Ford Marketing Plan
Technology is enabling improvements in production and fuel efficiency, but also encouraging us to drive more sustainable and change the way we use and think about the car. The world is slowly drifting towards the sustainable technology and consumption. Ford is proposing its new automobile model to cater the sustainability needs of the consumer as well as achieving the profitability for the company itself. The report starts with analyzing the marketing conditions and the need for analyzing the interior as well as external factors that affect the marketing mix. The barriers to the marketing planning are analyzed and how Ford Motors can overcome them. Certain management concepts like 10 S framework, new product development theory are used to validate the product’s development and operation. Further, the new product development is analyzed with the 4P marketing mix as well as with other ethical concerns. In the end, the budgeting and performance review strategy is discussed.
Introduction of Ford Marketing Plan
Competition is the focus of the market operations. It fosters innovation, growth and productivity, which ultimately creates wealth and market value. To remain competitive in market, a company should try and reinvent itself at changing dynamics of the market. The pricing should pertain to the mass customer sections in the market. In the market-oriented pricing strategy, Ford’s goal should be to set prices that are appropriate for the changing market conditions, considering the strong competition, consumer perceptions and demands, and other variables. Ford has applied this pricing strategy for most of its products, such as sedans and trucks in the past.Also on completely the other side of the aisle, the company applies the premium pricing strategy to set higher prices for some of its marquee products. This pricing strategy is used for most of the Lincoln automobiles, which are Ford’s luxury line of vehicles. This element of the marketing mix emphasizes the importance of different pricing strategies that can support Ford’s efforts to secure different segments of the market. Ford dealerships are the most prominent places for distributing most of its products. The majority of sales revenues are achieved through these dealerships. The company’s automotive parts/components are available in third-party auto parts stores, as well as the Ford Parts website. In addition, customers can access the firm’s financial services at the Ford Motor Credit Company offices or through personnel at the dealerships. This element of the marketing mix shows Ford’s strategy that utilizes different company-owned facilities and third parties to generate sales(Ford Motor Company- All Vehicles, 2015).
Ford Marketing Plan Task 1 – Situational analysis: Analyzing and Auditing
The process of analysis is an integral part of the planning process and involves both an external as well as an internal audit. The environment and conditions around a company should be thoroughly scanned in order to spot untapped opportunities to capitalize upon and develop the corporate image of the company (Onditi, 2012).