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Ferrari strategic management
Ferrari, founded in 1947 by Enzo Ferrari, aims to create high-performance luxury cars that symbolize Italian excellence. The brand, known for its innovation and exclusivity, targets high-income individuals, particularly celebrities, and maintains a value-based positioning strategy. Despite a strong brand image and technological advancement, Ferrari faces challenges from competitors like Lamborghini and Porsche and must navigate tough automotive market policies while continuing to expand its global presence.
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Ferrari strategic management
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- 2. Vision- “Italian Excellencethat makes the world dream” Mission – “To build high performance cars , which can win on both road and track.”
- 3. Founded in1947 by Enzo Ferrari It is one of the world’s leading luxury brand focused on advanced engineering, sleek design. In 2014, Ferrari was rated the world's most powerful brand by Brand Finance. The brand symbolizes 3 Innovation State-of-the-art Italian design
- 4. PRODUCT PRICE PROMOTION PLACE Race Cars Sports Car Merchandising Museum Premium-Priced Heavy Dealership Operation Merchandising Co-Branding Ferrari Magazine Themed Park Motor show Race Events Online Owners club 4
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- 6. TARGETING POSITIONING Ferrariuses selective targeting Target customers are the famous personalities, celebrities globally. Positioned as luxury sports car maker company The brand uses value-based positioned strategy to give its owners a sense of pride in owning the masterpiece. 6
- 7. FERRARI DNA STRUCTURE PEOPLE INNOVATIONLOGISTICS CENTRALISED STRUCTURE DECISION MAKING AMONG HIGHEST MANAGERIAL LEVEL HIGH TRAINED AND WELL PREPARED NO TOLERANCE FOR DEFECTS 150 PATENTS REGISTERED BENCHMARK FOR ENTIRE AUTOMOTIVE INDUSTRY LOW VOLUME –HIGH PRICE CUSTOMIZATION 7
- 8. INTEGRATION RELATED DIVERSIFICATION INNOVATION EXTERNAL GROWTH- Merged withMASERATI in 1997 Went IPO IN 2015 8
- 9. Focus on sustainingcurrent models, maintaining brand image and brand exclusivity Continuous R&D on products, Innovation every year with different models FERRARI F40 FERRARI ENZO Present in worldwide, all developed countries,extending in developing countries Collaboration with universities, design engineering course of Ferrari,Accesssories related to ferrari,museum,themed park MARKET PRODUCT MARKET PENETRATIO N PRODUCT DEVELOPMENT MARKET DEVELOPMEN T 9 DIVERSIFICATION
- 10. Customization Style &Comfort High speed and performance High Exclusivity 10
- 11. THREATSOPPORTUNITIES 1 2 3 4 STRENGTHSWEAKNESS Extremely strong brand image. Strong Brand Exclusivity Innovation & technology are key drivers behind every product. A very inspired, well taken care of & satisfied work- force Ferrari’s business model, based around low volume limits their sales volumes even though a lot more demand is present in the market. Due to their “waiting list” model, they lose out on customers to the competition. Growth in the global market for high-performance super-cars due to growing economies & developing nations. Expansion of the brand through entering into new & important automotive market like India wherein competitors like Porsche have already set up base. Automotive policies being pushed by countries & continents all over the world which are tough to keep up Tough competition from other iconic super car brands like Lamborghini & Porsche A competing brand like Porsche does not follow the same low volumes, high on exclusivity model Once again, competitors like Lamborghini & Porsche are expanding their product range to high performance suv’s 11
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Editor's Notes
- #6 ANY MARKETING STRATEGY STARTS WITH SEGMENTATION SEGMENTATION generally divides a population based on variables There are three ways to classify what the customer wants. It is known as needs, wants and demands. However, to decide the needs, wants and demands, you need to carry out segmentation first. And in segmentation, the first step is to determine which type of customer will prefer your products. Accordingly, that customer will be from your targeted segment. Who would want your product and whether it falls in the needs segment, the wants segment or the demands segment. Once you decide the product you are going to make, then you decide on the market segmentation Demographic segmentation can be seen applied in the automobile market. The automobile market has different price brackets in which automobiles are manufactured. For example – Maruti has the low price bracket and therefore manufactures people driven cars. Audi and BMW have the high price bracket so it targets high end buyers. Thus in this case, the segmentation is being done on the basis of earnings which is a part of demography Thus demographic segmentation too has its own variables such as Age, gender, family size, income, occupation, religion, race and nationality.. Thus by lifestyle we mean, where does the customer stand in his life cycle.
- #7 since the company doesn’t want everyone to own the brand and so, therefore, it does a background check and its target customers are the famous personalities, celebrities globally.
- #8 The Marketing mix of Ferrari discusses the 4P’s of Ferrari and the reason that Ferrari is one of the most widely acknowledge super cars across the world.