Background of the Study
Advancement in technology has also affected the lifestyle of people. There is now a huge demand for remote cars. And due to this, companies are facing a level of competition to fulfill the demand and needs of people. The primary aim is to satisfy the need of people and to gain international fame in the marketplace. Many organizations are there that are manufacturing remote cars and have successfully launched their business in the domestic market and are trying to gain some success in the international market.
Competition among the companies at the international level of the market has increased at the tremendous rate that either company is not able to produce effective product or consumers are unaware of such brands. Therefore, it is highly essential for such companies to undertake some marketing strategies in order to enhance their sales and reach the maximum consumers at domestic as well as international level.
Aims and Objectives of the Research
The aim of the research or this study is to analyze the effective marketing strategies implemented by the remote car manufacturer for increasing their sales and revenue in the international market. This study also focuses on how such companies are producing and enhancing their image by following the marketing strategies to enter in the international market and to reach a maximum number of consumers.
Objectives of the Research
- To study the international market of remote cars, i.e. microeconomic and macroeconomic factors.
- To locate the consumers purchasing and demanding for remote cars in the international market
- To evaluate buying behavior of the customers purchasing remote car
- To scan the needs and outlook of the customers towards remote cars in the international market.
- To analyze the competing (or the competitors) manufacturing units of remote cars in the international market
- To advocate marketing strategies for improving the factors like sales and revenue by upgrading the brand image in the international market.
- How to evaluate the international market of remote cars?
- Who are the customers of remote cars in the international market?
- How to judge buying behavior of the customers purchasing the remote cars in the international market?
- What are the needs and expectation of the customers of remote cars in the international market?
- Who are key remote car manufacturers and how they are performing in the international market?
- What are the recommended marketing strategies for enhancing sales and revenue by enhancing their brand image in the international market?
SWOT analysis, PESTEL analysis and Porter’s Five Forces analysis are some of the techniques and tools to study the market place and its strategies. These techniques helps in studying the effectiveness, validity and reliability of marketing strategies that are further helpful in creating competition surrounding the businesses and products or services. Another tool for studying the marketing strategies in the international market is 4P’s of marketing. Marketing and its variable strategies makes product of any company to gain identification and have an effective communication with the audiences and if planned accordingly, can also increase the demand of that product. Marketing is thus the philosophy or business philosophy that a company follows to reach its target or goal.
The demand for remote control cars has increased and the manufactures are following the strategies including the use of social media, e-mail, chats, websites etc. to understand the need of the customers and to work on the customers demand. In order to understand the need of customer, there is also a need to acknowledge the need of customers in terms of price and quality of remote cars. Also, companies should analyze the strategies being implemented by the competitors who are further seeking desirable and satisfactory outcomes based on their applied marketing strategies.
Quantitative methodology was used to fulfill the required research work. This methodology helped in developing relationship between the theoretical and numerical concepts or data regarding the marketing strategies of remote cars. The research was assembled using the deductive approach for analyzing the marketing strategies and marketing management theories. Secondary data had been used to collect information for this study. The data was collected from various secondary sources such as websites, journals books, etc. from trustworthy authorized sources that much be restructured or tailored as per the opinions from valid authors regarding the marketing strategies of the remote cars.
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