BMW presentation Marketing Planning Week 3 What are the pros and cons to Bum’s selective target marketing? What has the firm done well over the years and where could it improve? * Reaches a small percentage of a target market has financial fluctuation, more consumers segment lower than others * Market too small fluctuate when there is an economic downturn * Know what the general weaknesses restricts its ability to sell to a wide range of the population more specific segment of the population * Could be considered a con overall the pros far outweigh the cons * Review all of
BMW pros and cons of target marketing * Find a place where they can improve * General pros and cons that can arise from target marketing * When you are breaking down your market you do need to be aware that your target market is not the only thing that you can turn to. Sometimes companies only limit themselves to this market and they do not branch out. It is important that you work on getting surveys and other things that can help you to branch out and learn that you have new customers out there. Lineally target marketing is usually a good thing to tart with but you have to make sure that you are not limited yourself to this market. One of the things that you need to work on as you are doing some market research information is by working on finding out which products that your customers want to have combined together. * Some of the changing elements that you want to work on when you are looking at finding your target audience is by looking at their income. Income can change and with the recovery from the recession and many customers dealing with tighter budgets, you have to be careful about losing income.
This is why oh have to build up reserves. * Selective market pros increase its market share * Cost efficient selective marketing initiatives create a higher return on investment as they reduce time and money spent, as your business no longer has to worry about reaching an audience that may or may not fit into your true target market. * Direct targeting Selective marketing enables your business to filter out those customers within a certain segment that your product or service caters to the most.
Based on their demographics, interests or previous search history, your business can directly argue them and make sure they are exposed to your message of performance luxury whatever * Tailored messages When you can target your audience directly, it is important to have tailored and strategic messages to those you believe are more likely to engage with your marketing efforts and overall brand. When your business knows so much about your target audience, why spend money trying to cover every potential audience without even knowing if they will actually care about your business? Leads, loyalty and word of mouth Selective marketing not only helps oh generate more quality leads, it also helps increase the loyalty of your existing customers and inspires people to spread the word about your business and what it is you do * Friends of friends Selective marketing on social media also allows you to reach out to people who are friends with your fan base. On Faceable for instance, Bmw Presentation for Marketing Planning By million people who already “like” your page. This again increases your chances to reach a new audience of who may also be interested in your business.
Could try and reach out on Faceable * Selective marketing offers new opportunities for the marketing industry, yet is still to be fully utilized by many businesses as an effective marketing strategy. With millions of users already being very active, social media platforms continue to grow both in regards to users and features that allow your business to get in contact with those you believe will truly benefit you. * How has selective marketing benefited your marketing efforts? Share with us in the comments below. Bum’s sales slipped during the worldwide recession in 2008 and 2009.
Is its segmentation strategy too selective? Why or Why not? * Too certain extent yes * Too focused on trying to get a sale? * May be obvious that other market segments sales declined more than others? * Consumers downgraded to smaller cars that did not cost as much to fill up and to drive * Marketers couldn’t predict behavior of consumers at this time could have offered consumers with more affordable models? * Failed to predict nurture all the target markets that BMW had marketed to only focused on a specific target market that was making them more profit