BMW Business marketing
The seven-year product cycle may seem rather long, but in reality, it gives opportunity for the company not only to develop and incorporate new ideas and substantive changes into a series model in terms of performance, feature, quality but also to offer a sense of reference and assessment with regard to a particular series to better the product and company altogether: “BMW often harvests a model in the decline phase as an alternative to deleting it out right.
They basically go back to certain retired models and refresh them, bringing them back with a technological make-over” (McGraw-Hill Irwin, n. d. ). All forms of forward movement are done with taken into keen consideration the mentality of a “product advocate” to better the series product. (Author’s Last Name, Year, p. 304)
In this, the company is able to optimize to full capacity and facility every aspect of the product and life cycle concept they have used while staying loyal to the needs of the customer.
The company is also able to offer assortment and range in their products. Aside from the employment of a patented product life cycle, they launch other product in the market, such as the “X3 Sports Utility Vehicle” and the
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At the same time, such symbols have also become a popularly recognizable trade mark for the company: “the designation ‘328’ tell you the car in the 3 series and the engine is 2. 8 liters in size” (Author’s Last Name, Year, p. 305). In its simplicity, the branding scheme has not only been known far and wide all throughout the world, but as a BMW advocate or enthusiast, there is an uncomplicated and logical identification and recognition with regard to a particular series model.
Moreover, BMW keeps it brand also current and prestigious at the same time with major business tie-ups: “BMW products, for example, have been featured in four James Bond films” (Author’s Last Name, Year, p. 305). The brand personality of BMW is not only maintained to being a high-status brand, but the tactical pairing up of the brand also shows how they can be positioned into being classier and even more sophisticated in more terms and ways than one; for this case, cinema helps the brand send across the reputation in being a strongly founded brand name of prestige. BMW’s Utilization of the Internet
As digital and interactive connectivity and interconnectivity have evolved by means of the Internet, BMW has been aware of the prospective of the world-wide-web which they have been fully utilizing to communicate and stay in touch with customers to continue customer interest and inclination with the brand in a manner like no other: “What really sets BMW’s website apart from other car manufacturers, though, is the ability for customers to configure a car to their own specification (interior choices, exterior choices, engine, packages, and options) and then transfer that information to their local dealer” (Author’s Last Name, Year, p. 305).
Also, in terms of promotions, being a brand of automotive prestige, BMW has made full use of the wide reach of the Internet to better bring to light their competitive selling point: “BMW hired master directors to create a series of Internet-based mint movies called ‘The Hire’— which featured the ‘ultimate driving machine’ and edgy actors” (Author’s Last Name, Year, p. 305). BMW, in all its business and marketing endeavors, has made it their high-priority to separate their brand from the rest in every extent imaginable, which they have upheld through the years.
Kotler, P. , Keller, K. L. , Ang, S. H. , Leong, S. M. , & Tan, C. T. (2006). Marketing Management: An Asian Perspective (4th ed.). Singapore: Prentice Hall. McGraw-Hill Irwin. (Producer). (n. d. ). BMW: “Newness” and the Product life Cycle [Case Study Video]. Retrieved February 20, 2009 from http://www. mhhe. com/business/marketing/kerin9e/video/Ch05_BestBuy. swf. Last Name, First Initial. (Year). Book Title (Edition). New York: McGraw Hill Irvin.