BMW presentation Marketing Planning Week 3
What are the pros and cons to BMW’s selective target marketing? What has the firm done well over the years and where could it improve?
* Reaches a small percentage of a target market has financial fluctuation, more consumers segment lower than others * Market too small fluctuate when there is an economic downturn * Know what the general weaknesses restricts its ability to sell to a wide range of the population more specific segment of the population * Could be considered a con overall the pros far outweigh the cons * Review all of BMWs pros and cons of target marketing
* Find a place where they can improve
* General pros and cons that can arise from target marketing * When you are breaking down your market you do need to be aware that your target market is not the only thing that you can turn to. Sometimes companies only limit themselves to this market and they do not branch out. It is important that you work on getting surveys and other things that can help you to branch out and learn that you have new customers out there. *
Initially target marketing is usually a good thing to start with but you have to make sure that you are not limited yourself to this market. One of the things that you need to work on as you are doing some market research information is by working on finding out which products that your customers want to have combined together. * Some of the changing elements that you want to work on when you are looking at finding your target audience is by looking at their income. Income can change and with the recovery from the recession and many customers dealing with tighter budgets, you have to be careful about losing income. This is why you have to build up reserves. * Selective market pros increase its market share
* Cost efficient selective marketing initiatives create a higher return on investment as they reduce time and money spent, as your business no...
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