MKTG 303 Group Project Overview You will work with the group to develop an abridged version of a marketing plan for the chosen company and product. The written project is worth 500 points or 50% of the total grade (with the penultimate draft worth 100 points and the final project is worth 400 points). DUE DATES AND OTHER REQUIREMENTS: • • • • • • • • The penultimate draft is due on April 10, Tuesday class, and April 12 for Thursday class The final project is due in class on May 1, Tuesday class, and May 3 for Thursday class Please ensure that the group sends me only one version of the e-copy on the due day. The e-copy should always be in Microsoft Word format only. Please make sure that the e-copy and the hard copy are the same document. Please label the attachment(s) (e.g. MKTG 303, Title of project, Name of the person submitted it). Please deposit the e-copy in the designated folder on the Blackboard. Please bring a hard copy of your submission on the due date. Only a well stapled, Black and White hard copy is needed (for verifying that the correct e-copy is received for all documents). You will be part of a group of 5 students. You will form your group during the first class, and exchange the names and contact information with each other. This project allows individual members to assume responsibility for portions and contribute equally to the project. It is the group’s responsibility to ensure that the final product integrates all components and will be presented as one single professional product. A group evaluation will be taken into consideration when assigning project marks at the end of the semester. You must meet regularly in person as a group, do not rely solely on conducting group project in the cyberspace. Your group should select a product and a company of interest. For purposes of this project, I would recommend that you choose a company that is a publicly held company, so you will have access to the necessary information. GROUP PROJECT The Report will include: o A cover page, and a table of contents o A description of the product itself from marketing, not necessarily a technical, perspective. o Describe the product and its primary benefits to the consumers. o Describe the overall company image and brand perception. Derive any relevant brand related issues/challenges? o Identify the key competing products and articulate the unique value proposition of the product and explain how it relates to the determinant attributes. In other words, why would consumers choose this product over those of the competitors’ and how does your product rate against those of the competitors on important aspects of the purchasing decision? (Include a product comparison chart) o A description and analysis of the market trends. o What are the major current and emerging market trends impacting on this type of products or product category, not your product per se? (For example, trends in consumer needs and behavior, shifts in consumer perception of value, technological advances, trends in industry cost drivers, change and evolution of the industry in terms of competitive dynamic, and product life cycle, etc.) o Derive any relevant opportunities and threats that are relevant to the company o Determine relevant opportunities for product innovation and development o Segmentation and Targeting. o Discuss what segmentation approaches would be used to derive potential segments o Once the potential segments are derived, discuss what criteria for evaluating the segment attractiveness have been used to select the final/chosen segment(s). Clearly substantiate the criteria that you have chosen and use available statistics on market size, market growth etc. o How will you target the chosen segment(s) and what targeting strategy will be used and why? And how does the targeting relate to the consumer decision journey? 2 o What is the positioning for your product? o Develop a perceptual map using the key determinant attributes that are important to your customers for making purchasing decisions o Discuss the perceptual map and determine whether the product is currently at the ideal point o If the product is at the ideal point, what would be your positioning strategy and why? o If the product is not at the ideal point, what would be your repositioning strategy and why? (Use an arrow to indicate where you want to reposition your product on the perceptual map) o Either way, come up with a positioning statement. The positioning statement should include the target audience, the category in which the brand competes, the point of difference or differentiation, and the convincing proof that the brand delivers what it promises (see template provided in class lecture notes). If you are repositioning, you will be producing a positioning statement before the repositioning and then another positioning statement after the repositioning. o Marketing Mix. Based on the overall positioning