BMW Marketing Plan in China and Japan - Essay Example

?BMW MARKETING PLAN IN CHINA AND JAPAN Table of Contents Table of Contents 1.0: Executive Summary 3 2.0: Introduction 4 2.1: Market overview 4 2.2: The company business mission 6 3.0: Company Audit 6 3.1: External situation analysis 6 3.2: Internal Marketing Audit 7 3.2.1: Strategic Issues Analysis 8 3.2:2: Marketing Mix Effectiveness 8 3.2:2 (i) Product 8 3.2:2(ii) Promotion 9 3.2:2 (ii): Place 9 3.2:3: Marketing Structures and Systems 9 3.2:4: SWOT Analysis 10 3.2.4 (i): Strengths 10 3.2.4 (ii): Opportunities 11 3.2.4 (iii): Weakness 11 3.2.4 (iv): Threats 11 4.0: Marketing objectives 13 4.1: Strategic Thrust 13 4.2: Strategic objectives 13 4.3: Core Strategy 13 4.4: Target Market 13 4.4.1: PESTLE Analysis of the Target market 14 4.5: Competitor Targets 16 4.6: Competitive Advantage in the Target Market 16 5.0: Marketing Mix 17 5.1: Products 17 5.2: Promotion 17 5.3: Price 18 5.4: Place 18 6.0: Budget 19 7.0: Organization and Implementation 19 7.1: Weakness and control 20 References 21 Appendices 24 1.0: Executive Summary Due to increase in competition in global automotive industry, BMW have embarked on various marketing plans that are aimed at enhancing it survival in the market. Since the beginning of the competition, the company has decided to come up with different ways of reaching out to its potential customers. So far the company has hired Fallon worldwide and advertisement agencies in Minneapolis to develop new marketing strategies for their products. Since its introduction in automotive sector in 1916, BMW Company has come up with different products in the sector (Martin, Fabian, and Josh 2002A) The Company is also known for producing and marketing a range of sporty and higher end motorcycles and cars. Despite investing on cars and motorcycles, the company has also embarked on aircraft engine known as Rolls Royce. The company global subsidiaries and manufacturing plants are situated in Mexico, Brazil, Indonesia, Malaysia, Philippines, Egypt, Vietnam United Kingdom, United States of America, Australia and Germany. All this plants have very concrete and productive marketing channels and strategies. Currently, the company is as well operating its financial cooperate which offers financial assistance to potential customers. This marketing plan is based on a 4C framework of credibility, consistency, competitiveness and clarity as BMW strives to enhance its market niche in Japan and China. Credibility refers to continued use of reliable information to customers and all the conditions of sale will be upheld. Moreover, BMW will continue to make luxurious vehicles that will meet customer needs and will strive to gain competitiveness in the new market. Moreover, the channels of distribution used by the company will be clear. 2.0: Introduction Since producing its first car, BMW has grown significantly marketing its products in different parts of the world. 1,366,838 cars of different models were produced by BMW group in 2006 and this figure rose to 1,481,253 in 2010. Moreover, the company has been producing motorcycles since 1916 and does its production in different countries of the world including Mexico, China, Russia, UK, Australia, US and South Africa. However, it only started producing cars in China 2008 as shown in the table below. Table1 showing BMW vehicle production from 2005 to 2010 Year BMW Rolls-Royce MINI 2005 1,122,308 692 200, 119 2006 1,179,317 874 186,674 2007 1,302,774 1029 237,700 2008 1,203,482 1417 235,019 2009 1,043,829 918 213,670 2010 1,236,989 3221 241,043 Source (BMW Group 2011A) 56 percent of the total BMW branded vehicle are petrol powered as the remaining are powered using diesel. 27 percent of the vehicles powered by petrol have four cylinders while another 9 percent have eight cylinders. 2.1: Market overview So far the company has to a great extent succeeded in its marketing strategy. The success is highly attributed by functional and consistent marketing strategy. The company brands are based on four basic values (exclusivity, quality, technology, performance). The company has relied on these core values since it inception. Despite relying on WCRS (the company main advertisement agency from 1979), the company has as well espoused other consistence advertisement strategies. The company also relies on its core value in its advertisement strategies. In its advertisement, BMW Company also utilizes its environmental sensitivity in its advertisement initiative. Through its television and print advertisement, the company has emphasized its design philosophy of responding to environmental, social and political changes. Although this philosophy requires some advancement, it has so far helped the company immensely in its marketing strategies. Additionally, the company has so far succeeded in building it image through using more than three hundred colour press advertisement. In its marketing strategy, the company has maintained its core belief of centring on the quality of the car themselves (Martin, Fabian, and Josh 2002B). In addition to using television advertisement and national colour press, the company has also encouraged local dealers to conduct their own marketing plans in grassroots levels. On react to the encouragement, local dealers have so far relied on local radio, bus advertisement, and press. Other method commonly used by local dealers entails use of price lists, brochures, and dealers point-of-sale materials. However, the company insists on standardized information as well as maintenance of the company value and philosophy in all its advertisement. Additionally, the company has as also embarked in global advertisement initiatives. Global campaign remains consistent all over all over it outlet countries. In over fifteen global countries, the company has so far relied on events, mega-posters, television spots, radio spots and print advertisements in its marketing plan. The initiatives have emerged victorious in countries such as Asia United States of America, Middle East countries, and South Africa. 