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Business Studies Company Profile

Extracts from this document...

Introduction

1/30/2008 Business Studies Coursework | Jack Foxcroft TABLE OF CONTENTS Aims, Objectives and Mission Statements 3 External Environmental factors affecting achievement 14 Marketing Activities 19 Organisational Culture and Management Styles 28 How Teams Contributed to the Success of BMW 36 Enterprise Skills 39 Marketing, Enterprise and Teams 44 Measuring Success 46 The Key reasons for BMW's success 57 Bibliography & Websites 64 BMW GROUP AIMS, OBJECTIVES AND MISSION STATEMENTS To be successful any business must set itself a number of aims and objectives. An aim describes the overall goal that the business wants to achieve, and objectives are steps that a business needs to take in order to achieve its aim. Aims Aims are the broad, overarching long term goals of the business. The aims are important for businesses as it gives a direction and will influence any major decisions that the company directors may make. The aim of most businesses will be to maximize profits, to capture a large proportion of the market the business is in. However business such as Oxfam does not aim to make profit but to alleviate poverty for the people it services. Aims of business help to measure whether the business has been successful, if an aim has been achieved the business can say it has been successful. If aims are not achieved the business need to think about how it carries out its operations to ensure aims are met in future. In order to help achieve their aims, business set themselves objectives against each aim. Objectives Objectives are tasks the business needs to fulfil in order to meet it main aim. Objectives are short term aims of a business, and usually have a deadline for when they have to be achieved, for example, the manufacture of 1000 cars by the end of the month. They usually work in line with the aims of a business so that if the objectives are met, then the business works its way towards the overarching aim. ...read more.

Middle

Strengths Shows that BMW can have a fun side too. These types of advertisements are good as they stay in people's heads. Giving people good associations with BMW. They are also seen as different from the other car companies. Weaknesses There are some obvious weaknesses, such as different cultures not finding the same things funny. BMW would have to keep up with current trends and may not understand the humor of the market they are targeting. Opportunities In doing this BMW appeal to a new customer base that they may have not targeted before. Threats There are little other car manufacturing companies that do the same thing, so there is little competition in this type of marketing. Company of Ideas The company of Ideas campaign was a series of advertisements, which no longer stressed the idea of having the most fastest/powerful car, but aimed to project its design 'brilliance' and corporate culture that fostered innovation. This promoted BMW as a "Company of Ideas" that strive to create new and brilliant designs and features to their cars.. Strengths Makes BMW seem innovative and exciting. BMW advertise the fact that they are always thinking up new ideas for example, their factory in South Carolina is 50% powered by methane from a land fill. They like to be seen as a company that pushes boundaries. Weaknesses Some risks to this, for example if a line of new innovative cars didn't sell, then they probably lose quite a lot of money from it, as the research, development and manufacturing the cars would cost quite a bit. Opportunities This creates a lot of opportunities for BMW if their product does sell well, especially if it's innovative, then BMW can price it a lot higher, as there's no competition for them to compete against Threats In doing this there may be threats with competitors copying BMW's ideas. Mini adventure This campaign originally started as a small public information campaign, due to increasing levels of fake MINIs appearing in Britain. ...read more.

Conclusion

Year Amount 1996 �1,239,000 1997 �1,400,000 1998 �1,478,000 1999 �1,580,000 2000 �1,511,000 2001 �1,966,000 2002 �2,350,000 2003 �2,619,000 2004 �3,132,000 2005 �46,656 million As you can see the last figure on this table is measured in Euros, this demonstrates BMW's European operations are its main market area. BMW would use both of these sales figures to set its aims and objectives, for short, medium and long-term goals. This shows that the more sales BMW makes, the more successful it is, and these figures show that BMW has become more successful over the last couple of year, apart from MINI, where in 2006 the sales decreased. Information on sales figures is split into lots of different sub categories, this allows BMW to assess how their products are doing in a range of situations, for example the percentage of sales volumes across the global market. BMW can use this information to concentrate in building and developing its product in certain markets across the globe. For example one of the recent statements by the CEO of BMW was to increase volume sales in China. * Staff satisfaction Staff satisfaction is important as it influences the morale. It is very important to have a high morale, as this creates: o A sense of importance in their job. Staff should have a feeling of meaning and belonging in their job. Be set challenging and reasonably demanding jobs and a sense of accomplishment based on competent performance. o Teamwork, among the staff. There should be a sense of group pride and self-esteem, a high level of human interactions and good relations with co-workers, team effort and the support of other staff including supervisors and top management. o Management care about staff welfare. Staff should receive fair rewards for their contribution and fair treatment for their efforts. There should be a clear statement of management goals and efforts. Management should show concern for staff welfare, and attempt to create a feeling of mutual trust and respect with the staff. o Economic rewards fair and individualised. Attention should be given to payment of sufficient wages and the fair distribution, of wages. ...read more.

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