Motorcycles and Marketing Concepts
Motorcycles and Marketing Concepts
Marketing is a crucial component of company growth and development since it creates awareness which enables the company to attract and retain customers. Marketing also improves sales and revenue through the improvement of market share. Nonetheless, effective marketing requires the application of proper marketing concepts such as marketing concept, production concept, product concept, social marketing concept and selling concept, as well as, market analysis techniques. Based on this understanding, this paper will explore the application of marketing concepts and market analysis techniques in the marketing of Harley-Davidson electric motorcycles while also giving a reflection of vital lessons gained from the course in terms of service marketing and marketing research and information systems.
Section One Motorcycles and Marketing Concepts
Marketing is a strategy that companies utilize to satisfy consumer needs, maximize profits, increases sales and beat the competition. There are various marketing concepts that business organizations can adopt and execute improve awareness about their products and services and increase their sales. As such, marketing is a department of management that formulates strategies aimed at building profitable relationships with target consumers. To achieve this, organizations employ different marketing concepts that they use to design and carry out their marketing strategies. These marketing concepts include product concept, marketing concept, production concept, selling concept and social marketing concept (Bhasin, 2018). In product concept, marketing strategies are focused on making incessant product improvements. Whereas in marketing concept, production concept, selling concept and social marketing concept, marketing strategies are focused on fostering a “customer first approach, showing that the products are readily available and highly affordable, evincing that the company can undertake a large-scale promotion and selling effort and meet customer wants and needs, as well as, satisfy the desires of consumers better than competitors respectively.
Apart from marketing concepts, there are also market analysis techniques that firms utilize to evaluate the impact of their products and service in the market, as well as, their competitive advantages such as SWOT analysis, 4P marketing mix, intensity of market coverage, Ansoff matrix, as well as, market targeting, segmentation, and positioning. Nonetheless, for companies to have exemplary marketing strategies and concepts, they need to facilitate formidable marketing research and information system and service marketing.
Section 2Motorcycles and Marketing Concepts
The two memorable lessons from the course that I consider to be extremely vital to my professional career and academic program are “Market Service” and “Marketing research and information system.”
A marketing information system comprises of equipment, people and procedures that amass, sort, analyze, assess and distribute the needed meager and accurate information to marketing decision makers. As such, a company’s marketing information system should represent and connect what company managers reckon and what they require with what the managers actually requires and what is economically feasible. This connection implies that marketing information system is a complex system that entails an intricate structural and interaction of machines, persons, strategies, and procedures that are formulated to generate an orderly flow of salient information that is amassed from both extra and intracompany sources. As a manager, I can use this system for decision making in specific responsibility areas of marketing management. Due to the complexity of marketing information system, it is normally divided into four components or kinds including; marketing planning system, that is, internal record system, marketing control system, that is, marketing intelligence system, marketing decision support system and marketing research system.
In as much as marketing information system is vital when it comes to marketing strategies, it is contingent on marketing research. Marketing research is the systematic collecting, recording and evaluating of data regarding the problems relating to the marketing services and goods. I consider marketing research to be vital since it can be conducted by business firms or impartial agencies to come up with suitable solutions for their marketing problems and management issues when it comes to including research outcomes in all aspects of the business.Motorcycles and Marketing Concepts
I consider service marketing to be a broad category of marketing strategies that focuses on selling anything that is not contemplated as a physical product. This entails everything from personal services such as spa treatments and medical care to renting vehicles and experiences such as dance lessons and concerts. Service marketing is vital since all business organizations that offer services can utilize service marketing strategies, that is, organizations that offer services to individuals such as business-to-customer and organizations that offer services to other organizations such as business-to-business (Marketing-Schools, 2018). As a manager, service marketing is an important tool since it is connected to market research and information system. This is because irrespective of what specific kinds of sales and advertising techniques that a company utilizes in conjunction with service marketing, the overall marketing strategy has to follow three steps, that is, materials, research, and evaluation. Thus, I believe that a proper combination of service marketing and market research and information system is a vital marketing strategy that I can implement in future as a manager to improve sales and maximize profits.Motorcycles and Marketing Concepts
|· Annual rise in sales volume.
· Annual rise in sales revenue.
· Emotional connection with customers based on the success of its previous models of combustion motorcycles.
· The loyalty to Harley-Davidson’s brands of motorcycles by various communities (Evarts, 2018).
|· Weak market share in other markets other than the United States.
· Preference for smaller and sportier bikes manufactured in Europe than those manufactured in the United States.
