Strategic Marketing Management Report For Startec Dynamics
Task 1
According to Kumar, Sharma and Gupta (2017), the success of a marketing strategy begins with the customers of a business and in today’s contemporary business world reaching the targeted markets is easier than ever. Strategic Marketing Management according to Bili?ska-Reformat (2016), can be described as getting involved with the core principles of successful marketing for uncovering the winning formulas of brands leading the markets, learning the best utilization of analytics for identifying the profitable customers and packaging solutions fulfilling the needs that have not been met. Providing a comprehensive coverage of major topics in the development and implementation of a market-driven approach for businesses and marketing strategy besides positioning organizations for gaining a strategic competitive advantage is the key purpose of strategic marketing management further empowering the businesses in seeing the complete picture. According to Human, Bick and Singh (2016), organizations by employing strategic management marketing can closely perceive their strengths and weaknesses. By gathering more and more data companies can take one step back for holistically viewing their entire marketing strategy. Since different actions of marketing cannot exist within a vacuum owing to their effect on other avenues pursued by a business, entrepreneurs can base their decisions on the data gathered, getting a more thorough picture from the highest standpoint possible. For bettering comprehending the significance of strategic marketing management and its role in organizations, Startec Dynamics Company Limited has been considered as the case study.
Discuss the role of strategic marketing in an organization
According to Kirova (2017), the process to plan and execute the creation, pricing, promotion and distribution of ideas, goods and services for creating exchanges satisfying the objectives of both individual and organizations is termed as marketing. The whole organizational resources are utilized in this process for satisfying the targeted customers’ needs for attaining price and growth objectives. Strategic marketing is the step towards STP marketing i.e. segment, target and position the product/services in order to gain efficiency in operations. Appealing to all actual or potential buyers in a market is realistic for a firm like Startec Dynamics in general mainly because the number of customers is much more than expected besides being scattered widely and having differing needs, purchasing behaviour and patterns of consumption. The role of strategic marketing in an organization according to Finoti, et al., (2017), is very vital and focuses on finding the strengths for differentiating the brand from market competitors and according increase own capabilities and effectiveness besides significantly contributing in effectively attaining the business goals through adequate allocation and usage of its scarce resources for enhancing sales and competitiveness. Selection of right materials for producing goods and services are ensured though strategic marketing eventually affirming that productions align with needs of customers’. Strategic Marketing is a way with the help of which the current and potential strengths are capitalized by Startec for delivering better value to its customers.
Task 2
According to Biégas and Steiner Neto (2015), for identifying, analysing and evaluating the needs and opportunities in the marketplace Startec Dynamics relies on strategic marketing. Brand attachment and customer loyalty has been created by the company through their marketing practices and techniques intending to secure a desirable market share. The process that is included in strategic marketing is:
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Planning Phase |
In this phase Startec’s inner strengths and weaknesses, external competition, technology changes, shifts in industrial culture are evaluated, giving an overall picture of the company’s state. Four key components involved here significantly contribute in providing a bigger picture of where the company is and what it is doing. According to Krush, et al., (2015), SWOT analysis helps in defining the business’s strengths, weaknesses, opportunities and threats besides revealing its market position. For maximizing strengths and minimizing weaknesses Startec considers competitor analysis, researching current and prospective customers, company assessment, and determine industry trends. Outcomes of the analysis give base to its measurable and attainable marketing plan. Marketing program/mix is developed once the customers’ needs are identified backed with decisions on products for satisfying those needs. Focusing on 4Ps and requisite budget for every element, it is the how aspect of the planning phases. Setting marketing and product goals is the third component pursued after understanding the