2.2: The company business mission The company business mission is to become the most successful premium manufacturer in the car industry and premium services for the mobility of individuals. This mission statement has been developed to drive the company to year 2020 and is to be achieved through uniqueness in diversity, risk taking, leadership and courteous. 3.0: Company Audit 3.1: External situation analysis The increase in the number of companies producing similar model of vehicles in the market have raised drastically the level of competition in the market. It is therefore advisable for MBW Company to come up with tangible market measures to assist it excel in the market. In 1997, BMW Company experienced a severe danger of losing its persistent lead in the marketing of luxury car in the world. Company such as Lexus, Mercedes and Audi invented new products and marketing strategies which threatened BMW dominance in the market. However, despite of these challenges, the company’s products still remained favourable in the market. Currently, the three main BMW competitors have developed comprehensive marketing strategies which have threatened the MBW company market position. As per now BMW is not the only company that produces the best product in the market. Mercedes one of BMW biggest competitor has become very influential in global market (Martin, Fabian, and Josh 2002C). It popularity is strengthened by its global presence, its technology leadership, product range, and strong brand presence. The company has also subdued its marketing plan. For example last year, Mercedes spent over twenty five percent of its annual market budgeting innovating in internet strategy and recognizing the power of internet in delivering precise and effective marketing strategy. As a result of this for BMW to be effective and influential in the marketing it requires marketing plan that will focus on using internet in its advertisement. 3.2: Internal Marketing Audit In internal marketing, employees are considered as customers and jobs are viewed as internal products. The objective of internal marketing is that of establishing, implementing, and managing customer-focused strategy, culture and relationship which in turn leads to quality services (Mukherji 2001A). To ensure that the objective of internal marketing is achieved, the marketing strategies should not only target external customers but should be implemented within the organization and internal communication be streamlined. The marketing activities are based on four Ps touching on the specific products and this includes product, promotion, price and place (Vrontis and Kitchen 2005A). BMW relies on market segmentation, positioning and product strategy to boost its internal marketing. Segmentation refers to subdividing the company’s customers in different small homogenous groups according to set criteria (Schnaars 1998A). The subdivision strategy should ensure that criteria ensure that a company is able to react equally to marketing mix and customers in a particular group are considered to have similar attitudes and values and the rationale behind segmentation is that customers cannot be appealed in the same ways. According to Robertson (2005A), the best market segmentation must be appealing to the customers and should create right relationships with the customers. BMW uses geographic market segmentation to determine its marketing focus. These strategies are effective given that United States and Western Europe account for about 66.7 percent the overall sales from the company and efforts are put in creating good customer relations (Miller 2006A). Despite the large market in these countries, BMW is globally active in more than 150 countries. One of the emerging markets for the company is China which holds a market share of 5.3 percent (Miller 2006B). The other strategy used in market segmentation is using the income as the basis and the market is subdivided based on the income of the customers. This strategy is applied where the company targets successful, wealthy, open minded, sophisticated and sportive individuals who are seeking to enjoy life (Barnard 2005A). The company distinguishes itself from its competitors where its products are marketed as a sign of status and lifestyle. The company therefore seeks to boost the social class of the owners. 