Ferrari is an Italian sports car manufacturing company established in 1939 and their first car was built in 1940. However, it took Ferrari some time to get recognized in the industry and today the whole world knows about the brand which is enough to realize the level of success it has achieved over the years. In 2014, it was rated as world’s most powerful brand by Brand Finance. However, according to the latest stats, it was ranked at #156 in terms of World’s top multinational performers in the Forbes list published in 2017. Though today there are a lot of competitors in this industry who are competing with Ferrari in many aspects, yet it maintains its position and shows continuous growth.
Ferrari has always operated in such a strategy that deals with identifying the needs of the customers and then delivering according to that, which later results in building up good long-term relationships with the customers. In doing so, Ferrari realizes that the needs of the customers keep on changing and so they need to keep on developing and brining innovation in their products in order to provide the customers with the best technologically enhanced, luxurious, comfortable and elegant driving experience. They have a dedicated research department that helps the manufacturing unit to make sure that they produce cars better than their previous production. Moreover, they are dedicated towards developing strong relationships with their suppliers as well as buyers so that they do not switch to the competitors in such a competitive environment.
Ferrari makes sure their products are of consistently good quality in order to satisfy the customers. Since they have focused their strategies to their customers, they make sure that they cater to any problems that the customers might face in the products so that their quality and brand name is never compromised. This is the reason why they have been able to grow in terms of their customer base as well as in terms of their profits over the years.
Ferrari’s strategy has been a perfect marketing mix as they have been able to deliver their customers with high quality products and services, along with keeping their prices and marketing strategies aligned with their positioning strategy. They have been successful in creating a perfect marketing mix through which they are able to create their position in the minds of their consumers as well as in the market.
One of the strongest aspects of the company is the strong brand name itself which has taken years to take its place in the industry but it is now here to stay, for good. Ferrari’s brand image has never been distorted over all these years of manufacturing and the brand is just becoming stronger each year which is its biggest strength right now and its biggest competitive advantage as well. It has developed such an image which people can trust without thinking twice.
References
Badenhausen, K. (2012, December 1). #15 Ferrari – pg.15. Retrieved January 18, 2018, from https://www.forbes.com/pictures/mli45ikdf/15-ferrari-2/#5e7b90d3207d
Italian Automobile Industry. Retrieved January 18, 2018, from http://shahrearshifat.blogspot.com/2014/10/italian-automobile-industry-automotive.html
The truth about Ferraris brand power. (2013, March 12). Retrieved January 18, 2018, from http://skiddmark.com/2013/03/the-truth-about-ferraris-brand-power/