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

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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.

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