Through acquisitions and product developments, Racing Champions has envisioned the company moving toward the half billion dollar mark. .
Integrated Marketing Communications and its Benefits to the Organization .
Racing Champions has a very unique marketing strategy in which they bring a new assortment of the products to the retail shelves every month. By doing so, they verify compliance with set objectives. This procedure also helps control details going into the assortments and communicates the collector the available promotions via website. .
The products that will be available in the stores each month are initially placed in commercial advertisement through the local and affiliated webs. Larger scale promotions are publicized through electronic and conventional means. Racing Champions web site attracts approximately 6 million visitors per month, but the competition in the markets for the company's products may increase in the near future. Racing Champions in turn countered by adding E-commerce to their extensive methods of communication. Currently, the company is dependent upon continuing licensing arrangements with vehicle manufacturers, agricultural equipment manufacturers, major race, race team owners, drivers, sponsors, agents and other licensors.
In order to avoid the overproduction of items and clogging of shelves, the United States, Hong Kong, and China teams have applied the proactive element of integrated marketing communications vested in the analysis of campaign evaluations. This process is performed monthly and is the reason for the continuous flow of merchandise and the acquisition of fresh revenues the business forecasts its marketing objectives upon. With that in mind, the company is able to manufacture, source and ship new and continuing products on time, and customers and consumers can accept those products at stable prices sufficient for the company to profit and succeed.
