"The BMW Group prides itself on having the most emotive products and the most aspirational brands" (brandstruck.co). Its mobility is first class in the World, and the Company is touted as making an incredible difference in strengthening the sustainability of the planet. "This high-level corporate strategy constitutes the foundation for the individual strategies of the group’s consumer-facing brands: BMW, MINI and Rolls-Royce" (www.brandstruck.co)
The BMW current brand positioning revolves around the pleasure of driving, provided by the only company in the World BMW. The BMW position is currently third in the world, based on the premier characteristic, as the most pleasurable automobile to drive in the World, premium performance, constant technological innovation, and an unparallel uniqueness. "This promise guides the brand’s innovation and serves as a goal for BMW’s future plans described in the company’s visionary program, “The next 100 years”. (www.brandstruck.co)
The BMW Brand Equity is excellent, as the German CAR Manufacture is opening new territory in India, where this brand is much desired in the eye of the Consumer, with unparallel quality, technology that surpasses all expectations, and especially the "sheer pleasure of driving" that only BMW can deliver. "Organizations establish brand equity by creating positive experiences that entice consumers to continue purchasing from them over competitors who make similar products. Brand equity is typically attained by generating awareness through campaigns that speak to target-consumer values, delivering on promises and qualifications when consumers use the product, and loyalty and retention efforts" (https://www.marketingevolution.com/marketing-essentials/what-is-brand-equity-marketing-evolution). This is especially seen in India, where the red carpet treatment, at its inception, with technical expertise and maintenance and back up of BMW Service for its vehicles, attest to the Company unsurpassed level of customer satisfaction, and therefore, the way Consumers Worldwide have seen this luxury vehicle for the longest time. The Consumer of BMW vehicles are passionate about their past, and present experiences and anticipate exhilaration behind the wheel of a BMW. It stems from the desire for most performing vehicles in the World. The motor and automotive work and design is also much sought after World Consumers, which explains why the Brand Equity for BMW is fantastic.
Price Strategy of BMW could be improved through extension of financial firms to back up consumers and ensure a painless financial road for the Consumer. BMW has responded to variability in price structure in many models clearly affordable by any standards. The Company would be in position to ensure Government back up for consumers in India, to make the ownership of a BMW, a closer to reality objective for Indian households. The secondary major change in Market Strategy would be an extensive network of dealerships in territories where Competition actually favors BMW. An example would be a better penetration in Indian Markets, with customizes experiences for the Indian Households, It would necessarily highlight the importance of Indian Culture at a high level , and applied with Indian Customers. It incorporates in itself the very act of buying and selling.
According to Investopedia, "a brand is a product or a business that has a distinct identity in the perception of consumers. The brand is created through elements of design, packaging, and advertising that, as a whole, distinguish the product from its competitors". Branding is essential, since this is how Consumers see the market value, the individual value of the products, the qualitative aspects and experience with all that the Company offers. This is how the Consumer chooses the Company based on brand, brand value, and brand equity.
Comentarios