Using examples for precise illustration, explain how BMW has planned innovation and new product development to manage its technology life cycle, i.e., product life cycle
The ways in which BMW has planned innovation, and new product development, to manage their technology life cycle and product life cycle, has been accomplished through consistent innovation. In consideration of the life cycle of BMW, there are many factors taken into account when developing a marketing strategy. Life Cycle Value Assessment (LCVA), or life cycle analysis, is a tool used to determine environmental, economic, and other various determining factors which can influence the entire life cycle of a given product. It ...view middle of the document...
This helps innovations to be developed quickly to improve internal processes and for the marketplace, (Stanleigh, 2012). This type of corporate structure helps to ensure expedient implementation of ideas and innovations. According to an article in The McKinsey Quarterly, 2008, “Leading companies for innovation make innovation a formal agenda item at regular leadership meetings. That signals to employees the value management attaches to innovation.” (Stanleigh, 2012).
It is all of these factors that contribute to the life cycle of the Bavarian Motor Works longevity. Focus on innovation, keeping a corporate culture of constant development and improvement; all keep the company at the cutting edge of manufacturing in their industry. They know where there strengths are, and they focus on them. By keeping their marketing and product focus on Premium level of autos, and not venturing into lower classes of autos, they continue to be the only auto manufacturer to operate exclusively in the premium segment of the market. This key strategy of the company, to function with a unique approach to innovation management, creates their exceptional stance in the automotive industry.
(Q2) Name and explain the CONSENSUS 5 most important elements of the article entitled, “Want New Products That Get Noticed? Change The Process” according to the Module 2 discussion.
The consensus of the article “Want New Products That Get Noticed? Change The Process” is that it offers insight in regards to expert opinions on marketing strategy for the introduction of new products. The author strives to detail the core values of marketing, and product innovation, while clarifying that creativity is not a core part of that process.
The reasoning for this thinking is that in a typical marketing management environment, creativity is not considered imperative.
One key element that can be recognized in reading the article is in knowing your customer, or target market. It is essential to narrow the focus of your marketing to most effectively reach your target customer. By determining the targeted niche in the market for a new product, a company can better tailor the marketing campaign to reach those consumers.
Having an effective plan or strategy is essential as well. One a company has determined who they wish to serve; they must also determine how they can serve them. According to Mohr, Sengupta & Slater, “Customer-focused approached to analysis, value creation, and strategy implementation begin by assessing what customers’ articulated and unarticulated needs are and how they are likely to change in the future; they focus on creating the resources that will most effectively satisfy customers’ needs” (2010, p.54).
Flexibility is an important element in marketing. A flexible strategic posture allows for a quickly changing environment, and also facilitates a more effective marketing structure. As stated in the text, Marketing of high-technology products and Innovations, “Market...