Market Segmentation - Ford Motor Company

Market Segmentation - Ford Motor Company

Introduction

The following paper is an approach to discuss the market segmentation, target market and selection strategy of Ford Motor Company.

Discussion

Introduction to Company

An American and world's leading multinational company, basically an automaker having headquartered in Dearborn, Michigan which is a suburb of Detroit named as Ford Motor Company was found in June 16, 1903 by Mr. Henry Ford. The motor company was started out by the passion of engineering and mechanics of its founder himself. The major operations of Ford Motor Company revolve around selling the vehicles and automobiles under the Ford brand and extravagance cars beneath the brand of Lincoln (money.cnn.com). Earlier, the Ford Motor company was also in the production of heavy trucks, several types of automotive components along with the manufacturing of tractors. The story of Ford Motors does not end here, as the company also owns a slightly small stake in the company of Japan known as Mazda and the company of United Kingdom known as Aston Martin. The whole venture is being controlled by the Ford family although they have the minority shares and ownership in the company.

Moreover, the company is responsible for introducing many advanced methods of automobile manufacturing such as manufacturing of large scale cars and advanced methods in order to manage large scale manufacturing industries by using the techniques of engineering and manufacturing arrangement which was typified by moving the assembly lines in the industry. Ford also own a Swedish automaker company Volvo and Ford's former subsidiaries known as Jaguar and Land Rover were acquired by them once again in the year 1989 and 2000 respectively. The company discontinued its brand known as Mercury through which they got the entry in the luxury market of the United States (money.cnn.com).

Market Segmentation Strategy

The mechanism of splitting down the entire set of consumers into different groups in terms of their similar characteristics and as a potential buyer refers to a term called market segmentation in the field of marketing. The renowned leading company Ford is in full of activity mode in putting a step forward with their strategy of market segmentation. The company has hired a competent and reliable person named as Jim Farley to take the responsibilities of their team of marketing (corporate.ford.com). Moreover, the company Ford Motor has gave out Fiestas in order to promote their new subcompact cars so that they can create a hand of appreciation from the point of view of their customers.

The major current market segmentation which is done by Ford Motor is through customers feedback and continuous surveys as the Motor company observed through their surveys and consumer's buying patterns that more than or nearly half of them which is fifty percent consumers have bought their truck named as F-10 and have listen to the country music. In this regard by making the use of this acquired knowledge they became friends and in other words business partners with the artists and the music makers just to create an ...