Strategic Management Essay Example | Topics and Well Written Essays - 2000 words - 17

Strategic Management - Essay Example l segment along with other major players that include but is not limited to Mercedes Benz, General Motors, Toyota, Honda and Volkswagen (Sturgeon, Biesebroeck and Gereffi, 2008). Bayerische Motoren Werke AG (BMW) is based in Munich and started out as a aero-engine manufacturing company in 1917. Subsequently it transferred its attention to the business activity of manufacturing motorcycles and then into passenger cars. In 1936 BMW brought out its first sports care model and by the middle of the twentieth century established itself in the automobile industry as a manufacturer of elegant, prestigious and superior performance automobiles. In the new millennium, through its restructuring activities BMW has attempted to secure and strengthen its position in the premium segment of automobiles, through its prestigious BMW, Mini and Rolls-Royce brands (ICMR, 2002). In 2009 the number of BMW, MINI and Rolls-Royce cars that were sold totaled 1,286,610 units. This figure represents a slide of 10.4% in the number of cars in all its brands sold by BMW in 2008. A similar slide is also seen in the sales revenue for the two years. In 2009 the total sales volume was euro 47,737 million, which is 10.3% less than the total sales volume of BMW in 2008. The company has attributed the under performance in 2009 to the continuing poor state of the economies in its main markets in the developed world and the economic stimulus attempted in the developed world not really making the desired impact (BMW, 2010). Thierauf 2001, p.206 defines critical success factors (CSF) for any business enterprise as â€Å"the limited number of areas in which results, if they are satisfactory, will ensure successful competitive performance†. The wider picture on CSF and the key activities connected to it, besides favorable results in these areas for the achievement of strategic objectives, also means that it indicates where things need to proceed on the right path for the growth of the business enterprise and