3.2.1: Strategic Issues Analysis The sales target at BMW for 1-series is over 100,000 units yearly and therefore to be agreement with the existing portfolio, 1-series needs to be positioned at the premium C-segment. This is critical as it helps the company not to endanger it’s developed up market of luxury cars. BMW targets the C segment and its products here are described dynamic, temperamental and sporty (Klein 2007A). The company has a competitive advantage for its products given the superior brand image. Moreover, the car depreciation is slower compared to that of its competitors thereby making it an attractive long term purchase option. The attractiveness of BMW in the C-segment is usually lower compared to other markets where the company targets and this attributable to high competition and short life cycles. 3.2:2: Marketing Mix Effectiveness 3.2:2 (i) Product The only car in the segment with the BMW typical rear wheel drive is 1-series which implies higher costs but a good driving experience (Klein 2007B). There are four models available as additional upgraded versions including M race that awaits development. Each product from BMW can be ordered having special equipments for instance, special navigation system and the alloy wheels. 3.2:2(ii) Promotion BMW continues to use a marketing campaign with a slogan, ‘The only 1’. However, according to some target groups, the tone used in the marketing campaign is less corporate and younger. In its marketing campaigns, BMW uses TV, events, press and Public relations (Weisbrod and Piercy 2007A). The marketing campaign seeks to attract new customers but without losing the upper end market customers who are attracted by the luxury brand image. Additionally, the marketing campaigns of the company where enhanced by web activities. Moreover, the company employs mobile based marketing where messages were sent to customers to invite them for a test drive (Weisbrod and Piercy 2007B). 3.2:2 (ii): Place The company has a network of licensed dealers which are all involved in the promotion activities. The dealer communication network promotes the relationship between manufacturer and dealer and the quality of services. In addition, it enhances the process of the distributing the company products which in turn means that BMW has an operational direct contact strategy with its customers (Weisbrod and Piercy 2007C). 3.2:3: Marketing Structures and Systems There is no detailed information about the marketing systems and structures employed by BMW but it may be considered that the company uses a strategy that involves both internal and external conditions. For example, when developing 1-series, the company relied on the feedback from the strategic suppliers (Klein 2007C). 3.2:4: SWOT Analysis From the audit of the internal and external marketing strategies, the results scan be concluded using a SWOT analysis. SWOT explains the strengths of the company in its marketing efforts based on the external and internal conditions of the industry within which the company operates. It also assesses the weakness in a company which is described as the pitfalls which reduces the effectiveness of the marketing strategies (Valentin 2001A). When the weaknesses are addressed, a company is able to rectify the issues that give it problems. An opportunity in SWOT analysis involves the chances that can be maximized by a company to ensure it enhances its performance. Opportunities mostly involve the unexploited technologies and resources of a company. Lastly, T in the SWOT acronym refers to threats which refer to risks that face the company in the short and long term. 3.2.4 (i): Strengths One of the main strengths of BMW is its strong brand image. Internationally, the brand image of BMW is considered as superior and its products considered made of high quality. Additionally, the company’s logo is well known and can be easily distinguished from other brands. The other strength of BMW is its cutting edge technology which it relies in manufacturing its products thereby enhancing its ability to develop superior automobiles (Miller 2006C). The other strength of BMW Company is its rear wheel drive technology enabling it to be used even in areas that have poor road network. The other strength of BMW is its superior driving experience which makes its products attractive to the upper class (Valentin 2001B). 3.2.4 (ii): Opportunities The opportunities that are available to be exploited by BMW are economic growth that is experienced in Germany. This increases the number of individuals who are in the upper market and have the ability of purchasing BMW luxury products. BMW can rely on the technological development that are occurring in the industry to come up with superior and customer oriented products. For instance, BMW could use alternative energy technologies to develop vehicles which can use reusable energy (Barnard 2005B). 3.2.4 (iii): Weakness One of the greatest weaknesses which are faced by BMW is the high cost of its products. This locks out some customers who can purchase automobiles but not the very expensive cars (Valentin 2001C). This means that BMW products can only be purchased by individuals who are in a high social group. The other weakness identified with BMW is that it does not have experience in the C-market segment and therefore it will be trying to lure customers from a new segment dominated by other automobile companies. 