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Strategy and Strategic Dilemmas

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Дата создания 01 июня 2017
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Описание

CONCLUSION

The BMW Group company follows Strategy Number ONE, which aligns with two targets: to be profitable and to enhance long-term value in times of change. And this applies to technological, structural as well as cultural aspects of the company. Since 2007 BMW has been implementing various initiatives in keeping with the strategy’s four pillars: Growth, Shaping the Future, Profitability and Access to Technologies and Customers.
Key success factors of BMW group are long term planning, ecological and social sustainability, research and development investment, global positioning in established markets and innovation. Values of the company are high quality standards, customer focus, continuous improvement and sustainability.
All strategic objectives of BMW are derived from the Corporat ...

Содержание

CONTENTS

INTRODUCTION 3

CREATING A WORLD- FAMOUS BRAND 4
STRATEGY FORMATION 5
MODERN STRATEGY 6

CONCLUSION 10

REFERENCES 11

Введение

INTRODUCTION

Changes in the modern world continue at a rapid pace. In many countries, individual mobility remains a focus of political regulation and national industrial policy. The shift in society requires new mobility solutions. Volatility has long become a constant in everyday business. Markets and consumers alike remain uneasy in these periods of economic uncertainty. To meet these challenges BMW has created its own strategy analyzing and taking into account all the marketing mistakes of the past, internal analysis of the company, market competition, globalization, urbanization, politics, regulation and even environmental problems.
Having analyzed company’s weaknesses and strengths, brand image, product innovation, suppliers, employee productivity, research and development capabiliti es, cost structure, the history of its strategy formation and its final result, it can be said that nowadays the BMW Group is the only manufacturer of automobiles and motorcycles worldwide that concentrates entirely on premium standards and outstanding quality for all its brands and across all relevant segments.
BMW is a European company which has managed to carve out an enviable niche market for itself in the premium segment of automobile industry through technological innovation. The company has had to manage a companion challenge to its success in the market. This challenge is that of evolving and applying a corporate strategy that facilitates its advancement as a global corporation. BMW has evolved a corporate strategy that reflects its global interests. This global strategy BMW has described as “globalization”, where the aim is to find right combination of global networking and local policy.

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It was designed due to the increased need for cheap transport for short distances. It is considered that in 50s the company has made a serious marketing mistake because it didn’t produce models of the middle class but only super-expensive cars, which didn’t have a massive demand in the postwar period, or only super-cheap models. In 1959 as a result of losses in the sector of large limousines BMW was put up for sale. The company was very close to collapse. December 9, 1959 is regarded the date of "clinical death" and the birth of a new BMW. Being on the verge of bankruptcy, shareholders still vetoed the proposal of being bought by Mercedes-Benz, and with the leadership of Herbert Quandt the company started a new life. The new model BMW 700, which combined sporting ethics and availability to consumers, helped the company to get afloat. BMW gained the reputation as a manufacturer of comfortable cars.FUNDAMENTAL STRATEGIC DILEMMAEvery multinational country faces a fundamental strategic dilemma when competing internationality – the global-local dilemma. On one hand there are pressures to respond to the unique needs of the markets in each country or region in which the company dies business. On the other hand there are pressures that encourage companies to deemphasize local differences and to conduct business similarly throughout the world. The choice between local responsiveness or global integration forms the basic strategic orientation of the multinational company. It affects the design of organization, managing systems, supporting functional strategies in areas such as production, marketing, finance.As the BMW group is a multinational company, it leans towards the global integration solution and attempts to reduce costs to the largest degree possible by using promotional strategies and distribution channels at every market they enter. In 1994, the company acquired a 80% stake in Rover Group - British manufacturer of small cars, luxury cars, having got such brands as Land Rover and Mini. Thus, the company has doubled in size and entered new markets. Then BMW made a deal with the company Rolls-Royce and was obliged to provide it’s the partner with V12 engine and technology for future models. Three brand car companies - BMW, Mini, Rolls-Royce – are the premium sector of the international automobile market. In order to achieve the objectives, the company uses its strengths as effectively as possible. From research and development to sales and marketing BMW always follows the policy of the highest quality in its production and services.Realizing the need and importance of the company's presence in world markets, the company founded centers of research and development around the world (FIZ centre, BMW Technik, BMW Car IT in Munich; Designworks in California; BMW Motoren in Steyr, Austria) in order to create innovative approaches in the future. The company has become the world's first car manufacturer to develop a strategy which included cars with hydrogen engines, which found its expression in the concept of «BMW clean energy." So, one of the company's long-term goals is to reduce polluting emissions and to use energy gained in the process of generation. Hydrogen fuel can be the solution of many environmental problems since the use of such fuel does not contaminate the atmosphere, waste resources, and it can also be made from a variety of renewable resources. Since 70s of XX century, BMW has been researching and developing the car of the future. Today BMW is a global company with 14 subsidiaries directly in Germany and foreign representative offices in 20 countries. Network of production companies is the basis of growth in all global markets and covers seven countries, including the UK, South Africa, China, the USA, Austria, Brazil and, of course, Germany.MODERN STRATEGYAt the turn of the 80s and 90s the company was at a crossroads. The need for radical changes in the design was already so clear that sometimes even magazines devoted to automotive topics derided conservative design of BMW cars. In 1992 senior managers came to the conclusion that the first decade of the new millennium would be a time of constant movement. Thus, while the company put task to create such models of cars which can also influence people’s emotions.In order to maintain an emotional connection with customers BMW successfully and repeatedly used the marketing method “product placement” – placing a certain brand or of the goods / services in a film, television movie, TV series or TV program. After being shown in two world-famous films "James Bond" ("Golden Eye", "The World Is Not Enough") the model Z3 roadster became the most popular in the world and the company got pre-orders for $ 300 million. So the company created a brand car which is wanted by everybody but only some could afford, which in turn warmed up the interest and desire to get closer to BMW. Due to this tactics the company boosted sales and discussions of the brand BMW.All these changes are initiated by the company's strategy, in which the diversification of products is in the first place. BMW is sure that the future depends largely on the expansion of the range of products, rather than on the increased number of sold cars. According to the new executive director of the BMW Mr. Panke, people working in marketing, should take into account the needs of different customers and think what kind of model BMW could attract a particular segment of consumers. The company's goal is clear: to become a leader in each of the premium segment of the international car market.According to forecasts car manufacturers have to produce between 7 and 10 million cars a year to remain competitive. BMW is far ahead of its competitors, while producing not more than 1.5 million cars a year. The company's strategy is to identify and encourage growth, to know its product, to understand what the strengths of the company, and to use every opportunity afforded by the market. These goals are the basis for the new challenges and achievements. BMW philosophy inspires its each team member, affects the structure of the company, and plays a key role in decision-making. The company's success is determined largely by the fact that the brand in a corporate culture is in the first place. The result of this work is outstanding recognizable brands of cars and motorcycles, fascinating people all over the world.BMW cars are the quintessence of the history, design and technological advances. This is the incarnation of impeccable reputation and prestige which are recognized and respected worldwide. The philosophy of the company is to design cars which are able to meet the needs of consumers and at the same time provide them with security, practicality, style, quality, reliability and the pleasure of driving. All cars made by the company are a symbol of a good vehicle for people.

Список литературы

REFERENCES

De Wit, Bob and Meyer, Ron (2010). Strategy: Synthesis, Cengage.
Cullen, John B., Parboteeah, K. Praveen (2012). Multinational Management.
JacobNina (2010).Intercultural Management.

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