The Strategy for McLaren to Change its Current Market Situation

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.