Executive
summary
The
Volkswagen marketing plan targets to identify the opportunities in Singapore to
come up with desirable strategic plan. It’s
prerequisite for the company overall performance and sustainability. The paper
is structured using the SOSTAC model
The
exposition of the plan is casted using seven parts. The part is the
introduction. The part allude that Volkswagen is among the leading automobile
firm in the industry. The second part is
the situation part that addresses the competitor, market and company analysis.
The utilization of SWOT analysis helps in deducing the external and internal
environment. Subsequently, the paper uses Porter analysis to address the power
of VW stakeholders. The third segment is the stipulation of the SMART
objectives using TOWs. Then the part addresses the marketing strategy relative
to the SMART objectives. The fifth part is the marketing mix using the 7’Cs. The
paper looks into the advertising and digital marketing strategy in the action
and control section. Finally, it makes conclusion based on the researched
contents.
Table of contents
2.2.1 Medium
bargaining power of buyers
2.2.2 Low bargaining suppliers power
2.2.3 Low threats of new entrants
2.2.4 Medium threats of competitors
The objectives
were derived from the TOWS analysis
4.1 Increase the capability of production
4.3.1 Diversification on the vertical plane
4.3.2Diversification on the horizontal plane
5.2.1 one-level distribution channels
Appendix A: One-Level Distribution Channel
Appendix B:
product life-cycle
Appendix
C: position
within continental cars
1.0 Introduction
The
Volkswagen group is amongst the automobile manufacturers household globally and
the leading producers in Europe. Founded in 1937 as a ("Society for the
preparation of the German People's Car") by the Nazi Deutsche
Arbeitsfront, Volkswagen has been a fascinating brand for many years
(Gomes-bule et al., 2013). It's premised on the manufacturing of the Volkswagen
motor vehicles. The firm is dedicated to delivering “safe and environmentally
sound” motor vehicles (Joseph, 2016). Its brands include but are not limited to
Volkswagen AG, Audi, Porsche, Škoda, operating in several countries in Europe
and Asia.
To successful drive Volswagen in achieving its
2025 strategic goal, Argon associates suggested that “Rev, Steer and
Accelerate” is a strategic plan targeting rebuilding its customer trust and
loyalty, identifying the potential markets for its products in different parts
of the world and investment in the future premised on making Volkswagen the
leading car manufacturer in the world (Bai, 2021). After the company provided
to its stakeholder a tailored assurance on matters of accountability and trust,
the next agenda was identifying key markets for growth. The core factor in the
selection of the market was the growth and size of its automobile industry.
Thus, the company targets markets in Europe, Asia and America. Apart for China
market, the Singapore market is among the markets Volkswagen considered as a
key market within the Asia region (Lim, 2017). In the narrow sense, Volswagen
group Singapore operating as an automobile retailer consists of sales and
service facilities (Volkswagen Singapore, 2016). The dealership is cast on the
Volkswagen Golf mode since Sedan car has the vast of the Singapore automobile
market share making hatchback Golf with little market share control (Leow,
2016).
2.0 Situation analysis
The
Volkswagen group is among the leading automobile vehicle manufacturing
companies both in terms of sales and revenues. Subsequently, in 2020, its
namesake Volkswagen was controlling close to 8% of the worldwide automotive
market share, coming second to the leaders Japan-based Toyota (Carlier, 2021).
In 2021, Volswagen was ranked among the top ten most valuable brands in the car
dealership sector. Its impressive performance is in a midst of the COVID-19
pandemic.
In
2015, in Singapore in the sales realm, Volkswagen was ranked 7th and 2nd in the
automobile industry (Focus2move, 2015).
The segment exposition is on the internal and external environment of
the organization, customers and other core factors prerequisite to develop
strategies to outperform its industry rivals in Singapore. In effect, its balloon its customer base and
increase the rate of customer retention evidently in the increment of the
company’s financial performance and equity in Singapore. The utilization of models is central to the
analysis of Market Analysis, Competitor Analysis and Company Analyses.
2.1 SWOT analysis
The
SWOT analysis is integral in exploring factors that affect the micro and macro
environment of Volkswagen in Singapore. They are useful in making the most
appropriate strategic decision for Volkswagen marketing plan
2.1.1 Strength
2.1.1.1Powerful global brand
The company has a verse of products in its
portfolio. Its rich portfolio makes the brand attractive to a different market
segment. Subsequently, the models are respected and recognized across the world
since they are designed as per the varying needs of the customers.
