Case study(BMW Films) Essay Example | Topics and Well Written Essays - 1250 words

Case study(BMW Films) - Essay Example BMW is very clear in fulfilling its consumer’s needs and expectations; therefore they installed the features the target audience demanded from their luxury cars. As said by McDowell the vice president for marketing of BMW, company has lots of products to offer and it yet possesses a very small market share; therefore they need to have a strong influential and creative marketing plan to advertise its campaign and maintain its share. Because of its wild unconventional and creative advertising campaigns the company has survived tough times. Through the introduction of new concepts in advertisements, BMW films have managed to maintain its market share successfully in business. Sales increased rapidly which encouraged the company to invest in this department. Market is very narrowly segmented for the luxury cars business. According to BMW’s marketing head BMW is master at understanding the psychographic demands of its consumers. The target audience of BMW is around 46 years old with an income around $150,000, majority males. These are people who eye for perfection and are willing to pay for the best. They enjoy the attitude that the car enriches their personalities with which makes them loyal to its products. They focus in serving their consumers only with specific demands and to approach them. It is important to have a proper consumer segmentation model because different consumers have different needs and expectations. The company have its primary focus on fulfiling the demands of the existing customers and further on creating awareness to expand the range of consumers. Because if the luxury products it offer there is a specific niche market who can only afford it therefore all the strategies are implemented keeping them in mind. (Durker) Peter Drucker believes that there are two basic function of a business; marketing and innovation. BMW have keenly followed the innovation path to make successful marketing plan. There are three parts of being