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Let me try and sum it up in more than the two words I've already said:
Relative to the wider market, BMW used to be a niche player: it catered to the people who were willing to pay extra for performance without compromising comfort. This was not a small niche by any measure, but at some point BMW decided that they could get a bigger piece of the pie. So they went for the rest of the luxury market. However, after a relatively brief success they are now discovering that others are still better than they are at that game, while, looking back, they see that their former loyal customers have given up and also moved on to other brands.
Or, in other words, BMW let go of the bird in hand to chase whatever flying pigs they were seeing in the sky. They just didn't know that pigs don't fly.
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