2.1.1.2 Strong research and
development (R&D) department
In
recent times the company has been heavily investing in its research and
development (R&D). In particular, in 2020, Volkswagen spends more on
R&D compared to its main competitor, Toyota (Cookie, 2020). The research undertakings include
connectivity, lightweight construction and many more research activities.
2.1.1.3 Strong manufacturing
capabilities
The company owns 118 production plants
globally. Being among the leading manufacturers in the automobile industry,
suggests that the company can maintain equilibrium between the demand and
supply of the products. Consequently, in 2020 the firm produced 8.9 million
vehicles defining it as world-class (Walters and Herman, 2020).
2.1.2 Weakness
2.1.2.1 High competition
Within the automobile industry, the luxury
vehicles segment experience a high level of competition. It is the main reason
why Volkswagen has been facing difficulties in emerging markets such as
Singapore. Singapore is a booming market that allows its residents to invest in
luxury cars. The company is facing many competitors especially those providing
elements in mid-range vehicles in Asia which are cheaper, for instance, Toyota
(Nag et al., 2007). Within the Singapore city spectrum, those people with high
purchasing power prefer other cheaper brands. Furthermore, certain brands in
Volkswagen portfolio require a heavy budget for branding. Therefore, there is a
need for a heavy amount to maintain branding.
2.1.2.2 Weak brand image
Since
Volkswagen made a late entry into the market, its brand is still weak in
Singapore. This aspect makes the company lose its competitive edge in the
Singapore luxury vehicles market.
2.1.2.3 Fuel guzzlers and
environmental unfriendly
Some of the cars in Volkswagen such as Audi
are fuel guzzlers and have high emissions of gases. High emissions of gas
especially CO2 affects negatively the environment resulting in global warming.
The cars are fuel guzzlers burning fuel fast causing high fuel costs. The
vehicles are not environmentally friendly and cost-friendly compared to its
competitors.
2.1.3 Opportunities
2.1.3.1 Demand for continental
cars and eco-friendly
The entire global technological spectrum has
been on the advancement tenure in recent times. Therefore, Volkswagen needs to
seize the opportunity and modernize its products to be innovative as possible.
The designs are fuel-friendly and eco-friendly. The introduction of
eco-friendly cars in the market will help in the reduction of emission of CO2
gas directly linked to global warming
2.1.3.2 Growing trends for
continental cars
The population growth rate and the improvement
of roads infrastructure will increase the motor vehicles demand. Although most
of the customers are looking for cost-effective cars, a percentage of the
population is looking for elegant and expensive cars. The demographic is more obsessed with their
image and general reputation (Oswin, 2010). Therefore, Volkswagen should
capitalize on this market segment.
2.1.4 Threats
2.1.4.1 Environmental unfriendly
The
preexisting climate crisis is heavily associated with motor vehicles.
Therefore, since, most of the Volkswagen cars are fuel guzzlers and emit a lot
of gas, they cause environmental degradation.
The need for green vehicles from Volkswagen is an immediate necessity.
2.1.4.2 Recession
With the beckoning global recession due to the
COVID-19 pandemic, in the aftermath of these uncertainties, the company’s
turnover is threatened. The company is expecting a drop in their sales revenue
2.2 Porter analysis
2.2.1 Medium
bargaining power of buyers
Most business invests heavily on the marketing
and promotion to attract more customers. In both the high-end and cheaper cars
segments, competition has ballooned, and brands are continuing to improve to
bring results that address consumer’s desires. VW spent 4.8 billion Euros on
R&D in 2017 (Chechelski, 2017). Due to the Golf's similarities in design and
features to those of its competitors, purchasers are not confined to a small
number of options. Buyers have a lot of negotiating leverage because of the
availability of alternative cars and the low cost of switching brands. In that
case, an automobile is just one of the alternatives such as public
transportation. Cars are regarded 'luxury' means of transport, and consumers'
power is dispersed across the competitive marketplace. Since there is no group
of customers that can vastly impact on the price and the brands in shelf, the
aspect delimits buyers’ purchasing power.
2.2.2 Low bargaining
suppliers power
The Volkswagen Group's
suppliers have low bargaining power, since the organization is engaging
numerous suppliers all over the world. In the case of Toyota and General
Motors, the situation is similar. Suppliers are required to follow fully VW-developed
code of conduct. Furthermore, VW is a major, financial strong corporation with
a well-structured world supply chain and distribution network. The car
industry's bargaining strength is likewise limited because it may always move
to new suppliers (Willard et al., 1998). In a situation where manufacturers are
contractually obligated to employ specific supplier, the cost of switching
suppliers decreases over time. Manufacturers will move to other suppliers if
they are unable to achieve these requirements (Volkswagen, 2015). Finally, due
to the large number of providers in the business, suppliers have limited
bargaining leverage.
