With the increased competition in today’s world, it is almost impossible to make it in the business without proper marketing strategies and skills. This has seen a lot of creativity among the businesses in making known and creating a brand for their products. This is not limited provided it does not interfere with the image of a rival product of the same nature. Many organizations are factoring huge amounts of money towards this project to ensure they rule in their industry. Groucutt, Forsyth, and Leadley, (2004) define marketing as no longer a function of a particular department but a popular way/method of doing business. The target should always be to get the most numbers possible. This also applies to the strategies applied by the appointed marketing team of an organization. The sole objective is to use persuasiveness and possible ways of distinguishing the product, thus, creating a brand image. Various studies have also shown that skills and professionalism are the key factors that lead to a good result in the popularizing of a product/service. This paper is aimed at discovering the different components of marketing and theories formulated from the studies.
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The BMW and Ford Motor Vehicles theories have gone a long way towards the explanation of the concept of marketing and why it is a strategy for success and profit maximization. These theories have been based on the study of customer behavior in order to know their preferences and what they appreciate more. BMW is what is considered a Porsche car and usage is associated by the higher societal members. The theory behind this suggests that success of an organization depends on the reliability of the employees. Horatiu, (2010) also adds that the BMW hypothesis looks quite strategized for effectiveness. Keenness to ensure the perfect services and detection of details may help firms put into much consideration the consumer behavior (Mooij, and Hofstede, 2002). Ford Theory on the other hand is from the Ford Motor Company which was headed by Henry Ford. This firm though its owner has worked on the view that international market could really enhance a firm’s finances. This could be better because the customer base is enlarged. According to Hassan, and Katsanis, (1991), “… the importance of segmentation as a global consumer marketing strategy.” To elaborate further the role of international marketing and positive outcome it has.
Similarities and Differences
These theories are similar especially because they deal with the same line of business, motor vehicles. Both BMW and Ford organizations reach out to the market regarding the flashy and expensive cars they market. Their name is their brand. In both cases, the main concept is the significance of marketing. Strategizing advertising techniques is efficient in response to a detailed study of the consumers being dealt with (Mooij, and Hofstede, 2002). Under both organizations, it is clear that the hypotheses also exhibit a general knowledge of motor vehicles which they deal with. Therefore, both suggest that the perfect study of the surrounding and what one deals with is essential. This is to enable answer any questions that may arise regarding the product and give further assistance to the clients. However, besides the various similarities, they differ to some extent as well. The most noticeable difference is that the BMW is not as open to international trade as the Ford. Though their cars are well known across the globe, the diverted focus to this concept is on the lower side compared to Ford.
Limitations of the Theories
From the discussions, the theories appear practical and beneficial if applied by other firms. However, there are certain problems that may compromise their position in the market. For instance, the Ford theory is quite reluctant to the integration of the employees in decision making. Similarly, less focus is put on the production process and the keenness in details such that they quality may be compromised. Seles, (1993) argued/stated that, “… integrates quality, brand reputation, customer satisfaction and loyalty.” This shows the relevance of close observation and giving of the best quality. On the other hand, one can detect the problem of extreme observation in the BMW theory. The excessive checking gives quality, but on the other hand, may cover some of the preferences of the clients who may have specific needs and requirements. This statement also shows that it may be expensive and lead to compromise on other models.
Recommendations to Problems Identified
Due to the identified problems, certain recommendations may enable the free operations of the two organizations to maximize their returns. This paper as discussed earlier was to focus on marketing strategies. To find a good and lasting brand name, one has to check on the details and the name presented since this is how the public will judge the product. To correct the problem of BMW theory, the firm’s management must realize that only the satisfaction of consumer wants will be able to realize the objective of the firm. Consumers are more attracted to something that is their idea and expectation. Those can then be combined with quality polishing which will very efficient. According to, Kotler, (1994), “… knowing diverse consumer needs and serving them differently.” This should be worked on to ensure the effective reception of marketing by the intended consumers. For the Ford Theory, the recommendation would be to travel a lot in advertising the products since they are usable in most parts of the world. This will surely reduce the burden of consistent moving from place to place. With a well established online program to manage this course, it is much easier to transact. This is with regards to the initial stages of establishing a foreign market.
Status Consumption
The concept of status consumption is very evident in the case of BMW and Ford Motor Company. This refers to the situation where the products are purchased due to their ability to give class and a dignified societal ranking when bought. Schor, and Chao, (1998) argued for this statement as, “… status consumption occurs ordinarily occurs only with publically visible products.” With relevance to the discussion, the BMW for instance, has models of cars that are attractive following their costs. This may be much more expensive than would have been had they been associated with other societies. For effective marketing, the professionals should be able to identify such profit maximization loopholes. A car is a product which easily captures the attention of the public. Therefore, the marketer should rank them according to the social status and intensify advertisement of the preferred model where it is more convenient. The limitation here is that the people with relatively lower social; status may leave the organization feeling unappreciated. This is because the items/cars will appear to be designed for other people. For marketers, use of their skill and due care is necessary for effective marketing and equalizing the gap that status consumption might create.
Conclusion
The paper indicates the role of marketing for firms and how over the years has become essential. The rationale of this is to cope up with the increased competition in the market. However, the long term benefits are evident. For instance, a well built brand name is difficult to spoil or eliminate from the market. An organization like BMW and Ford have gained the support of the public and in many cases, find favor in preference. A good brand name represents the qualities of the organization and the product being advertised. The sacrifice and professionalism in marketing has gained popularity necessitating the need to further knowledge and equal regard to other departments.
References:
Groucutt, J., Forsyth, P., & Leadley, P. (2004). Marketing: Essential principles, new realities. London: Kogan Page.
Hassan, S., & Katsanis, L. (1991). Identification of Global Consumer Segments. Journal of International Consumer Marketing, 3(2). Pp 11-28.
Horatiu, B. (2010). Mini Theory on Two Nation Feature. Retrieved From Http://Www.Bmwblog.Com/2010/05/31/Mini-Theory-On-Two-Nation-Future/
Kotler, P. (1994). Global Standardization—Courting Danger.” Journal of Consumer Marketing, 3(2). pp 13-15.
Mooij, M., & Hofstede, G., (2002). Convergence and Divergence in Consumer Behavior: Implications for International Retailing. Journal of Retailing, 74(1). pp 61-69.
Selnes, F. (1993). An Examination of the Effect of Product Performance on Brand Reputation, Satisfaction and Loyalty. Journal of Product and Brand Management, 2(4). pp 45-60.
Schor, A., & Chao, J. (1998). Empirical tests of status consumption: Evidence from women’s cosmetics. Journal of Economic Psychology, 19(1). pp 107-131.
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