The Ford Motor Company, generally known as Ford, is an American multinational leader in the automotive industry. In 1903, Henry Ford founded this company and, it has headquarters in Dearborn, Michigan, the U.S. It sells vehicles for personal and commercial use under the Ford brand and luxury cars under the Lincoln brand. The marketing mix of Ford is the tactical part of the company’s marketing plan. The 4Ps in the marketing mix of Ford are:
Product
With the usage of reliable and high technology, Ford gives the best of the vehicles to this world. The company manufactures automobiles of different sizes, speed, strength, passion, and quality to cater the demand of customers belonging to different segments. Ford sells various kinds of luxury cars, sports cars, and economy cars. It has also sold its products under the marques of Mercury, Edsel, Merkur, Jaguar, Land Rover, Mazda, Continental, Aston Martin, and Volvo.
Every Ford product is manufactured with a concept to suit the local driving situations, focusing on the longevity and fewer maintenance costs. Ford also sells medium duty trucks, tractors, vans, and buses. In Europe, Ford manufactures Minibus as a passenger-carrying vehicle. It also provides banking services to its customers and employees through Ford Motor Credit Company. The company also sells automotive parts under the brand Motorcraft.
Price
Ford is the world’s fifth largest automaker and to reach this rank its pricing strategy has played a vital role. It mainly follows two types of policy: Premium and market-oriented pricing policy. Ford uses premium policy for its luxury line of products under the Lincoln automobiles.
Ford has adopted a market-oriented strategy for the cars and trucks. In this, prices get set according to the market demand, competition, consumers’ views, and other variables. Apart from these strategies, Fords applies prices of cars based on the segments, geographical location, and features.
Place
Ford is number-one to introduce the notion of production at a large scale with technical workers. The dealership network of Ford has been made powerful and very convenient. Most of its products are available to the customers through direct access. It has nearly 90 manufacturing plants set up in six continents across the world. Ford has joint ventures in Taiwan, Thailand, China, Turkey, and Russia. Automotive components and accessories get sold through Ford’s website, showrooms, or third-party outlets.
Promotion
Ford uses competitive promotional strategies for its products and services to maintain a long-running relationship with its customers. It publicizes the products and services through newspapers, magazines, online channels, and TV. Ford displays various vehicles at the malls, events, and exhibitions and gives presents to different personalities.
Ford adopts the method of retaining the loyal and potential customers through trade-ins, discounts, and special offers. Ford uses a unique way of promotion to enhance the value of the brand through a link with the events. It has been a chief sponsor of UEFA Champions League. The company has involvement with various CSR programs which helps to build a positive image.