strategy and positioning statement describe the elements and implementation of the marketing mix, explain how the marketing mix reinforces the positioning? o State the overall positioning and then explain how the marketing mix will reinforce the overall positioning in terms of: o Product strategy: describe how the product and its features support the overall positioning? o Pricing strategy: describe the price differentials to those of the key competitors. Explain the unique value proposition in terms of value versus price. Provide examples and use real prices to substantiate your discussion. o Distribution strategy: explain what distribution strategy you would use and why? What tradition channel as well as online distribution would you use and why? Give real life examples. o Promotion strategy: what would be the purpose of your overall promotional campaign and why? How does it align with the overall positioning strategy? What would be the central message? Any slogans or tag lines? What would be the promotional schedule and other related promotional tactics to support your overall promotional campaign? The body of the final written report will be maximum 10 pages, 1.5 space, Times Roman font 12 or equivalent, excluding cover page, table of contents, appendices and references. References should be in APA format and appropriately referenced in the body. Plagiarism is not tolerated and subject to discipline. You can use referencing feature from Microsoft Word. Please follow this link: https://support.office.com/en-us/article/Create-a-bibliography-17686589-4824-4940-9c69342c289fa2a5 3 Alternatively, Zotero is a Mason-developed bibliographic management tool that lets you organize your resources, share them with others, and create citations and bibliographies directly in your written work. Download it and learn how to use it from this: https://www.zotero.org/ All written reports should be professionally presented, neatly typed, and free of errors in grammar and spelling. Reports should have a title page showing a title for the report, course name and number, date due and the students’ names. All work is due at the beginning of the class on the due date. Any work turned in after its due date is subject to approval. YOU CAN CHOOSE ONE CONSUMER PRODUCT IN ANY OF THE FOLLOWING CATEGORIES (For ideas, look at http://www.toptenreviews.com, http://reviews.cnet.com, http://www.caranddriver.com, and etc.): • • • • • • Consumer electronics, including smart phones, introduced in 2017 Cars introduced for 2018 Entertainment, hotels, travel products Household goods and home appliances Baby, Oral, Personal and Home care products Sporting goods or shoes, etc. Your group will prepare a one-page typewritten project proposal containing your top 3 choices of product and firm (in order of preference), names of your group members and contact information. Please use the group proposal form on the next page to prepare your proposal. My email is ccheng5@gmu.edu. Please name your attachment in the following format: “MBUS 303, Project Proposal”. Please also bring a hard copy to class in the second week of class. 4 GROUP PROPOSAL Group Member (full name) Phone Number Email 1 2 3 4 5 Preference for group project (in descending order): Company Product Why is your group interested in this product? 1 2 3 5 GROUP CONTRACT A group contract is a document that a group creates to formalize the expectations of group members. A group contract should contain the following: • • • • • • • Group members’ names and contact information Expectations (ground rules) regarding preparation for and attendance at group meetings, frequency and duration of meetings, and communication. The contract should focus on behaviors that will be expected of all group members and should only include those behaviors that are crucial to the group's effectiveness. Groups could aim for fiveseven ground rules. Assignment of specific tasks, roles, and responsibilities along with due dates. The group can itemize the tasks to be completed for the project and provide a space for each group member to sign up for that task. Outline of the specific process for dealing with unmet expectations or other problems that might arise. An agreed-upon method for peer feedback during the project so that problems can be addressed before the project ends. A place for each group member to sign, indicating their agreement to the contract. A place for group members to sign once the project is completed to indicate whether they agree that all group members contributed as expected and, therefore, earn the group grade. Why use a group contract? Explicitly discussing the benefits of group contracts will help establish good faith in the process among your students. So, what are the benefits? The benefits of small-group learning are well known — group work is associated with deeper learning, strong information retention, and the acquisition of valuable communication and groupwork skills (Oakley, Felder, Brent, & Elhaji, 2004). On top of this, because group contracts allow you to take an active role in setting the tone for group interaction, group contract can help "motivate ownership of learning". Writing group contracts can also: • • • help students identify expectations of one another, communicate those expectations, and practice articulating their expectations. facilitate student reflection on their past experiences and communications practices, important transferable skills for future work and personal relationships. increase a sense of community in the class as students get to know and work with one another. 