BMW is an abbreviation for the German name for the company Bayerische Motoren Werke AG. Headquartered in Munich, the company was formed in 1916 as Bayerische Flugzeugwerke AG; it was later renamed in 1922 to Bayerische Motoren Werke, which remains its name to this day.
BMW continued to manufacture motorcycles, engines, farm equipment, and railway brakes through the early 1900s. Its first motorcycle was produced in 1923 and called BMW R 32. The company has a significant history, especially in Formula 1, touring cars and the famous Isle of Man TT.
Today BMW produces motor vehicles in India, China, Germany, South Africa, the US, Mexico, UK, and Brazil. BMW’s association with premium products is rooted in its mission and vision statement which is why it is so imperative to examine both statements in detail.
BMW Mission Statement and Analysis
BMW’s mission statement is: “To become the world’s leading provider of premium products and premium services for individual mobility.”
BMW’s mission statement lays out the company’s mission to be the leader in any space they enter. Not only that, but the company aims to focus on the premium market, which explains why you don’t see any budget BMW products or vehicles.
BMW’s aim to become the “leading provider of premium products and premium services” is a clear indication that they are not interested in any other segment of the market. The company continues to focus on the high-end segment. However, the company can do that by offering a level of service and a string of products, i.e. automobiles that are unsurpassed in terms of engineering and manufacturing.
BMW has consistently focused on being a global company. That often requires that they (BMW) take a more local approach to aspects of manufacturing, hiring, and engineering. However, their focus on “premium products and premium services” means that quality control is high up on their agenda. So, regardless of where you buy a BMW vehicle, it will live up to the company’s highest standards.
BMW Vision Statement
BMW’s vision statement is: “To be the most successful premium manufacturer in the industry.”
It is a fair assessment that the company’s vision of being a “premium manufacturer” mirrors its mission statement.
It is interesting to note that BMW’s vision statement is surprisingly simple for a company that’s known to overengineer its vehicles. That said, because the company’s vision and mission are aligned, it means that the company’s policies are also focused on offering premium level sub-services to its clients. Case in point is the company’s acquisition of Rolls Royce, a premium car manufacturer known with a client base of a few thousand people in the world.
BMW Core Values
BMW’s core values are: “Responsibility, appreciation, transparency, trust, and openness.” Interestingly BMW’s core values don’t mention anything related to being premium. However, to offer a premium service, BMW knows that they need to be responsible for the products produced hence “responsibility” is their first core value.
Transparency and openness are one of the hallmarks of a healthy corporate culture. Businesses that are transparent and open tend to retain talent, which is something all companies strive to achieve. However, “appreciation” is a value that helps employees get the recognition they need to stay motivated, and that, in turn, makes it possible for BMW to retain its premium credentials in the industry.
What is the slogan of BMW?
The slogan of BMW is: “The Ultimate Driving Machine.”