Introduction
On 4th July 2007, Fiat Auto the Flagship division of Fabbrica Italiana Automobili Torino ( FIAT ) re-launched its heritage trade name the Fiat 500. It was precisely 50yrs after the launch of Fiat 500 on 4th July 1957, which non merely helped Fiat in station World War-II recovery but besides provided mass motorisation to Italians. Luca De Meo, CEO, Fiat Auto, on the re-launch juncture stated that “This is the auto that gave ordinary Italians four wheels for the first clip ; that transformed a state and a company.” ( Duff 2007 ) In its 18yrs of calling between 1957 and 1975, 3,893,294 Fiat 500s were built & A ; sold, which provided 1000000s of Italians and Europeans single mobility ( The Fiat 500 2007 ) .
Post 1970 with get downing of free trade in Europe, Fiat ‘s market portion eroded continuously. Foreign companies such as Volkswagen, Renault, Ford, Peugeot, Honda and Toyota became outstanding participants in the Italian auto market endangering endurance of Fiat. In 2004 Sergio Marchionne got appointed as the CEO of Fiat Group and directed the monolithic restructuring of the ailing concern. The re-launch of Fiat 500 was one of the of import strategic tools in rejuvenating Fiat. On the re-launch juncture Sergio commented that “I want Fiat to go the Apple of cars. And the 500 will be our iPod.” ( Colleen 2007 )
“The 500 has ever been in the Black Marias of Italians, and I think therefore that it will be a great success.” ( Colleen 2007 ) – Silvia Depaoli, president of the Fiat 500 Club Italia.
Fiat 500 Scheme:
As per Ansoff ( 1957 ) growing matrix, Fiat adapted a merchandise development scheme. Fiat leveraged the trade name heritage of 500 in Italy ( Europe ) by re-launching it. Fiat adapted a market led paradigm and followed a relationship attack for success of 500. In the bosom of 500 ‘s scheme was to maintain the audience engaged from the really first and cognizing them.
As per Hambrick & A ; Fredrickson ( 2001 ) , a good scheme should be able to be refined into five elements: Arena, Vehicle, Differentiator, Staging & A ; tempo and Economic logic. Following is the dislocation of 500 ‘s scheme, which is discussed in item in the ulterior portion of this paper utilizing Porter & A ; Wiersema model.
Arena ( Where will we be active? ) : Fiat chiefly focused on Italian and European client for 500. It chose to concentrate on little auto section as demand for little fuel efficient autos was traveling up in European market because of lifting fuel monetary values. For publicity of 500, Fiat chose to concentrate every bit on online and offline media. As Fiat was aiming young-at-heart professionals and city-car drivers, and these clients spend clip on the web. The on-line candidacy formed an effectual and efficient bellow the line and soft communicating tool for Fiat for aiming a wide client section.
Vehicles ( How will we acquire at that place? ) : The premier vehicle of the whole scheme was to take advantage of 500 ‘s heritage significance in Italian consumers. The success of re-launch of BMW Mini and Volkswagen Beetle proved the market for ex post facto theoretical accounts. So Fiat besides adapted the same scheme of re-launching its heritage 500. “The 500 has ever been in the Black Marias of Italians, and I think therefore that it will be a great success, ” said Silvia Depaoli, president of the Fiat 500 Club Italia ( AutoNews 2007 ) . Fiat diligently tried to pull client ‘s sentiment for 500 through advertisement runs, auto mass meetings & A ; web logs. Further in the planing procedure of 500, Fiat included partisans to take part and lend to 500 ‘s design.
Differentiators ( How will we win? ) : The alone discriminator in Fiat 500 scheme was the immense scope of options for customisation. It was unprecedented in little auto section. Practically a client could custom-make 500 in 549,936 ways ( Tagliabue 2007 ) . Attractive finance options were besides made available for 500. Further 500 was fulfilling the emanation norms of Euro 5, which was supposed to be implemented 2yrs subsequently of the launch. The drawn-out after gross revenues services besides formed a great discriminator in Fiat ‘s scheme. Additionally, the new Fiat 500 was designed by Frank Stephenson, the interior decorator of new Mini and Beetle. All these discriminators helped Fiat positioning 500 in the mark client section.