6 GROUP CONTRACT Group Name: ____________________________________________ Date:_____________________________ GOALS: What are our group goals for this project? What do we want to accomplish? EXPECTATIONS: What do we expect of one another regarding attendance at meetings, participation, frequency of communication, the quality of work, etc.? POLICIES & PROCEDURES: What rules can we agree on to help us meet our goals and expectations? CONSEQUENCES: How will we address non-performance regarding these goals, expectations, policies and procedures? 7 We share these goals and expectations, and agree to these policies, procedures, and consequences. • Group member name and Signature • Group member name and Signature • Group member name and Signature • Group member name and Signature • Group member name and Signature 8 GROUP PROJECT SCHEDULE Date Name of Group Member (s) All members Tasks Read project description Group Formation Research and Discuss potential group project Prepare group proposal, contract, and schedule All members Submit Project Proposal All members Submit project schedule All members Submit group contract Product section Due Market Trends section Due Segmentation and Targeting section Due Positioning Section Due Marketing Mix section Due All members Work on the penultimate draft All members Submit penultimate draft All members Work on finalizing project All members Submit Project and Team Evaluation 9 Individual Score Your individual score will be calculated based on the grading rubric. Your individual score = the group project score times the % of the overall group evaluation score. So, it pays to participate in and contribute actively to your group project throughout the semester. Group Evaluation As a group, please collectively discuss and complete only ONE form for the entire group. See the attached group evaluation form on the next page for example. A blank form is also available on the blackboard for you to download separately later in the semester, along with the submission of the final product. There is a blank group evaluation on the last page of this handout, and you can also download it from the blackboard to prepare the “collective” group evaluation. As a group, you will fill out only one “collective” group evaluation to be included at the end of the final project. Please also make sure that the names of all the students who have contributed to your group project or assignment/presentation are alphabetically listed on the cover page of your project. To ensure each contributing member is evaluated fairly, it is imperative that the group evaluate the individual member based facts corresponding to the evaluative criteria listed in the Group Evaluation. Each individual member must keep record of their interactions including phone messages, email and other online communications. You must always keep a version of your individual work submission to the group as evidence. The group must keep a record of each meeting including attendance and the details of the discussions took place in each meeting (for both online and face-to-face meeting.) A modified meeting minutes template is included here for your benefits: https://templates.office.com/en-nz/Meeting-minutes-TM00002073 10 Meeting Minutes Call to order A meeting of [Project or team name] was held at [Location] on [Date]. Attendees Attendees included [list attendee names]. Members not in attendance Members not in attendance included [list names]. Approval of minutes [Record approval of last meeting minutes here.] Reports [Provide an overview of the current meeting. List in bullet points of key discussions.] Tasks for Next Meeting [Add tasks to be accomplished for next meeting.] Announcements [Add your text here.] Secretary Date of approval 11 GROUP EVALUATION Group Topic ___________________________________________________ EVALUATION: Please enter the names of your group members in the first row and complete the following evaluation. 