The main factor for the success of BMW can be attributed towards consistency and effectiveness in the strategy of marketing. With respect to one significant point, the company has been creating focus on the market niche with the attempt of conveying its message in the most effective and efficient manner possible by following four main core values (Levitt, 2009). These include exclusivity, performance, quality and technology.
As the cars of BMW are mostly costly due to the strong brand name, this particular strategy of marketing shall be creating a focus on the customers having high slab of income. These are customers that are technology freaks, young adults having a strong economic background and businessmen. This reduces the need for placing advertisements as the strategy of market niche shall be followed by the brand (Johnston, 2006). For this specific segmentation, the brand of BMW shall be focused on the strategy of differentiation in order to cater to the individuals with particular segmentation. In addition to this, the cars being manufactured are all manufactured for different audiences. Some productions include classy models for the businessmen or the sports cars for the young adults.
For the successful implementation of the strategies and achievement of the marketing objectives, BMW should be putting together a plan of marketing that attracts more and more customers that have high rate of earnings (Jain, 2009). In the process of targeting, there is a need for the brand to target the most effective audience that will play a major role in the success of the strategy of marketing. The new cars being launched must be in accordance with the preferences of the customers.
In the current era of globalization and global warming, there has been an increase in the awareness amongst the customers for being eco-friendly. Hence, the brand of BMW must ensure that the activities being performed within the industry must be eco-friendly, and the products being provided must be eco-friendly as well (Jain, 2009). In addition to this, the customers have been increasing their level of interest towards new and different technologies. Hence, the vehicles being produced by the brand of BMW must not only be eco-friendly but should also be providing new and better technological functions.