customer needs with intent of escalating the chances of new products success followed by finding out the differencing points e.g. Startec’s USP, products traits or characteristics making it superior to competitor substitutes, product positioning and selecting the target markets. According to C?t?lin, et al., (2015), next component involved in the first phase of the planning process is market-product focus and goal setting where resources allocation and turning plans into focused action are determined. Customers are divided into segments for recognizing the marketing techniques that will be adopted for reaching the targeted group followed by setting measurable goals for delivering the needed products to different groups to fulfil the marketing objectives. |
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Implementation phase |
here all the actions take place. Startec’s failure in carrying out the plan determined in the early stages according to Branda, et al., (2018), would waste both time and efforts spend however, adequate and competently structured planning by making use of four components namely procure resources, design marketing organization, develop planning schedules and marketing plan execution, can executed through a sales forecast and a budget. |
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Evaluation or Control phase |
in this phase according to Chuwiruch, et al., (2015), the outcomes are checked in-line with the preset goals. Deviations in the plan are observed by the Startec’s marketing team, in particular the manager followed by quick amendment of negative deviations for getting back on track. For instance, if fluctuations in currency reduces a product’s needs then its production is repurposed for a new more desirable good. The positive divergences too are exploited say for example, if a sale of a product is better than what was anticipated then more resources is allocated for increasing its production or distribution. |
According to Bai and Chang (2015), for achieving its hope of having prosperous future it is highly important for Startec in having a sound plan, which in the sales and marketing world is called as Corporate Strategy. Defined by senior management by taking into account the assessment of its prevailing capabilities, external opportunities and threats, corporate strategy is widely contemplated as overall direction of the company. Understanding the overall corporate strategy and its relationship with strategic marketing in terms of sales and marketing is very important. This is mainly because marketing strategies work over the directions the corporate strategy of a company provides besides interacting with its other elements. Although both the terms strategic marketing and corporate strategy seems to be different but the significance of both within a business both is extremely high besides being interrelated with one another. Corporate Strategy is nothing but the direction taken by Startec Dynamics with an objective to attain success in the long run. According to Khankaew, et al., (2015), at Startec, corporate strategy mainly revolves around the development of its purpose and scope, taking into consideration its activities, market position, and competitions. The process of defining a corporate strategy is continuous and bringing together all activities of the company’s different areas of function in a way for meeting all organizational goals and objectives is the objective of this process. According to Schmidt and Redler (2018), strategic marketing is a part of corporate strategy helping to make the strategy an effective and sophisticated one besides acting as catalyst for Startec in the development of corporate strategy. Non inclusion of strategic marketing in the corporate strategy will drive in challenges for the managers in developing and designing a corporate strategy as it plays an important role. Effective fulfilment of business goals and objectives, effective singling out of customers’ needs and wants, producing innovative and creative products for delivering satisfaction and comfort to customers, enhanced brand image and loyalty, company’s capability of becoming the largest seller of motorcycles and its market share and profitability evaluates how strategic marketing is linked with corporate strategy.
Task 3
The importance of strategic marketing planning for Startec is having a key role to play in its growth and development and is further described as management activity utilized for setting priorities, focusing energy and resources, performing operations effectively, ensuring employees are working towards a common goal and accommodating the direction of the business in response to the business environment that is changing rapidly. Different models for strategic marketing planning such as Porter’s Five Force model, and PESTLE analysis are used by the company in accordance with its needs for the development of strategic marketing plan.
