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英国paper代写-Product in the strategic marketing process of luxury car industry

2018-02-08 | 来源:51due教员组 | 类别:Paper代写范文

下面为大家整理一篇优秀的paper代写范文- Product in the strategic marketing process of luxury car industry,供大家参考学习,这篇论文讨论了产品在豪华汽车行业战略营销过程中的作用。豪华汽车被普遍认为是一种以高收入群体为目标的汽车,其拥有精良的设备、创新的技术、舒适的座椅和优良的外观设计。在国际市场上,宝马、路虎和保时捷都是知名的豪华车品牌。产品是一种不断向消费者提供优质产品的竞争战略。通过这种方式,企业可以凭借其为客户提高优质的产品,获得优质的市场价格。

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Summary

BMW is the top performer in luxury car industry in worldwide market with the popular product quality and prominent product differentiation, which meets the current high income group. Besides, the product diversification not only make BWM cover a broader market in luxury car industry, but also provides lots of reliably real market information for its development and improvement. It is believed that it helps BWM escape the decline phase of product life cycle and maintain a fast growth rate. The analysis of BWM comparing with Porsche and Land Rover in terms of product demonstrates that product plays an important role in the strategic marketing process by providing the basic utility for consumers, collecting significant market information for further development and product improvement.

Introduction

Luxury car industry increasingly grows in world market. As the report from McKinsey & Company predict, the luxury car industry will maintain this momentum around the world (Sha, Theodore & Erwin, 2013). With the market development, the competition among different companies becomes fiercer and fiercer. Lots of elements have an impact on the success or failure of certain industry. However, this paper is going to discuss the role of product in the strategic marketing process of luxury car industry. To make the examination smoother, the discussion will pick three famous luxury car brand - BMW, Land Rover and Porsche as the examples of top performers middle range performers and bottom performers respectively according to their sales figures (Henk Bekker, 2014; Tiko, 2014). Subsequently, the importance of product element in the strategic marketing process will be demonstrated by comparing the dimensions of product quality, product diversification, product differentiation, product leadership, product life cycle and product defects.

Definition of luxury car

Before the discussion and analysis the product element of luxury car industry, it is necessary to give out the definition of luxury car. “Luxury vehicle is a marketing term for a vehicle that provides luxury pleasant or desirable features beyond strict necessity at increased expense” said by Miller, Vandome and J Mcbrewster (2010). A luxury car is also popularly considered as a vehicle targeting the high income group with well equipment, innovative technology, comfortable room and excellent appearance design at a premium price.

In international market, BMW, Land Rover and Porsche are well-known luxury car brand and different people may have various opinion on the ranking of them. However, this paper ranks them by the worldwide sales figure in 2014. BWM is the best seller with car sales of 2,117,965 followed by Land Rover and Porsche with 425,006 and 189,849 respectively (Henk Bekker, 2014; Tiko, 2014).

Exploration of the product element in luxury car industry

Product quality

When talking about the quality of certain luxury car, people usually do not only focus on the reliability and safety of the car. The quality of a car can be misty and various. A.J. Robotham and M. Guldbrandsen (2000) have pointed out that product quality paradigm is decided by customers currently. In other word, it is suggested to select some standards to evaluate the quality of certain product. To make the comparison more visual, this section evaluates the product quality of X6, SVR and Cayenne Turbo, which are the certain product from BMW, Land Rover and Porsche based on five dimensions of power train, fuel efficiency, high tech, comfort and exterior, which are ranking of 4 most important attributes to luxury car consumers (Sha, Theodore & Erwin, 2013).

As for the power train and fuel efficiency, there is an apparent advantage in X6 with the fuel consumption of 9.1 L/100KM, which is lower than that of SVR and Cayenne with 10.7 and 10.2 L/100KM respectively. Because the energy price especially the oil price keeps going up, the car owner has to consider the energy consumption when purchasing car. (Agnès, Valérie and Alexis, 2007). Thus drivers including the high income group become sensitive about the power train and fuel efficiency.

Regarding to the high tech, they have the similar performance with the start-stop, active brake etc.

In terms of comfort, it can judge it through the car room and experience of control. The former is objective. SVR has the largest car room with 4850×2073×1780 mm, followed by X6 with 4929×1989×1709 mm and Cayenne with 4855×1939×1699 mm. However, as for the experience of control, most consumers rank X6 as the top one since its excellent power distribution system makes it stand out.

