Current Market
In the year 2019, BMW sales increased by 1.2%, setting a new record by delivering 2.5 million cars. BMW has been the leading premium car in the world for the last 16 years. The sales electrified BMW increased in 2019 too. By the end of that year, there were half a million vehicles. Projections depict the growth of the company in 2020 as well. The positive development also resulted in majorly from the BMW X models. The most critical market for BMW was North America. Custom personalization orders were also prominent in 2019. The sales in China are exemplary, too, making it a single-country market responsible for at least 30% of worldwide sales. However, the European market 2019 sales were less than of the previous year due to economic and political storms.
Target Market
Between the years 2018 and 2020, BMW intends to double the sales from the luxury class. It also expects 2020’s global sales to increase slightly. By 2023, BMW Group wants its electrified vehicle to have 25 models. Ninety thousand customers have an interest in the pure-electric vehicle and got registered. In China, the local BMW manufacturer is to be the main driver of growth. It anticipates broadening electromobility in Europe and see to its sales rise to be the same as 2018’s sales. On the other hand, BMW hopes that 2020’s US sales increase as a result of the new BMW X vehicles. Notably, the BMW portfolio on its products is mostly v expensive vehicles. Don't use plagiarised sources.Get your custom essay just from $11/page
New Product
BMW should develop an autopilot pilot vehicle. Besides lane centering, the car has other features such as self-parking, adaptive cruise control, and automatic lane changing. Consequently, they need a marketing strategy to launch this project successfully.
Perceptual map