At Startec while developing the strategic marketing plan, a key role is played by Porter’s five force model owing to its significant contributions in getting to better know the competitors
(Source: fintapp.com)
Figure 1: Five Forces Shaping Industry Competition
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Threat of new entrants (Low) |
Startec Dynamics is a leading motorcycle manufacturer and trader being active player in the domestic and overseas market for over 11 years hence, the threat from new entrants for the company will be low mainly because of its prevailing commanding position, higher brand value and market image. Moreover, according to Pervan, et al., (2018), to produce innovative and creative products matching and satisfying the customers’ needs and wants, the company has its own R&D and superior infrastructural support, making it increasingly competitive within the industry. |
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Threat of substitutes (High) |
With ease of access over technology the business of Startec faces higher threat of substitute products designed and developed by other firms from China, Japan, Thailand, and Bangkok further negatively impacting its brand image, profit margins and R&D. In addition to this, comparing with pricings, it is likely that substitute products, having similar features and look will be made available to consumers at a price much lower than Startec further lessening its overall market share. |
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Bargaining power of suppliers (Low) |
According to Bhawsar and Chattopadhyay (2018), availability of many suppliers and increased quality requirement has contributed into lowering the bargaining power of suppliers. Minimum forward integration where suppliers have low control on products distribution and sales, higher supply stability lower the leverage of individual suppliers in imposing their demands on Startec have contributed in weakening the suppliers power. Only moderate size of few suppliers has moderately affected the company. External factors have helped Startec in cautiously attributing low priority to the bargaining power of suppliers. The smaller size of suppliers does not allow in having much control over the market clouted by presence and size of Startec. Hence, the suppliers bargaining power remains limited and the company has large number of choices based on their availability further giving it an upper hand. |
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Bargaining power of customers (High) |
According to Bhawsar and Chattopadhyay (2018), increased competition in motorcycle industry has led to price wars amidst the different competitor brands the impact of which can be seen on the higher bargaining power of customers who are central focus of a business leading to enhanced clout. Availability of multiple choices, increased access to information and growing quality consciousness are affecting the brand image of Startec however, marketing its quality has helped in maintaining their market dominance backed with its use of advanced technology and customer oriented approach. All this to a little extent has although has managed the bargaining power of customers managed the bargaining power of customers, competition still gives them higher bargaining power. |
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Intensity of competition rivalry (High) |
The two-wheeler industry is increasingly competitive; all thanks to increased globalization enabling global players like Yamaha, Honda, BMW Motorrad, Harley-Davidson, Suzuki, Kawasaki, Ducati and many more enter into Startec’s market and compete with one another giving it tough competition to Startec. |
Another utilitarian model Startec uses to develop its strategic marketing plan is PESTLE analysis dealing mainly with the better comprehending the external environment of its business and how it will affect the company.
Political Factors: according to Agwu and Onwuegbuzie (2018), with most governments proposing in limiting the number of automobiles on the roads for minimizing the release of toxic gases in the air. This legislature will negatively affect the sales of Startec, bounding to follow it when implemented. Moreover, if new regulations are imposed on the usage of gas-mileage of motorcycles, the company will have to deal with it and in the process will face revenue loss and dissatisfied shareholders. With government focusing on introducing less or no diesel/petrol consuming motorcycles, it is likely that Startec will have to make more investments on R&D.
Economic Factors: by treading with clever strategies Startec can dominate the economic sector. Increase in oil price worldwide has jeopardized the demand of petrol run motorcycles and it is likely that soon the consumption will decline further roughly affecting the company’s business. Economic stability is an opportunity for Startec in durably expanding the business in its core market (Hong Kong). With recession hitting hard the global economy not so long ago and the country’s economy facing challenges with a strong local currency and anticipated rise in interest rate, slower growth is likely to be recorded in the year of the rooster, facing pressure from weaker exports, a slumping property market and decelerating private consumptions. The two-wheeler industry is bounded to get affected from these factors.
Social Factors: according to Agwu and Onwuegbuzie (2018), based on its remote or macro-environment social issues should be included by Startec while deigning marketing strategies. Rise in consumer attitudes towards leisure gives opportunity to the company in marketing its motorcycles as leisure products. Moreover growing involvement of women in chopper biking can also be leveraged as an opportunity for increasing its marketing efforts for targeting female bikers. However, increasing awareness about green technology is a threat for the business since its products have combustion engines with serious carbon emissions
Task 4
Technological Factors: Startec can grab the opportunity of bringing improvements in its products through integration of green technology thereby, uplifting its performance since most chopper motorcycles do not have high green-technology ratings. Additionally, investments in R& D can be increased for developing modern features of performance motorcycles marketed as unique selling point.
Environmental Factors: according to Agwu and Onwuegbuzie (2018), business sustainability is emphasized by the prevailing ecological trends, which can be addressed by Startec through significant change in business operations to gain increased sustainability ratings. Eco friendly features of the motorcycles such as hydrogen-powered motorcycle and all electric bikes should be highlighted for attracting buyers with low-carbon lifestyles. However, the attractiveness of Startec’s motorcycles having mediocre emissions ratings can lessen with climate change.
