The economy is up, and people are looking for ways to spend their extra money, why not spend it on a new car. The product strategies that Fiat Chrysler Automobiles will follow are a combination of product development and diversification. Product development is simply creating new products for customers, “A new product can be a totally new innovation, an improved product, or a product with enhanced value, such as one with a new feature” (Principles, 2015). The innovation/new product FCA will be introducing is the revitalization of the Chrysler ME-412 sports car project with the utilization of current technology to make it more powerful yet safer and more fuel-efficient than the previous design from 2008. FCA will use its connection with Waymo to place self-driving technology into this vehicle in the form of a Relaxed Mode which will be the highest autonomy of any car on the market. Complementing this Relaxed Mode will be a Sports Mode which automatically tunes the engine and transmission with the touch of a button to allow the driver to feel the raw power of the ME-412. This also classifies as diversification as FCA does not currently produce a high-end sports car. “Diversification strategies involve entering new markets with new products or doing something outside a firm’s current businesses” (Principles, 2015). This move is to challenge brands like Ferrari and Mercedes-Benz which have high-end and expensive sports cars in their line ups.
This new project lines up with FCA’s vision/mission statements as well as their values. The vision of FCA “is to build cars and trucks people want to buy, will enjoy driving and will want to buy again." (Farfan, 2018). As for the mission, it is "To create the type of exciting, efficient, reliable, safe vehicles you expect and deserve." (Farfan, 2018). The Chrysler ME-412 fits in perfectly as it will undoubtedly be one of the most fun and enjoyable cars to drive. This, partnered with current technology and safety features will create a safe and reliable vehicle as well. Lastly, the ME-412 is being created to compete in the high-end sports car market against Ferrari and other well-known brands because FCA cherishes competition and finds the importance that competition play in innovation (FCA, 2019). Competing with these other brands will allow for new technologies and features to be designed and created to be placed in future models. This competition and innovation will lead to cars becoming more and more of what consumers want while making them safer and more fun to drive. These cars will not be cheap, but we believe that there is room for them in the market and we want to capture market share away from competitors.
write a half a page or so about the actual communication strategies we are using (Facebook and Instagram, refer to this social media discussion post about the high mileage club.)