Market Analysis of Bmw

In: Business and Management

Submitted By KalamRohith
Words 2206
Pages 9
Decision Making:
Decision making is an art and a science which has been studied over generations. The secret of marketing lies in learning what the customer wants and how to influence the customer’s decision making process so that he buys our product above competition.

Behind a simple decision making process, there are many thought processes which influence the decision making. A buyer may take an emotional, spur of the moment decision, or he may take a well thought out and researched decision. Based on his observation, different processes can be defined for decision making.

Decision making mainly depends on the involvement of the customer. There are high involvement products and there are low involvement products. Similarly, there are consumer products and industrial products. Involvement in industrial products like automobile (BMW) will generally be higher as compared to commercial products because the amount of investment in industrial products is also huge.

Marketers must consider how consumers decide to buy their product. Consumers use nominal, limited, and extended decision making. Watch this video to learn more about the different types of consumer decisions.

Consumer Decisions and Strategy
In order to successfully reach their target market, marketers must have some idea of how much time and effort consumers will put into a purchase decision. For BMW the business personalities, high officials are the target market but decision sometimes depends on their wives and children.
After many observations of the decision-making process, you see that the actual customers of BMW are motivated by their spouses or children and they must spend a lot of time to select a specific car among Mercedes Benz, Lexus, Prado etc.

Types of Consumer Decisions

There are three major categories of consumer decisions - nominal, limited, and extended - all with…...

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