Geographic Segmentation
Worldwide, the most BMW’s are sold in Germany, then followed by the U.S., and third is Great Britain. Concerning the U.S., the majority of dealerships are located in or near large cities or wealthy parts of the country. With regards to cities, BMW knows it has a large enough population to attract the customer they are aiming their products at. As for wealthy areas that don’t necessarily have a high population, BMW knows it has a concentrated population of consumers who can afford their product. In both situations, there will be a population seeking the status symbol of a BMW and able to afford that status symbol.
Demographic Segmentation
BMW’s are more expensive (range from 30 to 95 thousand pounds) than the average car and therefore are marketed to upper-income consumers. Two factors that usually match with higher income are age and education. The majority of BMW consumers are between the ages of 30 and 50. In terms of the BMW 7 series, this specific model is usually bought by people who are 40+. 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. BMW produces several lines of cars, including the 3 series, the 5 series, the 7 series, the Z line, and the new X line, BMW's "sport activity" vehicle line. . Sales of all the BMW vehicles have been on the rise globally. High-profile image campaigns (such as the James Bond promotion) and the award-winning BMW website (where users can design their own car) continue to increase the popularity of BMW's products. BMW have been able to showcase the looks and features of the cars through clever online technology. This has benefited them in terms of sales, this is because people can imagine and create their own BMW online and then simply print the details and forward them to a dealer which will then build a car to suite the customers specifications. There are many people who find this feature help particularly people who lead busy lifestyles and don’t have the time to go and discuss different options in a dealership. BMW have been building their image on simplicity and effectiveness, because of this the company has been able to attract more and more mid aged customers who are looking for a straightforward product/brand that does what they want without any fuss.
Relationship Marketing
BMW provide their customers with a premium quality service. Meaning that customer are continuously being looked after, when and after buying a BMW from the showroom or used. Sales advisors at BMW dealerships take on a no-hassle purchase tactic meaning that customer remain undisturbed when browsing unless they otherwise ask for help in which case a knowledgeable adviser is available. The process of looking after a BMW e.g. getting the car serviced or repaired is made simple and quick with the car usually being booked in on the day that the owner requests and problems usually handled within a one day time period. 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
