1. How does BMW segment its consumers? Why does this work for BMW?
The manufacturer of BMW has only concentrated on the driving experience of its customer since its inception in 1916. Driving BMW stands outs for quality, efficiency and engineering expertise in this generation. It is also the world’s leading car manufacturer along with other automobile industries.
There are differences in the marketing strategy depending upon the model of the car though the key to all the model to emphasize on performance is the same. As manufacturer, BMW has given more contribution to build cars. Today, BMW owns brand reputation which can be unbeatable by any other manufacturer in the premium car business.
BMW aims to target only to those consumers who has higher living standard in terms of perfection and quality when it comes to buying a car. BMW has invested a lot to be ahead in the business. There are two different consumers, one whose intention is to buy a car with better performance, powerful technology while others just care the brand value as the heck of owing it.
2. What does BMW do well to market to each segment group? Where could it improve its marketing strategy?
BMW is recognized for its marketing strategy which is pretty simple but also remains as brand image. Unlike to other car companies, it never targeted many groups of consumers as possible because they started marketing themselves as economy, luxury cars. BMW always considered itself as “The Ultimate Driving Machine”. It got its concept from the series of action movies where BMW has been showcased for its dynamic and powerful premium car.
Manufacturer’s product has its own importance for its marketing. They believe in better product, better marketing. BMW has always maintained its place as a top car manufacturer which on the other hand is very captivated for the market. Along with the BMW, its dealers should be able to maintain high end service to its customers. BMW ensures all the dealers maintaining their significant higher standard service in selling their product. The brand image might allure the customers to buy the car but behind that there is the great contribution of the dealer. BMW operated in more than 100 countries with the high end standard of dealers to meet the brand’s image along with the satisfaction of customers.
Another important aspect of BMW is the pricing. BMW never hesitate to match the price and the quality of the product. There has never been any constant change in the price of BMW unless there is an increase and decrease in the raw materials, fuel etc. BMW family and the older members can get some consideration in prices along with the process of upgrading from an existing BMW to new BMW. There is a provision of discounts for the students which is their marketing strategy to be popular among the young generations.
In order to make the growth of a brand, long term plans are very crucial aspects. Likewise, BMW has invested a lot for the research and the invention of new technology so that it can maintain its status. BMW has number of hybrid variants, ecofriendly and electric cars and still more coming.
3. Should BMW ever change its tagline, “The Ultimate Driving Machine”? Why or why not?
BMW started its slogan in 1970 as ” The Ultimate Driving Machine”. Later in 2010, company decided to approach women and people of all kind and eventually it came with “Joy”. That campaign lasted for 2 years and again reverted to the old tag line “The Ultimate Driving Machine” because many of the people in the public were already associated with it for many years.
There can also be more generic tag lines but presently tagline as “The Ultimate Driving Machine” is very specific and promising. It helps in depicting the seriousness of the manufacturer to publicize and challenge to be the best drive provider and the driving experience any driver could ever get.
I think BMW is a driver’s car and the tagline carries the reputation itself so it shouldn’t be change