When you think of Ferrari it conjures up images of sexy red sports cars. Racing round the Italian mountains with sparkling blue sea in the background. Driven of course by the best looking guy.
The brand is loved by those who may not be able to afford the car but can buy the merchandise. Marketing students have seen the classic brand extension into clothing, sunglasses and so on. There are 28 stores around the world where the brand fan can indulge their passion. So far all pretty traditional brand extensions. Common in the automotive industry.
The latest extension of the brand is a big change. Ferrari are opening a theme park in Abu Dhabi. The roof is in the shape of a side of the Ferrari GT body.
The car maker says the theme park will host over 20 attractions, “each designed to bring to life a different part of the Ferrari story”, including the world’s fastest rollercoaster and rides for children. (Marketing Week Oct 09)
This really takes the ride of your life to a whole new level.
Lessons for marketing students are to build the brand so that it has real equity and that links to the relationship it has with the consumer. Once that is established the brand then extends into new areas. The risk is to ensure that it is not stretched too thinly or it will devalue the brand.