2.2.3 Low threats of new
entrants
Public transit is the
typical diesel automobile replacement. It poses only a minor risk. To begin
with, even if taking public transportation in a city is quite handy,
individuals still have to rely on cars in some underdeveloped areas. Second,
taking public transit to wherever one wants to go is not as convenient as
driving one's own automobile. With your own car, you can go wherever you want,
whenever you want. Despite the fact that more individuals are concerned about
the environment, they still prioritize convenience.
It is unsurprising that
the automobile sector has significant hurdles to entry. As a result, the risk
of new competitors is minimal. To begin with, the start-up costs are so
enormous that few people will enter this market. Second, achieving economies of
scale is challenging for a new entrant. Finally, establishing a distribution
channel is tough. Last but not least, people are loyal to their brands, thus it
will take a long time for a new entry to establish a brand and gain customer
trust.
2.2.4
Medium threats of competitors
The automotive sector is
expanding at a rapid pace. Automobiles are now more of a commodity than a
luxury. This rising demand opens up a plethora of possibilities. The increased
rate of growth reduces rivalry's competitiveness. In this sector, fixed costs
are quite high, which boosts competition because more sales are required to generate
a profit. In the automotive sector, differentiation strategy is relatively
scarce. Until now, the characteristics that distinguish one automobile from
another have been factors, but they have not always been crucial to buyers.
While automobiles are becoming increasingly differentiated, the essential
elements that customers demand remain more or less the same across the board.
3.0 objectives
The
objectives were derived from the TOWS analysis
WT:
VW will identify the opportunities in its external environment, but its
weakness will prevent the firm from taking full advantage of the market
demand. For instance, since the
opportunity is high demand for eco-friendly vehicles and low fuel consumption
the company weakness is having a portfolio with cars that are the high
consumption of fuel and heavy emitters of gasses. Therefore, the VW aims to
increase by 20% within one year the capacity of production of vehicles that
consume low fuel and are eco-friendly.
WT:
the company is targeting to reduce its weakness and minimize the threats. VW is targeting the Singapore market where
most people prefer cheap cars. The company is also facing competition from
companies dealing with both cheap and luxury motor vehicles. Therefore, VW
targets diversity and introduce new products (cheaper brands) to increase its
sales by 30% in 2 years.
4.0 Marketing strategy
Premised on its strategic growth judgments and
undertakings, Volkswagen has been impactful worldwide in identifying and
managing risk. Based macro and micro environment factors, these development
choices and routes are influenced by different regions, at different period.
Volkswagen, in a nutshell, has employ Ansoff matrix severally to create game
changing strategies. They are follows:
4.1 Increase the capability
of production
As
a result of elevated production capacity, Volkswagen will be able to reach a
larger number of customers in Singapore. This would lead to better efficiency
and productivity, especially in terms of lowering overhead costs. Managed
overhead expenses would lead in competitive rates, attracting consumers from
the same market. Increased desirability and competitive rates in same industry
will lead to more sales and consumption and hence more market dominance.
4.2 New products
Volkswagen has the ability to recognize new
features and attributes in existing products that are responsive to the
changing markets. As a result of this recognition, new and imaginative product
consumption intentions and behaviors will emerge. Volkswagen customers should
also be educated about the company's new and creative consumption habits and
consumable ways. Overconsumption among current and emerging consumer groups and
divisions will result from improved marketing and communication of new model
uses and advantages, as well as qualities. Volkswagen will be able to expand
its overall market presence in current businesses as a result of this.
4.3 Diversification
Diversification refers to “a company's expansion
and development as a result of new product development in new markets” (Ansoff,
1957). It is vital since it allows companies like Volkswagen to remain
efficient, creative, and aggressive, and hence attractive to growth markets.
4.3.1 Diversification on
the vertical plane
Vertical diversification for Volkswagen entails coming
up with new product within their spectrum to attract more customers for further
growth
This implies that Volkswagen's future product
advancements and launches will be similar to, and will fall into existing
product groups and classifications.
4.3.2Diversification on the
horizontal plane
Horizontal
diversification refers to Volkswagen's decision to launch and interact with
potential product developments with varies features compared to the current
product.
Nonetheless,
announcing new product launches and advancements for goods that compete in
similar economic environments as the upcoming products is useful.