Staging & A ; tempo: Initially, Fiat targeted for a sale of 120,000 units per annum with a breakeven point of 85,000 units. And farther as 500 was in the bosom of Italians Fiat choose to establish ab initio in Italy so to turn over out to whole Europe. ( AutoNews 2007 )
Economic logic ( How will returns be obtained? ) : In Europe Fiat is known for in-expensive autos. However, for 500, Fiat charged a premium monetary value by banking on 500 ‘s heritage value. At a conference in Prague, Fiat CEO, Luca De Meo remarked “ I am non a fan of presenting [ more ] low-priced autos in Europe, we did it for old ages, and we went about belly-up. ” ( Maxwell 2007 ) Further to accomplish an economic system of scale Fiat decided to portion the platform with Ford and use constituents from Fiat Panda.
Porter and Treacy & A ; Wiersema models:
Porter ( 1980 ) model: In the strategic placement matrix, a steadfast gets its strategic place depending upon the breadth of industry it targets and the type of competitory advantage it chooses. The strategic place helps a house in cut downing the competition in its industry ( Sanders 2009 ) .
Fiat adapted the wide distinction scheme for 500. Fiat targeted a wide market for 500, keeping its old image of people ‘s auto. Sergio Marchionne said “I want Fiat to go the Apple of cars. And the 500 will be our iPod.” ( Colleen 2007 ) And for the strategic advantage, Fiat chose distinction. Fiat differentiated 500 by offering merchandise customisation and enhanced services while bear downing a premium monetary value ( ˆ10,500 for the basic theoretical account and could run up to ˆ14,000 as per customisation ( Tagliabue 2007 ) ) .
As per Treacy and Wiersema ( 1993 ) model Fiat adapted the value subject of ‘customer familiarity ‘ for 500. Fiat 500 was projected as a auto for everyone: “it is the auto of the people, made by the people, for the people. The 500 is the ‘New Fiat ‘ and the ‘New Fiat ‘ belongs to everyone.” ( Weenen 2007 ) By accommodating client familiarity Fiat offered a broad scope of options to orient 500 and enhanced after gross revenues services to pull and fulfill clients.
Fiat developed a alone market proposition by accommodating client familiarity and distinction. Following are the elements of the proposition.
Pre-launch run:
Fiat tried to develop client familiarity good before the launch of 500. It started a pre-launch online run “500 wants you” . In this run, partisans were welcomed to fall in the competition of planing accoutrements for 500 and winning free accoutrements with the purchase of new 500. Over 3,000,000 partisans participated and submitted their thought to the undertaking. Fiat ‘s attack for planing of the new 500 was distinguishable and was really appealing to Fiat fans. Additionally, Fiat tried to reconnect with Italians through get downing new fan nines and web logs on the cyberspace.
XXIV Fiat 500 Rally:
Fiat organised a expansive mass meeting for old 500s on 6th, 7th & A ; 8th of July 2007 in Garlenda, Italy merely one twenty-four hours after the official launch of new 500. 1400 theoretical accounts including vintage theoretical accounts of 500 from all over the universe participated in the mass meeting, which helped in rousing Italian ‘s sentiment for 500. On this juncture Dante Giacosa 500 Multimedia Museum was besides inaugurated, which features particular theoretical accounts, designs, books, magazines, exposure and picture of 500 that provided Italy mass motorization. Further on this juncture a new 500 was brought to the mass meeting location through the air by a chopper. ( The New Fiat 500 at the ‘XXIV Fiat 500 Rally ‘ in Garlenda 2007 ) All these events got extended media coverage and helped Fiat in its above the line communications.
Patriotic advertizements:
More than a twelvemonth before the launch of 500, Fiat started publicizing 500 with an purpose to link 500 with client ‘s sentiment. In Italy Fiat advertised 500 by loyal mottos such as “If you ‘re Italian, you have to purchase a Fiat” & A ; “The new Fiat belongs to all of us” . In Italy Fiat offered supernumeraries such as side band in colors of Italian flag. In France the motto used was “ The new Fiat is your history excessively. ” ( Tagliabue 2007 )
Through the runs, mass meetings and advertizements Fiat tried catching attending of Italians, excite involvement in partisans and make desire for 500.
