Ferrari is the product of Italian Sports car manufacturer called Ferrari N.V, their first car was built in 1940. The company is headquartered in Italy but their reach is around the globe and this can be identified by the fact that whenever someone talks about sports cars, Ferrari is on the top of their mind for sure. The company has grown ever since its establishment and has introduced many more cars since then. Ferrari cars have also won thousands of official races and are thus classified as one of the best sports cars around the world.
This is a proof of the fact that Ferrari has very high brand equity and that is contributed by several factors:
Brand Awareness
The brand value of Ferrari has grown in the last decade especially and it is recognized as the top most powerful auto brand around the world. It is due to the brand performance that it is now identified and recognized around the world. According to recent reports in 2017, Ferrari is most powerful automotive brand and this is due to their strong brand recognition.
Brand Loyalty
One of the factors that contribute towards Ferrari being on top most automotive brands is the loyalty that they have gained and retained all these years. In terms of brand loyalty, Ferrari is also ranked number one and that shows that it has been able to deliver quality through all these years and have thus gained the loyalty of their target customers.
Brand Image
Ferrari is viewed as the best sports car by people around the world. This shows that Ferrari has been successful in placing their brand in the minds of consumers in the right way. As when they hear the name Ferrari, they view it as not only a sports car, but the top sports car in the world. Ferrari has been able to maintain their ranking and still is number one according to ranking released in 2017, in terms of brand image in automotive industry.
Brand Assets
Being a very strong brand, Ferrari is obviously very strong in terms of its assets as well. According to recent reports, Ferrari is expanding even more in terms of its outreach around the world and in terms of its production capacities. The brand value has surged to 40% . All these assets do add to their brand equity as consumers know that it is a powerful and influential brand.
Brand Elements
The logo of Ferrari is their identity. It has become a famous logo ever since it was introduced and it has become their brand symbol ever since. Whenever they use this logo and their identifiable color, which is yellow in any of their campaigns, people are able to identify that Ferrari is being represented. This shows the power of the brand as they now do not need to display their name, but their logo is their representation.
References
11 Fast Facts About Ferrari. (2015, September 2). Retrieved February 25, 2018, from http://mentalfloss.com/article/67753/11-fast-facts-about-ferrari
Ferrari Brand Speeds Ahead of the Field. Retrieved February 25, 2018, from http://brandfinance.com/press-releases/ferrari-brand-speeds-ahead-of-the-field/
Ferrari is still the world’s most recognizable auto brand. Retrieved February 25, 2018, from http://www.autofocus.ca/news-events/news/ferrari-is-still-the-world-s-most-recognizable-auto-brand
Ferrari – The World’s Most Powerful Brand. Retrieved February 25, 2018, from http://brandfinance.com/press-releases/ferrari–the-worlds-most-powerful-brand/