The Strategy for McLaren to Change its Current Market Situation

DOI

10.2991/aebmr.k.220405.142How to use a DOI?

Keywords

McLaren; the Marketing Mix Theory of 4Ps; the SWOT analysis

Abstract

McLaren, as a British ultra-luxury car brand, is facing a severe financial crisis and is on the verge of bankruptcy under the background of the COVID-19 epidemic affecting the global economy. The purpose of this article was to explore how McLaren can change its current market disadvantage by increasing sales. This article sorted out price, promotion, product, and place in The Marketing Mix Theory. At the same time, the SWOT method was used to analyze the strengths, weaknesses, opportunities, and threats in detail. McLaren’s strength is that the price of the products is lower than that of Ferrari and Lamborghini. The weakness of McLaren is that the products have quality problems such as electronic system failure. This research concluded that McLaren needs to increase sales by lowering prices and improving product quality to get rid of the financial crisis. The contribution of this article was that it clearly analyzes the financial problems facing McLaren. At the same time, it was proposed that McLaren needs to increase sales volume by lowering prices, improving quality and developing new products, so as to make profits to avoid bankruptcy. These analyses and suggestions could make McLaren more clearly aware of the seriousness of the problem. The paper also proved the practicability of Marketing Mix theory and SWOT analysis in this field.

Copyright

© 2022 The Authors. Published by Atlantis Press International B.V.

Open Access

This is an open access article distributed under the CC BY-NC 4.0 license.

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TY  - CONF
AU  - Shikun Zhang
PY  - 2022
DA  - 2022/04/29
TI  - The Strategy for McLaren to Change its Current Market Situation
BT  - Proceedings of the 2022 7th International Conference on Social Sciences and Economic Development (ICSSED 2022)
PB  - Atlantis Press
SP  - 846
EP  - 852
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.220405.142
DO  - 10.2991/aebmr.k.220405.142
ID  - Zhang2022
ER  -