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Consumer Behaviour Assignment : Ferrari

   

Added on  2020-04-15

13 Pages3288 Words826 Views
Running Head: Consumer behaviour for Ferrari Consumer BehaviorMarket Analysis of Ferrari

Consumer behaviour for Ferrari Table of ContentsIntroduction...........................................................................................................................................2Situational analysis................................................................................................................................3History of Ferrari...............................................................................................................................3Vision and mission statement............................................................................................................3Market analysis..................................................................................................................................3SWOT.................................................................................................................................................4PESTEL...............................................................................................................................................4Target market description.....................................................................................................................5Segmentation....................................................................................................................................5Target market decision making process................................................................................................5Decision making process...................................................................................................................6Social influences on buying behaviour..................................................................................................6Family................................................................................................................................................7Social class.........................................................................................................................................7Psychological influences on buying behaviour......................................................................................7Motivation.........................................................................................................................................7Perception.........................................................................................................................................7Personal factors influences on buying behaviour..................................................................................8Personality.........................................................................................................................................8Lifestyle.............................................................................................................................................8Market strategy recommendations.......................................................................................................94Ps of marketing mix.........................................................................................................................9Conclusion...........................................................................................................................................10References...........................................................................................................................................101

Consumer behaviour for Ferrari IntroductionConsumer behaviour is the conduct of an individual and the manner they perceive the product and what all measures it considers before making any measures. The report concentrates on situational analysis to know the market condition and then target market is focussed through segmentation. The decision making skills have been analysed by focussing on the decision making process. The market strategies are also concentrated by discussion over the social, psychological and personal factor that are likely to affect the decision makingof customer and influence their mind. Finally to study the entire market the 4Ps should be learnt so as to reach the best decision.The report argues on the market analysis and consumer behaviour in context of Ferrari. For that the history of Ferrari has been discussed along with the vision and mission ofthe company. The market share and the competitors of Ferrari have been quoted followed by the swot and Pestel analysis. Thereafter the market segmentation is quoted and the decision making of target market is done which explains the entire process. Afterwards the market strategy has been elucidated which influence the decision making of the person; these factors are social, psychological and personal factor. The final assessment is conducted by researching over the marketing mix of Ferrari to take the final decision. 2

Consumer behaviour for Ferrari Situational analysisHistory of Ferrari The company Ferrari was initiated on 1947 and the first ever Ferrari appeared on the entry point of Via Abetone Inferiore situated in Maranello. The product line of Ferrari is Enzo Ferrari which was launched in Modena in the year 1898 and exhausted in 1988 (Ferrari,2017a). Thereafter another inauguration of Ferrari was Scuderia Ferrari which was initiated in Viale Trento Trieste located in Modena, Italy. Sergio Marchionne is the Chairman and CEO of Ferrari and Piero Ferrari is the Vice Chairman of company (Ballaban, 2014).Vision and mission statementThe vision of Ferrari is that it is the excellence developed by Italy which is the dream car for many people in the world. It depicts the sporty nature and luxury. The mission that company carries is that it signifies the Italian excellence and stay of the prime position on the roads as well on tracks (Ferrari, 2017b).Market analysisFerrari Corporation focuses on the team work and symbolises that human resource is the precious resource and the motive of company is to rule on the world. The competitors of Ferrari are Porsche, Lamborghini, Mercedes, McLaren and Aston Martin (Ound, 2012). 3

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