• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

For this assignment I will describe how marketing techniques are used by BMW to increase the demand for their 7 series luxury model.

Extracts from this document...

Introduction

P5 Marketing Techniques For this assignment I will describe how marketing techniques are used by BMW to increase the demand for their 7 series luxury model. The marketing techniques that I'll talk about are marketing segmentation and targeting, branding, relationship marketing, planning and the control and evaluation process. BMW BMW is a well-established luxury car manufacturer that produces several different car models ranging from luxury to sporty and family orientated cars. One of the models they produce is called the 7 series. The 7 series BMW is built with luxury in mind, the car is aimed at people with high earning e.g. executives. Although the car receives praise upon release and people generally take a liking to the car, it does have a problem and that problem is deprecation. A low end BMW 7 series costs around fifty five thousand pounds (depending on the model) after two years the car price drops by around twenty to twenty five thousand pounds. The steep depreciation in value is putting many people of buying that specific model and therefore BMW have to consider new marketing techniques to allow customer to regain confidence in the brand and specifically in the 7 series model. ...read more.

Middle

People who are earning a comfortable living and are looking for something that represents luxury tend to choose the 7 series over other models such as the 5 or 3 series, which are sportier options. Psychographic Segmentation Consumers that purchase a BMW car are generally members of upper-middle or upper social classes. Although popular in these two social classes, not all BMW consumers live the same lifestyle. BMW's are sportier than a Mercedes-Benz or a Lexus and therefore appeal to someone who wants a car that is not only exclusive, but also fun to drive. This is demonstrated well in the James Bond movies. The James Bond character has driven several models of BMW's in different Bond movies and the cars are usually seen in some kind of chase and also pulling up to the grand ball all in the same day. With regards to families, BMW also prides itself on technological safety and security features, meaning that people who are looking for family orientated cars might consider buying a BMW. Branding BMW is one of the preeminent luxury car manufacturers in Europe, North America, and the world today. ...read more.

Conclusion

BMW offers customers a warranty on their vehicles usually standing for a specific amount of mileage or 4 to 5 years. This means that customers can feel at ease when buying a new BMW because the company itself covers the car. Planning, Control and evaluation Process Before producing and marketing any product the company will first have to produce an efficient plan to which they will follow in order to make their product a success in the market. In this case BMW's plans will be set around understanding the consumers attitude and views towards the brand, by doing so the company will be able to form sufficient marketing techniques which will attract those who are in the market for such products such as the BMW 7 series. Market research will help them build a product, which meets the requirements of the modern consumer, the company can use the information gathered to enhance products, create new features, create special offers etc. When talking about the BMW 7 series, the company has used planning techniques to provide new customers with features and styles that they desire. Since the release of the 7 series BMW have recognised the demand for bigger engines and therefore released two new 7 series models with bigger engines and more features ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our AS and A Level Marketing & Research section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related AS and A Level Marketing & Research essays

  1. Marketing Research. Explain how different marketing research methods have been used to make a ...

    IER-How much do you spend on your car accessories? IEE-I spend around �50 a year. IER-Are there any other car accessories you would like to purchase? IEE-I would to get a new CD player as my one plays up some times. IER-Do you fit car accessories by yourself or get a professional to do it for you?

  2. For this assignment I have been asked to produce a new marketing strategy for ...

    such as a retailing or agent. In other words the goods are sent through national and even international distribution channels before they reach the consumer. ? Direct sales- this involves the producer of the goods or service selling direct to the consumer. Place or distribution policy: The reason for the alternative heading is that there are different problems here, these are: ?

  1. This assignment will be evaluating the contribution of relationship marketing activities and will also ...

    Although this may be time consuming for McDonalds to find solutions to their problems, this could help them financially in the long term as the quicker they find solutions to their problems, the less likely they could avoid costs such as being sued.

  2. Porter's Five Forces Model Case Study. The research paper is an overview of the ...

    "Cash for Clunkers", an initiative for uplifting the industry offers up to USD 4500 (White Paper, Grant thornton, p.3, 2009) for older vehicles. This initiative is greatly welcomed by manufacturers and consumers equally as it is decreasing the number of used vehicles, paving the way for new car models being

  1. How do segmenting, targeting, positioning, branding and relationship marketing increase demand for a selected ...

    In this case the retailer and customer both benefit from the transaction making it a win-win situation.

  2. Marketing assignment - analysis of lastminute.com

    For example, most Americans with white-collar jobs follow the norm of wearing suits or dresses in the workplace, and purchase office clothing accordingly. The opinions of consumers' friends, families and colleagues can also affect their consumption choices. Situational Forces The nature of a shopping situation is another influence on what, when and how much consumers buy.

  1. Mcdonalds India. Porters Five Forces Model and Consumer Behaviour Analysis

    right activists and groups against westernization are threats for McDonald?s in Indian markets. 4. High inflation rate in India pressurises the ?value for money? philosophy of McDonald?s as it is compelled to raise prices hampering its relative price competitiveness. ________________ PEST Analysis of McDonald?s India: Political Factors: 1.

  2. P5 Introduction to Marketing: What is Market Segmentation?

    This appeals to the education industry as Apple fulfil the needs and wants of the segment; who are wanting the most up to date technologies in order to fulfil their requirements. British Airways British Airways is the flag carrier of the United Kingdom specialising in upmarket long-haul flights and short haul domestic and international routes.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work