Pick a good or a service that you are interested in and prepare a report on the Marketing Mix actually used for that product. You are required to choose a product by brand name. You may choose a well-known name like Tommy Hilfiger, Nike, and Coke or a lesser-known brand such as Louisville Slugger, Peavey, or Furby. It can be a familiar product such as a soft drink, automobile, backpack, a piece of sports equipment or a computer; or one that is of special interest to you that is less familiar to most of us such as deer stands, paint ball equipment, or a musical group. The choice is yours but my one criterion is just to ensure that there is enough marketing information readily available on the good or service. Discuss this product in a single report describing Product, Place, Promotion, and Price. Divide the report into four sections and devote at least one page to each section. 1. Product This section is the heart of the marketing mix and should describe the product offering and product strategy. The product includes not only the physical unit but also its package, warranty, after-sale service, brand name, company image, value and many other factors. See Chapters 10, 11 and 12 2. Place The section should describe the Place associated with your product. Place is concerned with making products available when and where customers want them. A part of place is physical distribution, which involves all the business activities concerned with storing and transporting finished products. The goal is to make sure that the products arrive in usable conditions at designated places where they are needed. See Chapters 15 and 16. 3. Promotion This section should describe the Promotion associated with your product. Promotion includes advertising, public relations, sales promotion and personal selling. Promotion’s role in the marketing mix is to bring about mutually satisfying exchanges with target markets by informing, educating, persuading and reminding them of the benefits of an organization or product. See Chapters 16, 17 and 18 4. Price This section should describe the Pricing strategies associated with your product. Price is what a buyer must give up to obtain a product. It is often the most flexible of the four mix elements- the quickest element to change. It is an important competitive weapon and is very important to the organization because price multiplied by the number of units sold equals total revenue for the firm. See Chapters 19 and 20. PAPER FORMAT- USE APA Style TITLE PAGE INTRODUCTION PRODUCT SECTION PLACE SECTION PROMOTION SECTION PRICE SECTION CONCLUSION REFERENCE PAGE The paper should be done in APA format, Times New Roman Font 12 pt, double spaced. You must use at least three references. This is a Safe Assign assignment and will be verified for originality/checked for plagiarism. Marketing Mix Project Grading Criteria: Marketing Mix Content: 50 points possible Followed Guidelines: 20 points possible Grammar/Spelling: 20 points possible Creativity: 10 points possible Total: 100 points possible

 

BMW Marketing Mix

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BMW Marketing Mix

Marketing mix typically describes the set of actions or techniques that an organization applies in promoting its brands or product within the market environment with the aim of gaining global recognition and market stability. The 4ps strategically composes a typical marketing mix that is comprised of product, price, place, and promotion; however, the current marketing mix has incorporated other Ps including positioning, people, packaging and politics as some of the essential mix elements. Bavarian Motor Works is typically a manufacturing organization centered in Germany and known for its international class cars and motorcycles and viewed as one of the global most known and admired brands. Due to its reliability and enhanced quality, the company managed to sell up to 2 million cars in 2014 and other 200,000 motorcycles. Since the company has been known for its “big three” German luxury vehicles including Mercedes, Audi and the other two, the organization consequently enjoys an extensive international consumer demand for its products. Also, the organization engages in different esteemed actions and events including formula one, touring cars, bike racing, and rally cars. Therefore, the paper will describe the marketing mix of Bavarian Motor Works and other essential consideration within the business environment.

Product

The company typically concentrates on developing high luxury four-wheel and two-wheel automobiles for global markets and these goods are strategically produced at a given precise facility across the world, centered on specific wants of every segment. A majority of the company’s products are tailored to offer the maximum rank of personalization to its clients, while some of the goods are average across various continents. Typically, the four-wheeler automobile of Bavarian Motor Works has on many occasions been involved with the comfort division of goods and services internationally (Papasolomou & Kitchen, 2011). This has been a continuous process for the company and is strategically done with the aim of maintaining the “premium” status for their clients. Some of the goods in the BMW marketing mix include quality sedans, SUVs, and sports cars that add style, presentation and a status representation. The company’s products continuously go through technological improvements to be of firm competition in the markets and to the users.