According to Urde and Koch (2014), the aim and desire of Startec Dynamics in these tough and competitive business environments revolves around achieving a unique strategic position in the two-wheeler industry of the target market. Marketing tactics is an important tool playing a key and sophisticated role in the successful attainment of this strategic position. It empowers businesses to focus on their available resources besides creating opportunities for increasing profits, sales and current market share thus, a creating unique strategic position. It is important for marketing tactics in effectively meeting the customers’ needs and wants besides creating a demand for the products (here motorcycles) and brand amidst customers for customers to gain strategic position.
Figure 2: Linking marketing tactics and strategic positioning
For more than 11 years Startec has been succeeding in securing unique strategic position in the two-wheeler industry of its vast market (China, India, Indonesia, Vietnam, Thailand and Malayasia) and the credit goes to its ‘unique and innovative marketing tactics’ significantly contributing in making it a pioneering brand in the local market. According to Agic, et al., (2016), the link between strategic positioning and marketing tactics used by the company is perceived the role played by the later in creating value for the customers and effectively meeting their needs and wants, products benefitting customers, cultivating long-term customer relations, creating demand for Startec’s motorcycles, communicating in customers’ language, creating product hype before market launch and passionate brand community and value, and setting attractive product pricings.
According to Varadarajan (2018), Startec needs relationship marketing for securing its long-term run and survival in today’s increasingly competitive business environments to foster its development and strong customer relations thereby, gaining competitive advantage over rivals. Relationship marketing can be described as developing, maintaining and enhancing relations with the key stakeholders for meeting business objectives. Relationship marketing has been developed and embedded across all company operations contributing in gaining its huge customer base, helping it to become a major two-wheeler seller and manufacturer. The merits of relationship marketing in Startec’s strategic marketing strategy can be analyzed through its significant contributions in gaining sustainable competitive advantage from rivals like Man Wai, Triumph, and Victory etc., building long term customer relationships and building brand loyalty with its products, acting as catalyst in company’s success and growing sales, market share and market dominance, fostering more creative and innovative new products development, increasing product base in two-wheeler industry and improved word-of-mouth activity and repeated purchase.
Use appropriate marketing techniques to ascertain growth opportunities in the target
The growth opportunities in target market of Startec can be determined by evaluating and recognising the changes in environment specifically related to technology, scientific advances, government regulation etc which generates new business opportunities. For example a SWOT can be used to analyse environment changes and internal capability to exploit new marketing opportunities for Startec. Like alteration in government’s regulatory framework for environment is benefiting motor industry which can generate opportunities for Startec related to EFI (Electronic Fuel Injection) systems. There is large market opportunity in both China and other foreign markets for EFI systems in motorcycles. At present only 5% motorcycles in China are EFI enabled which has possibility to be converted into 100% in next 2 years as EFI systems enhance power and generate low emission. These EFI system motorcycle market size is of RMB 8.4 bn/ annually which can open vast market opportunities for Startec and they can target markets of China, India, Indonesia, Vietnam, Thailand and Malaysia and these markets are worthy over RMB 30 bn annually. Other than motorcycles Startec can design EFI systems that are convenient to be installed with overall cost saving for outboard engine, generator or drones which are also potential markets of Startec. Moreover Startec’s designed EFI systems are around 10% better than others with superior control technique than can open up more marketing opportunities for Startec over other EFI rivals in market and there low cost EFI version can also create price advantage over other foreign brands as well as local EFI system providers thus opening up scope to be major suppliers in market for ESI system motorcycles. Further Startec has smart internet based platform based on big data that can monitor performance of ESI enabled motorcycle as well as can enable business get connected all round with customers to meet and deliver rapid and easier technical solution and other request for better customer support which will ensure better service maintenance thereby opening up further opportunities for better sales and market performance within targets.
