Marketing Management of BMW Coursework Example | Topics and Well Written Essays - 2000 words

Marketing Management of BMW - Coursework Example This research is being carried out to evaluate and present marketing concepts and customer segmentation at BMW in Munich. At the next level, the use of appropriately customized techniques of customer segmentation has helped the organization to keep its customers loyal, a rather difficult target if taking into consideration the level of competition in a global automotive industry. Keeping organizational sales high is considered as a key priority for marketers worldwide. However, often, the responses of the public to the marketing techniques used by organizations are not the expected ones. Usually, the reason is the fact that these techniques are not aligned with the customers’ needs. It is proved that existing marketing strategies of BMW are similar to those used by most firms in the automotive industry; still, BMW has managed to create a unique brand image which, combined with marketing techniques for securing customer loyalty, has offered to the organization a significant adv antage towards its competitors. Meeting the customers’ needs is a key role of marketing. These needs are also described through the terms wants and demands. These three terms have the similar role: to show the willingness of customers to acquire a product/ service. According to Stokes and Lomax the role of the three terms can be made clear through the following explanation: ‘in case that sufficient people want a product/ service then marketing has to match this demand with the supply of a product that meets this need’. This means that in the context of marketing the terms customers’ needs, wants and demands have the similar meaning; simply, each one of them reflects a different aspect of customers’ desire to acquire a product/ service. On the other hand, Doyle and Stern make the following distinguish in regard to the above terms: a need is something that it is absolutely necessary for covering basic human needs; food is such need. When the desire of a customer is made specific, then the term ‘want’ should be rather used. Asking for ‘a burger of a particular fast food brand is a want’