Aim of research
The current study’s objective is to assess the successful marketing tactics used by the manufacturer of remote cars to boost their brand’s reputation and increase sales and revenue in the global market.
Objectives of research
- To evaluate the global market for remote cars (taking into account both microeconomic and macroeconomic factors)
- To determine who the remote car buyers are on the global market
- To evaluate the purchasing habits of remote car buyers on the global market
- To determine the requirements and expectations of remote car buyers in the global market
- To assess the global market’s producers of rival remote-control vehicles
- To suggest various marketing tactics for increasing sales and revenue by improving their brand’s reputation in the global market.
Rationale for study
Introduction to the research context
Remote cars are in extremely high demand on the global market. As a consequence, remote car production industries are firmly committed to boosting their manufacturing and supply chains to appease these increasing demands. Utilizing the enormous demand is the main objective in maximizing sales and revenue in the world market. There are numerous top remote car manufacturers who are successfully running their businesses on the world market, and there are also multiple potential manufacturers who have satisfactorily started their businesses on the domestic market and are presently attempting to expand into the global market.
The level of competition between businesses operating on the global market has risen so substantially that either business are finding it hard to produce worth-having goods or consumers aren’t aware of such brand names (IBISWorld. 2023). Therefore, it is essential for these companies to put in some marketing campaigns if they want to increase their sales and reach the largest possible audience both locally and internationally.
Suitable analysis for strategies
Porter’s Five Forces analysis, the Tows analysis, and the Pestel framework are a few of the techniques and tools used to investigate the market and its strategies. These methods support the evaluation of the efficacy, believability, and reliability of advertising strategies, which further supports the promotion of competition between businesses and their goods or services (Benoot, and Proost, 2015). The four marketing principles ( 4Ps) are an additional tool for researching marketing strategies in global markets. Marketing and its different approaches enable any company’s product to become instantly recognisable and to communicate with theatregoers effectively. If fully thought out and executed, marketing can also start raising the demand for that product. Thus, a government’s approach to accomplishing its goal or target is its business philosophy, or more specifically the marketing philosophy.
Demand and Strategies
As a consequence of the increase in demand for remote-control cars, automakers are developing strategies like using social networks, email, discussion forums, internet sites, and other portals to understand customer requirements and satisfy those requirements. Recognizing customer needs with regard to the cost and calibre of remote cars is also essential when trying to comprehend client needs. Additionally, businesses should examine the tactics used by rivals who are pursuing desirable and satisfying outcomes based on their employed marketing strategies.
Research approach or methodology proposed
Given research methodologies, it is possible to conclude that when the term “research” is used, it refers to data collection that includes critical information. In all other cases, it refers to a body of knowledge or data that has been closely investigated in order to test a hypothesis and systematically arrive at a valid conclusion. The research design, which supports researchers with a pragmatic approach, facilitates their journey into the unfamiliar. The design of this study will aid in the pursuit of the goal of analysing the appropriate marketing strategies that manufacturers of used cars can use to satisfy growing consumer demand.
In order to better understand its dynamics, the research design is classified into two groups: quantitative approach and qualitative approach. Additionally, there are four main characteristics of research design: generalization, impartiality, plausibility, and reliability. A researcher must have a clear understanding of how this particular project relates to the marketing strategies that the manufacturers of remote cars must adopt and which can be used in the research design (Sileyew, 2019). In a project with a quantitative research design, a researcher details the results while looking at the different variables and using numbers and statistics according to the relevant strategies adopted by remote car manufacturers (Dorri, et al., 2017). However, the objective of qualitative studies is on coming up with ideas and formulating a hypothesis or theory.
A deductive analysis of marketing management theories and strategies was used to put together the research. Information for this study was gathered using secondary data and information. The four main research types that makeup research philosophy is: “1) Pragmatism, 2) Positivist research, 3) Rationalism and 4) Interpretative. These types will cover a wide range of research that supplant one another (Abd Al Rahman and Mahmoud. 2017).
Research ethics set the standards for acceptable behaviour for researchers. Maintaining ethical standards is essential to protect the entitlements, constitutional protections, and integrity of research participants. (World Health Organization. 2023). In order to ensure that the proper ethical standards are being upheld, this research requires researchers to evaluate the research, data, and pertinent information. The ethical principles of beneficence, justice, and autonomy must be discussed in order to conduct an ethical review.
Data collection method
The data was gathered from an array of secondary research, including internet sites, journal articles, publications, and other dependable, credible sources. It may have been rearranged or tailored in accordance with the views of reliable authors regarding the marketing tactics of remote cars.
The term “sample size” refers to the total number of study participants, and it is frequently divided into subgroups based on demographics (Institute for Work & Health. 2023). To understand their opinions on the marketing strategies to be used to satisfy market demand for remote cars, nearly 30 car manufacturers that are currently on the market are targeted in this study, each of which has 100 employees.
The limitations of this study also include design or methodology aspects that may have affected how the findings of this earlier study were applied or interpreted.