BMW has been a force to reckon with in the automotive industry due to its consistency and reliance in its brands. Besides addressing the customer’s desire to travel, BMW has made it a tradition that comfort, style and altered customers’ needs are addressed in a dynamic way. This, among other strategies has made it get the recognition as one of the best brands in an intense competitive industry. These characteristics are ingrained in the company’s strategy, which is unique compared to the competitors.
Ability to Satisfy Elite
One of the major competitive advantages over the competitors has been BMW’s ability to satisfy the elite class with its cars. Having established a perception in the market, that BMW owners belong to the affluent and rich professionals is a defining strategy. BMW is categorized among the premium car owners, and owning the car is viewed as a sign of achievement or social status. This way, high government ranking officials globally, and the rich in the society have a demand for every BMW model released to the market.
Relevance to Market
Effective designing and modeling of the vehicles has maintained a brand that is hard to match. BMW has maintained a culture of product innovation and technological advancement as a way of ensuring that they are ahead in the competition. This includes ensuring that their vehicles have a diversified portfolio including luxury Sedans, Sport cars and SUVs. The manner in which the likes of BMW 3 series, BMW 5 series, BMW 7 series, BMW X3, BMW X5 and BMW X6 have been availed in the market, has always ensured that the consumers are challenged to advance with each model. This way, BMW has maintained its relevance in the market.
Competitive Marketing and Service
With an already established target market, and a good brand that sells, BMW has laid emphasis on the competitive marketing and post-sales service. The company’s marketing strategy endorses advertising of its brands and showing off its stylish and elegant models fitted with modern technology such as iDrive and in-car infotainment system. It’s after sales service has also been acclaimed by the customers thereby ensuring the customers remain loyal to the brand.
Research and Development
BMW has invested heavily on research and development, which has played a significant role in ensuring the company’s sustainability. With an aim of introducing the innovative products, the research and development unit integrates innovation with the company’s legacy of high end brands. This has ensured that the company’s competitive edge is maintained and its relevance in a dynamic competitive industry. Availing eco-friendly vehicles has been one of the many achievements by the company.
Technologically Advanced
In maintaining a luxury segment that satisfies affluent customers, BMW has ensured that its target group is always willing to return for new brands. With the target group being the rich professionals and the affluent, BMW is able to maintain high prices for its vehicles. BMW has positioned itself as a technologically advanced automobile company, which incorporates the innovation in order to give the customers an ultimate driving experience. This way, BMW has remained relevant for years with a brand that can only be matched by a few.