5 = Excellent, 4 = Good, 3 = Acceptable, 2 = Marginal, 1 = Unacceptable Name of group member Attendance - group meetings Cooperation and support Submitted quality work Completed work on time Overall contribution: Calculate total score (by adding all scores within the same column for each member) The specific individual contribution to the group project and presentation (in bullet points): Name of contributor(s) Product Section (bullet points if necessary) Market Trends (bullet points if necessary) Segmentation and Targeting (bullet points if necessary) Positioning (bullet points if necessary) Marketing Mix (bullet points if necessary) If you fail (Score for overall contribution of 14/20 or less) anyone in your group in terms of his/her overall contribution to the project, please explain the reasons behind: Additional Comments: 12 BMW X5 The Ultimate Driving Machine BMW X5 Marketing Project 1 BMW X5 2 TABLE OF CONTENTS THE PRODUCT ............................................................................................................... 3 BENEFITS TO CUSTOMER ..................................................................................................... COMPANY IMAGE/ BRAND PERCEPTION ............................................................................... COMPETITORS ..................................................................................................................... MARKET TRENDS ......................................................................................................... 6 CURRENT/EMERGING MARKETING TRENDS .......................................................................... OPPORTUNITIES/THREATS TO COMPANY .............................................................................. PRODUCT INNOVATION/DEVELOPMENT ............................................................................... SEGMENTING THE MARKET..................................................................................... 8 TYPES OF APPROACHES ....................................................................................................... CRITERIA EVALUATIONS ..................................................................................................... TARGETING STRATEGY ....................................................................................................... POSITIONING ............................................................................................................... 10 PERCEPTUAL MAP ............................................................................................................... POSITIONING STRATEGY FOR IDEAL POINT .......................................................................... POSITIONING STATEMENT.................................................................................................... MARKETING MIX ........................................................................................................ 12 OVERALL POSITIONING ........................................................................................................ PRICING STRATEGY ............................................................................................................. DISTRIBUTION STRATEGY .................................................................................................... Promotion Strategy BMW X5 3 Product: A beautiful stylish vehicle that has mastered both performance and spacious luxurious room for the family in order to give the consumers the best road experience possible. It consists of very: • Spacious Interior The X5 is bigger than its previous models while adding a higher level of luxury as well. With room for four large adults as well as an optional fifth in the central rear seat. To make things better, there is an optional third row that can be folded when not needed. Additionally, its tailgate is split in two in which the lower section opens downward resulting in a loading platform. Comfort to its finest as these details show they really care about having the most enjoyable ride possible. • The Performance In this corner coming in at an amazing 300 horsepower engine with its best friend; an 8-speed automatic gearbox that gives the driver access to speeds up to 137 MPH. It does not stop there, there are options of improvement when choosing your ideal X5. Upgradeable sports editions such as the M or M Sport will grant accessible features such as a high quality steering wheel with Servotronic power steering or an adaptive suspension. Ideal 4x4 that specializes in on-road performance. • Leasing Quality The part that arguably matters the most speaking from a financial standpoint. Unlike other competitors, leasing doesn’t require the cash commitment of buying. Once the lease term ends, customers have a variety of options at their disposal. You can either swap your BMW for a different one, buy it at an agreed(lower) price, renew the lease for your current vehicle or just turn it in and walk away with no financial worries at all. A description of this product away from marketing, the BMW X5 literally does the work for itself. The saying “actions speak louder than words” clearly comes into play BMW X5 4 when describing