Abstract:
There are some officials in the company who believe that Ford has down the years only launched new vehicles of different models without laying having a knack for advertisements. The need of the hour is in fact to increase optimum connectivity with the consumers in the market.With so much competition prevailing in the market, the one who comes out victorious is the one who conveys the brand image in a satisfying manner to the clients. However, it is not only brand development, which matters, quality gives the touch of sustainability to the brand.
Studies reveal that the yoy sales in December 2005 dropped by 9%. Also 2005 was the year when in the past 19 years Chevrolet marched ahead of Ford. Ford's domestic market stake fell to 15.6%. This was a 5% drop since the year 2001. Closing value of Ford's stock on the stock market was $8.01 per share on 4th January, 2006.
In order to improve the brand image, the management of Ford has undertaken many campaigns and projects. Ford adopted, as part of its brand enhancement program, the tag line of "The Way Forward".In the year 2006, Ford stepped up its brand revamping strategy when several plant closures, discontinuing some of the Ford models, downsizing labor force was intended.
Earlier Bill Ford(the heir) of the Ford Company had started many projects to invigorate the then sluggish Ford brand in the year 2002. Efforts however did not yield much result. Also on the agenda was the revitalization of brands like:
- Mercury
- Ford
- Lincoln
Jim Farley, who became associated with Ford as Chief of Sales and Marketing lost no time in working up on the marketing strategies and brand positioning of the company. Some of the steps taken by him in clude the following:
- Promoting Ford Flex
- Changing Lincoln to a luxury brand worldwide.
- Re engagement of Ford retailers.
- Creating products, which are customer driven. In other words, to develop products/vehicles desired by customers instead of the ones suggested by the engineers.
