Ferrari Marketing Plan Page 1

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1 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 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. Ferrari Marketing Plan Page 1

2 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% Ferrari Marketing Plan Page 3

3 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. Ferrari Marketing Plan Page 5

4 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. Ferrari Marketing Plan Page 7

5 Collaborators Shell Motor Oils Chrysler Maserati Fiat Ducati Ferrari Marketing Plan Page 9

6 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. Ferrari Marketing Plan Page 11

7 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. Ferrari Marketing Plan Page 13

8 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. Ferrari Marketing Plan Page 15

9 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 s, but make the 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 Ferrari Marketing Plan Page 17

10 Ad Campaign Ferrari Marketing Plan Page 19

11 Mock Ups Ferrari Marketing Plan Page 21

12 Sources Ferrari_businessManagement.pdf? html?companyid= Ferrari Marketing Plan Page 23

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