Clearly analyze the external influences affecting the development of the marketing strategy.
There are numerous factors that have an effect on BMW’s business and the consequences of its operations, a few of which are beyond the control of the Company. The following information below is an explanation of some of the mainly important factors that may cause the definite results of the Company's operations in potential periods to change essentially from those at present expected or most wanted.
Additionally, there are 4 macro marketing factors, which all concern
BMW's marketing strategy, and BMW themselves cannot change or influence them. These factors are: -
This includes changes in population, community attitudes …show more content…
This includes European Union laws, rebellious behavior, sponsorship of cars (Formula 1) by tobacco companies, minimum wage and tuition fees.
Many of the legal, economic and social developments, in our own society and in others, are the direct result of political decisions put into practice, for example, the privatization of state industries or the control of inflation. Whatever industry the marketing firm is concerned in, changes in the legal and political environments at both the domestic and intercontinental levels can affect BMW and consequently need to be fully understood.
This includes interest rates, government policies, rising taxation etc. Economic factors are of concern to marketing firms since they are all likely to influence among other things, demand, costs, prices and profits. These economic factors are largely outside the control of the individual firm, but their effects on individual enterprises can be philosophical. Political and economic armed forces are often strongly interrelated. As can be seen, changes in world economic forces are potentially highly momentous to marketing firms, mainly those engaged in international marketing. In addition, a kind of economic changes and forces in the domestic economy is also of vital importance as, clearly, it is these factors, which
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Marketing Research on the New Volkswagen Golf Marketing research aims to take some of the risk out of marketing decisions by providing information that can form part or the entire basis of decision-making. It is applicable to all aspects of marketing-mix decisions and should be an integral part of the process of formulating marketing strategy. Marketing research by definition is the function that links the consumer, customer and public to the market through information- information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process. Marketing researches specifies the information required to
The Marketing process is made up of simple concepts that involve lots of research on the part of the marketer. The process begins with understanding the consumer, without knowing what consumers need or want, it would be extremely hard for firms to both develop and sell a product. Knowing that consumers want more green products due to growing environmental concerns is a very important detail. Needs and wants are what fuel consumer purchases and marketers must perform research in order to best serve their customers. Through this research, marketers are led to the next step of the process and can now develop a customer driven marketing strategy. Here, the firm must decide how it will differentiate its product from others on the market.
Economic factors – which include interest rates, economic growth, exchange rates, inflation and taxation changes (Nieman, G; 1998). The change the economy can have a major impact on the behaviour of the business. For example: inflation may cause a higher wage demand from employees (Herrigton, Kew & Kew; 2009).
Top managers develop long-range plans, called strategic plans that define the company's overall mission and goals. Strategic planning focuses more on issues that affect the company's future survival and growth. To develop strategic plan, top managers also need information from outside the company, such as economic forecasts, technology trends, competitive threats, governmental issues and shareholder concerns.
As pointed out in the video, Harley Davidson is fully committed to fostering and growing the women motorcyclist market. Women today represent a large sector of the workforce, enjoy higher incomes than 20 years ago, and possess more disposable income. Furthermore, women are much more empowered than ever before and are encouraged to exercise their freedom of expression and individualism.
Welcome to the automotive world, the last holdout in the battle against political correctness. This is one of the few places left where one can make a statement about women and men and not be assaulted with court cases or be accused of being a bigot. In the automotive media, it is still acceptable to represent men in business suits driving luxury vehicles, and to show mothers driving their kids in a minivan. There is one simple reason that the automotive media has remained unadulterated by political correctness—money. As a private industry, both car manufacturers and aftermarket companies have one goal, to sell cars and car related products, and to make
Creation, acceleration and emotion are the key components for any automobile industry to deliver its goods to the expected standards. General Motors, popularly known as GM has been a pioneer in the global autoindustry for more than 100 years. Developing from horseless carriages to the latest sports cars, innovations have always excelled at putting the world on wheels. In fact, there are a lot of exciting things to share about the company. GM’s corporation started in 1892 by R.E. Olds, with a solid financial foundation, which enabled him to produce great vehicles for customers and build a bright future for employees, partners and shareholders. GM slowly initiated its staff of experts in the factories which are located in different parts of the globe and acquired the brands like Chevrolet, Pointiac, GMC, Buick, Cadillac(General Motors Corporation, 2015). Leading the way is their tailored leadership team who set high standards for the company so that they can produce the best cars and trucks. This means that GM is committed to deliver vehicles with compelling designs, flawless quality and reliability, leading safety, fuel economy and commercial features. All are intended to create that special bond that can only happen between a driver and a vehicle. General Motors is a customer driven company and aims at earning customers
As a member of the GBB consulting LTD Viktor Goda specializes in the fields growth strategies based and product diversification. Both fields are covered by Ansoff and partially by Millers arguments. For BMW it is very important to have their two new concept products analyzid by these to be successful with the entry on the market.
Forbes ranked BMW number 1 as most reputable company in the world. Rankings are based upon aspects such as ‘people's willingness to buy, recommend, work for, and invest in a company.’ This achievement was obtained by BMW’s marketing strategy to retain current and attract new customers via keeping up with current competitive markets enabling customer satisfaction. The majority of BMW’s success is associated mainly via its development of a consistent marketing
Marketing is an essentially about marshalling the resources of the organization so that they can meet the changing needs of the customers on whom the organization depends. As a verb, marketing is all about how an organization addresses its markets. Marketing is “The management process which identifies, anticipates and supplies the customer requirements efficiently and profitability”.
BMW: Redefining Premium Brand Identity BMW: Redefining Premium Brand Identity MGMT 8700 Strategic Management MBA Trimester 2, 2011 |Patrick Gallagher |20805458 | |Sion Karta |20182345 | |Mark Lim |10468237 | |Wei Zhe Poh |20605321 | |Jackie Tran |20597931 | |Janifer Yap |20841177 | BMW: Redefining Premium Brand Identity |Table of Contents
The automobile industry has grown to be a very dynamic one in the recent years. Even though the essential use of this industry has been to satisfy the customer’s need to travel from one place to another in comfort, the constantly changing market, has slowly changed customer’s needs into wants paving way for high competition in the automobile arena. This essay gives a brief analysis on BMW, one of the leading brands in the industry and how they effectively use marketing as a tool to achieve the status they enjoy now. Even though BMW produces various automobiles including motorbikes and are into financial service sector, this essay will look into only the cars produced by the BMW.
To make this brand even stronger, BMW needs to focus on developing customized strategies in new emerging markets that are slated to become in the next few years, such as India. Although it should never compromise on its brand positioning and should continue to adhere to its consistent branding strategy, minor modifications or customizations in terms of brand positioning in markets like India will give its global sales a strong boost.
From all the analysis carried out, an opportunity for future growth was found in the small saloon and hatchback division. A new car which will be produced in two types a 5 door occupying 70% of sales and 3 door hatchback representing the 30% was developed to be suitable for a family’s additional car. Therefore, the Primo Medda has been developed which will comply with the requirements for our target segments as it is fuel and thus, cost efficient. Additionally the main brand values corresponded will be safety, reliability and affordability. A sales forecast is envisaged of 375742 units over a 5 year period and break even will be at a point of