Task Description: Assessment 2 requires students to work individually on their selected new product or service (from assessment 1) to create a comprehensive strategic marketing plan. This is an individual assessment with a maximum word limit of 2500. Your assessment should be an application of relevant marketing concepts learnt in the unit. There is no need to go into details about explaining marketing concepts, rather it should be an applied discussion. Please upload the assessment through the appropriate Moodle link by week 10. Each assessment must be uploaded as a .doc or .docx file (word file)
Executive Summary: The primary aim behind the development of this Marketing Plan Assignment is to present a marketing plan for the Ingogo cab company which is established in Australia and operates in the Australian market. The organisation is well recognized for offering the cab services to the extended range of customers by the means of mobile application. There is a specific problem statement on the basis of which there has been prepared a marketing plan. In the next part of the Marketing Plan Assignment, there will be provided the in-depth analysis of the positioning, segmentation and target strategies of the company. Along with this, the Marketing Plan Assignment will also highlight the financial as well as the marketing objectives of the organisation. The study will also present a marketing mix of Ingogo Cab Company. Next to this the Marketing Plan Assignment will highlight the budget allocation as well as the strategy implementation of the promotion mix. The study will end with a brief conclusion offering the summarization of the various discussions held in the paper.
Introduction: To have sound growth and development in the business, there is a need that every organisation must effectively evaluate the potential and untapped market segments as well as set the effective financial and marketing goals. The key role of marketing plan is to evaluate the plan of actions, threats, opportunities and the current market situation. The following Marketing Plan Assignment is a marketing plan for Ingogo which is a cab service organisation based in Australia. The organisation effectively offers the cab services to the extended range of customers with the help of mobile application (McDONALD, 2016). In the year 2011, the company initiated its business operation and in present it is regarded as one of the most efficient and recognized cab service provider in the market of Australia. Through the mobile application, the customers can book a cab by requesting a trip at fixed rates. Ingogo offers high quality travelling experience to the customers with several other services (Grubb, 2014).
Situation analysis recap: On the basis of the SWOT analysis of the selected organization in this Marketing Plan Assignment, it has been analyzed that the company's main strength is its goodwill and brand image. Ingogo is considered as a renowned brand in the Australian market. The organisation comprises of extended number of customers as it offers efficient and cost effective services to them. There is diverse range of vehicles which helps in offering effective services to the customers. As well as the charges which are imposed by Ingogo taxi services are comparatively very low from the various other cab service providers (Goworek, McGoldrick & McGoldrick, 2015). By analyzing the weakness of the company, it has been evaluated that the business model of the organisation can be easily imitated by the other competitors. It has also been analyzed that the drivers of Ingogo are also not so loyal for the organisation and therefore the lack of communication is one of the biggest issue for the company. There is high level of unpredictability in the business model of Ingogo as well as there is lack of association with the customers and though they can easily switch to other service providers. By performing an analysis of the opportunities of Ingogo, it has been evaluated that the company possess the competence to fetch the attention of the customers due to the fact that the customers usually remains dissatisfied because of the increased charges of the other cab service providers. There are also expansions opportunities available for Ingogo as there are several untapped regions where still the company does not provide its cab services. It will help the organisation in making higher revenues as in those untapped regions there are not available cab service providers. Ingogo has also an opportunity to take use of electric vehicles and reduce the cost of cab services. By analyzing with threats for the company, it has been evaluated that there are some specific regulations as well as laws which would be regulating in the Australian market that can directly impact the operations of Ingogo. Because of recruiting new drivers, there are also huge threats and risk of scandals and frauds which can deteriorate the image of Ingogo. As well as with the use of advanced technology, there can also be reduction in the overall cost by taking use of self-driven cars.
