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Free Strategic Marketing Planning Essay Sample
Strategic marketing planning is a prerequisite step in any firm or company. It outlines a company’s roadmap in order to enable it focus on calculated efforts and better understand the dimensions and dynamics of marketing research, product, consumer behavior, distribution, planning and pricing.
Situation analysis
BMW Vision is to be a world leader in manufacturing world-class quality yet affordable, reliable and customer-centric automobiles in the industry.
BMW Mission is to become a number one manufacturer of affordable, superior quality, state-of-the-art automobiles built with unique needs of our customers and the outright number one manufacturer in the industry.
Business environment
Business environment are the factors which affect the operations of a business or a company. United States, political and legal climate provides an enabling environment for FDI (Foreign Direct Investments) among other interests with eyes for investing.
Market Demographics
United States population comprises of 71% male and 29% female, with the youth accounting for 72 percent of the total population. The average individual income is $10,000 to $46,000 which makes it to be a strategic country for investments.
Competition
Our chief competitors include Toyota, Mercedes Benz, and Nissan who have steered stiff competition in United States,’ automobile market share. BMW currently accounts for 48 per cent of the market share. BMW is embarking on a strategic plan to be implemented in the next five years and which its primary objective is to secure a significant amount of the market share.
SWOT Analysis
The SWOT analysis identifies the key strengths and weaknesses within the company and outlines the opportunities and threats faced by BMW. BMW prides itself in results-oriented approach and attracting and retaining customers. The company also invests heavily in Research and Development (R&D) to drive innovations and creativity in the automobile industry. Highly skilled and competent staff and investing in the latest technology are our strengths
.The weaknesses faced by BMW include high cost of production due to expensive raw materials, high shipping costs as most the raw materials are subjected to shipping in high risk pirate routes, high taxes imposed by governments on our automobiles making it expensive for consumers to afford.
BMW is strategically positioning itself for opportunities such as the growing middle-class in United States and Asia, a booming economy, the sky-rocketing consumer spending. The threats facing BMW ranges from close neighbors Toyota, Nissan among other automobiles manufacturers, lack of immunity from the effects of economic downturn and the future political regimes which might a shift in policies favoring investors.
Keys to Success
BMW has identified key areas which will contribute to its long haul success. These include investing in Public relations, advertising, engaging its prospective and current customers in social media, licensing new distribution chains, investing in automobile check up clinic, pricing and use of the latest technologies.
Marketing strategies
Our Marketing objectives for five year strategic plan will include generating a 10 per cent yearly increase in sales, increase market penetration and marketing share every second quarter, to engage in aggressive advertising and brand loyalty.
Target market
Our product will cater for all segments of the market. The low-end and the high-end customers have arrays of vehicles in our showrooms to suit each segment. We are targeting customers from the lower-middle class to the high-end upper middle-class.
Customer Service
BMW core objective is to develop products of superior quality and affordable pricing with main focus on customer-centric approaches and retention. The customer is the reason why we are in business and because of this, BMW has invested in customer service, including customer support.
Recommendations
Prepare a contingency plan in case of any unforeseen economic and political events. Manufacture vehicle models for every segment of the market.
As a marketing manager I would work hard to expand the company’s tentacles by harnessing on brand development and loyalty. I would use in my disposal the power of social media.
