Marketing refers to the exchange of goods and services to consumers for monetary value. Therefore, a marketing plan is the general overview of activities that a business expects to achieve within a stipulated period. This paper presents unit 4 of the marketing plan part D of BMW group, the products and services offered, how the product or services establish value for the consumers, price, and value, pricing strategies used, how the pricing value to the consumers and place and value delivery.
Products and services offered by BMW Group
BMW group thrives mostly in automobiles and motorcycles intending to provide passionate promise for the current and future generation through innovations and unique design, creating new driving gratification to the drivers using its services (Atwal & Williams, 2017). Janzer (2020) argues that a company can predict customer needs and challenges, thereby giving its customers the expected solution. Hwee, (2015) stipulate that the interest of the company's engineers also is to provide a quality, dynamic driving thrill to the customers by meeting their expectations with a sporty and exclusive appeal. The company offers variety and luxurious products with a long life span.
How BMW Product and Service Establish Consumer Value
Product value is the positive results achieved by a customer by using the products to satisfy their expectations or needs without the incurred costs (Hwee, 2015). BMW group establishes a value for the consumers by providing suitable products at an affordable price. It also offers its consumers quality products, thereby increasing the customer value with much benefit than the cost of buying price (Atwal & Williams, 2017). BMW Group Company is also known for its exemplary services to consumers with many benefits, which are higher than the cost of buying for customers.
Price and Value Creation
Price refers to the amount of money for sale or which anything is bought or sold. At the same time, value creation, on the other hand, is the process where a business organization offers more products to its consumers leading to high profits for the producers (Hwee, 2015). According to Atwal & Williams, (2017), BMW Group produces more quality products to the consumers with a relative price that a customer can afford depending on the customer value and the modeling impacts.
BMW Group Pricing Strategies
Pricing strategy is the value of a product or service of a particular company. According to Atwal & Williams (2017), the BMW group dwells primarily in creating an attractive image as a brand in the business through innovation, performance, and reliability, among other core values. Hwee (2015) says that a company can maintain a high price for a product until competitors agree on which amount of expenses can drop to recover the amount of money lost before the competitors reduce the profits of the same product.
Place, Value Delivery, and how the Pricing Offer Value to the Consumers
For any company to be successful, it has to precisely deliver its services to the consumers what it promises to avoid the scam in business (Hwee, 2015). BMW company provides the value as guaranteed to meet the customers' expectations by making the process of ordering faster, reliable, and consistent. Atwal & Williams (2017) stipulate that BMW GROUP Company offers value to customers by reducing their costs to attract more customers and eliminate their competitors in thriving in the same business. The customers are assured of discounts upon negotiation to buy the products at a relatively low price, thereby giving the buyer a platform to negotiate the price and convince the seller without changing its mindset in the price value.
Distribution methods and Locations, and Value to Consumers
BMW is an automobile company, does its promotion through various channels such as social platforms, which include Facebook, Twitter, Instagram, among other widely known platforms (Hwee, 2015). Social media platforms are appropriate marketing channels since they are widely used and quickest methods of communication in the current generation (Janzer, 2020). After a successful promotion and attraction of esteemed customers, BMW carries out distribution through the exportation of the automobiles depending on consumer specifications Atwal & Williams, (2017). According to Kauerhof (2017), the leading BMW headquarters are located in Germany and other operating branches in the United States of America channeling their distribution branches and segments to different Asian and African continents. Through this, customer value guarantee that every service is tailored to meet customer expectations.
Promotion and Value Communication
Promotion plays an essential role in every organization's marketing strategies. Customer-value creates a perception in every customer's mindset, depending on how advertised and promoted (Hwee, 2015). Advertisement involves creating awareness about the availability of the products and services as well as readiness to use. According to Atwal & Williams (2017), the BMW group achieves value communication through customer satisfaction and meeting the desired marketing standards.
Marketing refers to the exchange of goods and services to consumers for monetary value. Therefore, a marketing plan is the general overview of activities that a business expects to achieve within a stipulated time. BMW group thrives mostly in the manufacturing of automobiles and motorcycles intending to provide passionate promise for the current and future generation through innovations and unique design, creating new driving gratification to the drivers using its services. For a successful marketing, promotion, communication, and effective advertisement targeting the suitable market niche must blend.
Atwal, G., & Williams, A. (2017). Luxury brand marketing–the experience is everything!. In Advances in luxury brand management (pp. 43-57). Palgrave Macmillan, Cham. Retrieved from https://link.springer.com/chapter/10.1007/978-3-319-51127-6_3
Hwee, E. Q. C. (2015). Building & Sustaining Strategy: Bayerische Motoren Werke (BMW)–Automotive Industry. TMC Academic Journal, 10(1), 29-46. Retrieved from https://tmc.edu.sg/wp-content/uploads/2016/12/TMC-Acad-Journal-Vol-10-Issue-1.pdf#page=39
Janzer, A. (2020). Subscription Marketing: Strategies for Nurturing Customers in a World of Churn. Cuesta Park Consulting.
Kauerhof, A. (2017). Strategies for Autonomous, Connected, and Smart Mobility in the Automotive Industry. A Comparative Analysis of BMW Group and Tesla Motors Inc. GRIN Publishing.
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