3.2.4 (iv): Threats One of threats facing BMW is increase in the Value Added Tax which will make its products expensive to the customers. Moreover, increased VAT could mean that the cost of raw materials is high. BMW is faced by competition from various other automobile companies and especially those that operate in Asia whose products are cheap and luxuries (Barnard, 2005C). There are increasingly costs of raw materials and this affects the ability of the company to cut down the prices. Additionally, there is increased environmental consciousness globally and this threatens companies producing products which do not meet the international environmental standards. The other threat to BMW is that it risks losing customers given that there is low average income among the population and therefore this affects its target market based on the fact that it major market share are those earning a high income. Summary of SWOT Analysis Strengths Brand Image Rear wheel drive Superior driving experience Cutting edge technology Extensive distribution channels Weakness High price of BMW products Maintenance cost of the car is high There is a perception that car is affordable to the very rich in the society The BMW cars lead to environmental pollution Require specialized knowledge for repairs Opportunities Economic growth in Germany Technological advancement Leveraging its brand image Increasing dealers Rising population and economy in Asia Increase demand for luxury cars Threats Increase in VAT Competition High cost of raw materials Increased environmental awareness Low average earnings High prices of fuel 4.0: Marketing objectives 4.1: Strategic Thrust BMW will strategically utilize its research and development team, the network of dealers and suppliers and employ advancement in technology to drive its penetration in the middle market thereby allowing it to penetrate in the emerging markets in Asia and Africa. 4.2: Strategic objectives 1. To enhance the cooperation between dealers and company thereby promoting direct customer contact within the next five years; 2. To deploy research and development to come up with fuel efficient models by year 2015; 3. To increase the company’s penetration Japan and China by 10 percent thereby increasing its overall annual sales by 2015 while retaining the upper market segment; 4. To enhance marketing campaigns through use of social media networks to increase customer base. 4.3: Core Strategy Our core strategy is to be the market leader in manufacturing of luxurious sport cars and have an ability of penetrating new markets without losing our previous market share. To accomplish this, BMW will enhance the relationship will the dealers to be able to get feedback from customers and promote our customer service. Additionally, the company will strengthen the efforts of the research and development department to come up with new strategies that will help the company develop cheaper products. The research and development will play an important role in enhancing the ability of the company to deal will the company’s threats and weakness. 4.4: Target Market In working to towards achieving our strategic objectives, BMW will focus on the new emerging markets in Asia. This region has been selected for given its high population and growing economy. Particularly, the company will concentrate the marketing efforts in China and Japan which are industrialized countries and the living standards of their citizens are rising (Pozelaite 2010A). In addition, the two countries have a large population with the United Nations estimating that Japan has a population of more than 1.3 billion people while Japan has an estimated population of 126.435 million people (Wong and Furuoka 2005A). The population in the two countries is also expected to remain significantly high to provide a market for longer given that China has an annual population growth rate of 0.45 percent while Japan’s annual population growth rate is 2.99 percent (Wong 2010A). A PESTLE Analysis has been carried out to demonstrate the rationale behind the choice of the target market. 4.4.1: PESTLE Analysis of the Target market PESTLE analysis evaluates the political, economic, social, technological, environmental and legal factors. Political factors describe the extent and the way governments intervene in businesses ("Research and Markets Adds Report: Country Analysis Report - Japan - In-depth PESTLE Insights" 2011A). Political factors include the tax policies in a given country, labour laws, tariffs and trade restrictions. In political analysis, one has to also consider the political stability in a country as lack of peace can adversely affect the business operations (Radoviciu and Stremtan 2009A). Japan and China are politically stable and is usually under no eminent threat of terrorist attacks given that they do not engage actively in global politics and military intervention against other countries. In addition, the country does not restrict importation of goods from Euro zone as they acknowledge their quality standards to be high. This makes it easy for BMW to enhance its exportation of its products to the two countries. Moreover, Japan and China do not have strict environmental laws and in fact the environmental laws upheld in Europe are stricter than those observed in the two countries (Radoviciu and Stremtan 2009B). Additionally, labour laws which are important determinant of the company’s profitability are stricter in Europe than are in Asia and labour market in these countries is cheaper. This means that BMW will not encounter any difficulties in establishing itself in China and Japan and will only need to comply with the government regulations. The other factor