What 1 or 2 marketing P (product, price, place, promotion) differentiators do you see based on your product versus its competitors in its industry?
Ford Motor Company is a company that tends to deal with the invention and manufacturing of automobiles in the automobile industry. Ford Motor Company is the recognized as the second largest automobile firm in the United States. For years, Ford Motor Company has managed to remain relevant in the automobile industry due to the high-quality products it produces in the market and the variety of automobiles that it provides in the market. Ford Motor Company has incorporated its operations through the use of the marketing mixed as its primary marketing strategy. The company’s marketing mix tends to play a significant role in enabling the entity to support its operations and to create a link between the company and its target market. The marketing mix is the strategy that Ford Company integrates into its operations to link with its target market. Ford marketing mix plays a vital function in maintaining the entity’s performance in the competitive market.
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Place
Ford Company tends to utilize unique venues or locations as a form of the marketing strategy of its Ford Lincoln product in the competitive market. The element of place in the marketing mix strategy of Lincoln Ford product tends to focus on the locations and venues that will act as a reliable ground where the company can easily access potential customers of Lincoln product. Furthermore, the element of place tends to focus on the locations where Lincoln Ford product is going to be distributed to the potential customers in the market. The primary locations where the product is going to be accessed by the potential customers include auto parts stores, the website of Ford Parts, dealerships, and Ford Motor Credit Company.
In most years, Ford dealerships have played an essential role in ensuring the success of Lincoln Ford product in the automobile industry. Ford dealership is considered as the most influential and prominent locations where potential customers can access Lincoln product. Lincoln spare parts are usually available in auto parts stores and the website of Ford Parts. Moreover, clients of Lincoln product are generally allowed to access financial services and credit services from Ford Motor Credit Company through Ford’s employees who are strategically positioned at the dealership shops. The element of a place of ford marketing strategy tends to indicate the company utilizes its facilities and other third parties to market Lincoln Ford product. The marketing strategy has ensured that the entity generates adequate sales revenue from the Lincoln product.
Price Marketing strategy of Ford Motor Company
The management of Ford Company is usually tasked with the responsibility of setting the prices of Ford products in the competitive market. Furthermore, the costs of Ford products tend to vary depending on the product and situation of the automobile market. The element manages to integrate approaches that will be used to set the required prices for Lincoln automobile depending on the business and market condition. However, Ford Motor Company manages to implement two primary pricing approaches in its operations which include premium pricing approach and market-orientated pricing approach.
The market-orientated price approach ensures that the management of Ford sets its prices for their automobile products depending on the contemporary market conditions, the demand of the Ford products in the market, the primary automobile competitors in the market and the technological advancements of automobile products in the competitive market. Premium price strategy is usually implemented by the management of the company to ensure that implements high prices for the products that are of high value in the market. However, in analyzing the two primary price strategies that rate usually utilized by Ford Company, the most appropriate price strategy for Ford automobile is the premium marketing strategy due to the luxurious form of the automobile product. The pricing strategy ensures that Lincoln automobile s acquire a reasonable market share in the automobile industry.
Recommendation
The most suitable way of ensuring that Lincoln automobile becomes competitive in the contemporary market is by providing that their prices are relatively fair. The company can also increase the dealership outlets in other continents to expand their global market share.