Problem statement : There are several issues and challenges faced by the individuals in the Australian transportation market. The people are facing issues in travelling from one place to another. There are increased and high charges imposed by the cab service providers which make the customer dissatisfied. Even the metros as well as the local transportation is also highly crowded which create problem for the individuals. Therefore, the customers and other individuals are looking for an effective cab service provider which can help them in resolving their issue. The customers required affordable as well as cost effective transportation services which can help them in their daily travel. Ingogo offers sound and efficient way to resolve the issue by offering mobile application for taxi and cab services. By the means of which the customers can directly hire the cabs based upon the distance.
Potential market segments
The Austrian consumer market for the company Ingogo is divided on the basis of segments. The segmentation comprises of psychographic, behavioral, demographic and geographic segmentation.
Geographic segmentation: On the basis of Geographic segmentation, the market is divided based upon the availability of the services and products and their accessibility by the customers. The company of offers cab services through the help of mobile application as well as the customers can also book the taxis through desktop website. Ingogo also possess efficient reach in the market of Australia. The potential customers of the company will be those individuals who are in a need of taxi services (Tanner & Raymond, 2015).
Demographic segmentation: On the basis of demographic segmentation the market is divided based upon the age group of the customers. The primary customers of the company are usually between the ages of 15 to 30. They are the customers who spend much time over the online platforms as well as are internet savvy. They can effectively use the mobile application of the company for booking a taxi.
Psychographic segmentation: On the basis of the psychographic segmentation, the market is divided based upon the attitude and lifestyle of the customers. There are number of aspects which impact the consumers at the time of booking a taxi such as the minimum waiting time, the charges overall riding experience and tracking services. These aspects affect the revenue of Ingogo.
Behavioral segmentation: On the basis of the behavioral segmentation, the market is divided on the basis of behaviour and attitude of the customers. It comprises of the individuals that want to have affordable prices as well as high level of safety while travelling (Chernev, 2018).
Target market positioning: On the basis of segmentation, it is significant to analyses the most revenue generating and profitable market segment for Ingogo. For sound target marketing, the company will take use of efficient approaches which can be supportive in targeting the most potential customers. Ingogo will take use of a differentiated marketing strategy so that the company can provide differentiated and unique services to its customers. On the basis of the strategies, Ingogo's target market is basically the young generation which is between the age of 15 to 30. Another segment of individuals who would be targeted are the people who travel from one place to another without taking use of the public transport. Therefore, the target market of Ingogo comprises of adults, youngsters, women as well as men. The individuals who wanted to experience the high quality travelling at minimum fare will also be targeted by Ingogo (Armstrong, Adam, Denize & Kotler, 2014).
Positioning: To attain the sound positioning of the services in the Australian market, the company is required to take use of efficient and innovative strategies based upon the accessibility, attitude, lifestyle, buying power and behaviour of the potential customers. To increase the goodwill and brand image of Ingogo, the company is required to take use of sound positioning statement. For Ingogo, the proposed positioning statement is, “Ingogo is one of the most efficient and renowned travelling partner for the customers of diverse ages comprising women, men, adults and youngsters. It is one of the most secure and safe cab service provider as it has a strict checked upon the background of the drivers as well as there is minimum waiting time."
Marketing objectives: The primary marketing objectives of the company are:
Financial objectives: The key primary financial objectives of the company are:
Increasing profit: It is the first financial objective of the company to increase its profit and maximize its revenue in the domestic market of Australia. The company aims to generate increased revenue by offering satisfactory riding experience and high quality travelling experience to its customers.
Enhancing brand value: It is essential for Ingogo is to increase its sales as well as the profit in the future business operations but it is also required to be adequate attention to enhance its value in the Australian market. Ingogo can enhance its value by the support of customers, drivers and the stakeholders. With the increase value of the shareholders, the value of Ingogo will also be enhanced. As well as the brand recognition of the cab services in the global market will directly improve the company's value (Levy, 2012).
Cost reduction: The third financial objective of the company is to reduce the cost. By taking use of desktop website, mobile application and recruitment of the drivers will increase the cost for Ingogo. The company can reduce its cost by targeting extended range of customers by the means of providing affordable and low cost services. The business can also increase its profit by performing effective financial planning (Akgun, Keskin, Ayar & Etlioglu, 2017).
