Products, Pricing, and Channels
The all-new Mustang is the next chapter in the life of one of the world’s most iconic cars. The 2015 Ford Mustang is loaded with innovative technologies and delivers high levels of performance and style. “The Mustang is the first car to offer four, six, and eight-cylinder engines that each produces at least 300 horsepower. With more powertrain options to choose from, there is a Mustang to fit any lifestyle. The 3.7-liter V6 and upgraded 5.0-liter V8 are joined by an all-new 2.3-liter Eco Boost engine that brings state-of-the-art technology to Mustang.” (Ford, 2014)
Description & Features
The Mustang’s Eco Boost engine uses direct ...view middle of the document...
Ford also introduces the first passenger knee airbag system packaged inside the glove box door with 15 patents granted and more pending. The Mustang also has twice as many airbags, twice as many peripheral crash sensors and additional safety belt technology. The new airbag design debuting on the 2015 Ford Mustang raises the bar for passenger safety by providing inflatable restraint protection in a smaller, lighter package that also enables a roomier interior for more comfort. (Ford, 2014)
Ford has been able to capture their target market by not only adding innovation, but also because of customer loyalty. Ford Mustang has captivated a market segment that has a need for speed since 1964. Ford gives consumers the feeling of freedom and confidence. “Part of the appeal of Mustang over the years has been the way it combines style, performance and everyday usability thanks to its four-seat cabin and sizable trunk.” (Ford, 2014)
Marketing & Lifecycle
Just like any other product, the vehicle will have its life cycle. A product life cycle consists of development stage, introduction stage, growth stage, maturity stage, and decline stage. The first stage will be the development stage. The manufacturer will build a concept and promote it at well know car shows, social media websites, and any channel that a car enthusiast watch or read. The development stage is to bring awareness to consumers of the vehicle. Once the excitement is built, the vehicle will move into the introduction stage. Because the vehicle is new on the market, the marketing costs will be higher than the sales. Marketing cost is high because the company will be reaching out to serious buyers by all channels of marketing. When consumers hear that the vehicle is available to purchase in car lots, this product will move to the growth stage.
In the growth stage, Ford will need to change it’s marketing from promoting the product to differentiating it. Ford has many competitors, and they will need to highlight key features that the 2015 Mustang has versus the rest of other sports vehicles. That could be in the means of test drive the vehicle, lucrative offers for the vehicle, and increase advertising to build the brand preference. That will entice consumers to go to dealerships and look at it. Once the sales increase, the maturity stage takes over. That is the stage where Ford will have the most amount of profits. Advertising will be reduced because the brand has been built. Also, Ford may have to go back to the drawing board and reevaluate the vehicle. If the need be, modifications and additional features can be added in order to realign with the competition so the Mustang can be differentiated.
Once the Mustang has been over saturated, it will enter into the decline stage. In this stage, marketing mix and marketing efforts decrease dramatically. By now, Ford should have built the brand and consumer loyalty. The marketing will change by reducing the price to liquidate inventory...