considered in selecting the target market is the economic factors where interest rates, rates of inflation, economic growth and exchange are assessed. The economic factors are indicators of the purchasing power of the people in the target market and the market conditions which influence profitability. In a country where there is high inflation, a company is more likely to run into losses while exchange rates are important indicators of whether a company would run into losses when changing currencies. China and Japan are among the leading countries in the world in economic growth and are considered as first world countries. This means that the average income of households is high and therefore the citizens have a high disposal income. In light of the above, BMW would have a large potential market and its main efforts would to lure customers to buy its products. Social factors were also considered in selecting the target market as the social trends in a country determines the demand for the company’s products (Soukhakian 2007A). Specifically, social factors are crucial to BMW given that the company deals with luxurious products and therefore the culture of the people is important in determining their willingness to buy sport utility cars (Soukhakian 2007B). Technological factors considered in selecting the target market included automation and research and development in a host country. China and Japan have industries involved in car manufacturing and this means that the BMW will have no technological problem. Moreover, due to the development in research, the automobile industry in Japan and China has grown significantly and therefore customers are now demanding for vehicles that have superior qualities making BMW a viable option. Environmental factors were also considered in selecting the target market. This is because increased environmental awareness has led customers to demand for fuel efficient vehicles which cause less pollution to the environment (La and Kandampully 2004A). Lastly, the selection of the target market is considered legal factors which could affect the operations of the company in the new market. 4.5: Competitor Targets In penetrating the Chinese and Japanese automobile market, BMW will be wrestling customers from two main competitors in these markets; Nissan Motors and Toyota Corporation. The two companies have been in the two countries for long term and have experience. Moreover, the two companies have their manufacturing plants in the two countries and make various vehicle models which fit people in different social and economic groups. Additionally, Toyota and Nissan are cheaper compared to BMW vehicles and this is poised to remain unchanged considering that BMW will have to incur costs of shipping their products from Germany which will make its products relatively expensive compared to those of their competitors. Toyota enjoys a strong brand image in Japan and China and therefore BMW will have to adopt aggressive marketing strategies which will help its brand gain loyalty in the target markets. 4.6: Competitive Advantage in the Target Market Despite the fact that it will be difficult to compete on price among other players in automobile companies in China and Japan, BMW has several strengths that will propel its growth in the target market (Moffett 2006A). One of this strength is that in comparison to its competitors, the cars made by BMW depreciate slower. This means that customers who buy a BMW product will drive it for longer time without having to buy a car saving on costs. The other competitive that BMW has is that its brand image globally is that of manufacturing superior quality vehicles and therefore it would not be difficult to market it as such. The unique drive experience offered by BMW is another competitive advantage which will be crucial in marketing the vehicle in the new market. Another strength point of BMW is its cordial relationship with dealers and this will help maintain direct contact with it customers. The fact that BMW are already considered as luxurious brands makes it easy to market them to the up market customers. Moreover, given that Toyota and Nissan are common brands in the target market, customers who wish to be distinguished in the market could choose to drive unique brands which distinguish them from the commons. Consequently, BMW will be a viable and a readily available brand for them. 5.0: Marketing Mix 5.1: Products To attain its objectives, BMW will use the 4Ps that are critical in marketing a product. Firstly, BMW will market BMW products as luxurious products that have low depreciation rates (McDonald 1999A). Moreover, in marketing the product, BMW will emphasize on the fact that its products are meant for the high social groups in the society. In marketing the product, BMW must also promise its customers in the new market of the availability of dealers who offer the spare parts for the vehicles and where they can take their vehicles for servicing. 