The Chevrolet Corvette is a sports car manufactured by Chevrolet, a brand name under General motors. The Chevrolet has been on the market since 1910 when GM was founded is its best recognized brand. There more than twenty cars under the brand name of Chevrolet with the Corvette which has been manufactured since 1953 being one of them. If one is to access GM’s Chevrolet Corvette’s marketing strategy by their balance sheets, it would be painfully obvious in an instant that it is unsound.
Is it possible that why GM’s finances have taken a down ward spiral is because their methodologies are too old school? Has GM been riding on the glory of its past success for far too long and the tide is now ebbing (Popley, 2008). Currently, GM has a market share of 25% of vehicles sold in the United States. They are being faced with threats of bankruptcy, have been forced to cut back on the number of employees as in the case of the Jennysville plant and the future in general looks bleak (Maynard, 2005) . It is crucial that GM should do thorough and adequate research.
It is invaluable to have a good understanding of the changes the market undergoes with time. The tastes and needs of clients is factored by the trends of the time and the general state of the economy. Therefore, the supplier should be flexible enough to lean with the corresponding shifts in consumer’s needs(Washington 1998). One of the problems being faced by GM is media bias, where there is more negative material put out on the performance of GM by the media while their achievements are downplayed (Lutz, 2006). GM can counter this using several approaches.
One, emphasizing on the positive press that GM has been getting. For example, they can bank on the awards garnered by their cars on the market such as the Drivers, Choice Award and the Best overall Value Awards both won by the Chevrolet Corvette. Once the targeted market has a perception of a particular good, it takes time to change this perception hence GM has to pull all strings to win the confidence of their buyers (Washington 1998). Another marketing strategy that might work for GM is the use of Hollywood icons to push their cars.
Since everything Hollywood is viewed in a reverential light, Gm can cash in on this by getting a selling actor or actress to be the ‘face’ of a particular brand(Lutz, 2006). GM should also work at stepping up their speed in introducing new designs onto the market. The mentality of people nowadays is one of out of sight, out of mind. Since people also tend to get bored rather quickly, it is imperative that GM works at stepping up the speed at which they introduce new models on the market. Competition grows stiffer and there is need for innovative cutting edge designs to keep up with rival brands (Washington 1998).
Technology is the buzz word today. There is an almost manic obsession with the latest gizmos. It only makes sense that Gm should try to incorporate these ‘digitoys’ in their cars. Having features like ‘night vision’, GPRS, and novel features they can work up. It is not the end of the road for GM and the Chevrolet Corvette. If the GM team works hard enough to put out cars that inspire confidence, have both soul and heritage, they can once more be a brand that is associated with both quality and excellence, and the Chevrolet will wheel on into a brilliant future.
1. Popely, R. (2008 Feb 13). GM posts huge loss, will offer buyouts; 100% of 74,000 workers eligible Chicago Tribune. Retrieved February 14, 2008, from Proquest Database. 2. Maynard Micheline(2005, Dec 13) Bankruptcy Specter Raised as Rating on GM Debt is Cut Anew International Herald Tribune 3. Lutz Bob Stop if You Have Heard this One Before. Retrieved on July 4, 2008 from http://fastlane. gmblogs. com/archives/2006/02/stop_me_if_youv. html 4. Washington Frank, S (1998 April 6) key to Strong Brand Image: Unified Marketing Strategy. Advertising Age.
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