Ferrari Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of Ferrari analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Ferrari marketing mix, help the brand succeed in the market. Let us start the Ferrari Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
Ferrari Product Strategy:
The product strategy and mix in Ferrari marketing strategy can be explained as follows:
Ferrari mainly manufactures sports cars but they are also into road cars. All their cars are high performance and expensive. The first car to be built was the Ferrari 125 S in 1940. This was followed by Ferrari 159 S, Ferrari 166 Inter, Ferrari 166 S, Ferrari 166 Intersport and Ferrari 166 MM. In 1950s they came up with 44 different models some of them are 195 Inter, 195 S, 275 S, 340 America, 212 Inter, 342 America, 212 Export, 250 S, 225 S, 340 Mexico, 250 Europa, 375 America, 250 MM, 340 MM, 375 MM, 625 TF, 735 S, 500 Mondial, 250 GT Coupé, 750 Monza, etc. In 1960s they came out with 45 different models, in 1970s 16 models, in 1980s 28 models, in 1990s 23 models, in 2000 20 models and finally in 2010 9 models. The marketing mix product strategy of Ferrari covers all the cars offered by the company.
The current lineup are F12 Berlinetta, GTC4Lusso, 488GTB, 488 Spider, GTC4Lusso T, Ferrari California T, LaFerrari Aperta, F12tdf and LaFerrari. Each car is unique and the designs are inspirations from sports prototypes Gran Turismo or Scuderia Ferrari in Formula 1. They even have the option on personalization giving drivers a unique experience. Ferrari also has various models for GT Racing namely 458 Challenge EVO, 458 Italia GT and Ferrari FXX K. Besides cars they also focus on 3rd party merchandising at their official stores.
Image: pixabay
Price:
Below is the pricing strategy in Ferrari marketing strategy:
Ferrari vehicles are mainly targeted at a niche segment that are willing to pay a high price for their products owing to quality and brand. Every Ferrari car has a different price based on the model and engine type.
The prices start around $170,000 US and the recent model i.e. Ferrari 458 GTB is priced at $280,000 US. Their Vintage cars are a huge investment as maintaining the cars cost a lot of money. Their value appreciates with time and finally add up to millions of dollars after some years. The Ferrari marketing mix pricing strategy is primarily giving premium priced cars and the price increases with more individual customizations.
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Ferrari Place & Distribution Strategy:
Following is the distribution strategy in the Ferrari marketing mix:
Ferrari dealers are found all over the world: America, Asia Pacific, Europe, Middle East and Africa. Currently have around 52 dealerships worldwide and are expanding to newer markets. Their merchandise is sold at various stores all over the world and even online. Myntra and Snapdeal sell Ferrari merchandise online in India.
Besides this they have their own online store on their official Ferrari website.
Ferrari Promotion & Advertising Strategy:
The promotional and advertising strategy in the Ferrari marketing strategy is as follows:
Since the beginning of time Ferrari is involved in Formula 1 and that is where they acquire maximum promotion. The promotional strategy in the marketing mix of Ferrari is very different from other automobile brands as it is catering to a very premium niche segment. Owing to Formula 1 they have immense awareness worldwide even in places they still don’t exist. In India particularly where Ferrari is not very well known they have still managed to acquire a huge customer base. Ferrari provide a driving courses program where the best people teach you. They even have a Ferrari owners club where owners can share stories and experiences. Besides these, their merchandising plays a very important role in promotion. They have a huge collection of clothing, watches, perfumes and shoes for Men, Women and Kids easily available. Ferrari World Abu Dhabi is the first and only Ferrari branded theme park that was opened in 2007 with the world’s fastest roller coaster Ferrari Rossa located here. Ferrari recently launched an app for mobiles called SF All Access to get all the latest content about Ferrari directly on your phone.
Hence, this concludes the marketing mix for Ferrari.
About Ferrari:
In 1929, Enzo Ferrari founded an Italian Sports car manufacturing company in Modena but later shifted headquarters to Maranello, Italy. Auto Avio Costruzioni was the first car to be built by Enzo Ferrari in the year 1940. Before moving into producing street-legal vehicles, the company only manufactured sports cars and sponsored drivers. Through the years Ferrari road cars have always symbolized wealth, speed and luxury. It is also famous for its participation in racing especially Formula One as it has the most powerful and successful racing team. Besides motorsport, they supply engines and cars to other teams. Brand Finance declared Ferrari as the world’s most powerful brand.
It has become a modern-day legend owing to its 5000 victories on the world’s tracks and roads. Today, Ferrari has its own museum built in Maranello called Museo Ferrari.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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