ASSIGEMENT - MARKETING FUNDAMENTAL
. Comment on the segmentation and targeting strategy of Ford Mustang.
The third stage of the market segmentation process is the creation of a specific Market mix to fulfill the needs, as well as market conditions of each specific target`` Segment (Wilkie, 1990; Gunter & Furnham, 1992; Kotler, 1994). Although many authors Limit the market segmentation process to market identification rather on the key elements Of the entire process, most companies fail to give due importance to other stages in Market segmentation such as product positioning and mix development (Sarabia, 1996).
Once the firm has chosen a market segment it must choose a generic competitive strategy. At this point it is also necessary to review the selected strategy across segments and explore general strategic approaches. In some cases it might become apparent that a Counter-segmentation strategy is applicable. In other cases, the development of distinct Mixes for each segment uncovers inconsistencies or lack of resources at the corporate Level and so it is necessary to revert to the segment evaluation stage.
According to Kotler (1994, p. 293) the only sustainable generic strategy in a Segmented market is differentiation. He explains that the only other generic competitive strategy alternative (low cost) is not sustainable in a segmented market. In addition, a strategy successful at differentiating must generate customer value, provide perceived value, and be difficult to copy.
At this point in the process the company selects those ways in which it will Distinguish itself from its competitors. In most cases the differentiation involves multiple Elements. In fact, "most successful differentiation strategies involve the total Eureka Facts, the Smart Marketing Information organization, its structure, systems, people, and culture." (Aaker, 1996). One way to Differentiate is through brand equity building. A strategy based on brand is likely to be Sustainable because it creates competitive barriers. A brand strategy permits the strategist to work with complex concepts and not limit the differentiation strategy to just a few Competitive differences. This approach is consistent and reinforces the STP approach. A successful brand strategy builds barriers to protect the selected position by creating Associations of the positioning variables with the brand name in the prospect's mind.
THE FORD MUSTANG
Ford Motor Company was built on superior products and that still exists today. They have an exceptional line of cars and trucks, which ranges from the Model-T to today’s Ford Focus and F-Series, the bestselling car and truck in the world. Their current product line up is the strongest in their history and is still getting stronger. This year they added the new Ford Explorer, Thunderbird and Expedition in North America, Ford Fiesta in Europe, the new Lincoln Blackwood and Navigator, Land Rover Freelancer and Range Rover, Jaguar X-Type, Aston Martin Vanquish, Mercury Mountaineer, and the Mazda Sport Wagon. These vehicles will help distinguish them from their competition.
All of their products and services benefit from their diverse family brands. They acquired the Land Rover in 2000, 1999 they acquired Volvo and Kwik-Fit, 1989 they acquired Jaguar, 1987 they acquired Aston Martin and Hertz, and in 1979 they acquired Mazda. This all lends in a hand in building strong, lasting relationships with their customers and to help their business grow.
Ford believes that a major factor in their success is their role as a positive contributor to the community. They introduced this plan in early 2000
Factors in the production and marketing of this car are noted: styling, targeting, pricing -- given the wide range of accessories. The paper discusses the radical nature of the advertising campaign...