Boonyarit Phongmekhin Dr.Sudaporn Sawmong Eastern Asia University
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1 MARKETING STRATEGY MODEL OF EUROPEAN PASSENGER CARS FOR THAILAND AUTOMOBILE MARKET Boonyarit Phongmekhin Dr.Sudaporn Sawmong Eastern Asia University
2 MARKETING STRATEGY MODEL OF EUROPEAN PASSENGER CARS FOR THAILAND AUTOMOBILE MARKET Abstract The aims of this paper are to find the SWOT of the top eight European car companies in Thailand, and to find a marketing strategy model within the context of marketing mix those will enhance their performances. Thailand s car market is dominated by Japanese cars, while European brands dominate the premium segments. Two research theories were used to test the objectives: a qualitative research methodology adopted personal interviews with senior professionals of the European car companies, producing written reviews in a rubric style and translated into a SWOT analysis. Structural Equation Modeling formed the quantitative research using a survey tool of a tested questionnaire which European car owners completed. The findings showed that marketing factors have a positive impact on psychological factors of the consumers and then on the key performance indicators; supporting the marketing concepts of Kotler and consumer behavior theory of Schiffman and Kanuk. The quantitative study points toward brand image and place being important, in contrast to qualitative findings viewing products as important. This research concludes that using both quantitative and qualitative studies benefits companies to understand their brand and improve their performances. Key words: Marketing strategy model, Marketing mix, European passenger cars in Thailand. 1
3 Introduction Thailand automobile industry began with the objective of substituting imports; without serious considerations for export. The economic collapsed of 1997 forced manufacturers to solve the problem of excess production capacity by exportation. Thailand s automobile exports jumped from 14,020 units in 1996 to 535,596 units in Currently the industry generates 12 percent of the national GDP, making it one of the biggest manufacturing sectors (Hanley, 2009). At present, new investment only comes from Japanese car manufacturers due to the incentive scheme offered by Thai government for the Eco-car participants. European car manufacturers have city cars that fit the profile of Eco-car, but they are reluctant to join the project because of the low domestic demand for European cars. In order to boost European car market share in Thailand, a new strategy is needed. This research aims (1) to analyze strength, weakness, opportunity and threats of European car companies marketing strategies in Thailand, (2) to analyze the components of the latent variables of psychological factors of Thai consumers of European cars, the marketing factors, and the key performance indicators of European car companies, (3) to analyze the direct and indirect effects between all the variables, and (4) to find the effective marketing strategy model affecting the performances of European car companies in Thailand. Literature Review Consumer behavior theory is a study of individuals decision making process on how to spend their income. Buying process starts in the minds of the consumer, which leads to finding alternatives between products followed by a process of decision making for purchase and using the goods, and then the post purchase behavior (Schiffman & Kanuk, 1997). Marketing mix is a set of marketing instruments which aim to make the customers aware of the product or service and generate a positive response (Kotler, 1999). An important goal of a marketer is to offer the desired goods and services to customer at the right time, in the right place, at the prices that will allow them to take possession. Customer relationship management (CRM) is a key element for business sustainability by magnifying image of the brand and organization. Customer satisfaction will ignite repeat purchase, referrals and positive word of mouth (Kotler & Keller, 2006). Thanasuta et al (2009) found that in Thailand car industry, distribution channel is a critical factor in decision to purchase a brand. According to Aaker (2002), brand loyalty is considered to be essential components to organizational success. It can be measured in two dimensions; attitudinal and behavioral. Attitudinal loyalty implies that loyalty is a state of mind. In the automobile context, Hjalte and Larsson (2004), and Baltas and Saridakis (2009) found that a strong brand image, customer satisfaction, and product quality can develop attitudinal brand loyalty. The behavioral loyalty relies on a customer s actual conduct on their continuous buying behavior as well as spread good word about it (Allen, Ng & Wilson, 2002). CRM is needed to build relationship with customers to enhance trust, commitment, and loyalty (Tanmay et al, 2009). Narasimhan (1987) stated that psychological aspects of a consumer are pivotal to product and brand choice. Rosecky and King (1996), and Ramsey and Sohi (1997) added that marketing mix attributes are major influencers of a product purchase. Promotions are found to be vital for the success of a product as mentioned by Yoon and Kim (2000). Country of origin can affect the attitude towards a product especially those of high technology and price (Nooh, 1997). Lee (2009) found that consumers personality s influences brand choices. Epstein (1996) and Jasfar (2001) found that company s performance in terms of economic growth come from image, repeat purchase, and referrals which are generated from customer satisfaction. 2
