Creating a marketing mix is an important role of a marketing manager. The distinct grouping of product, place, promotion and price constitutes a marketing mix. It is controlled, designed, implemented and maintained to meet the needs and interests of a group of people, i.e. the target market. Ford Motor Company evaluates the needs and interests of target markets – Millennials, Gen Xers and Baby Boomers – to create and market a diverse product mix of vehicles that appeals to each of these cohorts. Millennials, born between 1979 and 1994, grew up in the digital age of the Internet and are accustomed to having information available instantly on demand. The Internet is integrated into their daily routine, which has made the desire for immediate results a priority over understanding why and how those results were generated. Millennials seek acceptance from their peers, and the rise of social media in their lives has made it easier to create an image of themselves that fits that of their peers. They are also environmentally conscious and firmly believe in creating and maintaining a better world for future generations. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay When marketing to Millennials, Ford must sell products that live up to their hype. The ability to instantly gain information about a product is desirable to Millennials, but presents a barrier to companies that exaggerate the capabilities of their products. Buying a car is also probably the first major purchase for Millennials, who are looking for cars that are affordable (price), but equipped with technology and future-proof. Ford is targeting Millennials by focusing their promotion on the car's technology and environmentally friendly features, including hybrid engine options and high fuel economy. Ford uses non-traditional promotion methods for this group; Millennials are eschewing traditional TV commercials by paying for premium music streaming and on-demand TV packages. As a high user of social media, Ford makes use of sponsored ads on social media and employs Millennials in its dealerships (location) to assist and encourage Millennial buyers with their purchase; This is a valid response from Ford because Millennials make purchasing decisions that match those of their peers. Unlike Gen Because Millennials probably don't have the full cash payment in their checking account to buy a car. , Ford highlights financing options in its advertising to attract them. Ford's cheapest product, the Fiesta, is marketed as fun, smart, stylish and adaptable. Ford highlights the Fiesta's fuel economy, navigation technology and exterior design. In particular, personalization and self-expression options allow Millennials to create and exude an image that fits in with their peers; this includes a variety of bright and exotic color options with names like “Hot Pepper Red” and “Outrageous Green,” as well as a selection of stylish rims. Additionally, Ford displays images of younger drivers in social facilitation promotions (Fiesta). Second, Generation X, born between 1965 and 1978, were not as exposed to technology and social media growing up. Being descendants of double families.
tags