Ferrari is an Italian sports car company, based in Maranello. Originally, it was named as Scuderia Ferrari by its founder Enzo Ferrari in 1929.
Enzo Ferrari was ambitious to build a V12 engine and he started to design the first Ferrari in 1945. Scuderia Ferrari manufactured race cars and sponsored drivers, but in 1946, it started manufacturing street legal vehicles, as Ferrari. Ferrari turned into a limited liability company in 1956. An institute of professional industry and artisanship training was built in Maranello to provide the company with trained technicians even till today.
Over the time, Ferrari has managed to take a reputable place in the field of sports car and has celebrated for its constant contributions in the racing world, especially in Formula One, where it has proven to be significantly successful.
What Makes Ferrari Unique?
It’s their mission, which has made Ferrari very popular, that is to manufacture such sports cars which are unique and supposed to bring out the brilliance of Italian cars on the roads and during race.
Product Marketing of Ferrari:
Ferrari is known to manufacture excellent, well-designed and quality products with great value for money. Still, want their products and this is the kind of approach Ferrari demands from its customers. The focus is given to the product rather than to the needs of the customers and this is where product orientation comes. A company like Ferrari needs to focus on their products because over the time, they have managed to satisfy the customers by superior quality, performance, style and luxury in their products.
Marketing Approach of Ferrari
Ferrari has convinced their customers to buy their product because of the qualities they offer. They have always managed to manufacture a car that is according to their customer’s needs and even if a better match for Ferrari comes in the market, they won’t switch readily. Ferrari has managed to maintain its reputation over the decades. Ferrari focuses on competing with other companies and their customers to buy their product by continuously improving the performance of their products and services.
Marketing Strategy of Ferrari
The success and development of Ferrari can be reviewed over the years. Its founder, Enzo Ferrari, didn’t go to college or high school. He worked as a mechanic and had a strong passion for racing and cars. He developed his own ideas about cars and engines. So basically, passion is the only marketing strategy of Ferrari till today.
Ferrari is known to evaluate its success in terms of its product or brand value, rather than on the basis of sales, revenues and market capitalization. The worth of Ferrari brand is more than major brands of the world and yet, Ferrari never spends cost on advertisements.