Target Marketing and Market Segmentation
Stand of Material
Executive Synopsis 3
1 . Market Definition4
2 . Market Targeting4
1 . Segment 12-15
2 . Part 25
three or more. Market Profiling6
1 . Section 1 вЂ“ Older Affluent Professionals6
three or more. 2Segment two вЂ“ Youthful Male Well-off Professionals7
some. Product Attributes8
1 . AS BMW HYBRID Series 7 вЂ“ Portion 1 вЂ“ Older Well-off Professionals8
2 . BMW Z4 вЂ“ Portion 2 вЂ“ Young Men Affluent Professionals8
The Australian Auto Market is one of the largest and fastest developing industries in the Australian economic system. BMW is a world renowned auto manufacturer and one of the leading designers of high-class and luxury sport automobiles. This statement aims to discover the market that BMW can be involved in also to further investige some of the target market and marketplace segmentation tactics that BMW uses to claim its business. It will also look at two specific target market segments that BMW operates in and the typical buyers contained in that pinpoint market. This report will need to allow us a better insight into BMW marketing plans and enable us to continue upon with more indepth reports if possible. 1 . Market Definition
A market is defined as " a grouping of individuals and/or organisations which have needs pertaining to products within a product course and have the capacity, willingness and authority to purchase those productsвЂќ (Pride ain al, 2006, pg 38). This survey aims to consider that meaning of a market and employ it to examine the sales strategies and positions maintained by Bavarian Electric motor Works Group, commonly known as AS BMW HYBRID. According to a report printed by Frost & Sullivan (2005), the Australian Auto Market provides emerged as an integral part of the Australian economy, contributing to boosts in the work force and research areas while also providing essential work for Australian manufacturing businesses. With a " vehicle ownership rate of 675 per 1000вЂќ, not necessarily difficult to understand why. According to the Federal Chamber of Automotive Industrial sectors (FCAI) (2006) database, an overall total of 962, 666 new vehicles had been sold to the Australian public by the 06\ year end. The total motor vehicle market includes all cars sold during 2006, broken down into some distinct groups, Passenger, VEHICLE, Light Industrial and Weighty Commercial. This report will focus mainly on the Traveler vehicle market and, consequently, BMW's involvement and marketing plans in that sector.
As observed by the BMW Group site (n. d), BMW started in 1916 and offers continued to make high quality, superior automobiles and motorcycles for more than 90 years. The company strategy, found on the BMW Group website (n. d), emphasises BMW's dedication to the spectacular development and continued improvement of the BMW design while keeping the highest quality.
2 . Market Concentrating on
A target market identifies specific categories of consumers that a great organisation or company will attempt to accommodate a specific item towards (Pride et ing, 2006, pg 6). Deciding on a target market can be one of, if not the most important aspect that the company need to consider as it is impossible to create a marketing strategy that caters to a complete market. Digesting the market into smaller portions allows companies to target a certain group and to design a product based completely on their certain needs and wants (Pride et al, 2006, pg 6, 38-40).
To relate the idea of target advertising to AS BMW HYBRID, we look at the differing products offered by THE CAR and the specific customer they are really marketed towards. BMW accomplishes the market segmentation by making a differing selection in the same product course. This allows these to appeal specifically to different portions of the marketplace depending on the...
Recommendations: Pride, Elliott, Rundle-Thiele, Waller, Paladino, Ferrel 2006, Promoting вЂ“ Main Concepts and Applications, Steve Wiley & Sons Australia
Frost & Sullivan, 2006, вЂStrategic Understanding of the Australian Automotive Markets' Global Data Inc, July 2005, reached 12/04/2007,
FCAI 2006, вЂDecember Vehicles Sales 2006', FCAI Database, accessed 14/04/2007, http://www.fcai.com.au/sales.php/2006/12/introduction.html
BMW Group, utilized 10-17/04/2007, http://www.bmwgroup.com/e/nav/index.html?../0_0_www_bmwgroup_com/home/home.html&source=overview
BMW Australia, accessed 10-17/04/2007, http://www.bmw.com.au/
Wikipedia. org 2006, BMW Series 7, reached 15/04/07, http://en.wikipedia.org/wiki/BMW_7_Series
BMW, seen 10-17/04/2007, http://www.bmw.com/