Chevrolet was founded in 1911 in Michigan. General Motors owns Chevrolet. This parent company contributes approximately 42% to the total sales volume.
The company is well-known for its innovative functional vehicles over the years and has been associated with many championships like Indycar, FIA World Touring Car Championships, British World Touring Car Championships, NASCAR, NASCAR, etc.
Chevrolet At A Glance – Marketing Strategy of Chevrolet
Company : Chevrolet inc.
CEO: Mary Barra
Founder: William C. Durant
Year founded: November 3, 1911, Detroit, MI
Headquarters: Detroit, MI
Annual Revenue: US$122.485 billion
Products & Services: Automobiles, Commercial vehicles, Trucks
Chevrolet Fun Facts: In Europe the Chevrolet brand name is mainly used for cars that have been manufactured by General Motors in Korea.
Marketing Strategy of Chevrolet
Chevrolet’s Marketing Strategy covers various aspects of the business right from segmentation and targeting to the overall mission and vision of the company and the various parameters which the company executes to become the top brand that it has in the market. So what is the Marketing Strategy of Chevrolet? Let us discuss.
Segmentation, Targeting, Positioning – Chevrolet Marketing Strategy
Chevrolet employs a combination of demographic as well as geographical segmentation variables to help understand different customer segments with specific wants and needs.
Chevrolet uses Differentiating Targeting Strategy to profile customers and make products and other services according to their needs.
It is a company that is more concerned with comfort and provides value-for-money automotive products and services to customers.
Chevrolet Mission Statement
To provide the highest level of service in all aspects of automotive dealership operations, providing our customers with the highest quality products and services at a fair and competitive price. We are committed to leading and dominating the industry in automotive excellence in our market.
Chevrolet Vision Statement
Driven to Keep You Driving for Another 80 Years
The Car more Champions Trust
Competitive Advantage – Marketing Strategy of Chevrolet
The company’s presence in more than 130 countries around the world through General Motors, its parent company, and alliances helps it optimize processes across the service delivery channel.
Strong Parent company:
General Motors are the pioneer in the automobile sector. Their strong financial position and presence in the meta-marketplace businesses are what help the company remain strong, even though global market sales fell by 5.5% between FY 16-17.
Product Innovation & Technological Advancement:
Chevrolet introduced hybrid models like the Chevrolet Malibu & Tahoe in the US. This is what sets the company apart from its competitors. The company also invests in hybrid and plug-in vehicles, both for commercial segments as well as Passengers.
Chevrolet started the process of global consolidation in 2013 and exited Europe in 2016. The major sales of Chevy vehicles still occur in North America, Brazil and Mexico, Canada, and China.
BCG Matrix – Chevrolet Marketing Strategy
Chevrolet deals in two major businesses i.e. Automotive manufacturing/ sales and distribution, and marine manufacturing.
Its automotive business, through its brands and those from alliances, is highlighted in the BCG matrix. However, the marine manufacturing segment is under scrutiny in the BCG matrix.
Distribution Strategy – Marketing Strategy of Chevrolet
Chevrolet employs multi-level distribution techniques to make its products available to end customers. The company makes its products easily accessible to customers through channels such as dealerships, company-owned showrooms and dealers, DSA ( Direct Selling Agents), authorized service centers, resellers, and E-Commerce sites.
Brand equity – Chevrolet Marketing Strategy
Chevrolet was ranked 57 on Forbes’s top brands in May 2017. The company’s market capitalization has given it a value of $ 10.3 billion.
Competitive Analysis – Chevrolet Marketing Strategy
In the competitive market, the factors that affect consumer needs include vehicle design, pricing, quality, fuel economy and variants, safety, functionality, and reliability. The company’s position as a leader in different countries around the world varies greatly. Chevrolet is a competitor in the automotive market.
Meta- and automotive markets are overcrowded. Companies are stealing each other’s market share. Chevrolet is a major competitor to companies like Honda, Toyota, and Nissan as well as Skoda and Volkswagen.
Market Analysis – Marketing Strategy of Chevrolet
The automobile industry is experiencing stagnant growth and fierce competition due to changes in regulatory provisions, volatile fuel prices, and demographic variables.
As these markets evolve with rising income levels and purchasing strength, developing countries such as those in Asia are experiencing positive growth rates.
Customer Analysis – Chevrolet Marketing Strategy
Chevrolet customers are middle-income individuals between 30 and 45 years old who are in search of a family car.
SUVs are a good option for those with higher incomes. The transportations and logistics companies are the customers of Vans and Commercial vehicles. Its servicing cost is much higher than other companies’ offerings in the same sector. This is the main problem.
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