It's hard to believe, but after all these years there are still a great many consumers, specifically luxury-car buyers, who associate BMW with the yuppie phenomenon of the 1980s. That's what BMW Vice-President of Marketing Jack Pitney was distressed to find when he took over the brand last year after a successful run managing MINI USA. BMW's research shows that despite record sales in the U.S. last year, a shocking 75% of luxury buyers aren't even considering a Bimmer.
1. Evolving Luxury Car Perception - BMW aims to disrupt the perception of their brand among luxury car buyers who still associate BMW with the yuppie phenomenon of the 1980s.
2. Increasing Market Penetration - BMW looks to capture the attention of luxury car buyers who have not considered purchasing a BMW, despite the brand's record sales in the U.S. last year.
3. Shifting Consumer Preferences - BMW's research reveals a shift in consumer preferences among luxury car buyers, indicating the need for the brand to adapt and cater to changing needs.
1. Luxury Car - The luxury car industry can take advantage of BMW's efforts to evolve the perception of their brand and attract a wider range of consumers.
2. Automotive - The automotive industry should pay attention to BMW's aim to increase their market penetration and capture luxury car buyers who have not previously considered their brand.
3. Marketing - The marketing industry can learn from BMW's research on shifting consumer preferences and use it to inform strategies for other luxury brands.