3. The role of standardization in the increase of international competitiveness of German automobile manufacturers
3.1 The position of BMW in the automotive industry
The automotive industry plays a significant role in German economy. As of the end of 2013, German manufacturers produced 60 million automobiles annually, thus being the leading European country in automotive production (OICA, 2013). It should be observed that German automobile manufacturers are the leaders not only in terms of quantitative indicators, but also in terms of safety and quality of vehicles. The largest German automobile manufacturers are Volkswagen AG, BMW AG and Daimler AG with the annual production volume of 9,379,229; 2,006,366 and 1,781,507 automobiles respectively …show more content…
According to the Dow Jones Sustainability Index (DJSI), the BMW Group was several times ranked top for the past few years (DJSI, 2014). Indeed, in this indicator the economic, social and ecological activities of a company were assessed. Moreover, according to the BrandZ TOP 100 report, which evaluates the market value of the brand, BMW is steadily among the top three companies in the automotive industry with the market value of $34,214 million in 2014 (The Best 100 Brands, 2014).
The corporate strategy of the BMW Group is a cornerstone of its success. The company’s development strategy «Strategy Number ONE» is based on the following components: Growth, Profitability, Shaping the Future and Access to Technologies and Customers (Strategy Number ONE, 2007). The corporate strategy was adopted in 2007 with the aim of improving the environmental performance and social responsibility at all stages of production.
On the whole, BMW AG demonstrates the stable growth of financial indicators and the positive sales trend during the last few years. The key factor of the company’s success is its corporate strategy, geared towards innovation, social responsibility and ecological …show more content…
In order to indentify customer needs the company annually analyses the significance of all production indicators to all stakeholders, including customers. This results in constructing a matrix that reflects all production indicators depending on the level of importance for the stakeholders and the company itself (see Appendix 2). As can be seen from the matrix, the key requirements of the stakeholders are eco-friendly production, product safety and application of environmental and social standards in the supply chain. Consequently, the compliance with the customers’ requirements allows BMW to retain the target group and attract new
3.1 The position of BMW in the automotive industry
The automotive industry plays a significant role in German economy. As of the end of 2013, German manufacturers produced 60 million automobiles annually, thus being the leading European country in automotive production (OICA, 2013). It should be observed that German automobile manufacturers are the leaders not only in terms of quantitative indicators, but also in terms of safety and quality of vehicles. The largest German automobile manufacturers are Volkswagen AG, BMW AG and Daimler AG with the annual production volume of 9,379,229; 2,006,366 and 1,781,507 automobiles respectively …show more content…
According to the Dow Jones Sustainability Index (DJSI), the BMW Group was several times ranked top for the past few years (DJSI, 2014). Indeed, in this indicator the economic, social and ecological activities of a company were assessed. Moreover, according to the BrandZ TOP 100 report, which evaluates the market value of the brand, BMW is steadily among the top three companies in the automotive industry with the market value of $34,214 million in 2014 (The Best 100 Brands, 2014).
The corporate strategy of the BMW Group is a cornerstone of its success. The company’s development strategy «Strategy Number ONE» is based on the following components: Growth, Profitability, Shaping the Future and Access to Technologies and Customers (Strategy Number ONE, 2007). The corporate strategy was adopted in 2007 with the aim of improving the environmental performance and social responsibility at all stages of production.
On the whole, BMW AG demonstrates the stable growth of financial indicators and the positive sales trend during the last few years. The key factor of the company’s success is its corporate strategy, geared towards innovation, social responsibility and ecological …show more content…
In order to indentify customer needs the company annually analyses the significance of all production indicators to all stakeholders, including customers. This results in constructing a matrix that reflects all production indicators depending on the level of importance for the stakeholders and the company itself (see Appendix 2). As can be seen from the matrix, the key requirements of the stakeholders are eco-friendly production, product safety and application of environmental and social standards in the supply chain. Consequently, the compliance with the customers’ requirements allows BMW to retain the target group and attract new