I will pay for the following essay Marketing research. The essay is to be 3 pages with three to five sources, with in-text citations and a reference page.
e noted that BMW operate in a highly competitive environment made of various players, but it mainly concentrates in the high-end and luxury automobile market. Its most fierce competitor in the European market is Mercedes-Benz brand, which also specialise in high-end and luxury automobile products. Equally, the customer base of BMW mainly consists of the high-income earners.
The above image illustrates the buyer decision process that BMW customers undergo. In the first phase of the process, the buyers acknowledge they need a car. Secondly, the sought for information on cars that are available within their price range. Thirdly, the buyers evaluate the different brands of cars that he or she can afford. Fourthly, after choosing the best alternative the buyer, makes the purchase and in the last phase of the process, the buyer evaluates if his option was correct or wrong and whether he needs to make changes on the car or buy another one.
According to the studies conducted by Ansoff (1957), an organisation such as BMW has four viable options as presented in the image below, these options include penetrating deep into the market, product or market diversification, development of the new product and development of new markets.
In regards to the Ansoff’s matrix, it is recommended that BMW should diversify its range of products to include low budget vehicles that are of high quality. By pursuing this strategy, BMW will be exploiting a new market segment, which will enable it to increase its market share as well as sales, and thereby, wade off competition from the likes of Mercedes-Benz.
Currently, it can be noted that the key market segment for BMW brands is the high-end and luxury market, which only comprise of wealthy individuals or high-income earners. However, from the strategic option chosen above, BMW will now also target low-income earners because they are in need of quality vehicles and the only option they currently have is second-hand vehicles and low quality