The paper "Marketing" describes Bayerische Motoren Werke AG (BMW) is considered one of the leading manufacturers of premium cars and motorcycles. In addition to car production, the company also operates in the insurance, financing, and leasing of automobiles…
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 topmost priority by any organization. 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. ...
Cite this document
(“Marketing Essay Example | Topics and Well Written Essays - 1250 words - 26”, n.d.)
Retrieved from https://studentshare.net/marketing/563394-marketing
(Marketing Essay Example | Topics and Well Written Essays - 1250 Words - 26)
“Marketing Essay Example | Topics and Well Written Essays - 1250 Words - 26”, n.d. https://studentshare.net/marketing/563394-marketing.
A marketing concept embraces the philosophy that good marketing strategy always has the needs and wants of the target market in mind. Marketing concepts are formed as creative approaches to the problem of how to get a product needed and desired by a group of consumers to be selected and purchased by this group.
The Marketing Teacher (2000) cited Barwell to expound on the term by indicating that “the marketing concept is a philosophy, not a system of marketing or an organizational structure. It is founded on the belief that profitable sales and satisfactory returns on investment can only be achieved by identifying, anticipating and satisfying customer needs and desires” (Marketing Teacher, par.
Hence marketing becomes one of the most crucial aspects of a business. Kotler et al (2007:7) has defined market as ‘a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others’.
The guerilla marketing campaign of the T-Mobile company was run for five consecutive months by sponsoring near to 25 events in the local festivals, state, and county fairs. T-Mobile has very well comprehended the importance of such marketing initiatives for the company’s success by activating 5,000 new accounts at such events and organizing more than 26,000 “Mobile Makeovers” (Chipps 1).
This is because the objectives of the issues involved can have resemblance. Whether large or small, most marketers if not all, always struggle to meet customer requirements and at the same time meeting their own commercial and marketing objectives. The marketing planning process needs the harmonization of open- based decisions at the peak of the commercial level with more closely distinct actions at the bottom.
It is in this reason that the proponent of this paper tries to gather information about the basic concept of marketing and the probable impacts of internet on the dominant logic of marketing. Considering that the traditional-based marketing has