Analysis Of Ford Motor Marketing Mix

Marketing managers play a key role in creating a mix of marketing strategies. Marketing mix consists of four distinct elements: product, place, price, and promotion. The marketing mix is a controlled, designed, executed, and maintained strategy that meets the needs and interest of a target group, i.e. the market. Ford Motor Company analyzes the interests and needs of its target markets – Millennials and Gen Xers – to develop and market a product mix that is appealing to each cohort. The Millennials are those born between the years of 1979 and 1994. They grew in an internet-based digital age and they’re used to getting information instantly and on demand. Internet is a part of their daily lives, and they are more concerned with getting results quickly than understanding how or why those results came about. Social media, which has been a part of their lives for many years, allows them to project an image that they think will be accepted by their peers. They are also environmentally-conscious and firmly believe in creating and maintaining a better world for future generations. Ford needs to market products that meet the expectations of Millennials. Millennials desire instant access to information, but companies can’t overstate the capabilities of their products. Millennials also tend to purchase their first car, so they look for affordable cars with technology. Ford appeals to Millennials by focusing their promotion on the car’s technology and environmentally-sound features, including hybrid engine options and high fuel economy. Ford employs non-traditional marketing methods for this group. Millennials are more likely to pay for music streaming and on-demand television packages than traditional TV ads. Ford utilizes sponsored ads on their social media pages, and also employs Millennials as sales representatives to assist Millennials with their purchases. Ford offers vehicles to Millennials at prices that are mutually acceptable up front. Unlike Gen Xers, Millennials don’t like to bargain, and so they price their cars accordingly. Ford’s Fiesta product is marketed by Ford as being fun, stylish, intelligent and adaptable. Ford’s Fiesta is highlighted for its fuel efficiency, navigational technology, and exterior styling. Millennials are able to express themselves and create a unique image by choosing from a wide range of colors and styles. Ford also shows pictures of young drivers in their Fiesta promotions. Second, Generation Xers, those born between 1965-1978, did not grow up with as much exposure to technology or social media. Gen Xers grew-up in dual career households and were largely unsupervised. Gen Xers have a strong sense of independence and resilience, which is reflected in their buying decisions. Gen Xers are a group of parents who are at the peak of their earning potential. They prioritize their children’s needs and save money whenever possible. In addition, they place great value on education and research before making big purchases. This is why marketers use this to their advantage by giving them lots of information and explaining the benefits of their products (textbook). The Gen Xers are known to frequently switch jobs in order to advance their careers. This lack of loyalty influences the way they buy, focusing on value and usability over brand loyalties. Ford uses vehicles with enough space to transport multiple people as well as cargo for Gen Xers. Ford is constantly promoting their vehicles across various media to maintain the attention of this audience. They highlight the family-friendly qualities and the vehicle’s features. Ford Flex is the perfect product for this market. They show third-row seating for more people to carry, 180-degree camera for safety and to avoid accidents and expensive repairs, Bluetooth connectivity so that music can be played on long road trips with the family, and pictures of parents and children traveling in the trunk while also transporting furniture. Gen Xers who pay around $30,000 would find the features family-friendly and at a good price. Baby boomers, those born between 1946 and 64, are the ones with the highest incomes and who have a strong social standing. The boomers have amassed wealth in their working years and increased life expectancy of Americans to 77. Americans older than 50 now view middle age differently. Due to the digital age’s relative youth, boomers tend to be influenced more by traditional advertising and sales representatives. Boomers are active in society and feel entitled to enjoy their retirement. They also have a lower price sensitivity. Marketers target them based on this lifestyle. Baby boomers, who are largely retired, travel more for pleasure than work. Boomers have the most time and money to spend on luxury cars. Ford uses high-end features like leather seats, bigger engines and bespoke sounds systems to appeal to boomers. Ford does this with TV ads, printed mailers, and sales representatives on the ground. Ford promotes its Taurus model on their website by displaying heated seats that provide comfort in cold weather, voice activation technology, contoured backrests, and certified used options.