Marketing Plan Analysis and Presentation Carvana

Marketing Plan Analysis and Presentation: Part 1 – Research Template Directions: Visit the website for the company you have selected and obtain a copy of the annual report. Locate three to five additional resources that will provide data and information related to the brand story; the company vision, mission, and marketing objectives; and strategies and tactics the company is currently using to meet the marketing objectives. You will also use this information to complete a SWOT analysis. Apply your research findings when completing each item below. Company Name: Carvana Brand Story: In 250 words, provide a thorough description of the company and brand. Reference and cite your research sources within the summary. Carvana is a used car dealer that is used online that provides direct financing to cars sold. Customers can surf their online shop and complete their purchase from quite anywhere. Purchased vehicles can be delivered to your home as well as be picked up at their locations. Carvana is founded by Ernest Garcia, Ryan Keeton, and Ben Huston in 2012 as a minor level of used car retailer and finance company DriveTime that was dropped in later years (Reed 2019). Carvana has changed the level of marketing and how the car market is viewed. This innovative company is rising in sales and is becoming more popular for customers to shop online instead. The technology of this platform originated from Phoenix and is prevalent in Arizona already. Another cool feature Carvana has is their Car Vending Machines which is where customers can pick up a lot of cars after purchasing if there is a vending machine nearby. This company is focused on a modern style and making themselves seem futuristic, which is intriguing. Stated on Carvana’s website they express, “However, unlike any of our previously constructed Car Vending Machines, our new Tempe Car Vending Machine stands nine stories tall, making it the nation’s tallest Car Vending Machine to date” (Courtney, 2018). Which leads me to tell how big this company is rising, they keep constantly opening new locations and are now nationwide. Carvana has also tried to be very good with their finances with customers by giving options that wont lower their credit score for example, which is good news for customers. As stated on the Carvana website, “By pre-qualifying for a Carvana auto-loan, you can browse our expansive inventory of vehicles with completely personalized financing terms without impacting your credit score” (2020). Carvana’s goal is to make shopping easy and convenient to their shoppers, when this happens it has created a lot of business for them to expand the company even more. Company Vision: Carvana’s vision is focused on providing their customers with the best experience, selection, and value for their journey on buying a vehicle. Company Mission: Carvana’s mission is to change the way people buy car by providing our customers a car-buying solution that is fun, fast, fair and powered by technology. Company Marketing Objectives: Carvana markets their products by creating differentiated fulfilling experiences such as car delivery or the car vending machines. As well as their superior customer experience, the go-to-market strategy, the vertical integration & fulfillment, and the robust financial model brings success to their marketing objectives. Company Marketing Strategies and Tactics: In 250 words, provide a high-level summary of the strategies and tactics the company is currently using to meet its marketing objectives. Include discussion about the market and consumer data that was used in formulating the strategies and tactics. Reference and cite your research sources within the summary. Carvana uses different elements such as strategies and tactics to create efficient marketing. Carvana based their company to be an easy option that becomes peoples go to for car purchases. The goal for their company is to give you an experience of being able to sit in your living room and buy a car from a computer, or even on their mobile app. Along with the car buying process it should take only 10 minutes to completely purchase a vehicle. Carvana guarantees their cars are accident-free and have had no previous frame damage. There are options to return within seven days, and a 100-day extended warranty on certain accident. In Carvana Unveils its Newest it expresses about the goal they have, “We’re looking forward to adding our Car Vending Machine to the Oklahoma City skyline while making car buying fun again” (O’Hara, 2019). The goal from Carvana is to spark up car buying again and bring new innovative and interesting ways to bring customers in with a car vending machine for example. Ways that Carvana advertises their quality service is by using customers feedback and excelling in the basic categories everyone looks for. A few tactics they use would be customer reviews/star ratings, net promoter score, total revenue, units sold, etc. These factors are what attracts new customers to Carvana, is by being consistently rising and positively improving the company. Carvana knows how to pull in new customers, their go-to/ direct marketing style works very successfully for them and the company is excelling greatly and will continue to do so with the way they’re moving now. SWOT Analysis: Using the data and information from your research, complete a SWOT analysis for the company. Reference and cite the topic materials for details on conducting SWOT analysis. 2 Strengths Weaknesses  National Consumer Brand  No new car options  Leading fulfillment experience  Delivery range/ Locations  Internal logistics network  Diversity in the workplace  New Products  Increasing competition  Improve brand awareness  Meeting customers needs  Enter new key markets around the nation  Opportunities Threats Their exchange rate Citation of Sources: Provide APA citations for the company’s annual report and the other research sources utilized in completing the assignment. Name of Source Nerdwallet Carvana Behind the Wheel Carvana Citation Information Reed, Philip. “Carvana Used-Car Financing: 2019 Review.” NerdWallet, 7 Dec. 2019, www.nerdwallet.com/blog/loans/auto-loans/carvana-financingreview/. “Finance with Carvana.” Carvana, 2020, www.carvana.com/learn-financing. Carvana. “Nation's Tallest Car Vending Machine Comes to Tempe - Carvana Blog.” Carvana Blog | The New Way to Buy a Car, 20 June 2018, www.carvana.com/research/2018/06/nations-tallest-carvending-machine-comes-tempe/. O'Hara, Amy. “Carvana Unveils Its Newest Car Vending Machine in Oklahoma City.” Carvana, 26 Sept. 2019, investors.carvana.com/news-releases/2019/09-26-2019115956283. 3