According to Appiah-Adu, et al., (2017), the two wheeler industry is a highly competitive sector where Startec continuously needs to look out for incorporating innovation with their products to maintain pace and remain active in its target market. For effectively competing within this volatile market, the motorcycle manufacturer has to both utilize and embed adequate volatile market for grabbing the opportunities of growth. The marketing techniques at Startec are employed at three stages depicted below:
Figure 3: Stages of Startec Dynamic’s Marketing techniques
According to Xu, et al., (2017), the marketing techniques of Startec ascertaining its growth opportunities revolve around targeting for attracting, gaining and retaining customers thereby, increasing products sales with focus on reaching easily to customers (homogenous group) with its attractive and reasonable pricing. Positioning is equally important marketing technique for developing and maintaining a perceptible image in the marketplace to attract more customers thus, increasing its clientele. For positioning its motorcycles Startec focuses on the 4Ps (Price, Product, Promotion and Place). Market segmentation is another marketing technique that is embedded in product development for developing growth opportunities to acquire large-scale, heterogeneous market and customers. The variables Startec uses for segmenting its markets are based on demographic (age, gender, occupation income), psychological (personality, attitude and lifestyle) and behavioural (benefits sought, occasion, usage and loyalty oriented).
According to Kotler and Keller (2016) a key and sophisticated role is played by strategic options in the survival and growth of Startec, ensuring it remains an active player in the target market. With business environment changing rapidly, having multiple strategic options secures long-term survival of the business besides easier accommodation of changes aligning with prevailing circumstances thus, empowering Startec to be a competitor in any situation.
The marketing strategy options the company can use for its target market is Porter’s Generic Strategies. According to Viltard (2017), for designing an adequate marketing plan Startec will use this tool where cost leadership will be used by lowering cost of the production of EFI enabled motorcycles and setting low pricing. This will give price sensitivity to customers and significantly contribute in increasing product sales comparing to other market competitors. By manufacturing performance motorcycles with modern features (modern disc brakes with dual-channel ABS, performance tyres, liquid cooling, modern chassis & suspension combination and aerodynamic efficiency) for attracting and creating demand between customers who are insensitive towards price and are more interest on advanced features and technology Startec will focus on differentiation focus and leadership strategy. A low-cost advantage will be pursued by the company through its higher-priced products that would be accepted by limited consumers in one or a smaller number of market segments under cost focus strategy.
Startec can use Quantitative Strategic Planning Matrix (QSPM) to decide on various strategic choices where all alternative options of strategy can be evaluated objectively to select the most feasible amongst them. The QSPM can be generated by collecting data and developing matrix by use of quantitative technique for strategic planning and identification of external and internal success elements is fundamental to form the QSPM matrix through determining relative attractiveness of alternative options of strategies. Of all alternatives best suitable option is identified through QSPM method.
QSPM of Startec Low Cost EFI motorcycle Increasing performance feature
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Strength |
Weight |
AS |
TAS |
AS |
TAS |
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· High experience in motorcycle manufacturing & trading business · Extensive investment and experience in designing and developing · EFI system designed specifically for Chinese local motorcycle manufacturers · Highly skilled and experienced automotive engineer · Have proprietary IP for ECU of EFI system · Overall cost of EFI units is lower than other similar technology/system |
0.06 0.06 0.07 0.06 0.05 0.06 |
2 2 2 1 1 2 |
0.12 0.12 0.14 0.06 0.05 0.12 |
1 2 2 1 0 0 |
0.06 0.12 0.14 0.06 0.00 0.00 |
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Weakness · Limited financial resources · Weak spending on R&D · Small company, not taken seriously by motorcycle manufacturers · Have no track record to show local and overseas customers · Not enough trained and experienced engineering staff to speed up EFI development and testing Total |
0.05 0.04 0.01 0.02 0.03 |
2 3 0 2 1 |
0.10 0.12 0.01 0.04 0.03 0.91 |
3 2 1 2 2 |
0.15 0.08 0.01 0.04 0.06 0.72 |
According to Brooksbank, et al., (2018), for Startec’s target market of an appropriate strategic marketing objective would be SMART (specific, measurable, achievable, and realistic and timely) enabling effective management of its marketing activities besides determining its success. To ensure smooth and successful running it marketing objectives focuses on increasing sales product awareness, and brand management.
Startec can set its strategic marketing objective as
- Achieving 60% product awareness within the target market by FY2019 end.
- Increasing 20% market share by Q2 of FY2019
- Achieving sales target of HK$150,000 by the end of FY2019
In the two-wheelers target market, the strategic marketing objectives according to Durie and Imiru (2018), for Startec will focus on effective understanding and satisfaction of customers’ needs and wants, producing new motorcycle models for increasing current market share, diversifying the product base to enhance profitability, creating value for customers through superior and innovative models, and retain the market position.