Product: The company will offer a number of options while booking a taxi through the desktop website and mobile application. There will be provided fixed and accurate fares for the rides. The organisation will also offer service to the customers where they can easily book the cab for almost a period of 48 hours in advance (Ingogo, 2018). The primary aim of company is to become the leader in the cab service providing industry of Australia. In the marketing mix, the mobile application is the key product of the company (Harding, Kandlikar & Gulati, 2016). The customers will also be able to track the rides as well as can check the estimated arrival time.
Price: The company will provide cab services at very affordable and low price range. There will be provided comfortable cars with air conditioning services. The cabs can also be booked on hourly and trip basis (Wirtz, Pistoia, Ullrich & Göttel, 2016). With the help of the penetration pricing strategy, Ingogo can also easily fetch the attention of increase number of customers. With the help of the mobile application, the customers can get all the details as well as the price of the trip in advance, before booking the cab (Schindler, 2012).
Place: Ingogo has helped the individuals to improve their experiences of travelling through cabs. It has offered safe, affordable as well as comfortable travelling experience to its customers. There will be used internet-based network for operating the mobile application of Ingogo. By downloading the application of Ingogo, the customers can easily take use of the cab services. There will also be an increase in the number of drivers so that the estimated waiting time for the customers can be decreased. It will help the company in targeting extended range of customers (Vujic, Vasiljevic-Blagojevic, & Peric, 2014).
Promotion: To grow the business, Ingogo will promote the mobile application and the desktop website. The company will engage in the advertising process as well as in the promotional activities. In present scenario, individuals spend a lot of time on the online platforms; therefore, Ingogo will take use of online and social media platforms such as Instagram, YouTube, Twitter as well as Facebook for fetching the attention of potential customers. Various offers will be sent to the registered email IDs of the target customer (Lovelock & Patterson, 2015). There will also be provided discounted rides, free rides and referral benefits to the customers so that they can use the cab services more often which can help in generating higher profit for the company.
Marketing strategy Implementation: There are numerous ways by which the company can implement the effective marketing strategies for its future growth and development. The following are the implementation strategies for Ingogo:
Online campaigning: To fetch the attention of the customers the company is required to present itself on various online platforms and social media platforms Ingogo can start new campaigns on the online platforms so that it can reach to the potential customers. With the help of the link ads, the potential customers can directly visit to the website (Kotabe & Kothari, 2016).
Promotion of mobile application: With the help of Twitter and Facebook Ingogo can make the potential customers aware regarding the mobile application. Promotion of the mobile application will comprise of mainly three processes, i.e. application measurement, application engagement and application discoverability. Twitter and Facebook will support in offering solutions for these processes.
Targeting potential and adequate customers: The company will keep its emphasis upon targeting the most potential and adequate customers. The market will be segmented on the basis of age, gender and the mobile application accessibility.
Promotion and Media Advertisements
- Print advertisements
Online and Social media marketing
- Facebook and Twitter campaigns
- YouTube and Twitter ads
Mobile application launching
On the basis of the complete analysis of the marketing plan proposed in the Marketing Plan Assignment, it is evaluated that the company is a recognized brand in the Australian market. It is being inferred from this Marketing Plan Assignment the individuals are facing issues in respect with going one place to another because of the ineffective cab services. With the help of the mobile application of Ingogo, the customers can easily book the cabs based upon the distance. In comparison with the various other competitors, Ingogo offer cab services at very low prices. Ingogo can easily extend its roots in the various untapped regions where the individuals are not able to get access to the cab services. The organisation can also effectively implement the marketing strategies by taking use of social media campaigns and by enhancing the awareness and promoting the mobile application. Marketing plan assignments are being prepared by our marketing experts from top universities which let us to provide you a reliable marketing assignment help service.
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