Executive SumMARy
Ferrari is an Italian sports car company based in Maranello, Italy. It was founded
by Enzo Ferrari in 1929, as Scuderia Ferrari, the company sponsored drivers and
manufactured race cars before moving into production of street-legal vehicles
as Ferrari S.p.A. in 1947. In 1969, Fiat S.p.A. became a shareholder of Ferrari
and now its majority owner. The company has been noted for its continued
participation in racing, especially in Formula One, where it has had great success.
Ferrari road cars are generally seen as a symbol of speed, luxury and wealth.
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Company Analysis
Ferrari is an Italian sports car manufacturer. They specialize in making very
high end super cars, and are an extremely recognizable brand. They do not do
much in the way of marketing as they are an exclusive brand.
Goals: Keep exclusivity of brand while increasing number of cars produced.
Focus: Increase number of cars produced
Culture: 1%
US Market Share: .5%
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Target Market/
Customer Analysis
Age: 30 and over
Gender: 80.0% male, 20.0% female
Education: University Undergraduate, Masters
Income: $350,000+
Needs: A status symbol, to put them above other people.
Ferrari’s main customers are Males over the age of 30, have at least a bachelors
or masters degree, and have an income of $350,000+. Customers will be looking
for a symbol of status, something else that no one else has. They are currently
changing their marketing plan to increase their market to include women.
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Competitor Analysis
Ferrari has 2 main competitors. Lamborghini, and Porsche.
Lamborghini
Famous for making cars as sleek as they are impossibly expensive, Automobili
Lamborghini (a subsidiary of Volkswagen’s AUDI unit) caters to the
elite consumer.
Age: 35+
Edu: 4 to 6 year college degree
Income: $459,289
Strengths: Extremely well known brand. Very fast and very recognizable.
Weaknesses: Extremely unomfortable to be in. High risk of bottoming
out.
Porsche
More than a century after founder Ferdinand Porsche began designing autos,
Porsche is still burning rubber. Porsche’s five-model lineup is just as exclusive
as its vehicles: the 911, Boxster, and Cayman sports cars; the Cayenne SUV;
and the Gran Turismo Panamera sedan.
Age: 40+
Edu: 4 to 6 year college degree
Income: $384,210
Strengths: Great handling, very comfortable.
Weaknesses: Not as exclusive as other brands.
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Collaborators
Shell Motor Oils
Chrysler
Maserati
Fiat
Ducati
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SWOT analysis
Strengths
1. Extremely strong brand image.
2. Products that are a good combination of aesthetics and amazing
performance.
3. It is a status symbol
4. Takes on new challenges on a constant basis with an aggressive attitude.
5. Innovation & technology are the drivers behind all of their product.
6. A very inspired, well taken care of & satisfied work-force who are proud
to be attached with the brand. This was further expressed publicly when
Ferrari was voted the “Best Place to Work in Europe”
Weaknesses
1. Ferrari’s business model is based around low volumes and removes the
possibility of employing certain technological solutions
2. That same business model also limits their sales volumes even though a
lot more demand is present in the market.
3. Due to their “waiting list” model, they lose out on customers to the
competition.
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Opportunities
1. Growth in the global market for high-performance super-cars due to
growing economies.
2. Development of technology and further developing the user interface of
the car.
3. Explore how the vehicles are viewed in the public, and how it can be
packaged to the public.
Threats
1. Automotive policies used by countries & continents are being strictly
enforced and are very difficult to keep up with due to the performance
oriented nature of the engines that are built by Ferrari.
2. Tough competition from other iconic super car brands like Lamborghini
& Porsche.
3. A competing brand like Porsche does not follow the same low volumes
and the high exclusivity model which is followed by Ferrari, and thus sells
a lot more of its products and captures a large chunk of the market share.
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Marketing Mix
Ferrari is an internationally known sports car manufacturer, that focuses on
extreme luxury cars and formula one racing. They offer very limited choices
when it comes to their products, as it is seen as a hard to get item. Their cars
are seen as some of the fastest Street legal cars on the planet.
Promotion: Ferrari has little to no advertising in the immediate public
sphere. What advertising that they do have is generally limited to promotional
Items featured at car shows, and special gas stations, and signs displayed at
formula one races. Their brand is so strong that it does not particularly need
to
Be advertised more than it already is, but there is always room for
improvement so that they can keep up with their competitors.
Placement: Ferrari is a super luxury brand, that caters to the most wealthy
of individuals. Placement in the market is rare, and needs to be that way so
that
they can keep the exclusivity of the brand. If public ads
Price: Being a super luxury brand, prices for the vehicles are extremely high.
The high prices keep normal people from being able to Afford them, so that
the brand exclusivity is continued. Prices should be kept the same.
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Marketing Plan
From the research that was found, there are some definite things
that can be improved in the marketing strategy of Ferrari. The
first and most important thing that I found was that production of
cars is too low, and causes consumers to seek out different brands
over Ferrari. This can be remedied by increasing car production.
In terms of marketing and advertising, this strategy can also be used,
as Ferrari has little to no public advertising, unlike its competitor
Porsche. If advertising was increased a little then exposure to Ferrari
would increase, and thus increase sales and with the increased car
production, will obviously increase the income of the company. The
advertising campaigns for this can be limited in what message they
include. The messages that should be brought across in advertising
should be luxury, power, and the status symbol. The advertising for
ferrari can be done the same way that they have been recently, which is
through emails, but make the email list open to more people, other than
just owners of the cars. What can also be done is suggest advertising in
an area where wealthy people tend to be. Places that I think of would be
Cherry Creek, Denver, Bridgeport, Conneticut and Sanjose, California.
MORE ADVERTISING
More production
More exposure
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Ad Campaign
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Mock Ups
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Sources
http://s3.amazonaws.com/berkleemusic/network_file_shares/files/9127/original/
Ferrari_businessManagement.pdf?1298336428
http://subscriber.hoovers.com.ai.libproxy.edmc.edu/H/company360/overview.
html?companyId=91295000000000
http://answers.yahoo.com/question/index?qid=20120307154622AA40m0g
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