Assignment 1 - Task 2 - Ford Motor Company - Product within the extended Marketing Mix
Product within the Ford Motor Company’s extended marketing mix
s.
The Charted
Institute of Marketing offers the following definition for marketing: “The
management process responsible for identifying, anticipating and satisfying
customer requirements profitably.” (CIM, 2023).
The Ford Motor Company produce a wide
variety of automobile products with the aim of selling in volume with maximum
profit return. They stay ahead of the competition by investing in their
manufacturing facilities and product development. This allows Ford to keep up
with ever changing market conditions and customer needs.
Ford
produce a wide variety of automobile products, they do so to appeal to a wide
target audience with the aim of selling in volume at maximum profit. Ford’s
‘primary priority is the profitability and growth of its automobile
manufacturing and sales.’ (Edward Ferguson, 2023)
One way Ford have gained market dominance is though its range of F-150 Trucks. The Ford F-150 Truck is the ‘best-selling truck for the 46th consecutive year; overall best-seller for 41st’ (Ford Motor Company, 2023).
The
Ford F-150 is a fitting example of Ford’s effective use of product to achieve
marketing success. It is a product they have produced year on year since 1975,
yet they continuously improve it and develop it to ensure it sells in volume
and returns a profit. ‘The Ford truck team’s ability to anticipate customer
needs, continuously innovate, and provide best-in-class levels of capability
and performance has helped make F-Series the sales leader time and time again.’
(Ford Motor Company, 2023)
A
further example of the way Ford is growing its automobile manufacturing and
sales is through its continuous investment and development in its operations. ‘Currently, Ford has operations across North America, and
in over 125 countries around the world.’ (Ford Motor Company, 2023). Ford
are unique as they have so many production plants across the US and the world.
This ensures they can meet the needs and wants of customers around the world,
keep up with competitor activity and thus ensure sales and profitability.
Fig 4. ScrapeHero (2023) Image of Ford dealership locations in the USA [Photograph]
Ford must act fast with its development and innovation as there are many companies producing comparable products at a competitive price (or sometimes a lower price) and targeting the same customers. Ford has had to adapt its products over time to appeal to new customer demands.
A notable example of the way Ford has evolved its product
strategy is through the introduction of the F-150 Lightening which is an
electric variant of their best-selling F-150. By evolving their F-150 into an
electric variant Ford are addressing environmental issues such as global
warming and economic issues such as the cost of fuel. Issues like this are
becoming a worldwide problem for Ford’s (and its competitors) customers. The F-150 Lightening has the same characteristics of its bestselling model plus, USP’s such
as its 572bhp and 320-mile driving range which keeps Ford ahead of their
competitors as well as meeting to their customer needs and wants.
Ford’s product strategy is successful.
Ford are continually developing their products to meet customer demands and the
demands of the marketplace, whilst still focusing on making a profit. ‘Despite
facing fierce competition from other automakers, Ford has continued to thrive
in the market. The company’s sales have remained strong, with millions of cars
sold every year across the globe. As of 2021, Ford is the sixth-largest car
manufacturer in the world by sales volume.’ (Start Up Talky, 2023)
Reference List
Auto Catalogue Archive (2023) Image of 1990 Ford F-Series [Photograph] on: https://autocatalogarchive.com/ford/ Available at: https://autocatalogarchive.com/ford/ [accessed 4th June 2023]
Chartered
Institute of Marketing (2023) 7P’s – A brief summary of marketing and how it
works [online] Available at: chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.cim.co.uk/media/4772/7ps.pdf [accessed
20th August 2023]
Edward Ferguson (2023) ‘Ford Motor Company’s Marketing Mix (4Ps)
Analysis’ Panmore Institute [online]. Available at: https://panmore.com/ford-motor-company-marketing-mix-4ps-analysis#:~:text=Ford%20uses%20advertising%20as%20the,the%20dealerships%20and%20other%20venues [accessed
20th August 2023]
Ford Motor Company (2023) Image a range of Ford vehicles [Photograph] on: https://www.ford.com/. Available at: https://www.ford.com/ [accessed 19th May 2023]
Ford Motor Company (2023) ‘STILL ON TOP: FORD F-SERIES RETAINS
TITLE OF BEST-SELLING TRUCK FOR 46TH CONSECUTIVE YEAR; OVERALL BEST-SELLER FOR
41ST’ ford Motor Company [online] available at: https://media.ford.com/content/fordmedia/fna/us/en/news/2023/01/03/ford-f-series-is-americas-best-selling-truck-and-vehicle-once-ag.html#:~:text=03%2C%202023%20%E2%80%93%20Ford%20F%2D,every%2049%20seconds%20last%20year.
[accessed 20th August 2023]
Ford
Motor Company (2023) ‘Operations’ Ford Motor Company [online]. Available at: https://corporate.ford.com/operations.html [accessed 20th August 2023]
Ford Motor Company (2023) Image of person using ‘Ford Blue Cruise [Photograph] on: https://www.ford.com/technology/bluecruise/?intcmp=hp-cta-bluecruise-rv Available at https://www.ford.com/technology/bluecruise/?intcmp=hp-cta-bluecruise-rv. [accessed 21st May 2023]
Startup Talky (2023) ‘Marketing Strategies of Ford: Accelerating
Growth’ Startup Talky [online] available at: https://startuptalky.com/marketing-strategies-of-ford/ [accessed
20th August 2023]
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