Ferrari, although known for its sports car, is not only about automotive because it has wide product ranges in hand as well, including, menswear, ladieswear, accessories (shoes, sunglasses, caps,ties, belts, gloves, umbrellas etc.), leather goods, home & bath accessories, office items, electronic & hi-tech gadgets, mobile phones, fragrances, watches, sport equipment (ski, bike, skateboard, surf etc.), collectible items, toy models, kids range and many more. It was very surprising for me when I looked at its online store because I didn't even know some of those product lines existed.
So, here comes the brilliant idea for my project!!!
This is my current perception towards Ferrari brand (and I think for almost everyone else as well)
To begin with, I think everyone thinks about its distinctive red colour when it comes to Ferrari with its shiny flashy and coolest sports car. For a person, it would surely be Enzo Ferrari, the founder and the face of the company with his great vision and success. The house Ferrari would live in is Casa Ferrari in Maranello, Italy's secret capital as a hometown for Ferrari. For the drink, Ferrari would enjoy drinking double dirty dry martini, giving a little bit of sophisticated, bad boy image women always fall for. And most of all, Ferrari is doubtlessly about power, speed and racing as it is strongly related to Formula 1 racing.
As it is obvious that Ferrari is such a strong and established brand in the market, I chose to do brand extension, as in a case of well-known brand extending to unfamiliar market for my project. It is a wisely strategic way to leverage a brand with extension, using its fame and reputation to enter and create advantage in another product category (Aaker, 1996).
Aaker (1996) also suggested that for the brand that is currently operating very well, extension will be the best option because of its existing brand's associations, perceived quality, and prominent awareness. The rationales behind are that it would be an exploitation of the firm's current assets applying to new market and new product line, and also reduction of cost and risk of entering new business.
Therefore, I propose "S.F. energy drink by Ferrari", world's first luxury energy drink ever!!!
I believe it would be a great move for Ferrari to extend its line into something new and exciting. The market for energy drink is still quite small compared to other markets, especially for luxury one which I could think of none. It will help attracting new customers because the barrier of entry price is decreased and that offers a chance to be a part of Ferrari brand for those who cannot afford other product lines which are more expensive. Its brand image will be more hip, energetic and sensational, engaging more with x-treme sports but still playing around the concept of power and speed.
For Ferrari's brand image after brand extension, the colour will still be red but in a wildly agitated way. The person will be Fernando Alonso, one of the most famous F1 drivers by Ferrari, who represents cool athletic image with great success. The place would be Rome's Lottomatica arena which ties in very well with the concept of energy drink and sports. The car that S.F. would drive in is definitely Ferrari. For the drink, it must be energy drink, in which the concept design of logo, branding and packaging will be revealed later on.
I hope this sounds exciting in a way and stay tuned for more!
Bibliography
1. Aaker, D. (1996). Building Strong Brands London: Simon & Schuster UK.
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