Marketing Plan for New BMW M4 CS Assignment - Desklib
Added on 2020-03-16
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Running head: MARKETING PLAN FOR NEW BMW M4 CS1 Marketing Plan for New BMW M4 CS(Author’s name)(Institutional Affiliation)
MARKETING PLAN FOR NEW BMW M4 CS 2 Overview Over the years the BMW Company has established itself as one of the world’s leading provider of elegant high-performance cars. The company will be releasing its new BMW M4 CS on the fourth quarter of the year 2017 and the car promises to deliver on all fronts in which the BMW brand is famous for (BMW M4 CS, 2017). The M4 CS is a part of the BMW M GmbH model of cars that keep the companies tradition of high performance, elegantly designed luxurious vehicles. The origins of the M4 CS can be traced back to the BMW M3 Evolution of the popular E30 Series (Dolor, 2017). To ensure high standards of quality and that the car maintains its ascribed value, the production run will be limited and implying that the model will not be mass produced. The gene of the BMW M4 CS from the BMW M4 GTS line is seamlessly united with theoperational day to day suitability of the popular four-seat BMW M4 Coupe (Dolor, 2017). With a complete integration of M series technologies and elegant aerodynamic lightweight carbon fiber parts, the M4 CS can effectively complete the famous North loop of Nürburgring in 7.38 minutes without affecting its performance (Dolor, 2017). This car promises to redefine the concept of high performance in the street. Based on the information available on the M4 CS and BMW marketing data, this paper will provide an effective marketing plan for the BMW M4 CS. In developing the marketing plan the paper will integrate elements of the marketing concept, therefore, ensuring the delivery of an all-rounded marketing strategy for the company to employ. Marketing Objectives In the development of an effective marketing plan, the company needs to first establish its marketing objectives. This will serve to ensure that the marketing plan is in line with the
MARKETING PLAN FOR NEW BMW M4 CS 3company’s marketing objectives. Due to the fact that the BMW M4 CS series is a new product inthe market:The first objective of an efficient marketing plan should be to identify the target market for the product. This will enable the company in developing an efficient customer acquisition strategy. The second objective for the company should be to the development of brand awareness. This entails educating the target clientele base on the existence of the car. The third and final objective should be obtaining sales. Identification of Target Market The BMW Company utilizes a single segment marketing strategy (BMW Segmentation, Targeting, and Positioning, 2017). In this strategy, the company develops high-end vehicles which are sold to a wealthy clientele base (BMW Segmentation, Targeting, and Positioning, 2017). As indicated in the introductory section of the paper, the BMW M4 CS is a high-end luxury car that was designed and developed with the principles of the BMW brand in mind. Witha price tag of $211, 610 before on-road costs which stand at $80,000, the company should primarily target its high-end clientele consumer base which consists of individuals in the upper-class echelons of society (Tripolone, 2017). This is largely due to the fact that a significant percentage of the society would not be able to afford the car given its off-road maintenance cost. The sporty interior which serves to contribute to the athletic exclusivity of the car also serves to make it suitable the company to target wealthy individuals who are sports lovers. Based on the information provided above it is logical to conclude that the target market for the company should be men and women who are aged between 28-50 years and exists in the upper-class regions of society.
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