Last, the exterior factor plays important role in purchasing a luxury car, which is relatively subjective for different people. But it is believed that X6 surpass its competitors since it got the famous Red Dot Design Award in 2013.

Product diversification

Regarding to the product diversification, it is going to inspect the quantity of vehicle model from the three luxury brand. Land Rover focuses on the SUV all the time with 3 main vehicle model. Thus, Land Rover seems pay less attention on the product diversification comparing with the other two brands.

Both Porsche and BMW have various vehicle model including sports car, saloon car, SUV, etc. However, it is believed that BWM goes further in terms of product diversification with 10 main vehicle model compared with 6 main model from Porsche. More choice for consumers means more opportunities to fulfill their demand. X Cui and FB Zhang (2007) have pointed out that currently consumers expect more and more, and the trend of consumption demand diversification and personalized consumption has happened. The successful enterprise always rack its brains to put out as much as different products to meet the market demand. Though it is difficult to develop different car with different engine and speed changing box, the car industry can also diversify its product by providing different colors, entertainment equipment and so on. By offering different formal product, the car manufacturer can cover a broader market.

Product differentiation

It is believed that technology can tell the differences from different corporate. But the well performer should know what technology it ought to develop. It means that the successful industry can feature itself by carrying out the popular technology for consumers. Since the three brands are in the top luxury car industry, they dominate the technological field in their own. Land Rover is the perfect choice for most consumers when considering buying SUV. Porsche may gain preference from the sports car lovers. BMW attracts the young people pursuing the innovative and fashion luxury car. In a way, they are all different with excellent technology. But similar to the product quality, the technology should be recognized by the consumers. In many instances, the car owners usually highlight the interaction system, engine start-stop technology and lane departure warning system and the ideal luxury vehicle should be equipped with above functions (Lynn Yu, 2016). In this term, BWM has a better performance again with the third generation of iDrive, which can provide desirable experience of interaction system and BWM is one the earliest car manufacturer to use the engine start-stop technology.

Product leadership

Product leadership is a competitive strategy to constantly provide superior products to consumers (M Sihite, 2015). Through this way, corporate can achieve premium market prices with the excellent experience they create for customers. Though Porsche and Land Rover are seemed as the top luxury car industry, BMW maintains dominating position among most consumers. People usually think the BWM car owner stay in a high social status (Lindström & Ilona, 2016). It is believed that BMW achieve its leadership in worldwide market with the sense of innovation. Especially, it finds out the consumer market features of requirements for clean energy such as hydrogen (Wallner, Lohse-Busch, Gurski, Duoba and Thiel, 2008). In terms of cleaning energy technology, BWM goes further than the other two brands initiating its testing of hydrogen-fueled vehicle since 1978 and this technology applying makes it achieve the innovative leadership.

Product life cycle

Generally, product cycle theory (M Holweg & A Greenwood, 2001) consider that products like human being have its life cycle. When entering into a certain market, the sales volume and profits of a certain product or service will change from increasing slowly, then rocketing sharply and leveling off to die down in the end with the time goes by (T Levitt, 1965). However, in worldwide market, the whole luxury car industry still maintain an upward trend though the growth rate has been slowed down because of the influence of macro economy context. Benefited from the whole industrial situation, the three brands (BMW, Land Rover and Porsche) have increased their slaes volume. However, the best seller makes BWM become the most brilliant one. Its excellent performance around the world demonstrates it still stay on the growth phase of the product life cycle pattern and its efforts on innovation of clean energy and automobile technology indicate it is struggling for escaping from the decline phrase. So far, the measures taken by BMW have been proved to be effective.

The importance of product element in the market competition

Based on the analysis mentioned above, It is reasonable to believe that product is the most fundamental and significant factors in the marketing strategy. When planning the marketing mix, the first thing should be considered is develop what product to meet the target market demand. When making a purchasing decision, consumers always pay attention to the core product, which can offer the basic utility and benefits for consumers (GE Song-Lin, 2000).To be exactly, the luxury car industry ought to consider what quality is the consumers really care about. In this case, it is difficult to tell which luxury car brand (BMW, Land Rover and Porsche) has the best quality without consideration of the market demand. Land Rover may be the king on mountain road, but what the high income class cares about is energy consumption, comfort and exterior. So, consumers may ignore the quality provided by Land Rover because it is not the quality that they expect.