· Concerns among enthusiasts who are used to the low-end growl of Harley-Davidson’s classical internal combustion motorcycles (Ferris, 2018).
· The company has not kept up with younger riders and their needs when it comes to motorcycles.
|· A younger generation of customers seeking more modern and environmental friendly motorcycles.
· Partnership with other companies.
· Having youth programs that attract new motorcycle riders (Furchgott, 2018).
|· Competition from lower priced, faster and more perceived quality electric bikes such as California-based Zero Motorcycles.
· Dealership aversion by young riders.
· Failure of young riders to connect or fit into the Harley brand culture due to the company’s model of motorcycles that target an older generation.
7 P’s of Marketing-motorcycles and Marketing Concepts
|· Lighter, faster, sportier, electric and cheaper bikes to sell to young riders.
|· Targeting young brand communities or young riders who tend to be more environmentally conscious.
|· Consistent marketing through connection with outreach audiences such as youth programs and Harley-Davidson’s sponsored events, small women events held by dealers and the Rider’s Edge new rider training program.
|· Investment in a younger generation of riders or a younger customer base.
|· Partnership with companies that build electric locomotives.
Boston Consulting Group Matrix
|Stars (high growth, high market share)
|· Heavy motorcycles
|Cash Cows (low growth, high market share)
|· Sporty motorcycles
|Dogs (low growth, low market share)
|· Sportier, lighter and faster bike
|Question Marks (high growth, low market share)
|· Electric bikes
Porters Five Forces-motorcycles and Marketing Concepts
|Competition in the Industry
|· Harley-Davidson’s competitors are based mainly the United States, Europe and Japan.
· Ducati (Italy) and BMW (Germany) are competitors from Europe.
· Kawasaki, Yamaha, Honda, Suzuki are competitors from Japan.
Potential of New Entrants into an Industry
|· There are potential new entries in terms of electric motorcycle innovations.
Power of Suppliers
|· Some big companies such as Tesla already dominate the electric motorcycles and vehicles market and supplies.
Power of Customers
|· Brands or products musts conform to the attitudes of younger riders.
Threat of Substitutes
|· Popular and stylish lighter, cheaper and faster brands from the U.S., Japanese and European rivals
Marketing information system consists of equipment, people and procedures that amass, sort, analyze, assess and distribute the needed meager and accurate information to marketing decision makers. Thus, a company’s marketing information system should represent and connect what company managers reckon and what they require with what the managers actually requires and what is economically feasible. Albeit marketing information system is vital when it comes to marketing strategies, it depends on marketing research. Marketing research is the systematic collecting, recording and evaluating of data regarding the problems relating to the marketing services and goods. Service marketing is also important because all companies that provide services can use service marketing strategies, that is, companies that offer services to individuals such as business-to-customer and organizations that offer services to other organizations such as business-to-business. In the case of Harley-Davidson electric motorcycle marketing, the emotional connection to customers and loyalty of customers are vital strengths that will guarantee significant sales for the new motorcycles. However, concerns among enthusiasts who are used to the low-end growl of Harley-Davidson’s classical internal combustion motorcycles and competition from other companies such as Tesla stand in the way of the new electric motrocyles performing well in the market. Harley-Davidson electric motorcycle can offset these threats and weaknesses by focusing on a younger generation of customers seeking more modern and environmental friendly motorcycles, partnering with other companies and having youth programs that attract novel motorcycle riders.Motorcycles and Marketing Concepts
Bhasin, H. (2018). 5 Core Concepts of Marketing – 5 Marketing concepts explained. Retrieved from https://www.marketing91.com/concepts-of-marketing/
Evarts, E. (2018). Harley-Davidson Livewire electric motorcycle to go into production. Retrieved from https://www.greencarreports.com/news/1119792_harley-davidson-livewire-electric-motorcycle-to-go-into-production
Ferris, R. (2018). Harley-Davidson’s electric motorcycle signals a big change for the legendary but troubled company. Retrieved from https://www.cnbc.com/2018/11/09/harley-davidsons-electric-motorcycle-is-a-big-change-for-the-company.html
Furchgott, R. (2018). Motorcycle Makers Try Minting New Riders With Youth Programs. Retrieved from https://www.nytimes.com/2018/09/13/business/motorcycles-young-riders.html
Marketing-Schools. (2018). Services Marketing | What is Services Marketing?. Retrieved from http://www.marketing-schools.org/types-of-marketing/services-marketing.html