FERRARI

Ferrari's Marketing Analysis

Ferrari

Marketing

According to Kotler (2009, p.4), marketing is meeting customers' needs profitably by delivering superior customer value and building customer satisfaction. Marketing is all about identifying and meeting needs by using marketing savvy strategy and turning these needs into profitable business opportunities.

Kotler & Keller define marketing as a process that includes analysis, planning, implementation, and control of strategies designed to instigate a deliberate exchange of values with your target markets for the purpose of achieving organizational profit maximization. Marketing, therefore, involves on design of the organization's offers to the target markets' needs and desires, use of effective pricing, communication, and distribution to motivate customers to buy your products (Kotler & Keller, 2006, p. 3).

Marketing Mix

Marketing mix is the most important aspect of any organization's marketing strategy. Marketing mix can be defined as a set of controllable strategic marketing tools that an organization combines to achieve its marketing and organizational objectives. Marketing mix is used to get the response you desire from the target market as they influence the demand for a product. The four dominant variables of the marketing mix are product, price, place, and promotion (Kotler, et al., 1999, p. 109).

The Four Ps: The Marketing Mix

Product

A product is anything that is offered to a market for awareness, acquisition, use or consumption as it satisfies a customers' want or need. Products could be anything from goods (tangible products) and services (intangible products), to persons, organizations, and ideas.

Price

Price is the sum of money a customer has to pay for the acquisition of a product (good or service). Price is defined as the summation of the monetary value that consumers exchange with the organization for the benefits of possessing or using the product. Price is a very potent marketing variable as it provokes and fuels most of the competition and defines product quality.

Place

Place in the marketing mix means all the activities an organization undertakes in order to make a product conveniently available to their target market. Thus, place translates into the distribution of a product to make products accessible for customers.

Promotion

Promotion is a combination of activities an organization is engaged in order to communicate a marketing message about its products to the target market. The goal of all promotions is to attract and persuade customers to buy a product (Kotler, et al., 1999, p. 110).

An effective marketing strategy is a blend of all these marketing mix elements. The marketing mix variables when harmonized into a strategic marketing programme help an organization achieve its marketing objectives. These marketing mix elements act as tactical tools for establishing a strong market share through building a favourable brand positioning in the minds of the prospective and current customers and consumers. The four Ps are designed to meet the four Cs of customers in order to influence them to buy products by delivering a customer benefit. The four C's which four P's aim to tackle are customer needs and wants, cost for the customer, convenience, and communication (Kotler, et ...