this vehicle who has won the award for “2018 Best Luxury 3-Row SUV for Families”. By constantly overcoming expectations and letting its performance show off its features, it helps market the product that every individual should want. Ranked #3 in Luxury Midsize SUVs, this luxurious vehicle has a score of 8.8 out of 10 which is very difficult to reach nowadays when it comes to new vehicles. A luxury and classy vehicle that raises eyes whenever it is on the road. A German powerhouse, BMW(Barvarian Motor Works) was founded on in 1917. Using a smooth circle design as its image that has led BMW to stand for personality and sophistication. By making its price tag slightly unreachable from the average consumer, it shows perception that only a select few have that certain privilege to own such a vehicle. BMW has the goal of being known as the ultimate driving experience while enjoying it in the ultimate driving machinery and it is doing just that. Individuals such as potential customers help form brand perceptions based on marketing and certain experiences. By switching from a lower performance vehicle from a different brand to BMW, they help add prestige to already such an amazing machine. BMW is not the only a German car brand in town. In comes VW which unfortunately gave some obstacles in BMW reaching full prestige as well as stardom among consumers. Originating from the same place, VW’s performance does affect BMW due to both manufacturing companies starting there. With VW not doing as well, it gave potential customers the mindset of why trade from a low end German car to a BMW German car if it’s going to fail me again? Due to these issues, BMW has had to prove its doubters more than other brand vehicles and it has succeeded. BMW X5 5 Length Width Height Wheelbase Ground Clearance Tyres Fuel Tank Power Torque Transmission Top Speed Mileage MSRP From BMW X5 4886 mm 1938 mm 1762 mm 2933 mm Volvo XC90 4950 mm 2008 mm 1776 mm 2984 mm Audi Q7 5052 mm 1698 mm 1740 mm 2994 mm Mercedes GLClass 5120mm 1934 mm 1850 mm 3075 mm 209 mm 255/55 R18 93 Litres 258 PS @ 3600 R 560 NM @ 1500 R 8- Speed AT 230 Kmph 15.4 Kmpl $56,000 238 mm 235/60 R18 71 Litres 225 PS @ 4250 R 470 NM @ 1750 R 8- Speed AT 230 Kmph 17.2 Kmpl $46,900 200 mm 255/55 R19 75 Litres 245 PS @ 2910 R 600 NM @ 1500 R 8- Speed AT 234 Kmph 14.75 Kmpl $49,000 307 mm 275/55 R19 100 Litres 258 PS @ 3600 R 619 NM @ 1600 R 7- Speed AT 220 Kmph 13.5 Kmpl $67,050 BMW X5 Product Comparison Chart $80,000 $60,000 $40,000 $20,000 $0 MSRP From BMW X5 4886 mm 1938 mm 1762 mm 2933 mm 209 mm 255/55 R18 93 Litres 258 PS @ 3600 R 560 NM @ 1500 R 8- Speed AT 230 Kmph 15.4 Kmpl Volvo XC90 4950 mm 2008 mm 1776 mm 2984 mm 238 mm 235/60 R18 71 Litres 225 PS @ 4250 R 470 NM @ 1750 R 8- Speed AT 230 Kmph 17.2 Kmpl Audi Q7 5052 mm 1698 mm 1740 mm 2994 mm 200 mm 255/55 R19 75 Litres 245 PS @ 2910 R 600 NM @ 1500 R 8- Speed AT 234 Kmph 14.75 Kmpl Mercedes GL-Class 5120mm 1934 mm 1850 mm 3075 mm 307 mm 275/55 R19 100 Litres 258 PS @ 3600 R 619 NM @ 1600 R 7- Speed AT 220 Kmph 13.5 Kmpl BMW X5 6 Market Trends: Recent trends have shown an increase in the sales and needs of SUV’s over Sedans. Even though SUVs can be more expensive than sedans, according to Rebecca Lindland, an executive analyst at Kelley Blue Book, “Consumers are willing to pay for the utility they get which is hard to pass up,”. Many consumers in the USA are looking for safer, larger cars as families are growing. “The global market for SUV’s is projected to surpass 21 million units by 2020, driven by declining fuel prices, safe, convenient, comfortable and luxuriant personal mobility needs in emerging markets, and growing preference for recreation driving in remote and rugged areas (Industry Analyst).” The growth in these markets is supported by the rural and expanding urban middle-class consumers. Some other driving growths in the market may be rising employment levels, improving standard of living, increasing discretionary spends, and development of road infrastructure. When it comes to buying a car, many consumers feel that “bigger is better”. SUV’s aren’t only roomy, but their technological features are improving every year just as technology has been rising every year. Such as infotainment systems with an 8-inch touchscreen will be the drivers' top desired features. Infotainment systems benefits drivers such as it allows drivers to get GPS route guidance or talk hands-free with Bluetooth connectivity. This system is user-friendly and safe to operate. New cars are being built with advanced safety features that help prevent a crash in all sorts of situation. Moreover, it helps change lanes safely and helps in simply backing out in a busy parking lot. Some of the features include rear view camera, automatic emergency braking, collision alerts, frontal pedestrian detection, distance indicator, lane departure warning and intervention. Keyless entry, auto pilot