Extended options for customisation:
The most alone about 500 was the drawn-out scope of options for customisation. Customers can orient their 500 in more than 549,936 ways ( Tagliabue 2007 ) . Some of the options were
a. 12 colorss including six vintage colorss with tri-coat. Tap coloring material to pull adult females clients.
B. 15 types of upholstery including epicurean Cordura and Frau Leather.
c. Seven types of interior trims.
d. Full scope of engines ( 1.2 8v Fire, 1.4 16v Fire and 1.3 16v Multijet ) .
e. 9 types wheel rims.
f. 19 types of spines.
g. Hand-stitched leather maneuvering wheel screens.
h. Electric aroma diffusor with three types of aromas.
i. Coloured cardinal instance fiting auto ‘s coloring material and many more.
Drawn-out payment options: The privilege of customisation was besides made extended to payments and services. For illustration, in the “500 Cents” bundle a client will pay merely five Euros a twenty-four hours without any down payment as a portion of the purchase program. And in the “50 to 500” bundle, the client will do a 50 % down payment and remainder collectible after two old ages ( Weenen 2007 ) .
Enhanced after gross revenues services: Fiat 500 was ab initio offered with 5years/500,000km maker ‘s warrant and 24hrs wayside service. Further for periodical cares, Fiat offered to pick up the auto from the client ‘s topographic point and client ‘s mobility was made assured by reimbursement of cab menu ( Weenen 2007 ) .
The re-launching event: Fiat made re-launch of 500 a national event in Italy and organised it on the bank of PoRiver in Turin. In the event, images of celebrated people with old 500 and Italian history with old 500 were projected on immense screens. 7000 people from 63 states including curates, enterprisers, business people, athleticss stars, and over 1000 journalists attended the event. The whole event cost $ 16.4 million to the company. This event along with the XXIV Fiat 500 Rally formed a strong above the line communicating tool for Fiat, as all these events were aired unrecorded on Italian mass media.
Some of the other elements in the proposition which helped Fiat to develop client familiarity:
* Mascot and logo run:
Fiat launched an online competition for planing an official mascot and logo for it. Participants could download an on-line brief and subject their thoughts to Fiat.
* Pregnant ma competition:
The competition was merely for pregnant mas, who thought would present a babe on the same twenty-four hours of re-launch of 500 ( 4th July 2007 ) . And the victor of the competition was offered a new 500 as the award.
Using all of these above mentioned methods and tools, Fiats has tried to accomplish client familiarity. Though Fiat widely adapted “customer intimacy” , but there are besides some marks of the 3rd subject “product & A ; engineering leadership” . Fiat 500 was launched with Euro 5 emanation criterions, which was more than two old ages of the statute law deadline. It was besides the first clip that a compact auto had achieved a 5-star, the highest evaluation possible, in the frontal EuroNCAP hit trials. Further seven airbags including a articulatio genus bag and Blue & A ; Me engineering was besides offered as a standard adjustment, which was a freshness in little auto section ( Tagliabue 2007 ) . The Blue & A ; Me engineering has been developed in association with Microsoft, which includes eco thrust that helps the driver to drive in a kinder to environment and fuel efficient manner, voice activated pilotage system & A ; MP3 participant.
Kotler ‘s Merchandise Levels theoretical account ( 1969 ) :
As per this theoretical account, Fiat 500 is a flat 5 possible merchandise. 500 ‘s long heritage confirms its three nucleus degrees i.e. nucleus benefits, generic merchandise and expected merchandise. The drawn-out range for customisation, finance or payment options, safety characteristics and enhanced after gross revenues service confirmed augmentation and distinction of 500. Confirmation of Euro 5 criterions and Fiat ‘s enthusiasm for invention of 500 by establishing 500 exchangeable and athleticss version, makes 500 a possible merchandise.
How do Fiat ‘s selling schemes match its competitory place?
A house ‘s competitory place depends on its internal resources & A ; capablenesss, the strategic group, the industry environment and the macro environment. Fiat adapted a distinction and client familiarity scheme as per Porter and Treacy & A ; Wiersema models. In this portion Fiat ‘s internal resources & A ; capablenesss, the Italian auto industry and macro environment have been examined to analyze the lucifer between Fiat ‘s scheme and its competitory place. As Fiat was more focussed on Italian market the undermentioned analysis is focused on the Italian auto market and macro environment.