5.0 Marketing mix
5.1 Product
Volkswagen has been selling Volkswagen Golf
automobiles in Singapore since 2003, including the Golf GT MK6 variant
(SGCarMart, 2016). Volkswagen has continuously introduced new technology and
upgraded the external and interior styling of the Volkswagen Golf since its
debut in Singapore. Volkswagen introduced the Volkswagen Golf 1.4 TSI (DRG)
line in 2015, which is lighter and more fuel-efficient than previous models.
The most sophisticated engine, safety features, and sleek exterior appearance
are all included in the current line. In 2015, the Golf R-Line, a relative’s
variant with new options such as a panoramic sunroof, was introduced Volkswagen
Singapore (Volkswagen Singapore, 2016). With the company turnover being 32500
vehicles daily, it prices its products competitively in certain developing
nations and relatively high in advanced economies where the brand can command a
higher premium. Therefore, it is expected in Singapore the prices of VW brands
to be slightly lower compared to prices in Western and American countries.
Furthermore, the company depends on its higher
quality brands as the measure of the expensive prices of its products.
Psychological pricing is one of the approaches used by VW to peddle its pricing
mechanism. The buyers are willing to pay high prices without feeling remorseful
since the products are of high quality. The car spares are also very expensive,
thus the pricing strategy in the marketing strategy of VW is grounded on
different aspects
5.2 Places
Volkswagen vehicles may be found almost wherever
on the world. Having assembly lines and manufacturing facilities in multiple
destinations across the globe. They include but not limited to China, Germany,
UK and USA. Volkswagen built a new facility in Singapore for $140 million to manufacture
large transport vehicles and multi-vans after recognizing Singapore as a
leading destination for car and van sales. The Golf will be made in China and
supplied in Singapore (Volkswagen, 2016). We assessed the following major
aspects to offer an acceptable Place strategy for efficiently distributing the
Golf to the Singapore market: Distribution Channel Distribution Strategy Degree
of Market Exposure
Limited Market Exposure The degree of market
exposure is linked to the distribution strategy chosen. Golf is a specialty
item that necessitates a high level of commitment in the purchase decision.
Furthermore, Singapore's tiny size, along with the specific target market,
necessitates a limited distribution footprint.
Distribution Methodology Distribution by
Invitation Only
The focus will be on preserving the quality of
distribution rather than developing widespread coverage, depending on the
degree of market exposure. It's best to have an exclusive distribution strategy
with a small number of intermediates and middlemen. Other distribution tactics
can be controlled to the greatest extent possible with this strategy. This
allows the company to focus on dedicated and specialized personal selling, as
well as significant after-sales care, in order to retain the Golf's exclusive
quality.
5.3 Promotional
The promotional mix's goal is set following the
product life cycle. These are the following:
1) Enhance brand awareness
2)
Developing an elegance outlook
3) Develop an eco-friendly and fuel-efficient
perception
The
comprehensive communication plan would be successful in addressing company
image, increasing brand engagement with the Golf, and meeting the key market's
expectations. Associating qualities with a product/brand is a good way to
establish a product image. We feel that the promotional mediums listed above
will achieve the marketing objectives and result in increased sales.
The goal of the promotional strategy is to sell
the Golf using the company's basic principles. Each of the techniques will
assist consumers in identifying with the organization's basic values, thereby
impacting thoughts and behaviours. Manufacturer Volkswagen SG Singapore Market
16 This is in direct opposition to the existing promotional strategy, which
emphasizes product offerings. This is more efficient in engaging customers'
inner selves, impacting their outer selves buying decisions (Zinkhan and Hong,
1991).
5.3.1 Advertising:
It is a
significant tool for creating the brand awareness across a larger geographical
region. To reach the target population it is important to utilize traditional
advertising methods such as television, radios and newspaper. Multiple measures
help to mitigate the risk of individual media fragmentation. Furthermore, all
three mediums complement the target market's demographic profiles. Regular
advertising across several channels improves product awareness and confidence.
Golf's appeal to the psychographic description of the target audience, which
values respectable and well-known brands, grows as a result.
5.3.2
Digital advertising
Advertising on the Internet Singaporeans is
heavily connected to the internet (80% internet penetration), which allows you
to reach out to a larger number of individuals at a lower cost (DIL, 2015). SEO
will be utilized to guide online traffic to the Volkswagen website based on the
target market's behavior. The website will be necessary for communicating
information and comparing models. Thus, the company can boost its digital
advertising through social media platforms. Digital marketing provides a
platform for the company to reach out to a wider audience both in Singapore and
overseas. Social media approach is cost-effective and the company can
incorporate ads to generate traffic on its webpage.
