Strategies That Ford Uses to Appeal to Different Consumers Research Paper

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Ford Motor Company: New Car SalesQ1. Provide a description of the product/service and a brief history of the firm. When was Ford established, where, how many different Fords automobiles are there, what are sales revenue?Ford Motor Company was established in 1903, 117 years ago. The founder was Henry Ford and headquarters were set up in Dearborn, Michigan. In Detroit, Ford began producing its first automobiles. Its first big successes were the Model T (1910-1927) and the Model A (1927-1931). In 2019, Ford sold 5.4 million vehicles to dealers and distributors around the world (Statista, 2020). Ford currently has 28 different models in production, ranging from the Ford Fiesta to the Ford Medium Duty Truck. Some of its most popular models, however, are the F-150, the Mustang, the Explorer, and the Focus. In short, Ford has something for every type of consumer: the sports car lover, the truck enthusiast, the cost-conscious commuter, the SUV driver, and so on. Compared to other brands, Ford holds up well and is very competitive.Ford’s vehicles appeal to a range of consumers. Consumers interested in specialty vehicles will be interested in the F-Series trucks or the Mustang. Those interested in SUVs will look into Ford’s SUV production line. Those interested in sedans will look at the Focus. Ford is also venturing into the EV space with its Mach-E Mustang, which uses a battery-powered motor. Thus, Ford has created a line of products meant to satisfy different types of consumers.Q2. Describe and discuss the cultural, social, personal, and psychological factors that influence the purchase of the Ford vehicles.The cultural factors that influence the purchase of Ford vehicles are related to utility (what the purpose of the vehicle is), class status (what the vehicle says about the individual), and principles (Is the vehicle good for the environment? Is it American-made? Is it the best in its class?). The social factors that influence the purchase of Ford vehicles include what one’s social circle is doing. For instance, if one works in construction or lives in the rural US, it is more likely that such a person will be influenced by peers to buy a Ford F-Series.If a person has friends who are into racing, the Mustang will likely have some appeal. If a person has friends who are into economy class sedans, the Focus or Fiesta will be seen as appealing. If a person’s clique is interested in EVs, the Mach-E will have appeal. Personal factors that influence the decisions include how much one is willing to spend, what one likes based on one’s own personal tastes—speed (Mustang), room for a family (SUV), hauling (truck), economy (sedan).

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Psychological factors that influence the purchase of the Ford vehicles include issues such as what one is looking address in one’s own mind—something about one’s identity, about one’s ambitions, about one’s sense of direction in life; is one dealing with a mid-life crisis and in need of a Mustang, or is one trying to be more practical and thrifty and thus purchase a Fiesta? The psychology of the consumer of Ford vehicles depends also upon their social environment and whether buying a car is something to be seen as compulsive…

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…attractiveness of each identified market segment.The variables used to segment the firm’s target markets are age, gender, region, interests (hobbies), education, work, personality, values, opinions, attitudes, beliefs, lifestyles, purchase behavior, brand loyalty, frequency of purchase (whether the person would be up for a lease or not), benefits the person requires. Ford must look at all these variables when it designs a product model for a specific target market. Ford evaluates the attractiveness of each identified market segment by conducting a simple cost-benefit analysis: Can the company create a product and sell it to that market segment at a reasonable cost and stand to make a reasonable profit? Would the product scale across segments? These are the questions the company would ask when evaluating the attractiveness of a market segment.Q6. Should the Ford pursue full market coverage, multiple segment specialization, single-segment concentration, or individual marketing? (Choose one and omit the others)Ford should continue to pursue multiple segment specialization as there is really no other way for it to compete. It does not offer a single line of products the way a niche car company like Tesla does. It offers a range of products because it seeks to satisfy a range of consumers with different tastes, needs and desires. It cannot be as profitable or as global were it to concentrate on selling only trucks or only EVs or only sports cars, or only SUVs or only sedans. It would limit its appeal in doing so. Because each product speaks to a special segment of the overall market, Ford must engage in segment specialization, just as every other….....

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