Ferrari brand is mostly known for its luxury cars. It is a luxury Italian-Dutch sports car manufacturer. Its headquarters is located in Maranello, Italy. It was founded by Enzo Ferrari in 1939, because of Alfa Romeo’s race division as Auto Avio Costruzioni. In 1940, the company built its first car. It is a luxury everyone dreams to have. It has a very strong reputation. The brand has given Italy the fame for producing some of the fastest, and most eye-catching cars on the planet. Ferrari makes production at a very small scale limiting to approximately 10000 units per year.
FERRARI BRAND- HISTORICAL BACKGROUND
In 1929, Ferrari established his own racing team, Scuderia Ferrari, which exists till now in Modena, Italy. But after almost a gap of a decade, Enzo established a manufacturing base. He called out to Orville, construed Cioni, and moved his headquarters from Modena to the city of Maranello.
Racing has always been the identity of the Ferrari brand Scuderia. Ferrari is the most known and old Formula One team. It has also taken part in famous races such as the races at Le Monde, France, and Daytona, Florida, continuously. In 1950, a world championship was held. Since then, it’s the only brand that has been a part of Formula One racing.
Being a small manufacturer of highly specialized cars is never an easy path to move forward with. Many such automakers have either merged with larger companies. Some of them are been entirely taken over. Similarly, the Italian automaker Fiat took a 50 percent stake in the company in 1969 and increased its stake to 90 percent in 1988. Enzo Ferrari‘s son Pietro owned the other 10 percent. And in 2016, Fiat, which had since become Fiat Chrysler, turned Ferrari out into a separate, publicly-traded company, trading under the ticker symbol race.
The business model of the brand evolves around offering luxury products to customers. The company has re-shaped its business model. It has been also focusing now on offering a wide range of consumer products as compared to sports cars and engines in the past.
CURRENT BRAND IDENTITY OF FERRARI
Ferrari is obviously best known for its cars. But the company has expanded the reach of the Ferrari brand beyond these small, rarefied world of racing fans and lovers of supercars. It has a Pancing Horse logo which is a symbol of Italian luxury, performance and much more. It also symbolizes world-class design and quality.
At Ferrari, the Ferrari name and the famous yellow and black prancing horse logo have recognized the world over brand finance, a firm that measures the impact of various brands, considers Ferrari to be the most powerful brand in the world.
Currently, Ferrari has evolved into merchandise such as clothing, coffee mugs, and watches. The company operates its own stores and sells goods online through the years.
FAMOUS FERRARI MODELS
365 GTB/4 Daytona
Dino 246 GTS
WHAT MAKES FERRARI BRAND SO SPECIAL?
As compared to the past, Ferrari uses the most advanced technology. By the 1980s, Ferrari was only using race engines for its streetcar motors, but the brand has totally transformed itself since then. The company uses state-of-the-art technology for its products’ design. Many quality designers make their contribution to this process. Not only cars are unique and attractive in design but, products like watches, coffee mugs and, clothing are all up to the mark.
CONCEPT CARS BY FERRARI
Since, it enjoys a strong brand image, it converts this advantage to introduce new concepts and designs. The aim of these measures is to prove the point the company is serious in introducing new concepts in the automobile industry and to let its customers know that there is something special always to come in the near future. These concept cars from the past and the present include:
2025 Concept mansion
F80 car concept
422 Dualita Concept
Pinifarina Sargio Concept
F40 Turbo 2019 Concept
The company uses a well-planned segmentation strategy for targeting its customers. It only focusses on offering products to a selected group of people. The company chooses many sports celebrities for this purpose. Its marketing strategy evolves around the value-based model. The company makes continuous improvements in its products and mostly targets developed nations of the world. Ferrari has a strategy of offering only limited edition products which makes its products a vital choice for its customers.
The company has only 170 plus deals worldwide for selling its products. It has only about 225 employees globally as part of the commercial team. They cover regions like (i) South Africa and India, (ii) Americas, (iii) Greater China including The People’s Republic of China, Taiwan, and Hong Kong), and (iv) Rest of APAC (which includes the rest of Asia and Oceania).
For marketing purposes, the company has used Social media like:
FERRARI & NEW TECHNOLOGY
The company is now focussing on introducing electric models of its cars in the future. As per its boss, the company is ensuring new technology to deliver upon its brand’s heritage and new models are about to come into the market by 2025. This will also include electric models.
STATS AND FACTS
Founder: Enzo Ferrari
CEO: Louis C. Camilleri
Revenue: 3.77 Billion Euros
- Coffee mugs
Brand Value: $30 Billion.
CELEBRITIES HAVING FERRARI
Many clebrities feel proud to have Ferrari with them. Celebrities who own Ferrari include:
FERRARI WORLD ABUDHABI
Built on November 04th,2010, Ferrari World Abu Dhabi is an indoor amusement park on Yas Island in Abu Dhabi, United Arab Emirates. It holds the record for the largest ever built space frame structure ever built. Formula Rossa, the world’s fastest roller coaster, is also located here. It is regarded as the first Ferrari-branded theme park. The park is also regarded as the best “Middle East Theme Park” many times.
Ferrari no doubt is the most luxurious brand. From a sports car, it has transformed into a complete brand. It has the pride of maintaining and improving its goodwill rapidly and over time it has deployed the most modern technology to maintain its standard. The brand has maintained a value-based marketing strategy for its products. Ferrari without any doubt is a brand for the elite class as it believes in quality rather quantity.
Who would have thought that the brand will be of premium nature? The road to glory has only become possible with a visionary approach from the brand’s think tanks and it can be observed in the products offered by Ferrari.