Milestone 2_ Marketing Strategy Framework

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Southern New Hampshire University *

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INT 640

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Marketing

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Jan 9, 2024

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docx

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Milestone 2: Marketing Strategy Framework Tyler Weber Southern New Hampshire University
Belgium’s automobile market has seen fluctuations over the last 10 years that would make any vehicle maker cautious to do business there. However, since the COVID-19 pandemic, the market value has been steadily increasing, and in 2022 it saw an increase in new car sales of 4.1% which marketline considers to be “a strong performance, owing to strong consumer confidence, and increasing disposable incomes” (Marketline, 2023). This overall growth in auto sales and the forecast for the coming years in the market makes Belgium a target for automakers but the real target for any car company entering the country should be electric vehicle sales. Marketline’s report on the Belgian auto industry projects “the Belgian market for hybrid electric vehicles is expected to reach $4.6 billion by 2024” (Marketline, 2023). The projected increase in demand has already begun according to their sales data and it is in line with the rest of Europe and the world when it comes to electric vehicle sales. Belgium is a country with clear leaders in the automotive market, and Ford is currently not one of them. Volkswagen, BMW, Stellantis, and Renault account for nearly 60% of the current market share in Belgium (Marketline, 2023) and if Ford wants to compete they will have to change their lineup of products to make themselves stand out amongst the crowd. The purpose for expanding into Belgium is not strictly because of Belgium being a good market for electric vehicles. Ford can expand and do well in the Belgian market if they cater to consumer demand, but this should be seen as a trial for greater expansion into Europe. The country is located in northwestern Europe with access to the Atlantic ocean through Antwerp, which makes it an excellent shipping destination, and it is also connected to a vast rail network that would support further transporting products through the region. Expectations for expansion will depend on Ford’s commitment to the country and the rebranding in the area, but the goal should be to be among the top competitors in the market within the first 24 months. Volkswagen is currently the leader of the pack with a market share of
20.7% and Renault is the last of the big 4 with a share of 9.9% (Marketline, 2023). The goal for Ford should be to get into this competition and control 15% of the market, which would make them the third largest automaker in the region. With 15% being the goal at 24 months, roughly 3% growth for every 6 months after launch should be the standard. “The Belgian new cars market had total revenues of $14.3 billion in 2022” (Marketline, 2023) which means that assuming the market doesn’t decline and continues to increase as projected, 15% of the new cars market in Belgium would be worth about $2.1 billion, and 6 month profits should see growth of about $429 million in order to meet the 24 month goals. Branding is another important piece of the puzzle, and for Ford to successfully meet their financial goals, they will need to renovate their brand identity to increase sales. In the first 6 months, they should be making consumers aware of their new electric vehicles and pushing those to meet consumer demands, in the months following, it should be a steady shift to being known as the hybrid and electric company, with the 24 month branding goal seeing them take a shift toward being more of an electric car company on par with companies like Tesla and Rivian. Of course this does not mean completely getting rid of the gas vehicles that have sold well for the company, but portraying the brand as a modern and intriguing electric brand that offers a unique experience rather than the standard consumer car company they are now will increase interest from buyers. Buyer personas are an important piece of the segmentation, targeting, and positioning process because they help to better define the characteristics of the individuals in the target market. In the attached persona template document I have created three buyer personas, two of which fit the targeted market and one that does not. The two personas that fit the market were created based on data provided during the STP process, most of which suggested that Belgium’s population is
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