driving which is a new feature to 2018 SUV’s. And another new feature for 2018 SUV’s is remote vehicle management, which allows the user to control the vehicle with just a smartphone. Power to lock, unlock or start your vehicle from anywhere. All of these features are available in the BMW X5 which is why it is a very popular vehicle in many areas. According to Interbrand, BMW brand is the third most valuable automotive brand in the world, worth US$41.5 billion (Jurevicius, 2016, p.1). The company has many opportunities and also a few threats. Some of the opportunities in BMW are that fuel prices are expected to rise in the near future but BMW have excellent electrical and hybrid cars. Demand for acting BMW X5 7 independently or having the freedom to do so with their vehicles. Their timing and frequency of new model releases. Some threats the company faces are increase competition in the car industry. Increased regulations may increase the cost of making the vehicles which will increase the cost for the buyers as well. Lastly, studies have shown that the auto industry is to slow down or decline significantly which may become a touch obstacle to overcome, even for BMW, the third most valuable brand in the world. As mentioned before BMW has great timing and frequency of new model releases. BMW's strategy is to keep its products in the introduction and growth stages by periodically introducing new models in each of its product lines. BMW has 1-3 generations of the X5, the first-generation ranges from 1999-2006, the second from 2006-2013, and third generation from 2016-2018. All unveiled a couple of years apart. BMW does not unveil a new X5 every year. The first model was released in 2000, the second in 2004, third in 2006, fourth in 2010, and the newest model was introduced in 2014 (SoftNews, 2015) which is still very popular and is updated yearly with new features to stay in the market with its current competitors. BMW X5 8 Segment your Market: Type of segmentation Segmentation criteria BMW X5 Group target segment Region Domestic/ international Density Urban/rural AGE 30-65+ Gender Male & Female Geographic Demographic Life-cycle stage • • • Newly Married Couples Freshly Graduates Family oriented Income High Occupation Professionals & Executives BMW X5 Psychographic 9 Social class Middle Class/ Upper class Lifestyle Aspire Success As shown in the table above segmenting the audience can be easy but it cannot be 100% accurate. BMW X5 can have more audience than what’s shown above but the main purpose of the table is to show the average targeted audience for this particular model. There are always people that will fall in love with this particular model that wouldn’t necessarily be over 30 years old, or even have high income. However, BMW can target those specific audience type to sell this specific model. To do so, they can use a human model between the age 30-45 years old in their ads for television or posters that release the car type. Also, they can promote that car as a family oriented car that’s comfortable in road trips, easy to go in and out of and very safe. BMW x5 comes in different models & specs. This allows them to target many customers based on the customer need. BMW has a 3.0-liter BMW TwinPower Turbo inline 6-cylinder, TwinPower Turbo 6-cylinder in-line, 3.0-liter engine (Diesel), 2.0-liter BMW TwinPower Turbo inline 4-cylinder, 4.4-liter BMW TwinPower Turbo V-8 engine and 4.4-liter, 32-valve M Twinpower Turbo V-8 engine. All these models give the customer the opportunity to find their ultimate car to drive. BMW X5 10 Positioning: Expensive Perceptual MercedesBenz GLS Porsche Cayenne BMW X5 Audi Q7 Low performance Affordable Acura MDX High performance BMW X5 11 Positioning statement: To mid and upper income family oriented car enthusiasts who value a mixture of status, high performance, and luxury, BMW X5 is a well-known SUV brand that strives to offer a combination of luxury and performance. Positioning Strategy: BMW thrives as it is well known for its appearance as a superior performance brand while also providing luxuries feature. BMW’s price point is associated with its exclusive nature, belonging to the privileged. BMW also has a wide range of sub models in the X5 alone, including a M edition. BMW allows those of mid and high-income to have the possibility to drive the x% with various options available. X5 also has a strong history as it has been around (since 2000) much longer than most of its competitors and been giving reliable strong performance from the beginning. Whether you simply want the luxury and good performance of a base X5 or the luxury and thrilling performance of the x5M, the BMW has one of the best combinations for its price point. BMW X5 12 Marketing Mix: Product The BMW x5 is a luxurious vehicle in the automotive industry. This vehicle has attractive features, such as automatic braking, upgraded lights, and