4 Research Conceptual Framework and Hypotheses Based on the study of theories, concepts, related research, and qualitative interviews, a conceptual framework for this research was constructed as shown. Three hypotheses were: H1: There is a positive direct effect between psychological factors and marketing factors. H2: There is a positive direct effect between psychological factors and key performance indicators. H3: There is a positive indirect effect between psychological factors and key performance indicators through marketing factors. Research Methodology This research employed a mixed method, using both qualitative and quantitative approaches. Qualitative research method was conducted to investigate the first objective and produce a SWOT analysis. The second and third objectives were examined by quantitative research using Structural Equation Modeling. Qualitative approach adopted personal interviews of twelve CEOs of the top eight European brands in the Thai automobile retail market. Quantitative approach adopted questionnaires survey of 699 European car owners from the population of 22,778 from top eight European car brands in Thailand which consisted of Audi, BMW, Citroen, Mercedes Benz, Mini, Peugeot, Volkswagen, and Volvo from The research tool yielded satisfactory test results of validity and reliability. Multi-stage random sampling method was applied for the selection of the samples. Results of Data Analysis Qualitative research The qualitative research set out to analyze the strategic thoughts of the CEOs of the top eight European cars brands by employing SWOT as the evaluation tool to facilitate these aims. Strengths European brands have excellent products that have strong Unique Selling Points (USP). Consumers feel that they are not just buying a product, but also making a social statement, buying an experience, a lifestyle, and an attitude. European brands have to promote strong images applying all aspects of the marketing mix in collaboration with the global marketing communications by the parent companies. Social media are also recommended for conveying technology innovation reinforces the premium brand image. Weakness All brands mention that the most concerned weakness is the negative perception of high service price. Low resale value is also an obstacle to conquer sales as mentioned by 88 % of the brands. The perceived small quantity of retail outlets and service centers obstruct their sales potential and tarnished the retail image was mention by 75% of the brands. Opportunities Thai economy rebounded well from the global financial crisis of the year with the economic expanding 7.6% in 2010 which offer more opportunity for European passenger cars due to the market expansion was expected by 63% of the brand. 3
5 Threats Fierce price competition from Grey Importers affects the entire premium brands bringing it concerns not only of lost sales opportunities but also the damage to brand reputation since some imported products may not be suitable for the operating environment. Quantitative research Structural Equation Modeling formed the quantitative research using 5 points Likert s scale survey to which 699 European car owners completed. Results: Confirmatory Factor Analysis (CFA) of the latent variable for the factors. Psychological Factors: Chi-Square = , 2 /df = 1.14 (208.07/182), P-Value = 0.09, GFI = 0.98, AGFI = 0.96, RMR = 0.026, and RMSEA = The results imply a good fit, indicating that motivation, perception, attitude, personality and learning are components of the latent variable psychological factors. Marketing Factors: Chi-Square = , 2 /df = 1.45 (287.03/198), P-Value = , GFI = 0.97, AGFI = 0.94, RMR = 0.018, and RMSEA = The results imply are a good fit, indicating that product, price, promotion, place and CRM are components of the latent variable marketing factors. Key Performance Indicators: Chi-Square = 31.70, 2 /df =.81(31.70/39), P-Value = 0.79, GFI = 0.99, AGFI = 0.98, RMR = , and RMSEA = The results imply a good fit, indicating that satisfaction, repent purchase, image and referral are components of the latent variable key performance indicators. Results: Path Analysis of psychological, marketing, key performance indicators factors Hypothesis 1 The path coefficient results show that there is a positive direct effect (DE) of 0.33 and total effect (TE) of 0.33 at the significance level of 0.01 between the tested variables. The results indicate that psychological factors have a positive direct effect with marketing factors. Therefore H1 is supported. Hypothesis 2 The path coefficient results show that there is a positive direct effect (DE) of 0.19, and total effect (TE) of 0.37 at the significance level of 0.01 between the tested variables. The results 4
6 indicate that psychological factors have a positive direct effect to the key performance indicators. Therefore H2 is supported. Hypothesis 3 The path coefficient results show that there is a positive indirect effect (IE) of 0.18 at the significance level of 0.01 between the tested variables. The results indicate that psychological factors have a positive indirect effect to the key performance indicators through marketing factors. Therefore H3 is supported. According to the statistical analysis, the hypotheses testing results indicate that both consumers psychological factors and marketing factors of the European car companies are influential on key performance indicators of European car companies in the context of the Thai s automobile industry. Results of the Marketing Strategy Model This section displays the factor loading values, in rank order in regards to the method of completely standardized solution of the model of Marketing Strategy Model of European Cars for Thailand Automobile Market. Psychological factors: Learning has the highest factor loading with the value of 0.80; follow by Perception 0.71, Motivation 0.66, Personality 0.62, and Attitude The orders of importance are: Learning, Perception, Motivation, Personality, and Attitude. Marketing factors: Place reveals the highest factor loading value of 0.85, follow by Price 0.73, Product 0.71, Promotion 0.67, and CRM The factors in order of importance are: Place, Price, Product, Promotion, and CRM. Key performance indicators: The highest factor loading value belongs to Customer satisfaction with the value of 0.74, follow by Referral 0.69, Repeat purchase 0.67, and Company/image The factors in order of importance are: Customer satisfaction, Referral intention, Repeat purchase intention and Company/brand image. 5
