"Marketing is a cultural and managerial process where individuals and organizations obtain they want and want through creation and exchanging products and principles with others" (Kotler et al. 2005). This explanation contains both societal and organisation participation in the realisation of the needs and desires of consumers through delivering products that is assessed in terms of value created for the creator as well as the consumer rather than just supplying a product.
According to Groucutt (2005), marketing is focused on symbols, brands, and choosing of products and services which can be concentrated and related to the customer. This definition implies the symbolic meaning of products - as socio-economic symbols to alter the ego talk about of the prospective consumer.
Marketing is an activity for defining market segments, assessing quantitatively the need of the buyer sections within the markets, allocating value propositions to cater to the needs, conveying the worthiness propositions within the in charge zones of the organisations with regards to the output, connecting with regards to the delivery of the worthiness propositions, and finally monitoring the delivery of the worth (McDonald 2007). This classification point out the very calculated activity from the organization's part in utilising its resources to suitably concentrate on the right marketplaces through properly defining the market and in so doing providing the right product attached with the right value. The responses from the related market is also an integral part of the marketing process to guarantee the commercial viability also.
BMW- Marketing process (LO 1. 1) :
Marketing process lays down the pathway to fulfill the unfilled needs of the clients by presenting products and services in the market to gratify growing needs of the clients. The marketing procedure for BMW is modeled in sequence of steps which includes situational analysis, defining online marketing strategy and appropriate marketing blend which promotes products sales (Kotler 2006). Among the key benefits of marketing process of BMW lies in the fact that its marketing way is dependant on the situational examination which catches the interest of the mark audience, who will be the section A of the society (BMW 2010). Situational evaluation within marketing planning process of BMW assists as a robust tool to capture Australian luxury market by satisfying the changing consumer movements on the market. The advantages from the components of marketing process are mentioned in this posting.
the benefits and costs of your marketing orientation (LO 1. 2) :
1. Both lately launched models X3 and X5 of BMW are due to the marketplace research conducted to serve the target audience. The cost spent on the study and development activities was gigantic.
Besides cost, lot of your energy was spent to conduct analysis on the prospective market and to find out the necessity of the clients. These Sport car models will be the result of the in-depth general market trends to satisfy the client demands.
2. The cost incurred on the marketing activities including the promotion, press convention, press release to target the audience was skyrocketing high.
1. Increased client satisfaction as many people were craving for these new models of BMW.
2. The upsurge in profits helped the company to achieve competitive advantages in age growing competition.
Micro and Macro Factors affecting Decision Making SOWT (LO 2. 1) :
The success of BMW is based on the STP strategy which is dependant on segmentation, market and positioning technique to capture the targeted population (www. bmw. co. au). Through segmentation, BMW identifies specific buying characteristics of the target audience. BMW sections the society based on geography, demography, socioeconomic and habit characteristics of the contemporary society (Drummond and Ensor 2001). Geographically, European countries and THE UNITED STATES serve as the main marketplaces for BMW automobiles as these areas are most industrialized countries and the neighborhood residents are financially well off to buy expensive cars because of the increased per capita income. According to demographics, the women and men both aged 30-50 years are the primary users of M3 and M5 models. Behaviorally, these viewers have a specific image about the business and its own products. They have confidence in superiority, performance and quality before making a purchase. BMW has excelled in its performance as its products are saturated in quality and also technologically superior. BMW has been able to create a good brand image in the brains of individuals by means of innovative advertising campaigns. BMW because of its strategic positioning is known for time old traditions of quality. BMW M series is among one of those luxury cars which may be recognized by the crowd at a distance because of its successful marketing strategy based on placement, focusing on and segmentation.
BMW Cars is steady in delivery quality jobs. The firm consists of robust labor force for effective product delivery. The organization makes use of latest technology, has world class equipment and everything the modern facilities in the building and development of car models.
BMW is a worldwide leader but nonetheless encounters some shortcomings which can be its incapability to work on small scale jobs. BMW is known for its large seated cars and its inability to target the smaller segment is really the only weakness.
BMW vehicle is rapidly growing in different parts of the entire world. BMW makes use of latest technology to develop best of cars and operate effectively in international marketplaces.
The survey shows that the prospective market for BMW car model is looking for more value in the product which acts as a significant threat to the company.
Marketing Combine and Marketing Process-4p's (LO 2. 2) :
While considering marketing process, marketing mix of BMW can't be placed in isolation. The marketing blend forms an important part of the decision making process. The first P is the product which gives customer with the information about the merchandise and how it meets the customer requirement. Example BMW X3, BMW X5 models, offered by BMW proceed through product life cycle which determines this and maturity of the merchandise on the market. The merchandise developed ensure frequent income and the business also develops replacing products on steady basis for a fair settlement. The prices of BMW automobiles varies depending upon model customer has requested like sports car which are charged high, the engine unit size also determines the price tag on the product and many more. The costs for BMW X3 is competition oriented and same for similar brands as the market is large and creating large income is not as important as it'll be for a small car. The place and location for BMW vehicles follows a distribution string network comprising of maker, dealer and consumer. The organization is in link ups with the superior dealers across the world and they're further responsible to offer the product to the clients across the globe at proper locations. To market the BMW models X3 and X5, a wide range of promotional initiatives including print and television advertising are used for product launch, color supplements etc. the slogans used for BMW are smart choice, the best driving machine designed for peace of mind have been used to build competitive edge in the market, change the perception of individuals, mould their habit towards car ingestion and differentiate their products from opponents.
Target Strategy ( LO 2. 3 )
BMW comes after a differentiated strategy catering to people who have specific segmentation (David 2006). A good example, BMW "M" series is a super athletics vehicle and refers to specific target audience. BMW made changes in its car models when created in India as compared to its American version. There was higher surface clearance so as to make the vehicles compatible to Indian street surface, high level of resistance to dust in Indian market, horns located on the steering and not lever were some of the changes presented to make it well suited for Indian market.
Buyer Action and Marketing Activities ( LO 2. 4 )
Consumer buying action is a blend of mental and emotional process and includes elements from sociology and psychology which impacts consumer tendencies while making purchase. In case of exclusive products like BMW "M" series the consumer purchase patterns is brought about by psychological factors, status sign which influences customer's attitude and behavior to make a purchase.
Product Placement ( LO 2. 5 )
BMW M series, X3 and X5 are synonymous with performance and advanced technology used in driving. Drivers can now connect sports activities vehicle to the roads with high performance. The sport seats provide supportive front, rear and thigh comfort. You will discover powerful headrests for individuals comfort with leather tyre with the horn positioned at the lever comes to the simple the drivers. The motronic engine motor is powerful on all highway surfaces and provides smooth drive in all season (www. bmw. co. au).
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