Besides, product is a credible channel for the luxury car industry to collect the market information. Although luxury car industry will evaluate the market condition by market research and consultant, it is an indirect way to touch the market. Once the market changes sharply or some mistakes happen in the market search, the information gained may mislead the corporate. Instead of contacting market indirectly, corporate can carry out certain product to market and observe the market responding in a visual way. The information including the consumers’ appetite, ideal price and other important data can be collected, which provides dependable gist for the further decision.

Last but not least, product also has direct or indirect influence on the other elements of marketing strategy. Because the positioning and brand strategy are all around the product and subjected to the product features. One of the mission for brand is to build the product perception for consumers so as to awaken their emotional connection to the product, which leads to the purchase behaviors. However, the product features can genuinely maintain the customer group if the product features can meet their demand, which can strengthen the brand image (J Berger & I Simonson, 2009). And the positioning is to help to find out the niche market for the product with certain quality catering for certain target consumers. Thus, the product features will direct the positioning strategy (D Li, 2000).

Conclusion

The element of product plays an important role in the strategic marketing process. The example of BWM in worldwide market demonstrates it. The product factor is so important because it is the carrier to provide certain utility and benefits for consumers. Knowing what consumers really need and putting as much as resources into it to develop the popular quality can decide the success and failure of the product and the luxury car industry. Besides, to escape the decline phase of product life cycle, collecting reliable market information and based on it carrying out the right strategy to improve the product quality can make the industry stay on the growth phase. In this part, product also makes contribution since the market responding to the product can provide the most dependable information for the industry.

Reference

S Sha, T Huang & E Gabardi, 2013. Upward mobility: The future of China's premium car market. McKinsey (2013-03-22).

FP Miller, AF Vandome and J Mcbrewster, 2010. Luxury Vehicle.

https://www.morebooks.de/store/es/book/luxury-vehicle/isbn/978-613-0-27706-2

A.J. Robotham & M. Guldbrandsen, 2000. What is the new paradigm in product quality? Proceedings of NordDesign 2000, pp. (9).

A Bénassy-Quéré, V Mignon and A Penot, 2007. China and the Relationship between the Oil Price and the Dollar. Energy Policy, 2007, 35(11):5795-5805.

L Bengtsson, 2000. Corporate strategy in a small open economy: reducing product diversification while increasing international diversification. European Management Journal, 18(4):444-453.

Lynn, 2016. Chinese Luxury Car Market still Promises Staggering Growth Potential. Chinas Foreign Trade, (3):36-39.

M Sihite, 2015. The Competitive Strategy in Green Building for Indonesian Stakeholder’s. International Journal of Innovation & Technology Management, 6(1).

Lindström & Ilona, 2016. Market Research of the Luxury Car Market in China.

http://publications.theseus.fi/handle/10024/106820

T Levitt, 1965. Exploit the Product Life Cycle. Harvard Business Review, 43(6):81-94.

GE Song-Lin, 2000. The Evolution of the Total Product Concept and It's Implications. Foreign Economies & Management, 25(21).

Henk Bekker, 2014. 2014 (Full Year) China and Worldwide German Luxury Car Sales

http://www.best-selling-cars.com/china/2014-full-year-china-worldwide-german-luxury-car-sales/

Tiko, 2013. Jaguar Land Rover announces record November sales figures.

https://boxden.com/showthread.php?t=2294837

X Cui & FB Zhang, 2007. The Trend of Consumption Demand Diversification. Commercial Research, 36(6):81-94.

M Holweg & A Greenwood, 2001. Product Variety, Life Cycles, and Rate of Innovation–Trends in the UK Automotive Industry. World Automotive Manufacturing, 8(5).

J Berger&I Simonson, 2009. The Influence of Product Variety on Brand Perception and Choice. Marketing Science, 26(4):460-472.

D Li, 2000. Positioning New Product Feature in Dynamic Environments: the Choice of Optimal Time and Related Analysis Frame. Journal of Southeast Univwrsity.

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