Using examples for precise illustration, explain how BMW has planned innovation and new product development to manage its technology life cycle, i.e., product life cycle The ways in which BMW has planned innovation, and new product development, to manage their technology life cycle and product life cycle, has been accomplished through consistent innovation. In consideration of the life cycle of BMW, there are many factors taken into account when developing a marketing strategy. Life Cycle Value Assessment (LCVA), or life cycle analysis, is a tool used to determine environmental, economic, and other various determining factors which can influence the entire life cycle of a given product. It also serves to influence important business…show more content… Having an effective plan or strategy is essential as well. One a company has determined who they wish to serve; they must also determine how they can serve them. According to Mohr, Sengupta & Slater, “Customer-focused approached to analysis, value creation, and strategy implementation begin by assessing what customers’ articulated and unarticulated needs are and how they are likely to change in the future; they focus on creating the resources that will most effectively satisfy customers’ needs” (2010, p.54).
Flexibility is an important element in marketing. A flexible strategic posture allows for a quickly changing environment, and also facilitates a more effective marketing structure. As stated in the text, Marketing of high-technology products and Innovations, “Market planning and strategic action must be closely coupled” (Mohr, Sengupta & Slater, 2010).
The vision of the company is important. It is imperative to develop and implement a clear strategy. The vision of the company can be determined by what the company wants to be recognized for. By creating a core ideology, and a vision of expectations for the future, a company can strengthen their purpose, and achieve a stronger position in its future targeted markets.
Lastly, assessing resources and competencies are an important part of guiding the overall culture of a company. An important part of growing as a company is to determine what the target customer needs and