Chapter 7. Business Marketing

Business marketing is described as the marketing of goods and services to individuals and organizations for purposes other than personal consumption. In business' it is shown that social media and electronic. For  business' to succeed they much be committed and be able to be trusted in order to build relationships. Ferrari is a strong company because of its known brand and good relationships hey have with many countries around the world. They are outstanding in their own ways such as their products that are combination of beauty and aesthetics combined with a unforgettable experience you get as you get in the car and drive off. They take on new challenges on a consistent basis with a positive attitude & that they are well taken care of and have a satisfied work-force that are proud to represent the company. It is known in most businesses that they tend to purchase more then the consumer asks for but with Ferrari they have consumers asking for more and more. It is always better to make less of something so that the consumer will be anxious of what is next to come for them to get their hands on.

Chapter 8. Segmenting & Targeting Markets

A market is composed of individual or organizations that have the ability and willingness to buy. These purchases  fulfill their needs and/or wants. In this chapter we focus our attention toward market segment in which is a group of people or organizers that share one or more characteristics that causes them to have a similar need in a product. In geographic segmentation it categorizes the people by region of the country , market size, market density or climate. In Demographic segmentation it looks ate the age, gender, income, ethnic background and family cycle. Ferrari knows who they will target and who they should more focus on. Everyone gets the attention of their company and the work they have done but not many are financially ready to own one. Ferrari opens their stores and certified dealers in areas of which they know they would attract the right people to sell their product too.

Chapter 11. Developing and Managing Products

A new product is a product that is new to the world, the marketing, the producer, the seller. new products are important to sustain growth and profits and to replace obsolete items. Ferrari produces about 7,318 in this past year as they try to produce and design a car that makes it different from the previous one. They have been very successful, so sucessful that Ferrari thinks they sell to many cars and are going to cut down production to about 7,000. There is no doubt that there is a high demand for this line of cars but why would you cut something down when it would only make your business grow? Ferrari chairman Luca Cordero Montezemolo told reporters the reason for this was " to protect the brands exclusivity."

Ferrari has its own product development center located in Maranello, Italy. This building plays a role for Ferrari, showing that they are stable and mature and serious about their company and the needs. Ferrari doesn't just make a product and stick it right in its street legal cars and let it hit the market, NO WAY! That's why they use their F138 in formula races to test their products on how they would function as a car but when its pushed to the maxium speed how it affects the car and passenger with it. their developments consist of little minor new innovated parts on the car to making a new product, in the end they product products to help the consumer. For example Ferrari just recently came up with a new product that was a sidepod panel with a side bridge bending over the sidepod shoulder. You may ask how does this make it such a big product. When it comes down to automotive every inch of the car is a product itself alone its built and produced differently then all the others and they all play different roles in making the car what it is and how it runs. The product Ferrari came up with is designed to better control the airflow over the sidepod in a attempt to enhance the way the coanda exhaust works. This in simpler words means with a car comes responsibility in which the driver may not be able to control, this is a way they regenerate how the air hits the top of the car making it so that in such bad case that it would smooth over the sides and not interfere with the driving itself, making this safer for he consumer.

Chapter 18. Social Media & Marketing

Social media is a good way to communicate in a quick way and modern way in the world now, but gives marketers a way to use to their advantage.
Ferrari has become the main protagonist even on social networks. Social networks are a way for people to show others what is going on around the world without having to be there physically. Ferrari is the King of social media. Understanding one thing that they don't advertise or plan to ever do that. They get advertised by others motor vehicle magazines, videos on youtube, photos people have taken and shared on the Internet for others to view and acknowledge, with twitter and Facebook. Keeping people updated with the latest in cars and formula races that they run. The brand of the Prancing Horse is the leading player in the automotive sector and the most popular in general classification. They are claimed to Crowned the King is social media just because on they have the highest numbers on google that the search giant's media platform is worth investing in. Their website Ferrari.com is visited by millions of visitors every month in seven languages. With all this attention they are getting you ask what must they be doing right beside being truth worthy, recognizable, and a glamours worldwide icon, well they dedicated accounts to their various departments and events and stay extremely active with posting photos, videos, news and even up to date with the races that go on at the time providing fans with opportunities to share most of this stuff and have it viewed by others and so on, giving Ferrari a look that none could forget!

Chapter 10. Product Concept

A product concept can play a vital role in the new product development. In this chapter we focus on the product itself, they are not only tangible but they play a good role for service. Product itself is broken down to two different categorizes, business product which is good use for manufacturing other goods and services & then there is consumer product which satisfies a individual personal wants.
Ferrari falls in the category of business product and not much of consumer product.

Ferrari uses product concept in order to receive feedback from consumers as to implementing and and furthering the proposed concept. They then try to use the feedback and apply it to the idea of the next new product idea.

With people being more awake of the environment, Ferrari is slowly taking steps to make themselves more Eco-friendly. They recently reveled their new Eco-friendly car the Ferrari 599 Hybrid. They released this car as a concept vehicle but just as product concepts it serves a image of what they will be doing to improve the future step by step.

Chapter 17. Advertising and Public Relations

Ferrari has 51 stores and dealers in the United States, and 206 in the international and provide dealers and apparel via the Internet to every country in the world. This makes it accessible for buyers to view their product and others before making a final decision. This allows the customer to build some type of relationship with the company and its product itself. Personal selling is highly important for companies, which makes this important for Ferrari. Ferrari's are high value, technically complex products, you would need someone knowledgeable to guide you through the car itself and help you understand what you will be consuming. In the textbook it states that there are seven steps to the personal selling, generating leads, qualifying leads, approaching the customer and needs, developing solution, handling objects,closing sale, and last following up!

First you are required to set up a appointment with the dealer and well you would have to have a proper dress code to yourself to be taken serious. Next step is if you are not escorted out by security then you start to negotiating the price with the dealer, choose the model that you like best, paint interior and even have it personal customized to your desire and the dealer would be gladly to accompany your needs. Then you can start to negotiate the price and/or pay the down payment and wait a year till your custom car is delivered. If the way is to long for you and you would want it sooner Ferrari would gladly sell you one of their preowned ferraris on the spot in which would be running as brand new.

Chapter 16. Advertising & Public Relations

Who has the best advertising, promotion, public relations & social media? This cannot be answered but us as people are surrounded by ads that go from cat & dog foods, to clothing, toys & cars that are always around us. Ferrari market's its product to a group of people in which they know can afford their product of cars. They also showed on TV shows such as "TOP GEAR" in which a professional driver takes the car out for a test drive and breaks down why the car is so good.

Ferrari is one who believes that they don't need to be advertised much, hence why you don't see any Ferrari TV ads. Ferrari's success is measured in Brand Name & their Product value. Ferrari has not spent a penny on advertising, but as a brand they possess they wouldn't need to put their product out in public. Enzo stated from the beginning that the company would not advertise, its their philosophy.
Scuderia Ferrari Marlboro commerical department head Philippe Tardivel explains that " When we launch road cars,we usually organise conventions for our dealers. We also have events for our selected community. after the launch it follows up with a press launch and then a test drive for the media."
According to Ferrari total sales rose 5.4% to 6,573 units in 2010 making it a new record for the company. The media is one way Ferrari gets its advertising out, by having the media around as the cars are being launched gives them a good look and by test driving it shows that they care about how they are presented. With social media like blogging, twitter, Facebook & instagram all in which Ferrari has, is a way to keep people posted, weather you are looking to buy the car or even just to keep up with the company and car business itself Ferrari will provide you with all the answers.