Marketing environmental audit:
In 2006, the European auto industry surged by 17 % , doing Europe the fastest turning auto market in the universe. The proliferation of autos on European streets led to the congestion job, as unlike United States, which is a big state with broad & A ; unfastened infinites, European streets lack unfastened infinite. Congestion along with lifting fuel monetary value made little autos more appealing to clients. This drove all major auto makers to concentrate on fuel efficient little autos, which can travel around the metropoliss rapidly and safely. Following the market demand, major makers launched little autos such as BMW ‘s Mini, VW ‘s Beetle and Fiat ‘s Panda.
Value & A ; volume of Italian auto market:
Between 2005 and 2007 there has been a steady growing in Italy ‘s auto industry both by volume and value. In 2007 with 2.5 million units sold, the market was deserving $ 72billion. Analysts forecast that the Italian new auto industry will be of $ 92billions in 2014, a rise of more than 30 % since 2007. So there have been ample concern chances for auto makers in Italian market.
Industry life rhythm:
The steady growing tendency of Italian auto industry, the proliferation of big Numberss of auto makers and aggressiveness of consumer has led to adulthood stage of the industry. In this stage of industry life rhythm, merchandise characteristics and distinction plays the cardinal function in success of a merchandise. Companies should look for new inventions, merchandise development and selling mix to vie successfully ( Kotler 1999, p. 630 ) . Fiat ‘s invention for 500 in footings of engineering & A ; specifications and prosecuting clients in merchandise development were fiting demands of the industry life rhythm. Further its persevering selling mix helped bring forth sentiment and client for 500.
Porters five force analysis ( Porter 1980 ) :
The Italy new auto market has a big figure of purchasers as 2.5 million units have been sold in 2007. The lower shift cost, handiness of replacements and easy handiness of comparative information on the web drove menace of replacements to be really high. Further Fiat autos were perceived as of low quality autos with low dependability. So, menace of replacement for Fiat was really high. However, purchaser power of single clients was moderate, because an single deficiencies graduated table and range to hold a deal with a auto maker but can take a replacement merchandise.
Key inputs for this industry are steel and labor. The maker has small control over the monetary value of the inputs as monetary values are determined by market forces. So supplier power is besides moderate. Menace of new entrants at the clip of launch of 500 was low, as this industry requires a really high capital investing, return on investing is really low in comparing to other industries and the issue barriers are high. However, following the gap of European market in 1970, the Italian auto market was already flooded with auto makers such as Peugeot, Volkswagen, General Motors, Renault, Ford, Honda and Toyota. So, the grade of competition was really high. Fiat lost its bulk market portion and its portion of 52 % in 1990 shrunk to less than 28 % in 2003 ( Jain 2007 ) .
From Porter ‘s five force analysis of Italian auto industry, it implies that Fiat ‘s selling scheme for 500 lucifers external market conditions. Degree of competition and menace of replacement were two major concerns for Fiat as the industry was acquiring more and more disconnected with the presence of a big figure of participants. And because of low merchandise quality, Fiat ‘s trade name individuality was on bets and merchandise distinction was at the lowest degree. Fiat ‘s scheme of taking distinction and client familiarity supported overcoming of these two barriers. The customisation options and pre-launch run ( 500 Wants you ) allowed Fiat to develop a auto, what clients wanted. Further the mass meetings and loyal advertizements helped Fiat to consolidate the disconnected auto market and invigorate sentiments for 500.
Environmental scanning
PESTEL Analysis of Italy:
Political: The opening up of European economic system in 1970 allowed major car makers enter European and Italian market. This increased market competition. However, Fiat used its political clout in Italy to maintain competition off. There were limitations on Nipponese auto makers on the figure of autos they can import into Italy. Further, Fiat besides utilised it political clout to acquire subsidises and grants ( Jain 2007 ) .
Economy:
* As per CIA World Factbook 2007 few of the major economic indexs are: Per capita GDP: $ 32,100 ( ranked 22 in universe ) , Urbanisation: 68 % and Un-employment rate: 6.8 % .
