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Consumer Culture Theory Assignment

   

Added on  2020-04-21

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Name 1Contemporary Culture Consumer Theory, the BMW Luxury Brand and Its Positioning forGeneration XStudent’s nameUniversityCourseInstructorDate
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Name 2Executive summaryCompanies use segmentation targeting and positioning as a business strategy to create different consumer groups that utilize a variety of products that they produce. From the contemporary culture consumer theory, businesses that have applied this strategy well have managed to succeed in the business environment that they operate since they meet the needs of different clients. BMW penetrated the luxury brand in the 980s by positioning its vehicle to meetthe needs that the consumers were seeking for. The generation X segment of the market is keen on luxury through service and performance. To meet this group’s needs, the company ensured that its luxury brand offered performance attributes that positioned it as the best brand that fits the segment. This report analyses the contemporary culture consumer theory by looking at the contemporary culture consumer theory to understand how the luxury brand is positioned for the generation X segment.
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Name 3Table of ContentsExecutive summary.........................................................................................................................2Introduction......................................................................................................................................4Contemporary culture consumer theory and positioning in BMW.................................................4Conclusion and Recommendations..................................................................................................8References......................................................................................................................................10
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Name 4IntroductionSegmentation, targeting and positioning are business strategies used by marketers to determine which kind of customers exist, then choose the one that they serve by optimizing products for that segment and communicating to them to indicate that the product serves their needs (Barnett 2003, p. 43). Therefore, marketing is a strategic and tactical activity that focusses on how the needs of the customer can be met in the through proper parameters that are put in place. Barnett (2003, P. 45) suggests that the market consist of people from different demographic and psychographic characteristics of individuals that shape their preference for some products and not others. For example, generation X or the so called baby boomers have vehicle purchasing patterns that are different from other segments since they have grown up understanding technology and have accumulated enough resources to own vehicles (Markert 2016, p. 13). On the other hand, BMW has a mono segmentation strategy that focusses on a mono-segment type positioning to ensure that the brand that it products appeals to the single customer segment (BMW 2016, P. 23). This means that the company has all sorts of cars for every segment that they target in the society. This report highlights how the contemporary consumer theory has been applied by BMW through positioning the Luxury Brand vehicle type to meet the consumer needs of generation of X.Contemporary culture consumer theory and positioning in BMWContemporary consumer culture theory focusses on the consumption choices and behaviors of the society from a social and cultural point of view rather than an economic and psychological one. This is seen in the relationships that exist between consumer actions, the marketplace and cultural meanings that they place on the products that they buy. Culture is thus afragmentation of different groups within the society that have shared meanings rather than a
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