Marketing Strategy of Bayerische Motoron Werke (BMW)
Added on 2020-01-07
17 Pages4648 Words161 Views
MARKETINGSTRATEGY
TABLE OF CONTENTSINTRODUCTION............................................................................................................................1EXECUTIVE SUMMARY................................................................................................................1TASK 1.............................................................................................................................................1TASK 2.............................................................................................................................................7CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTION Strategies framed for designing marketing plan regarding retailing, brand managementand positioning of company's image are a fundamental part of management. Strategies framedfor following principles of marketing are designed after detailed research of prevailing marketsituation is carried out for applying elements of market mix. This aspect of management dealsbasically with planning actions to sell specific category products and services.BMW is largestleading car Business Company operating on global basis. The report includes a brief explanationon number of marketing oriented approaches followed by BMW through efficiently carrying outsituational analysis for gaining competitive advantage within car manufacturing industry (Berthoand et.al., 2012). Importance of gaining understanding of concept of targeting, positioning andsegmentation and its respective impact on overall performance in market have been highlightedin the report. The cited company has attained positive brand image in international market fordetermining organizational objectives and goals to sustain prominent position in the market bylaying emphasis on delivering maximum customer satisfaction. BMW is renowned for its sporty,sophisticated and luxury image that has built up since long back.EXECUTIVE SUMMARYBayerische Motoron Werke (BMW) is a prominent company of auto mobile industryhaving German orientation. BMW has a unique brand image worldwide in dealing withmanufacturing of German luxury vehicle, motorcycle and engine. It has a wide range of numberof luxury cars designed by including unique set of features that are admired by millions ofcustomers all over the globe. The current assignment focuses on BMW’s UK operations andexamines and analyzes its internal and external marketing conditions through different tools suchas PESTLE & SWOT. Business activities of cited company have extended to acquire highermarket share in Malaysia, Indonesia, Egypt, France, Russia, etc. Successful journey of BMWsince its establishment till date can be accredited to long track record of customers belonging toluxurious class of society having immense liking for purchasing products of companies that havea higher goodwill image. Customers thereby do not hesitate in paying higher charges for gainingroyalty by making purchase deals with BMW. Focus on elements of marketing mix has enabledthe organization to maintain the standards of flexibility for making required alterations instrategies designed for sustaining secured position in number of regional markets (Ferrell andHartline, 2012).1
TASK 1External analysisPESTLE is an abbreviation used to determine Political, Economical, Social,Technological, Legal and Environmental factors. These are the factors prevailing within externalenvironment of respective industry within which an organization would be working. BMW has awide list of interrelationship with diversified industrial environment of different markets havingverifying geographical locations. However, with expanding business activities on UK basisPESTLE analysis has undergone alteration regarding variants that added demographic, ethics andintercultural factors within the scope of this fundamental concept of external audit. It is thereforerecognized as PESTEL, DESTEP and STEEPLE too (Baker, 2014).Environment scanning and auditing is carried out by BMW on continuous basis as itrequires up to date and latest information on emerging trends and considerable impact. Detailedunderstanding of major factors of versatile industrial environment have been considered by citedcompany by aligning with dynamic approach for accepting opportunities as well as threats tosustain with current financial stability. Each of these factors impacting decisions on marketingstrategies have been explained below in brief:Political: Governmental bodies of respective region intervene by taking major decisionson tax policies, labour laws or trade restrictions. BMW has considered impact of politicalauthorities in different economies to design most appropriate strategic structures aligningwith political trends. Different regions are thereby governed and managed by respectiveregulatory body. For example, employee relation laws are strictly followed in UK bycited company.Economical: BMW has considered impact of exchange rates, economic growth, interestrate and inflation rate of different economies of which it is a part. Business activities arecarried out after detailed analysis of impact of these elements is studied to alter strategicpolicies accordingly (Solomon, 2014).Socio-cultural: Diversified cultural environment is formed of different ideologies, valuesand assumptions followed by people having belief in respective cultural origin. Customersatisfaction and loyalty is attained by BMW on account of addressing diversified tasteand preference of its customers. Colour preferences are majorly influenced by cultural2
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