The Brand – The image Ferrari have managed to create, the identity and the loyalty that brings Ferrari owners back to buying another one. Last but not least, the promise that their brand holds due to the long and successful history they have. The Status symbol – Owning a Ferrari is more than just owning a car. It is a statement of your wealth and status –this is still linked with the brand image. The Racing Pedigree – Ferrari has its roots in racing; Ferraris are all about Performance and looks. Emotive – The “Rosso Corsa”; the distinctive racing colors of Italy; still today bring up emotions – and as many have stated; at least for males; choosing a car is more about emotion than critical thinking Innovation and Development – Ferrari is constantly being driven forwards by “innovations and developing new technology”, as Ferrari’s Promise states.Weaknesses:
Low volumes of production – Compared to competitors like Porsche. The low volumes could restrict managing major technical solutions. It also means that Ferrari witness little economies of scale and that their production costs per product remain relatively high. Deliberate refusal to answer demand – One of Ferrari’s ways of keeping their product exclusive is by keeping the production costs low. “The waiting list” – Ferrari have the policy that if one wants to purchase a Ferrari, one is put into the end of a waiting list or a line. This could potentially mean that the most eager of customers could decide to choose a competing product instead. Green Standards – Ferrari might struggle to keep the emissions of their cars at a required level without sacrificing in performance. Opportunities:
New Markets – New markets such as China and India are emerging for the supercar industry as we speak. Competitors like Porsche have already successfully entered the Indian market – Ferrari could benefit from this also. Technology – The development of technology could enable the use of Ferrari’s innovations in other areas than performance cars. Price – Ferrari could use their strong Brand loyalty by increasing their prices and hence increasing their products profit margin. Widening Targeted Segment – i.e. widening their customer base whilst retaining from harming the brand.
Competitors – Porsche and Lamborghini provide tough competition in this rather crowded supercar market. Political & Environmental Pressure – New laws concerning emissions are passed on a yearly basis – Ferrari has to manage those without harming the performance of their cars. Competitors – The different views upon production and marketing as a whole mean that they can produce their products at a lower price, hence; if willing; sell their product at a more competitive price. Financial situation in Europe – Although the sale of supercars has not been affected by the economic instability –things might change.
The essence behind Ferraris one of a kind brand is the history behind it. The mission statement stands: “To build unique sports cars that represent the finest Italian auto design and craftsmanship, both on the track and on the road”, and it has remained like this from the very beginning. Hence, retaining this brand power and image is essential for the future to be as successful as it has been so far. However, if Ferrari is to keep the image of their products being the high performance, red supercars the are now, they have to tackle a few external issues. First of all the economic instability might result into decrease in the demand of supercars – it has to be said, that this might not necessarily have a negative impact on Ferrari, as after all, they have wanted to decrease sales in order to make their product more exclusive again. Secondly, the environmental restrictions on car emissions are getting tighter and tighter by the year – Ferrari will have to introduce new engine types; meaning high expenses before the new models will start to generate revenue for the company. Lastly, Ferrari has to be able to take advantage of the emerging supercar markets in order to be able to match their competitors.
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