5.4 Price
Because Golf is a continental automobile, demand
for it is market-oriented. In the existing economy, many competing automakers
produce hatchback vehicles with similar features at lower prices. As part of
this approach, Volkswagen will distinguish the Golf in regarding product
offering and value.
Value-Added Pricing Method Volkswagen will offer
competitive pricing for a high-quality offering. This is performed through redesigning
the company's capabilities to build cars at a lower cost while preserving high
quality. We recommend adding extra upgraded services to generate
differentiating value: Added extra year of warranty to the present three-year
warranty. Additional after-sale support free components substitution for a set
amount of time; complimentary vehicle accessories; new technology and features
To lure consumers, we avoid price reduction
approach since it dwindle the brand image after sometimes. By providing more
post-sales coverage than the Golf, it provides better peace of mind when making
a purchase decision, which has been identified as valuable because it fulfils
cost-conscious needs. This provides more value over time and will earn loyal
clients by providing extra services that competitors do not provide.
5.5 People
VW sales
department are playing an integral role in the marketing of the company’s
brands.
The company takes their sales team to regular
training to enhance their persuading techniques and have moral values when
handling the customers. The ethics values within the customer acre department
make sure that the customers are handled with respect and their concerns are
solved. The human capital in the supply
gain management works closely with the suppliers. A good working relationship
with the suppliers will ensure that VW is maintained and improve the quality of
its end product. Therefore, to uphold
the people in high standard the organization should:
ü The customer care and
sales department should undergo regular training as there are central in the
delivery of values to the customers.
ü Provisions of incentives
such as commission and bonuses for meeting the sales targets
ü The high individual who
upholds and values respect towards customers and have integrity.
5.6 Process
Ensure that the products are always available in
the retail stores. Therefore, the supply in the retail stores should meet the
demand. They are systems installed in
the stores to monitor the inventory levels when they are low. The company has adopted an information system
in its ordering aspect. The online ordering system enables the customers to
place their orders online and shipment of their orders to a place convenient to
them. Therefore it is important to research the market opportunities as a prerequisite
in understanding the needs of the customer. VW needs to do improve on its
information system to increase robustness and customer services quality.
5.7 Physical evidence
The
company should place all their brands on distinctive shelves. This helps the
customers in locating the brands in a busy store. Utilization of the website that is user
friendly to aid the potential customers to view the images of VW brands in high
resolution. Therefore the company
Need to
collect feedback from the customers regarding the general outlook
Set up stores within the shopper-friendly
environment.
6.0 Actions
Sokowski (2015), the objectives need to be
smart. The total budget is $ 624, 564
Digital marketing
The company website needs to contain profound
insight on all the motor vehicles on sale that should act as the buying guide
for the buyers. The website should also be user friendly with images of the car
brands in high resolution so that buyers can see properly the products and
their specifications. To facilitate this, the plan has budgeted $99,187. For
social media marketing, they should focus on publishing posts on the newly
available model and the ways that give the user a new experience. Social media
should have links to the company website where the buyers can get more
information on the brand of the vehicle. The fiscal year social media marketing is
$234,088. In other words, the budget breakdown is as follows: twitter, $90,800,
Facebook, $83,799 and Instagram, $59,489.
The use of traditional advertising approaches
will use short videos and posters to advertise the brands to indicate new
functionality that shows why the latest VW brand is the most powerful brand in
the market currently. The poster should indicate the company’s contact and any
discount offers. For effective advertising the plan has set aside $ 209, 289
that covers print, radio and television ($50, 589, $56,500 and $102,200
respectively).
7.0 Control
It is necessary for the
marketing strategies to b controlled in terms of intermediary and final
results. For social media marketing, the company needs to look into the number
of likes, share and comments to track its performance. Furthermore, to assess
social media marketing, they should be monitoring the number of leads through
the company activities (Ryan, 2016)
Subsequently, VW needs
to monitor consumer proactivity. This is through using the social media
platform to form a communication channel where they can have a conversation
with the customers. It should also be critical in controlling the consumer sign
of dissatisfaction (Hanlon, 2019).
In the advertising using traditional
adverting approaches the company should ensure that all the adverting is ruined
in the rush hours when most of the potential customers can get the message.
8.0 Conclusion
VW marketing plan uses
SOSTAC model to come up with strategic model prerequisite for improving its
overall performance. The plan has indicated Singapore is an emerging market for
luxury cars that is yet to be fully tapped. Therefore, Using SWOT tools to analyze
the internal and external environment provide the holistic view of what needs
to be done. The objective of the plan is
to increase the production capacity and diversification to address the weakness
and threats of VW in Singapore market segment.
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