The organization previously focused on extravagance and style as its exclusive features; even though, over the past years, the significance of reliability, protection, and effectiveness has become essential considerations in the product contributions. According to Papasolomou, I., & Kitchen, P. J. (2011), improvements in engineering and technology have been well incorporated into the company as most of the cars typically reflect the enhanced technological aspect. The business also has a manufacturing division for motorcycles and bicycles for given markets thus making the products to be grouped as the ‘niche’ marketing goods. The organization gives high importance to the safety and luxury status of its goods together with more innovative products that are constantly being incorporated at regular time intervals regarding the advancing desires of the consumers. Recently, the company has invented electric and hybrid cars division together with the preface of a modern mold, known as the BMW i8.

Price

Bavarian Motor Works assembly has for many years been top and a significant player in the marketplace, producing high and comfort automobiles that are regarded as a status representation. The goods are all priced at a “premium” as opposed to its competitors in the marketing environment. The BMW-related products including the mini cooper and Rolls-Royce also outlay the similar pricing technique of the organization; moreover, these products are priced a bit elevated as that of the normal BMW product collection. The company came up with a luxury pricing mechanism with the aim of engaging itself into the so-called “desirable” sub-division of the market (Chaffey & Smith, 2013). The pricing mechanism in its marketing surrounding is also essential as it ensures that the trade name does not get weak, or the condition of the product becoming unclear. Abiding by this process is the pricing of the spare parts and services costs of the industry’s automobiles and is also valued at a higher price than that of other contemporary brands. Currently, the industry has managed to come up with an active pricing mechanism regarding its entry status vehicles for more modern markets where it engages a viable price for its smaller brands. Their pricing procedure makes it possible for the buyers to imagine a possibility of acquiring a luxury model vehicle. Furthermore, the industry has proceeded further to enhance its sales through incorporating financial services to its clients. In general, the pricing of BMW has been set with the aim of capturing the premium and niche marketing conditions of automobiles.

Place

Bavarian Motor Works being considered as a global-renowned motor car producer, it has extended its manufacturing services in several towns and nations with the primary facility being situated at Bavaria, Munich. Due to the gaining of newer clients across the world, the organization has now incorporated immense production amenities that will ensure that such high volumes are produced and delivered to customers promptly. Besides its manufacturing, the industry’s marketing mix place process covers its international reach to organization dealership and other premium car handlers. Presently, the company has mechanized facilities in over 15 nations that produce close to 3 million cars annually (Papasolomou & Kitchen, 2011). The industry has set up its manufacturing sites in several smaller and growing markets in the current business composition thus making it more competitive with its rivals like Toyota and Volkswagen. This has assisted the organization in enlarging its market to other several smaller nations as well as a majority of the manufacturing unit’s covers local needs and exports enough volumes to nearby countries.

Promotion

The organization has been a universal-renowned brand several decades close to half a century with a firm advertising strategy of its goods and other services that it offers to the customers and potential buyers. The promotional technique as part of its marketing mix concentrates on aggressive advertising together with the use of media platforms like televisions, online advertisements, and billboards among other channels with the aim of creating constant brand awareness. The industry has over the past times taken part in sponsoring several rally racing activities and other sports-related activities; moreover, the company engages in promoting several celebrated sports teams and rally drivers (Sakkthivel, 2011). BMW has been an active contributor in different global rally races for a very lengthy time including the formula one race on several occasions. Also, the business has always been a firm contender at the superbike racing division which typically promotes its brands. Since the organization started manufacturing motorcycles, it has been continuously engaging in several racing programs and also involved in their organization thus making it known on an international level. Also, due to the numerous fans following such events universally, the company has found an efficient method of reaching out to modern markets.

 

References

Chaffey, D., & Smith, P. R. (2013). eMarketing eXcellence: Planning and optimizing your digital marketing. Routledge.

Papasolomou, I., & Kitchen, P. J. (2011). Cause related marketing: Developing a tripartite approach with BMW. Corporate Reputation Review, 14(1), 63-75.

Sakkthivel, A. M. (2011). Modelling the impact of internal and external variables on consumer durables in a matured marketing environment. International Journal of Electronic Finance, 5(4), 316-332.