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Marketing Plan for F1 Malaysian GP 2010

Marketing Plan for F1 Malaysian GP 2010

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Published by tungwc
Assignment for Marketing Management
in UPM GSM MBA 2009/2010
Lecturer: Dr Kenny Teoh
Assignment for Marketing Management
in UPM GSM MBA 2009/2010
Lecturer: Dr Kenny Teoh

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Published by: tungwc on Sep 09, 2010
Copyright:Attribution Non-commercial

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02/24/2013

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Chung Lee LeeGM03634Hema Latha A/P KumaresanGM03610Tung Wai CheeGM03578Siti Noraida Shaikh AbdullahGM03538Fairus Binti Radin Mohd AliGM03190
 
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Table of Contents Page1.0 EXECUTIVE SUMMARY 32.0 SITUATIONAL ANALYSIS 42.1 Background of Formula One 42.1.1 Grand Prix 42.1.2 Teams and Drivers 52.1.3 Competition 62.1.4 Popularity and Commercial 72.2 Inception of Formula One in Malaysia 82.3 Market Survey 92.3.1 Profile of F1 Malaysian Grand Prix Fan Base 92.3.1.1 Summary of Market Segmentation 132.3.2 Market Needs 132.3.3 Market Trend 152.4 PEST Analysis 172.4.1 Political 172.4.2 Economic 182.4.3 Social 192.4.4 Technology 202.5 Competition for F1 Malaysian GP 212.5.1 Competition between the GP Organizers 212.5.2 Competition in the Motorsport World 222.6 SWOT Analysis 232.6.1 Strengths 232.6.2 Weaknesses 262.6.3 Opportunities 282.6.4 Threats 292.6.5 Summary of SWOT Analysis 323.0 MARKETING STRATEGY 323.1 Marketing Mission 333.2 Marketing Objectives 343.3 Target Markets 343.4 Marketing Positioning 353.5 Marketing Plan 353.5.1 Marketing Plan
 – 
Shaping Market Offerings 353.5.2 Marketing Plan
 – 
Communicating Values 433.6 Action Plan 504.0 FINANCIAL
 
514.1 Revenue Forecast
 
514.2 Marketing Expenses 515.0 RECOMMENDATIONS FOR FUTURE
 
536.0 REFERENCES
 
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1.0
 
EXECUTIVE SUMMARYFormula One
, also known as
Formula 1
or
F1
, and currently officially referred to as the
FIA F1World Championship
, is the highest class of auto racing sanctioned by the Fédération
Internationale de l’Automobile
(FIA). It is also the highest TV rating sport in the World. F1 inMalaysia was inaugurated at Sepang International Circuit (SIC) on March 9, 1999 by the
country’s
4th Prime Minister, Tun Dr. Mahathir Mohammad.In general, F1 fan base comprises of affluent, educated, upscale male and female youths from theage of 20 to 49. These fans fall in the middle and high class social income who have strong passionfor motor sports and be associated with status and prestige. The fans are generally looking forspectacular circuit experience, sense of prestige, distinction of value for money and good customerhospitality.The main competitors for F1 Malaysia are SUPER GT and Malaysian Rally Championship. PESTand SWOT analyses identified the extent of favorability of the environment in respect of hosting F1in Malaysia as well as the inner strength and weakness of the host. Among the main findings are F1Malaysia has strong government support and sponsorship, one of world best circuit and cheapestticket price among all the GP organizers. The main weakness is there in no entertainment,amusements and nightlife at the race location. As a result, the FI organizers are facing threats fromthe competition among the grand prix organizers who are continuously creating point of differenceby turning the circuits to be more than race venue. They are creating a distinctive identity of theirown to attract the high end global fans.Based on the result of the analyses, the best cost marketing strategy i.e. a low-cost with adifferentiated approach, is adopted by emphasizing the strength of cheap ticket price. F1 MalaysianGP will give spectators value for money and make F1 accessible to all without reducing
F1’s
exclusive and prestigious reputation. Hence the target markets are 4 groups of people: professionals,foreign fans, high net worth individuals and corporate and lastly all those who have passion for F1.Malaysian GP aims to position as the truly value-for-money F1 GP destination for all themotorsport lovers.The marketing plan adopts two steps in fulfilling the mission, shaping the market offerings andcommunicating the value. Action plan has been drawn out to execute various activities under theplan. In total, the whole marketing plan will cost approximately RM20 million to the organizers.Lastly, it is highly recommended that the organizers should conduct market research to sustain inthe world of F1, the crown of motorsport.

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