It remains rare in heavy industry that produces steel, coal, oil, and paper, where the immediate consumers are other businesses.
Assessing the Marketplace Introduction The Ford Mustang is a vehicle first introduced in but remains popular today in part to the legend of the vehicle. To further assess the marketplace for this vehicle, primary finding from a completed product analysis matrix and digital collage will be discussed.
We will take a deeper look into the consumers themselves by reviewing consumers who purchase the Ford Mustang. Primary Findings From the Product Analysis Matrix In reviewing findings from the product analysis matrix, major assertions can be made regarding consumers targeted for the Ford Mustang.
Photographs in the vehicles gallery feature primarily the vehicle, but those with people in them appear to be in this range. A younger demographic is also indicated by the Mustang customizer available online and the downloadable app. The success of this is evident in the over 4 million digital Mustangs crafted on the website since fall, and a 62 percent increase in Facebook fans Koken, Also dominantly featured in photographs and commercials are men.
There is only one photo featuring a woman without a man with her, and that features her looking into the car from the outside. Otherwise, men or couples are the main feature. Education levels targeted may be some college or college completion.
The commercial for the new Mustang begins by featuring a tall, attractive woman who is well dressed and appears to be successful, the chef of a swanky restaurant, and lastly what appears to be a college student on a bike FordMustang, Now that the target consumer for the vehicle has been identified, it is appropriate to attempt to interpret why the consumer may purchase this vehicle.
Research indicates that those who purchase a Mustang do so for emotional reasons. Aspects of the vehicle that may be important to the consumer are the price or the model of Mustang available.
There are different engines available, as well as body style options of a standard coupe or convertible. There are also performance packages, technology options, and interiors designs available.
Again, the ability to customize and design the perfect Mustang for each individual consumer is important. Because the purchase of a Mustang is an emotional one, the sphere of influence for the decision making process would include spouses that may share the income as well as any children as the vehicle is a two door sports model and not a family-friendly design.
Primary Findings From the Digital Collage As mentioned above, research led to the discovery that the purchase choice of a Ford Mustang is truly an emotional one.
It is not practical for a family car, meant as a working vehicle, or beneficial in rural locations or poor weather conditions. A purchaser may appreciate the persona associated with the image of a Mustang, a cool, powerful muscle car.
The decision to purchase a Mustang is influenced by life priorities in that a purchaser likely will not have children or monetary commitments to sway them from purchasing a car that is more frivolous by nature. Socially, the consumer may appreciate the image of passion, fun, excitement, fulfillment, success, free-spiritedness, and cool.
The vehicle was first introduced inand a variety of consumers from an even broader range of demographics have purchased the vehicle. They include women and men about equally, from young people starting out to leading-edge baby boomers rewarding themselves with some fun and self-expression.
There's really no such thing as a typical Mustang buyer in terms of age, gender or income level. Interestingly, the buyer demographics change significantly when you start considering different models of Mustang as well. The first P to define is naturally the product.
Promotion for the vehicle is done online and through social media, including its own website with customization options http: Also, Ford offered a sneak peek of the new Mustang via Google Hangout http: Lastly, the Ford Mustang is available new nationwide through Ford dealers.
Consumer Preferences and Company Strategy Consumer preferences for the Ford Mustang may all be interested in the sporty design, but purchasing depends on the available options for the vehicle and whether those options fit into the lifestyle and budget of the purchaser.
Ford is attentive to the variations available to consumers. Rather than just show features and benefits, our new ad demonstrates how people see the product as an extension of who they are. We believe that everyone has an inner Mustang just waiting to be unleashed as cited by Koken, While consumer preferences have changed over time, part of the esteem that keeps people interested in the Mustang is the legend of it.
As preferences change though, Ford will need to be careful to not become too dependent on the legend of the Mustang in maintaining consumer interest. For example, as gas prices increase, Ford will need to be attentive to the perception of the Mustang as being a frivolous gas hog and be able to sell the benefits of different specifications that positively impact gas mileage.
For those in the younger range of the demographic, the strategy focuses on social media, applications, and strategically placed commercials. By focusing on media elements that the target demographic is likely to see or use, they increase penetration and interest into that market.
Conclusion The Ford Mustang is widely popular with a variety of consumers, but it is evident that Ford has a specific marketing strategy for this vehicle. Reviewing the product analysis matrix and digital collage discussed, we were able to identify specific information regarding the Ford Mustang and its possible target consumer base.
By looking deeper into the consumers who purchase the Ford Mustang, we were able to see that a variety of consumers purchase the vehicle, including those in the target market.The Marketing Strategy of Ford Motor - Free download as Word Doc .doc), PDF File .pdf), Text File .txt) or read online for free.5/5(5).
Ford is embracing this new way of doing marketing. A few examples to illustrate this point: Ford found the right spokesperson in “Dirty Jobs” host, Mike Rowe, who started supporting the F years ago. Marketing strategies of ford 1.
The Ford Motor Company is an American multinational auto- maker headquartered in Dearborn, Michigan, a suburb of Detroit. The Ford Motor Company started in June by Henry Ford. Mark Fields has been the President and CEO since 1st July A marketing strategy is a process or model to allow a company or.
Apr 03, · Assessing the Marketplace Introduction. Ford’s marketing mix strategy appears to be successful. The strategy for the Mustang plays on the nostalgia for consumers in the higher age range of the demographic, referencing the “legend” of the vehicle.
While you can measure strategy performance against targets, an assessment of your company's marketing strategy goes further. In addition to evaluating performance, it looks at exactly how key.
Ford Motor Company is one of the world's largest producers of cars and trucks and one of the largest providers of automotive financial services marketing vehicles under the eight brands shown below.
The Company is a publicly traded company listed on the New York Stock Exchange.