Product Profile
Marketing Strategy of Rolls Royce Ghost
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- Figure: Value Proposition of Rolls-Royce Ghost.
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Figure: Value Proposition of Rolls-Royce Ghost.
Marketing Management Orientation of Ghost:
The Rolls-Royce Ghost follows the marketing Concept in marketing management orientation. It never emphasize on the production or sales volume. In what it emphasizes, that is what the customers want. Generally Rolls-Royce factory makes less than 800 cars a year. It depends on the customer’s demand. Rolls-Royce delivers personalized cars to the customers and provides customer satisfaction of luxurious, quiet, swift and speedy drive. Through this customer satisfaction it makes its own profit.
Rolls-Royce Ghost-a specialty product:
A specialty product is a type of consumer product with unique characteristics or brand Identification for which significant group of buyers is willing to make a special purchase effort. Rolls-Royce Ghost is just like this-a specialty product. It offers personalized car to the customers. It also offers luxurious drive with simplicity, handmade and hand finished personalized features, quiet environment inside the car, best after sales service, and dynamic drive, Spirit of Ecstasy, and surge of power, Rolls-Royce is symbol of royal status, lavish status and famous and rich persons from the very first production,. So buyers make special buying efforts for having a Rolls-Royce Ghost.
Branding of Rolls-Royce Ghost:
“When you buy a Rolls-Royce, you join in long illustrious owners all over the world.” – Grant Williams, sales support manager.
The Rolls-Royce creates its brand name by establishing the essence of royal and lavish status for al of its brands. Ghost gets the same treatment. The brand name of Ghost is created through the slogans of simple luxurious driving, dynamic drive, spirit of ecstasy, surge of power moreover the simplest and purest form of Rolls-Royce cars.
Branding is also essential for creating customer loyalty and capturing customers. but, The LA Times report says that Rolls Royce doesn't engage in co-branding endeavors. . Customers are invited to exclusive dinners where contacts are made and deals struck. Buyers receive surprises in the mail, like a personalized letter from the CEO or a coffee-table book about the brand.
Pricing of Rolls-Royce Ghost:
Pricing of Rolls-Royce Ghost is made under the concept of value based pricing. Although personalized car supply, handmade and hand finished car costs more than the other cars which are made by machines. But the pricing of Ghost’s depend mainly on the its brand value to the customers and its royal and lavish status. It only targets those customers who can afford to buy such a car. The price tag makes the Ghost more exclusive. But it has a lower price than its previous model ’Phantom’. Because it is the simplest version of phantom. The pricing concept of Rolls-Royce is “Higher the price, better the car”. Segmented or targeted buyers of Rolls-Royce believe this. So, Rolls-Royce is not price sensitive. The target Customer may not consider the price.
Sales Promotion of Rolls-Royce Ghost:
To get to these customers – and to keep them – Rolls Royce employs a series of unique marketing approaches. The LA Times report says that Rolls Royce doesn't engage in co-branding endeavors. Dealers are chosen based on their common interests with customers. Customers are invited to exclusive dinners where contacts are made and deals struck. Buyers receive surprises in the mail, like a personalized letter from the CEO or a coffee-table book about the brand. Anything to make the customers feel special, in the hopes that they will replace their Rolls Royce with another at the right time. And many do: in the US, nearly a third of business comes from repeat customers. That's a customer loyalty rate that doesn't come easy, but it helps when your direct competition is a yacht or private jet. Rolls-Royce encourages customers to take advantage of the bespoke nature of its build process, allowing buyers to select the woods, paints and leathers used to finish the car. A tour of the factory confirms that much of the car is hand built, although I was disappointed to learn that no longer are the radiator shells crafted in-house and signed by a single artisan, but rather come from a supplier. This is another way of sales promotion to the customers.
Conclusion
This assignment consists of the marketing strategy of the world’s one of the most famous luxury car brand ‘Rolls-Royce Ghost”. The marketing strategy they use is fully customer based. They have some unique characteristics. But they are surviving with these characteristics and making profit in this competitive market by understanding the marketplace and by serving the customers. Rolls-Royce Ghost is a costly car, costs more than other competitor cars do but it captures this value through creating total customer satisfaction.
Sources of information::
http://buyersguide.caranddriver.com
http://www.economist.com/business-finance/displaystory.cfm?story_id=13611109
http://en.wikipedia.org/wiki/Rolls-Royce_Ghost
http://online.wsj.com
http://www.automoblog.net
http://www.roadandtrack.com/tests/drives/2011-rolls-royce-ghost
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