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Marketing Essay Example

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Marketing. As discussed earlier BMW is known for its luxury cars and primarily targets the premium market segment to generate its revenues. In order to successfully develop an effective marketing strategy, satisfying the needs and requirements of the targeted consumers should be given the top most priority by any organization (Ferrell, and Hartline, 2010, p. 1). Hence, the first step towards developing an effective marketing strategy of BMW would be to analyze the consumer behavior patterns followed by the company's potential target population. The key issues that are having a significant impact on the global automotive industry are the increasing rate of urbanization, environmental issues and the changing nature of consumer behavior.

The two-tier concept of the industry is changing at a rapid pace. The mature automotive markets in US and UK are expected to converge with the emerging markets like that of China and India in terms of the needs and wants of the consumers regarding safety, reliability, and quality. Moreover, the automotive market segments comprising of low cost and premium prices vehicles are also expected to converge. This type of changing consumer behavior and market trends indicate that the available opportunities for the automobile manufacturers would increase in relation to the increasing demand for mobility services and electric vehicles. As regards the targeted customers of BMW, they look for high standards of performance, luxury and quality in the products. There is an increasing demand for hybrid electric vehicles in the market as well.Hence, if we look at the marketing strategy to be developed by BMW to market its products the Ansoff’s strategic opportunity matrix would give us a better idea about the appropriate strategic alternative to be followed by the company. BMW is known for its innovation and has already launched various innovative products to differentiate itself from its competitors in order to create a competitive advantage in the market. Hence the core idea of the company would be to market its existing product line on a larger scale in the existing markets where it operates its business. Marketing.

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References

Bloomberg, 2012. Company Profile for Bayerische Motoren Werke AG (BMW). [online] Available at: <http://www.bloomberg.com/quote/BMW:GY/profile/> [Accessed 15 December 2012].

Croft, M. J., 1994. Market Segmentation: A Step-By-Step Guide to Profitable New Business. London: Routledge.

Dibb, S., Simkin, L., 2008. Marketing Planning: A Workbook for Marketing Managers. Connecticut: Cengage Learning.

Ferrell, O. C., and Hartline, M. D., 2010. Marketing Strategy. 5th ed. Connecticut: Cengage Learning.

Gitman, L. J., and McDaniel, C., 2008. The Future of Business: The Essentials. 4th ed. Connecticut: Cengage Learning.

Lamb, C. W., Hair, Jr., J. F., and McDaniel, C., 2010. MKTG. 4th ed. Connecticut: Cengage Learning.

Parasuraman, A., Grewal, D., and Krishnan, R., 2009. Marketing Research. New Delhi: Dreamtech Press.

Pride, W. M., and Ferrell, O. C., 2011. Marketing. 16th ed. Connecticut: Cengage Learning.

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preview essay on Marketing
  • Pages: 5 (1250 words)
  • Document Type: Essay
  • Subject: Marketing
  • Level: Undergraduate
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