MCLAREN GROUP

Level of Diversification of the Mclaren Group

Level of Diversification of the Mclaren Group

Introduction

The Mclaren Group includes a diversified range of high-tech business that has rapidly grown as they are committed towards the principles of excellence, creativity and innovation. The Mclaren Group of companies thrives on diversification. They bring diverse products for the customers which is the reason why they are one of the world's leading organization. The large companies, like Mclaren Group, have interests in different sectors, which, after all, is the quintessence of diversification. But each of these divisions as a group or set of groups, try to achieve the overall goals of the Mclaren Group. To determine the type of marketing strategy best suited to each product the Mclaren Group's marketing managers use the concept of product life cycle. According to this concept, a product goes through four distinct stages along its presence in the market: introduction, growth, maturity and decline. At each stage, sales and profits evolve differently, which implies the adoption of different marketing strategies.

Mclaren Group Portfolio

Following are the companies that are included in the portfolio of Mclaren Group:

Mclaren Applied Technologies

This group handles the development of groundbreaking and outstanding solutions across entertainment, biomechanics, medicine and sports in order to increase efficiencies and cut costs. This group of Mclaren is the one that is leading in the diversification of the Mclaren group. The fact that the technology keeps on upgrading and advancing is the major reason why, Mclaren Applied Technologies (MAT) has taken a lead in diversification. They design strategies and adopt advance technology and come up with diverse products for their customers. Mat is currently planning to build a McLaren Applied Technology Centre (mclaren.com). It will comprise up to 60,000 square meters of informal break-out spaces, innovation hubs, meeting spaces, offices, research and development equipment, prototype manufacturing and testing space and workshops. This group is

Mclaren Automotive

This group focuses on creating the best super cars in the world. They have came up with the formula One cars and now they are diversifying in producing beyond those formula one cars for racing.

Mclaren Racing

This group is the major part of Mclaren Groups of companies. Its main focus is to create the best racing teams in the motor racing industry (mclaren.com). They diversify their products to incorporate the latest requirements of the racers for their cars. They have produced the world's most successful and iconic Formula one cars.

Mclaren Electronic Systems

The main aim of this group is providing the common Electronic Control Unit (ECU) to the formula one racing teams. They also produce diverse high end electronics, sensor equipments and bespoke race telemetry for the racing champions and teams all over North America na Europe (mclaren.com).

Absolute Taste

Absolute Taste specializes in party hosting, events and contemporary cuisine (mclaren.com). They have diversified in to cafes and restaurants and also provide food to Vodafone McLaren Mercedes Formula 1 team, its guests and partners.

Products Life Cycle of Mclaren Portfolio

Companies can adopt four strategies for ...