7 Discussion of the research findings Qualitative research: The qualitative research findings reveal that for European car, the major strength relies upon the product s qualities and attributes. Therefore the company must constantly monitor the qualities of its distribution channel and should regularly publicize the competences of its distribution channel to offset any perceived drawbacks by the customer. Quantitative research: The research indicates that brand image was the most important in this measurement model having the highest mean at This implies that European car owners put high emphasis on brand image that will reflect their upper-tier social status. Marketing factors has the lowest mean ranking at 4.05, implying that Thai customers already have positive psychological beliefs towards products of European origins. Customers displayed little interest in CRM as shown by its low ranking in the measurement model, the implication being it s a hygiene factor rather than a driver of customer satisfaction. Application of the research model Place concerned in Thai s automobile industry includes the location of showroom and workshop, density, quality of the facilities and personnel. A European car company must establish showrooms and workshops strategically in the locations that will serve its target customers effectively. The second most important factor in the marketing factors is price. A European car brand should offer special promotions; such as, long term financing, cash discount for a run-out model, service package campaign, and higher trade in value campaigns to generate more purchases of the brand. Resale value is a critical concern founded in both qualitative and quantitative findings therefore the brands should establish pre-owned car departments to control the second hand price of their brands. Product is the physical and symbolic elements that will most likely influence demand positively. All products must be fully equipped with all the latest technologies that generate comfort, safety, performance, low fuel consumption, and durability. Promotion activity adds value and represents communication and should emphasis publicity, promotional campaign, warranty period, and events. Given the importance of positive word-of-mouth, it is necessary that the brand comes up with excellent CRM strategy in ways that differentiates them from their competitors. Brand image plays significant role in the customer s motivation to purchase and can be strongly influenced by all of the elements of the marketing mix. Image can be altered by a reference group, thus referral is an important factor to motivate a person toward a particular brand. In case of cars, many purchasers rely heavily on the advice and recommendations from friends and family members. A European car brand can capture more market share by the constant communication on the company image and brand image. The achievement of such task will ensure positive word of mouth and future repeat purchase Limitations of the research This research achieved its objective of finding an effective marketing strategy model, however to be even more useful a multiple regression findings could further investigate the effectiveness of each items towards each observed variable. Suggestions of future research Brand image can strongly motivate purchase decision. Future research on brand image building strategies for the European car market challengers is highly recommended. 6
8 References Aaker, D.A. (2002). Building Strong Brands. London: CPI Mackays. Allen, M. W., Ng, S. H. & Wilson, M. (2002). A functional approach to instrumental and terminal values and the value-attitude-behavior system of consumer choice. European Journal of Marketing. Vol Baltas, G. & Saridakis, C. (2009). Brand-name effects, segment differences, and product characteristics: an integrated model of the car market. Journal of Product and Brand Management, 18/ Epstein, S.R. (1996). The Impact of Competitive Marketing Strategies on Market Share Leadership: An Application to the Automobile Industry. Ph.D., Concordia University Grein, A.F., Craig, C.S. & Takada, H. (2001). Integration and Responsiveness: Marketing Strategies of Japanese and European Automobile Manufacturers. Journal of International Marketing. Vol Hanley, M. (2009). Automotive Market in Thailand: Industry Overview. retrieved Jan 29 th,2009, from Hjalte, S. & Larsson, S. (2004). Managing Customer Loyalty in the Automobile Industry. Ph.D. Lulea University of Technology. Sweden. Jasfar, F. (2001). Mediating effects of consumer trust, consumer commitment and customer satisfaction, in buyer-seller relationships: An investigation of automobile service centers in Indonesia. D.B.A. Nova Southeastern University. USA. Kotler, P. (1999). Marketing Management: The Millenium Edition. New Delhi: Prentice Hall of India. Kotler, P. & Keller, K.L. (2006). Marketing Management. (12 th ed.).new Jersey: Prentice Hall. Lee, J.W. (2009). Relationship between consumer personality and brand personality as selfconcept: From the case of Korean automobile brands. Academy of Marketing Studies Journal. Vol Narashimhan, S. (1987). A causal model of external search for information for durables: A particular investigation in the case of new automobiles. Ph.D. State University of New York. USA. Nooh, S. (1997). The impact of the perception of marketing mix variables on international product choice: The Malaysian perspective. D.B.A. Nova Southeastern University. USA. Ramsey, R.P. & Sohi, R.S. (1997). Listening to Your Customers: The Impact of Perceived Salesperson Listening Behavior on Relationship Outcomes. Academy of Marketing Science Journal Rosecky, R.B. & King, A.B. (1996). Perceptual differences among owners of luxury cars: Strategic marketing implications. The Mid-Atlantic Journal of Business. 32(3) Schiffman, L.G. & Kanuk, L.L. (1997). Consumer Behavior. (6 th ed.). New Jersey: Prentice Hall. Tanmay, C., Shradha, S. & Krishnan, M. (2009). Determinants of brand equity-a blue print for building strong brand: A study of automobile segment in India. African Journal of Marketing Management, Vol. 1(4) Thanasuta, K., Patoomsuwan, T., Chaimahawong, V. & Chiaravutthi, Y. (2009). Brand and Country of Origin Valuations of Automobiles. Asia Pacific Journal of Marketing and Logistics. Vol Yoon, S.J. & Kim, J.H. (2000). An empirical validation of a loyalty model based on expectation disconfirmation. The Journal of Consumer Marketing
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