 11% in 2011/12 (Tatamotors.com 2017). This situation requires them to enter into new markets and segment new target markets. Their new launch Zest Sedan could be able to do that trick for them because they are a strong force to reckon with as their brand reputation has been very trustworthy to the customers. New market entry It is relatively important for the organization Tata Motors to enter a new market because they have a fair amount of reputation in the other markets that they deal in. They have launched some new cars in the market that will; cater to a totally new group of target people. The two new cars that they will be launching in this case are Bolt i.e. considered to be the new hatchback and Zest Sedan which is also a complete sedan in the market (Tatamotors.com 2017). It will be a completely new car with lots of new designs and facilities. Through the launching of this new car, they will be entering into the petrol segment of the cars. Tata Motors have realized that petrol segment is one segment that occupies the 50% of the market shares. This segment is not managed by them nor do they operate in that. So, these intentions to enter into this market segment of petrol run cars, they want to expose a new target market for themselves. The people who are much fond of driving petrol run cars are much wealthy because petrol is much costly than diesel. The intention of the Zest Sedan manufacturers is to increase their market share and touch a huge profit margin (Howes, Skea and Whelan 2013). Marketing strategies Some of the marketing strategies that they have applied in this context to increase their dealer stores that will cater to supply more products as per the requirements of the customers. The more will be the number of dealer stores, the more can they supply some new cars to their customers. They are trying to open the new outlets as well as renovating the old ones. This adds to the fact that they have to produce a huge number of cars for their customers (Ferrell and Hartline 2012). The company has taken up some overhaul plans that will help them to get more customers by means of giving their dealer outlets a new identity along with a innovative new brand image. They will be trying to be more customer friendly towards their customers that will be very helpful to build the faith of the customers on them. They are targeting to hire at least 3000 new people will be employed by the authority. This will make them stronger in the market competition (Cheng, Man and Yi 2013). Discussing the alternative target markets for Zest Sedan The current and opted target market for the Zest Sedan will be the young working professionals who will be enjoying the service facilities of the new car. The different strategies that the tata Motors have selected to opt for are advertising strategy, promotional strategy and brand positioning strategy. Brand positioning is one of the most important strategies that is regarded to cater to define the brand of a product or a company (Sirianni et al. 2013). The most effective target market that Zest Sedan considered to be their target market was the middle class and upper middle class business professionals. They have put a very strong emphasis on themarketing research aspects and Tata Motors had done a thorough research on which markets can be targeted. This marketing has been done to address the demographic, psychographic and other aspects regarding the brand awareness for Zest Sedan (Simms and Gretzel 2013). Tata Motors has implemented the promotional strategies in new ways since the promotional strategies have to be innovative and it is a way to attract the customers in favor of their target consumers (Johnson et al. 2013). They will launch fantastic innovative campaigns to attract the attention of their potential customers who are the middle class and upper middle class customers. Advertising is a very significant aspect of the promotion of a product. This is also important to build a proper brand reputation (Aaker and Biel 2013). The launching of new car will need a proper brand advertising strategy that will provide support to their advertising campaign. The various ways in which Tata Zest will be advertising for their products like televisions, Radio and print advertisements, mobile promotions, online marketing, Point-of-sale strategy and other things like the outdoor promotions as well. The main aim for Tata Motors is to build up the brand image for them and a proper corporate ima (Vanhamme et al. 2012). The emphasis will be put by Tata Motors to the various aspects of its other cars like its fuel efficiency, spacious looks and mileage. The target market that can be recommended is of the middle class and upper middle class families as well as the young married couples because a research study revealed that these two kinds of target market have an affinity to buy the new sedans within the price range of 5 lakhs to 8 lakh. The new Tata Zest Sedan could fit into this requirement of those target markets. This could be the first choice for those target customers (Solomon 2014). Alternative ways of defining the population for the research study on Zest Sedan In order to understand the different ways to define the target population, it is of utmost importance various ways of understanding the target population that are demographics, psychographics, location and availability of the benefits of the benefits and uses (Wedel and Kamakura 2012). Demographic traits The demographic traits are the intrinsic identity attributes for the for the target population. These facts are age, gender, income levels, socio-economic background and others (Wedel and Kamakura 2012). Psychographic traits The psychographic traits mean the lifestyle choices that Tata Motors could target according to their potential customers. These traits include the various activities such as hobbies, interests