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Essay sample - BMW's Market Strategy
Pages 6 (1506 words)
Answer 1 Introduction Marketing is the mainstay of all businesses, and BMW has successfully exploited marketing paradigms to create a niche market position. In the highly competitive environment of global business, identifying and evaluating consumer behaviour becomes a critical element of an effective market strategy…
As such, BMW’s market strategy will be evaluated and analyzed for optimal performance. Pros and cons of BMW’s market strategy BMW has been a leading auto manufacturing company that has maintained its niche market leadership through strategic market plans. The target segmentation and highly creative advertising have been its major elements of success. BMW has introduced different variants of its luxury cars to cater to the different segments of the market. The selective target marketing has helped it to exploit the requirements of people coming from myriad backgrounds. With the evolving times, people’s purchase behaviour underwent dramatic changes. While initially social class represented the high end BMW cars, consumers’ changing demands, vis-a-vis design variety, size, price, and style choices became the major factors in buying decisions. BMW started with 3, 5, and 7 series that only varied in size and not design. But 1980s was distinct in its populace of baby boomers, yuppies, and other fast upcoming segments of the market; the representatives of these segments had money to flaunt and expected new products and services from manufacturers. ...
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