* High corporate revenue enhancement of 31.4 % ( EU average 25.04 % ) . ( Datamonitor, Italy 2007 )
Social: 66.3 % of entire population is in the age group of 15 to 64 ( CIA Factbook 2007 ) , which is the mark section for Fiat 500. The graduation degree in Italy has increased from 19 % in 2002 to 39 % in 2006. ( Datamonitor, Italy 2007 )
Environmental: Carbon emanation has increased to 474millions in 2007 from 448millions in 2002. So, the Italian authorities is be aftering to stringent emanation Torahs. ( Datamonitor, Italy 2007 )
Technological & A ; Legal: Nothing relevant to Fiat 500.
Sing the PESTEL analysis of Italy, Fiat ‘s selling schemes are in line with political, economic system and environmental conditions of Italy. The per capita GDP and buying power brand Italy an attractive market for auto makers. Further the new 500 was fulfilling Euro 5 criterions at the clip of launch, which was two old ages in front of ordinance deadlines.
Gap Analysis: The spread analysis will assist us cognize whether Fiat could run into the demands of its clients. Post 1990, the premier ground for decline of Fiat was the deficiency of invention and impairment of quality of vehicles. Between 1995 and 2001 Fiat spent $ 4 5billion on R & A ; D in comparing to Volkswagen ‘s $ 20billion and Renault ‘s $ 9billion ( Economist 31st Jan 2003, cited by Momin 2008 ) . The Fiat became synonymous with “Fix It Again Tony” , “Fehler In Allen Teilen” ( defect in every portion ) and “Fur Italien Ausreichende Technik” ( sufficient engineering for Italy ) . Fiat ‘s market portion in Italy fell down drastically from 52 % in 1990 to below 28 % in 2003 ( Jain 2007 ) .
The BCG matrix analysis will assist in uncovering the ground for the spread and low R & A ; D expenditures.
BCG Matrix:
The primary ground for low R & A ; D expenditures was un-related acquisitions between 1990 and 2001. Some of Fiat ‘s acquisitions were Toro, Italy ‘s 3rd largest insurance company, Montendison, Italy ‘s largest private power production company and Case New Holland, an agribusiness equipment maker. Fiat besides diversified into banking, telecom and pharmaceuticals sectors through acquisitions.
Fiat neglected its hard currency cow ( automobile concern ) and invested its fiscal and managerial resources on stars, Canis familiariss and inquiry Markss. This deprived the nucleus car concern of the capital it required, ensuing spreads in merchandise scope. Further, these acquisitions led to a debt load of $ 5 6billions in 2003 ( Phani 2003 p. 100, cited by Momin 2008 ) . All these debt loads and lost focal point led to 75 % use of operational capacity at the fabricating units, which is an indispensable public presentation index in fabrication industry.
Further in the last decennary of 20th century, Fiat focused on emerging markets such as Argentina, Brazil, Turkey, China and South America pretermiting the mature markets such as North America & A ; Western Europe where growing was reasonably low but demand was changeless. Because of all these misdirection, during the recession of 2001, Fiat was on the brink of bankruptcy, but was saved by a $ 2.8billion bank bailout. ( Jain 2007 )
Turnaround scheme to make full the spread and rectify hard currency use: In 2004, Sergio Marchionne took charge as the CEO of Fiat and embarked upon a monolithic restructuring plan with a layoff of 6000 forces. The same twelvemonth Fiat showcased Trepiuno, a paradigm similar to 500 at the Geneva Motor Show. The theoretical account attracted good reappraisal from all over the universe and prompted Fiat to work on 500. The new 500 was designed by Frank Stephenson, who had successfully redesigned BMW ‘s Mini. To cut down cost 500 shared the platform, engine and other electrical equipment from Fiat Panda, another compact auto.
In 2005, Fiat centralised its R & A ; D and invention maps and could get 80 new patents the same twelvemonth. In 2006, Fiat radically increased its R & A ; D expenditures budget to $ 7.05billions for 2006-08. Further Fiat changed its buying policies. It started centralized buying and sourcing from low pay states. This helped Fiat salvage 28 % of stuff cost therefore cut downing production cost well and put in R & A ; D.