parking sensors, setting it apart from other sport utility vehicles. The BMW x5 is one of the most recent sport utility manufactured vehicles by BMW. The main target of the BMW x5 are individuals of highsocioeconomic status who appreciate vehicles for both convenience and opulence. The BMW x5 utilizes advanced technology in many aspects of its features; it has well-fitted sensors that alarm when it approaches an object and a climate control system that regulates and standardizes temperature automatically or through control knobs. In addition, the vehicle has a spacious cargo capacity of 35.8 cubic feet, which is expandable up to 76.7 cubic feet. Furthermore, the BMW X5 has a high-performance turbo-charged engine making the vehicle very powerful and efficient. According to Saunders, “The motor vehicle is more reliable and efficient on road” (Saunders, 3). The BMW x5 has an attractive and streamlined design that allows it to move quickly and stable on the road. Place BMW has an agreement with car dealers to sell their vehicles in various markets making the products more accessible to purchase. Finally, the company has set-up an online platform where customers can order their vehicle and have it shipped to them, utilizing new technology. Promotion the BMW x5 was created specifically for their market with productivity in mind. The product slogan of BMW is “Uncompromisingly Different Experience of a New Chapter”, “this attracts more customers to experience the different and new chapter of luxury from the product” (Richter 56). The target groups of the BMW x5 are the high-class individuals in the market; the product is expensive when compared to other competing vehicle companies, such as Toyota. Additionally, BMW sponsors the “Formula E” Electric Street Racing Series to promote their vehicles. BMW also sponsors other competitions, such as Tennis, and additional athletics. Through the various promotional methods, BMW has attracted an exceptional number of customers, hence their increasing sales throughout the years. BMW X5 13 Price The price of the BMW x5 is relatively high when compared to other vehicles in the same market; however, the BMW x5 typically much more luxurious considering its unique features and capabilities. Comparing the BMW x5 with other vehicles from Toyota and Nissan, among other competitors, the product offers the best services and comfort. Similarly, its price is expectedly relatively higher. Additionally, when comparing the BMW x5 with other products from BMW, the BMW x5 is more expensive than the overall price of their normal vehicles; however, there are some exceptions, for example, when comparing the BMW i8 and the BMW x5, the BMW i8 is more expensive. Alternatively, when comparing the BMW x5 against the BMW x2, the BMW x5 is more expensive, therefore, BMW’s vehicles are slowly increasing in cost as shown in the comparison between two of the same series of vehicles. Like any other company, BMW adopts pricing strategies to dominate the market and will likely continue to be one of the largest vehicle manufacturers in the world. BMW X5 14 Works Cited Bhasin, H. (2017, December 16). Marketing strategy of BMW - BMW marketing strategy. Retrieved April 11, 2018, from https://www.marketing91.com/marketing-strategy-bmw/ BMW of North America. (2018). X5 Sports Activity Vehicle. Retrieved April 10, 2018, from https://www.bmwusa.com/vehicles/xmodels/x5.html?&origin=bmw_search_brand_bing_tier1_national&msclkid=c13b61f6e3a0150d 49633b3a03d79eed Cole, A. (2017). 2017 BMW X5 vs. Its Competition. Retrieved April 11, 2018, from https://www.thecarconnection.com/compare/bmw_x5-series_2017_choices Global Industry Analyst. (2016). The Global Sports Utility Vehicles (SUVs) Market. Retrieved April 09, 2018, from http://www.strategyr.com/Marketresearch/Sports_Utility_Vehicles_SUVs_Market_Trend s.asp Halvorson, B. (2017). 2017 Audi Q7 vs. Its Competition. Retrieved April 11, 2018, from https://www.thecarconnection.com/compare/audi_q7_2017_choices Ibrahim, M. (2018, April 6). BMW From a Sales Consultant [Personal interview]. Jurevicius, O. (2016, December 08). BMW Group SWOT analysis. Retrieved April 09, 2018, from https://www.strategicmanagementinsight.com/swot-analyses/bmw-swotanalysis.html Richter, Tobias. International Marketing Mix Management: Theoretical Framework, Contingency Factors and Empirical Findings from World-Markets. Berlin: Logos, 2012. Print. Saunders, Tim. Bmw X5: All First Generation (e53) Models 1999 to 2006. , 2013. Print. SoftNews NET. (2015, June 25). BMW X5. Retrieved April 09, 2018, from https://www.autoevolution.com/bmw/x5/ Trop, J. (2017, March 15). 2017 BMW X5 vs. 2017 Porsche Cayenne: Head to Head. Retrieved BMW X5 April 11, 2018, from https://cars.usnews.com/cars-trucks/bmw-x5-vs-porsche-cayenne X5. (n.d.). Retrieved from https://www.bmwusa.com/vehicles/x-models/x5.html 15
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