"Marketing is a sociable and managerial process where individuals and groups obtain they want and want through creation and exchanging products and beliefs with others" (Kotler et al. 2005). This description has both societal and company engagement in the realisation of the needs and needs of consumers through providing products that is evaluated in terms of value created for the originator as well as the consumer rather than simply offering a product.
According to Groucutt (2005), marketing is focused on icons, brands, and choosing of products and services that happen to be targeted and related to the customer. This definition signifies the symbolic so this means of products - as socio-economic icons to improve the ego state of the mark consumer.
Marketing is a process for defining markets, assessing quantitatively the need of the consumer sections within the market segments, allocating value propositions to focus on the needs, conveying the value propositions within the sensible areas of the organisations with regards to the output, conversing with respect to the delivery of the worthiness propositions, and finally monitoring the delivery of the ideals (McDonald 2007). This description point out the calculated activity from the organization's part in utilising its resources to suitably aim for the right markets through properly determining the marketplace and in doing so providing the right product attached with the right value. The reviews from the related market is also a part of the marketing process to ensure 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 bringing out products and services in the market to meet growing needs of the customers. The marketing process of BMW is modeled in series of steps which include situational analysis, determining online marketing strategy and appropriate marketing blend which helps bring about products sale (Kotler 2006). One of the key advantages of marketing procedure for BMW is based on the fact that its marketing approach is dependant on the situational analysis which catches the attention of the prospective audience, who will be the segment A of the culture (BMW 2010). Situational research within marketing planning process of BMW functions as a powerful tool to capture Australian luxury market by gratifying the changing consumer developments on the market. The advantages from the elements of marketing process are talked about in this posting.
the benefits and costs of the marketing orientation (LO 1. 2) :
Cost
Benefit
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 research and development activities was tremendous.
Besides cost, lot of time was spent to conduct research on the prospective market and also to find out the requirement of the customers. These Sport car models will be the result of the in-depth general market trends to satisfy the client demands.
2. The price incurred on the marketing activities like the promotion, press seminar, press release to focus on the audience was skyrocketing high.
1. Increased customer satisfaction as many people were craving for these new types of BMW.
2. The upsurge in sales and profits helped the business to achieve competitive benefit in the age of growing competition.
Micro and Macro Factors impacting Decision Making SOWT (LO 2. 1) :
The success of BMW is based on the STP strategy which is based on segmentation, target audience and positioning strategy to catch the targeted society (www. bmw. co. au). By means of segmentation, BMW identifies specific buying characteristics of the prospective audience. BMW sections the society based on geography, demography, socioeconomic and habit characteristics of the culture (Drummond and Ensor 2001). Geographically, Europe and North America serve as the main markets for BMW automobiles as these areas are most industrialized nations and the local residents are financially well off to buy high priced cars due to the increased per capita income. According to demographics, the men and women both older 30-50 years are the key users of M3 and M5 models. Behaviorally, these audiences have an obvious image about the business and its 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 had the opportunity to make a good brand image in the thoughts of the folks through innovative promotional initiatives. BMW due to its strategic positioning is well known for age group old tradition of quality. BMW M series is among one of those luxury cars that can be identified by the crowd far away because of its successful online marketing strategy based on setting, concentrating on and segmentation.
SWOT Analysis
Strengths:
BMW Automobiles is constant in delivery quality jobs. The firm consists of robust workforce for effective product delivery. The company makes use of latest technology, possesses world class equipment and all the modern facilities in the building and development of car models.
Weakness:
BMW is a worldwide leader but nonetheless faces some shortcomings which are its incapability to work on small scale jobs. BMW is known because of its large seated autos and its lack of ability to target the smaller segment is the only real weakness.
Opportunity:
BMW vehicle is rapidly widening in different parts of the entire world. BMW makes use of latest technology to build up best of automobiles and operate effectively in international markets.
Threat:
The survey shows that the target market for BMW car model wants more value in the merchandise which assists as a serious threat to the business.
Marketing Combine and Marketing Process-4p's (LO 2. 2) :
While considering marketing process, marketing mix of BMW cannot be maintained in isolation. The marketing mixture sorts an important area of the decision making process. The first P is the merchandise which provides customer with the information about the merchandise and how it meets the customer necessity. Example BMW X3, BMW X5 models, offered by BMW proceed through product life routine which determines the age and maturity of the product in the market. The products developed ensure constant income and the business also develops substitution products on steady basis for a good settlement. The costs of BMW automobiles varies depending upon model customer has requested like sports car which are priced high, the engine unit size also can determine the price tag on the product and so many more. The rates for BMW X3 is competition focused and same for similar brands as the market is large and creating large income is not as important as it'll be for a tiny car. The place and location for BMW automobiles follows a syndication chain network comprising of company, seller and consumer. The business is in link ups with the superior sellers around the world and they are further responsible to offer the product to the clients across the globe at strategic locations. To market the BMW models X3 and X5, a broad range of promotional initiatives including print out and television mass media are being used for product launch, color supplements etc. the slogans used for BMW are smart choice, the ultimate driving machine made for peace of mind have been used to produce competitive edge on the market, change the conception of individuals, mould their habit towards car intake and differentiate their products from competitors.
Target Strategy ( LO 2. 3 )
BMW uses a differentiated strategy catering to people with specific segmentation (David 2006). An example, BMW "M" series is a brilliant sports activities vehicle and identifies specific market. BMW made changes in its car models when launched in India when compared with its American version. There was higher earth clearance so as to make the vehicles compatible to Indian highway surface, high resistance to dirt in Indian market, horns on the steering and not lever were a few of the changes unveiled to make it suited to Indian market.
Buyer Habit and Marketing Activities ( LO 2. 4 )
Consumer buying habit is a blend of mental and mental process and includes elements from sociology and mindset which influences consumer habit while making purchase. In case there is exclusive products like BMW "M" series the buyer purchase behavior is triggered by internal factors, status mark which affects customer's attitude and behavior to produce a purchase.
Product Setting ( 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 powerful. The sport seats provide supportive front, rear and thigh comfort. You can find powerful headrests for drivers comfort with leather tyre with the horn put at the lever comes to the ease of the driver. The motronic engine motor is powerful on all road surfaces and smooth drive in all season (www. bmw. co. au).
