Think tank makes education for children thrilling and fun so they created a place for children to be educated while having fun. What is marketing? Marketing is about businesses that produce products or services to focus on satisfying the needs and want of a consumer, For Jaguar it is about the promotion, distribution and selling of a product or service, based on the needs and wants of customers which is quoted on their website presentation. Marketing objectives
Marketing objectives is when a business such as Jaguar set a goal to increase productivity and sales and for Jaguar to able to do that, it is important that the Marketing, Sales and Customer service to work together as one, for example if Jaguar goal was to increase sales for the XF type, then the departments would have to set the SMART OBJECTIVE which is S-SPECIFIC the objective must be clearly stated and focused M-MEASURABLE for jaguar to see how it is performing against their objective by knowing the quantity of their performance A-ACHIEVABLE for the objective to be practical it needs to be something jaguar can achieve R-REALISTIC the goal has to be something that jaguar can actually do T-TIME RELATED the objective has to have a time limit otherwise the performance of the objective will be unreliable For Jaguar to do their smart objective it would be when they produce a new type of car to that is targeted at female consumers, for Jaguar to achieve this target they would have to set their objectives by promoting their new product to their existing customers by being specific about the car, whilst they are advertising the new product by saying how it differs from previous types and their unique quality for example the new type of Jaguar is environmental friendly but it’s still fast and luxurious, then Jaguar also has to measure the speed to know it is achievable goal and has to be something real and not a made up fact, the fast car also has a time limit to show the public. As for Think Tank their objective could be to have a new target market such as students from college and universities, so they can make more profit to reinvest in their museum. To target those new market they would have be specific with their goal by calculating those already visiting the museum or try attracting colleges and universities by showing the business side of the museum, where they have an increase of reputation to help them grow and attract more customers.
And for Think Tank to measure the their goal if succeeding they would have to monitor their profit to see how much growth they have had before they set the objective and those goals would have to be realistic cause if their objective would have been attract senior public it would have been impossible but senor public with children then that would have been a realistic goal for them to achieve. Branding Businesses use logo and slogan intending to indentify the goods and service they are selling and also differentiate from other goods and services. Branding is not about getting your targeted markets choose your competitors instead of you but it is about consumers seeing you as the only one who can solve their problems.
Their mission statement is to create beautiful fast car and for people to drive them because it keep the business going. Jaguar quoted ‘if we don’t sell cars we won’t exist as a business’. For their Brand to be larger Jaguar works with partners that operate in the same area as them e. g. British Airways, Selfridge etc.. For Jaguar they are recognised for their name ‘Jaguar’ and the wild animal shape that is constantly used on everything they do or produce. Jaguar is a strong brand that they can able to charge thousand pound on their product, which means with the strength jaguar can enter a new market which they are previously doing by reinventing an existing type to new market, with less risk of failure.
Jaguar brand essence is ‘racing heart’ what this does is encourage products that has brand value to differentiate from the rest of their competitors, it also directs jaguar to create rare communication that their essence ‘its heart’ for the cars to be exhilarating. Each time they advertise their cars they usually add a campaign tagline which is ‘this is the new Jaguar’ now what this does for their branding is demand active consumers to take a second look at the brand and proclaims the importance of the now Jaguar. As for Think Tank their brand is known for being colourful and smart to remind people of the time people did not have problems and they see themselves as a opular destination for tourist because the museum offer services to suit all taste and budgets from free parks and museums plus their wide indoor premises for any weather. If Think Tank were to create a new museum in a new country with new products it will be hard for them to get any customers or receive any recognition, So for them to be recognised for their achievement and work think tank would think of enhancing their brand fairness through advertisement and promotion such as supporting awareness and events sponsorships so when think tank would think of growing their business it will reduce the risk of failure. Growth Strategies Businesses need to regularly look for new products and markets for future growth.
A useful way of looking at growth opportunities is the Ansoff Growth matrix which was developed by Igor Ansoff who identified four categories for growth is: Market penetration - Increase sales of an existing product in an existing market. At Jaguar they headquarter at the UK and most of the sales are from abroad since most UK citizens buy foreign cars because it is cheaper, so for Jaguar to increase sales at the UK they could do more advertisements and promotion and also have decrease the cost of the cars, But since Jaguar is a known brand that is recognised to be expensive and luxurious, then by decreasing cost it would reduce the quality of the car. So to increase sells Jaguar would have target their previous customer to spread the word about the car they own e. g. the XJ and other their friends, business partnerships and competitors.
As for Think Tank they could increase a wider range of customers within Birmingham by inviting schools to learn new science technologies and college for students to learn and observe the business side to it and begin able to achieve that the museum would have connections with schools and colleges Product development - Improve present products and/or develop new products for the current market: so if jaguar decides to develop a new product and sell it to their current customers it would be safe because Jaguar tries to have a relationship with the customers which results the customer to buy more new cars from them. For example developing a new car that is enhanced performances, bold design and reflects positive on the drive, then the current market would want the product because of the positive review it might have. As for think tank they would have to develop a product that could be more useful for young teens and adults such as the 4D screen cinema that everyone wants to try it.
The 4D cinema is for people to enjoy watching films while looking realistic enough. This simply attracts all age groups Market development - Sell existing products into new markets since Jaguar is a wide world known brand it would be easier for them to sell anything in any country. For example selling the XJ in China would be bring profit to the business because china has recently improved their economy making China the third leading economy in the world and selling the XJ there would increase Jaguar chances of opening a manufacturing company and getting potential customers as well As for Think tank they are located in Birmingham so to move to a new market they would have to conduct a research to open their museum there.
Diversification - Develop new products for new markets: if jaguar was developing a new brand for a new market such as the XF for female customer they would have the type match the new market taste by doing something different than the other types jaguar manufactured. But it could be a risk since people see jaguar as the company that design muscular cars for rich mans and result them to lose their clients. As for Think tank they could change their target market to the age range of teens and make the museum seem less childish and make the place seem more of science area museum so the teens can came and gain more knowledge than they do it at school. Relationship Marketing Relationship marketing is where a business focuses in a long term value of a customer; the long term could be 5-25 years depending in the business existence.
Jaguar sees themselves as developing a lasting relationship with their customers through outstanding performance by trying to meet the needs and expectation of their customers by anticipating everything before it comes to mind. This could attract more customers and have loyal customer who will be supporting the business. As for think tank they to have lasting relationship with their consumers they try to provide anything necessary such as a family group they designed a children playroom for the children to be left alone and made the place safe for the children and fun and the food is healthy and nourishes for people to enjoy them and they also created a quite place for people to read and enjoy the silence. The creation of think tank was to meet each and every needs and wants of the consumers Resubmission Market objective:-
For Jaguar to do their smart objective it would be when they produce a new type of car to that is targeted at female consumers, for Jaguar to achieve this target they would have to set their objectives by promoting their new product to their existing customers and being specific about the car, whilst they are advertising the new product by saying how it differs from previous types and their unique quality for example the new type of Jaguar is environmental friendly but it’s still fast and luxurious. Then see if their performance of selling the car quantity is increasing e. g. sales revenue and customer percentage from previous project to the new one. Market penetration:-
For Jaguar to increase sales at the UK they could do more advertisements and promotion and also have decrease the cost of the cars, But since Jaguar is a known brand that is recognised to be expensive and luxurious, then by decreasing cost it would reduce the quality of the car. So to increase sells Jaguar would have target their previous customer to spread the word about the car they own e. g. the XJ and other their friends, business partnerships and competitors. Product development:- For example developing a new car that is enhanced performances, bold design and reflects positive on the drive, then the current market would want the product because of the positive review it might have. Market development:-