Report on the impact of changes in the external environment on the marketing strategies of Startec Dynamics
Discussed in brief are the impact of changes in external environmental on Startec’s marketing strategies:
Technology forces: according to Ebrahimi and Banaeifard (2018), consistent technological advancement has helped Startec in developing and designing modern motorcycles incorporating innovative and advanced technologies significantly contributing in establishing it as biggest motorcycle manufacturer and seller. The accelerated speed of technological change has critically impacted its marketing strategies unleashing a process called a perpetual outburst of creative destruction. Change in technology overnight can obsolete a well-established product and concurrently creating a host of new product possibilities further emphasizing that technological change can be creative and destructive – perceived both as an opportunity and threat.
Political and Legal Forces: changes in laws and regulations derived from political and legal developments might impact the marketing strategies. According to Bashir, et al., (2016), the coactions between political and legal forces in the target markets and the competitive structure of two-wheeler industry is a two-way process where regulations influencing competitive structure is set by the government and Startec through frequently seeks for influencing the regulations enacted by the government through different means.
Social Forces: it refers to ways by which the two-wheeler industry gets affected by changing social values thus, perceived both an opportunity and threat. Customer awareness towards green technology is a major social movement in recent years impacting immensely on Startec however, its ability of early recognizing this opportunity has helped in reaping impressive gains.
According to Gonzalez-Valiente and Pacheco-Mendoza (2017), internal analysis helps in identifying the strengths and weaknesses of Startec. Marketing manager should comprehend the role of resources, capabilities and distinguishing competencies in this process to create value for customers and reaping profits besides analyzing the sources of Startec’s competitive advantage for determining what is driving its profitability and the opportunities of improvements. Controlling the internal environment is comparatively easier than external environment. Conducting a SWOT analysis according to Widyastuti and Tiarawati (2017), will help the company in identifying the strengths and weakness of its marketing strategies.
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Strengths |
Weaknesses |
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Startec enjoys excellent brand reputation owing to its 11 years of experience as motorcycle manufacturer and trader. The motorcycles ripping sound of its engine when someone revs up a bike’s accelerator is absolutely loved by the bikers. Have invested heavily into the design and development of EFI systems for PRC local motorcycle manufacturers, owns proprietary IP for ECU of EFI system. Lower overall cost of EFI units comparing to other similar technologies/systems. |
The financial resources are limited, weaker investments on R&D. Unavailability of track records showing domestic and international customers. Major global players in motorcycle industry like Yamaha, Honda, and Harley Davison do not consider Startec a threat because of its small scale. Lack of and experienced engineering staff for facilitating EFI development and testing. |
Below discussed are Startec’s strategic marketing responses to key emerging themes
Adopting advanced technology: according to Morgan (2012), utilizing advanced and innovative technology is essential to effectively respond the key emerging themes for competing with market rivals. With continuous emergence of new trends keeping itself updated is important for Startec besides prompt response for turning them into success factors. Moreover, in today’s highly competitive business environments considering technology while developing marketing strategies is both essential and mandatory.
Increase product base: according to Panomjerasawat, et al., (2015), expanding the product portfolio by producing wide range of motorcycle models, having differentiating features will help Startec in effectively competing within its target markets where customers’ preferences, tastes and interests change rapidly thus, getting along with the new emerging trends.
Place innovation and creativity: Startec should embed innovation and creativity not only in products but also into its marketing strategies for ensuring effective responding to the emerging themes in domestic and international markets.
Conclusion
From the above study, it can be concluded that in prevailing business scenarios Startec Dynamics has hold its position as active player in the two-wheeler industry across its vast target market with the help of strategic marketing management, having significantly contributed in establishing it as recognizable brand within its industry. The company’s performance has been very effective and momentousness both in terms of commercial success and brand image in the target markets. However, it is evident from the detailed analysis that still there is room for improvement to emerge as a powerful brand in the two-wheeler industry to compete with major global players.
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