The Mission Statement of Astral Group

276 views 3 pages ~ 805 words
Get a Custom Essay Writer Just For You!

Experts in this subject field are ready to write an original essay following your instructions to the dot!

Hire a Writer

The mission statement serves a very critical role within the company. It echoes the strengths and the goals of a company in a summarized manner (Hader, 2006). It also communicates the objectives of a company so that its customers can know from the mission the benefits and the strengths of the company. For the Astral Company, the mission statement reads, “To attract and attain customers through technological marketing strategies and to offer high quality cars and high valued customer services. Through innovation and customer value, the company strives to provide goods that meet the customer needs most, within the United Kingdom and abroad.” From this mission, it is clear the major purpose of the company is to attract and attain customers through provision of high quality goods. Moreover, the company in its mission statement stipulates its concern to use technology to market its products and innovate in a customer-oriented manner.

Business Objectives

According to Rosemann & vom Brocke (2015), business objectives are the major driving force in any successful business. Organisations can set both short term and long-term business goals, or either. In addition, the objectives should be clear and measurable so that they guide the company’s operations and development. Objectives also determine the financial growth and accomplishes of a company. In this manner, ASTRAL group defines its objectives as follows.

i. ASTRAL aims to gain control of the European car market, selling its major car brands with minimum competition

ii. The company also targets to make more production and sales of the Lybrid and Trigger cars.

iii. The company hopes to improve its market share for the major car brands it manufactures. Currently, both the brands enjoy an average market share of 0.54%. The company aims to increase this to at least 0.92%.

iv. The company also targets to employ modern marketing strategies that will persuade and reach out to as many customers as possible in order to improve its market as well as sales

In line with ASTRAL’s mission statement, these objectives narrow down to improving quality and meeting customer demands so that it can sustain large market share and possibly take control of the market by the end of round 4. As Rosemann & vom Brocke (2015) assert, company objectives build its strategies and dictates how the company implements such strategies. Moreover, the company uses the objectives to measure its success and failure. The objectives set here therefore will play an integral role to the company as it moves to round four.

Market Segment

Market segments allow companies to condense their marketing strategies towards selected customers (Investopedia, 2018). The segmentation is done based on the customer needs and financial ability. ASTRAL has segmented its market into four. The first segmentation is the city dwellers. This consumer unit makes the second largest market for the company. It consists of buyers from the city where the company is situated. The marketing strategy the company uses to persuade is road show advertisement and discount offers. The second market segment is composed of the medium buyers. Their income and luxurious needs are not too high. Nevertheless, they are potential buyers. The company market uses internet-marketing strategy to reach out to them. Actually, this consumer group makes the largest sales for the company. The last market segmentation is the consumers who buy luxury cars. This consumer group makes the smallest market to the company. Their dynamics vary and their buying is influenced by their demography and psychosocial needs. The company uses incentives to persuade them.

Competitive Strategy

Competitive strategy makes companies to stand out against others and gain wide market stability in the services and goods they provide to consumers (Mind Tool, 2018).  Using porter’s generic strategies model, there are three competitive strategies a company can use. They include cost leadership, focus and differentiation. However, ASTRAL uses focus as guided by its mission statement. This model enables the company to put its focus in producing quality services and cars that attract customers. Moreover, this strategy assists the company to develop specific marketing plans that persuade the customers to buy their car brands. For instance, so far the company majors in internet marketing. According to Mind Tool (2018), a company using this model concentrate on a specific market niche in order to improve it and ensures its control. In this regard, ASTRAL concentrates more on its medium consumers because it forms the largest market so far for the company.

References

Hader, R. (2006). More than words: Provide a clear and concise mission statement.

Investopedia. (2018). Market Segment. Retrieved November 23, 2018, from Investopedia: https://www.investopedia.com/terms/m/market-segment.asp

MindTool. (2018). Porter's Generic Strategies: Choosing Your Route to Success. Retrieved November 23, 2018, from Mind Tool: https://www.mindtools.com/pages/article/newSTR_82.htm

Rosemann, M., & vom Brocke, J. (2015). The six core elements of business process management. In Handbook on business process management 1 (pp. 105-122). Springer, Berlin, Heidelberg.

January 19, 2024
Category:

Business

Subcategory:

Corporations Marketing

Subject area:

Company

Number of pages

3

Number of words

805

Downloads:

43

Writer #

Rate:

4.8

Expertise Company
Verified writer

I enjoyed every bit of working with Krypto for three business tasks that I needed to complete. Zero plagiarism and great sources that are always fresh. My professor loves the job! Recommended if you need to keep things unique!

Hire Writer

This sample could have been used by your fellow student... Get your own unique essay on any topic and submit it by the deadline.

Eliminate the stress of Research and Writing!

Hire one of our experts to create a completely original paper even in 3 hours!

Hire a Pro

Similar Categories