and the ethical values. Tata Motors will be implementing their market plan by reflecting on the lifestyle choices of their target markets (Wedel and Kamakura 2012). The consumer perspectives regarding the benefits and uses that Tata Zest can afford towards their customers are to determine their target population attributes. The way to define the location for the target market is a very important aspect for understanding the attributes of the target market (Wedel and Kamakura 2012). Tata Motors will be looking to focus more on the psychographic traits to make their marketing plan. However, the target population that could be made as an alternative option is the demographic traits. This will help Tata Motors to put more focus on selling the cars to the middle and upper middle class business professionals and the young married couples. Alternative ways to define the Sampling Frame for research on Zest Sedan A sampling frame is considered to be the source for the material from where the sample has been taken. This is the list that includes everyone within the target population. This list can include the individuals, households and the establishments as well (Ishak and Bakar 2014). A perfect sampling farme can contain the traits such as numerical and rational quantifying qualities; the organizational frame has to be rational in most of the ways, methodology, the frame should have added knowledge regarding the units that allows utilizing more advanced sampling frames, and the components including the target population can be available within the sampling frame itself. The sampling frame that can be considered as the most perfect one is the list of factors about the target population that has the best information available (Ishak and Bakar 2014). An example of sampling frame can be given as that of the employment records, patient records in medical institutions, listed databases in the orga nizations and some others as well. Some sampling frames also just listed the clusters. Tata Motors could be targeting to implement the direct kind of sampling frame but they can also use the clusters as a recommended way for sampling frames. This sampling frame can also offer certain benefits for Tata Motors. This can include their target markets like the young married couples and the middle class and upper middle class business professionals because they have been visiting the showrooms of the car manufacturers including Tata Motors for the ideal car within their price range (Jahanshani et al. 2014). This sampling frame will be a useful one because this will not need to store the data in their database for all the population units. This will be counted on the basis of the smaller clusters. Alternative ways to define the Sampling Approach for research on Zest Sedan The two sampling approaches that can be considered as an effective one are either random sampling or stratified sampling (Robinson 2014). Random sampling can be considered as the one that is set on the statistical formats. There are no biases involved in the random sampling approach. If the sample traits distract from the population traits, it can be considered as a matter of preference. (Lin, Tang and Yao 2013). The stratified sampling approach is looked upon as the one on which probability is the main thing. This can be considered as reproducing the population in the smaller version. Before sampling, the population division has to be made for genuine research. After this, the random sampling is the most evident thing for population of every stratum. Tata Motors will be looking to apply the random sampling approach whereas the recommended way for sampling approach is the stratified sampling approach. The reason for that is stratified approach will be offering various benefits over the random sampling approach. This approach always saves the money as it focuses upon smaller groups of people. Reasons why the earlier approaches being used for better results The alternative way for population is the demographic traits that focus on the middle and upper middle class business professionals and young married couples. They will be helpful to know about the intrinsic identity attributes. These things should be based on target populations. The alternative sampling frame in case of Zest Sedan will be to list the clusters only. This is because it will include the middle class and upper middle class business professionals and the young married couples (Acharya et al. 2013). These are the people who have visited the showrooms very recently. This will be helpful in another aspect that it will not be needed to store the data and it is easy to use as well. There are many alternative ways in the sampling approach and the alternative way for the sampling approach for Tata Zest Sedan will be the stratified probability sampling approach. This is only because it offers certain advantages over the simple random sampling. This approach will be much in depth and cater to the purpose of sampling approach. Conclusion It can be concluded by saying that the target market and population alternatives have been described. The findings have been analyzed from different aspects. Other important things like the sampling frame and sampling approach have been discussed as well by linking it to the case of Zest Sedan. The research work has been carried out with an in depth analysis on the target population, sampling frame and sampling approach for Zest Sedan by Tata Motors. The strategies they can use for sell of their new product have been discussed here in this paper as well. The reasons for using the alternative target population; sampling frame and sampling approach have been addressed as well. References Aaker, D.A. and Biel, A., 2013.Brand equity advertising: advertising's role in building strong brands. Psychology Press. 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