Segmental Positioning of Fiat: In malice of initial success of 500, industry analysts were disbelieving about 500 ‘s success. As per them, although 500 has performed good in Italy and France, its success in other geographic parts is dubious. Their apprehensiveness was that, Fiat is by and large known for fabricating cheap little autos and its effort to put 500 with BMW ‘s Mini might non work. Harmonizing to S. Whitwell, clients do prefer BMW Mini, non merely for its nostalgic value but besides for the quality & A ; repute of BMW trade name. And 500 may make good in Italy and some parts of Southern Europe. However, it is non iconic plenty to acquire credence in other markets ( Maxwell 2007 ) .
To counter competition from other officeholders Fiat pitched 500 against Mini. The 500 was priced ˆ10,500 for the basic theoretical account and could run up to ˆ14,000 with customisation ( about around $ 13,600 and $ 21,000 ) , small lower than monetary value of mini ( $ 18,050 – $ 25,400 ) . The pricing was to supply 500 the monetary value advantage over Mini while bear downing a premium for the heritage value.
In the above segmental placement by Morrison-Jones ( 2006 ) , Fiat has the medium trade name perceptual experience and placed in differentiated merchandise class. Where as BMW commands high trade name perceptual experience and placed in luxure auto section. However, Volkswagen is placed in similar class as that of Fiat. Harmonizing to Stephen Cheetham, clients may non experience to pay a premium monetary value for 500 except in Italy where Fiat has a strong trade name and good will ( Maxwell 2007 ) .
Fiat ‘s universe market gross revenues:
It is clear from the above gross revenues figures that, Italy and Brazil are the primary market for Fiat. Though there is non much discrepancy in gross revenues figure in Brazilian market, Italy ‘s auto gross revenues eroded continuously between 2000 and 2005. Nevertheless, following the restructure in 2005, in 2006 gross revenues improved. In 2006, figure of units sold in Italy touched 852,000 and European market portion increased to 7.5 % from 6.5 % of 2005. ( Edmondson 2007 )
Marketing Audit ( SWOT )
From the above analysis of Fiat ‘s internal, external and macro environment, Fiat ‘s strengths, failings, chances and menaces are summarised.
Strengths:
* Fiat ‘s one of the cardinal strengths is the strong sentiment of Italians for Fiat. In 2000, GM had acquired 20 % of portion of Fiat and was ready for a complete coup d’etat if Fiat wished so. During the reconstituting procedure in 2005, GM agreed to manus back its Fiat portions for $ 2billions. This break-up was good received in Italy and Fiat ‘s advertizements proclaimed, “Fiat is all-Italian again” . ( Jain 2007 )
* Style & A ; expression of Fiat 500 and options for customisation
* Euro 5 emanation criterion and Level 5 safety criterion.
* Heritage value of 500 as it provided mass motorization to Italy.
* Enhanced invention capableness after addition in R & A ; D expenditures. In-line with industry life rhythm.
Failing:
* Lack of graduated table in comparing to its rivals.
* People ‘s perceptual experience of Fiat as maker of cheap autos.
* Tarnished quality image of Fiat autos.
Opportunity:
* Increasing demand for little and fuel efficient autos.
* Increasing demand for ex post facto autos.
* Rising buying power of Italians.
Menaces:
* High grade of competition and menace of replacements in new auto market.
* Low net income border and high operational cost & A ; corporate revenue enhancement.
Analysis: From the SWOT analysis, it can be deduced that, Fiat has satisfactorily utilised its strengths for developing the selling scheme for new 500 to discontinue the chances in the car market. By sharing platform and constituents with Panda, Fiat has minimised its failing of deficiency of graduated table. Through extended R & A ; D and affecting people in the development of 500, Fiat has improved its trade name perceptual experience. Further, the distinction and client familiarity scheme had helped Fiat to understate the menaces of high competition and replacements.
Decision:
The gross revenues phenomenon of 500 in Italy and France was really much appreciating for Fiat. The demand for 500 in first two yearss of launch exceeded its two quarters production. It received 57,000 trader orders, where as it was be aftering to sell 50,000 to 60,000 units that twelvemonth. Many clients were ready to pay a premium monetary value to acquire the auto that twelvemonth.
( Maxwell 2007 )
From the above graph it is clear that with the launching of 500 and restructuring, Fiat ‘s operating net income improved drastically. Further delighted with the success of 500, Fiat planned to establish 500 exchangeable and sport edition of 500.
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