5.2: Promotion In marketing of BMW in the target market, promotion of the products would refer to enhancing the product perception in the customers. In the promotion efforts, the company will use various channels to reach out customers. One strategy in promoting the product, BMW would organize events where customers would be given a chance to have a driving experience. This will allow customers get a feel of the superior experience that comes with driving a BMW. Moreover, the company will use social networks such as FaceBook which have a large number of subscribes. Additionally, the company will rely on the press to advertise its products for instance by using of the newspapers in the two countries and carrying advertisements of its products on fashion and automobile magazines. This will enhance the ability of company to reach out to a large number of customers (Mintzberg, Ahlstrand and Lampel 1998A). 5.3: Price Given that the competitors in China and Japan sell their products at a lower price, BWM will not work on reducing the price but providing quality products and services. It has been shown that a lower price does not necessarily mean that more customers but they are always willing to purchase at a premium price provided the product is of superior quality (Quinn, Hines and Bennison 2007A). 5.4: Place Place factor is also considered in marketing mix and BMW will implement this factor by bringing the products closer to customers. In marketing BMW in the target market, the place factor will be achieved by having BMW dealers in the major cities of China and Japan. This means that they can get the product closer to them and any after sale services will also be closer to them (Porter 1991A). 6.0: Budget The budget required for implementation of the business plan includes the expenses required for marketing efforts and the cost of shipping the products into the country. The dealers will be set up through partnership with investors in China and Japan willing to market their products in those countries. This will reduce costs of set up and ensure that our products are marketed by a team with shared values and cultures with customers thereby enhancing their acceptance. Annually, the company expects to sell 100,000 units in each country for initial three years. Table1 showing the budget on marketing BMW in China and Japan Expense(Item) Costs per unit Total Shipping $100 $20,000,000 Import tax @ 10 % of cost $589,000,000 Costs of Advertisement $2,000,000 Organizing events $1,000,000 Salaries to direct sales staff $1,000,000 Total 613,000,000 The tax for importing the vehicles have been calculated based on the current cost of BMW series-1 which is the cheapest BMW product and will be the main product marketed in the two countries. 7.0: Organization and Implementation The company will post two country directors in Japan and China to coordinate the marketing efforts. The support staff who will be working hand in hand will the dealers will be selected from the host countries to ensure that they have similar culture with the customer and enhance chances of acceptance of the products. The country will rely on private dealers to market its products as this will reduce the cost of set-up. To boost its brand image the company will organize annual events where customers come and have a unique driving experience in a BMW. Moreover, the company will organize free annual BMW check-up clinics as a way of improving customer contact and loyalty. This will also allow the company gets feedback from the customer thereby enhancing its ability to improve customer service. The tax incurred when importing the vehicles will be absolved by the customer by adding it on the cost of production but the shipment cost will be incurred by the company. 7.1: Weakness and control Despite the well conceived business plan, it has several weaknesses which can limit its effectiveness in ensuring the penetration into the Japanese and Chinese market. One of these weaknesses is that the plan is developed on the perception that there will be investors in major cities of the target market willing to market BMW products. Moreover, it assume that the cost of shipping vehicles into the target market will not change in the near future thereby remaining within the limits that do not affect the profitability of the company. There is also an assumption in developing this business plan that policies and tariffs in target market will not change although these are very dynamic factors. To control these weaknesses, the business plan will be reviewed after three years. References Barnard, B. 2005, "BMW: Mixing marketing verve and engineering excellence", Europe, , no. 352, pp. 22-22. BMW Group, 2011, ‘‘Annual Report 2011’’ Accessed on 6th June, 2012 from Klein, A., 2007, ‘‘Marketing Plan-BMW1 Series in Germany’’, Grin Publishers: Pp 1-32 La, K.V. & Kandampully, J. 2004, "Market oriented learning and customer value enhancement through service recovery management", Managing Service Quality, vol. 14, no. 5, pp. 390-401 McDonald, M. 1999, Marketing Plans, Oxford, Butterworth-Heinemann Press. 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Appendices Bar Graph showing the percentage sales of BMW products in different global regions Source (BMW Group 2011B) Table 2 showing BMW production per country Country Make 2006 2008 Models Germany BMW 905,057 901,898 BMW 1, 3, 5, 6, Z, X1, China BMW No production 67,000 BMW 3, 5 series Austria BMW 114,306 82,863 BMW X3 South Africa BMW 54,782 47,980 BMW 3-Series United States BMW 105,172 170,741 BMW X3, X5, X6 United Kingdom Mini 187,454 235,019 All Mini models Mexico BMW 1,500 100,000 BMW X3, X5, 3, 5, 7, and Motorcycles Russia BMW 1,500 2,000 BMW X5, X6, 5-series Total 1,366,838 1,439,918 Sources (BMW Group 2011C) Read More