Marico satisfying customers need and demand
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Marico Limited is one of India's leading consumer products companies operating in beauty and wellness. It has many brands like Parachute, Saffola, and Kaya Skin Clinic. Marico uses branding, distribution networks, and contract manufacturing. It satisfies consumer needs through understanding factors like culture, social influences, and personal preferences. Marico also focuses on sustainability and works directly with coconut pickers to fulfill demand through mobile messaging. It utilizes digital marketing strategies to engage new generations of customers.
Marico satisfying customers need and demand
- 1. HOW MARICO SATISFY ITS CONSUMER NEEDS AND WANTS
- 2. ABOUT MARICO Marico Limited is one of India's leading consumer products companies operating in the beauty and wellness space. Currently present in 25 countries across emerging markets of Asia and Africa. Marico has nurtured multiple brands in the categories of hair care, skin care, health foods, male grooming, and fabric care. It has annual turnover of Rs. 47 billion (Financial Year 2013 - 2014) . In addition to being a producer of consumer products the organization also operates Kaya Skin Clinic (of which (as of 2010) 81 exist in India, 13 in UAE) and 2 in Bangladesh. Marico recently acquired the aesthetics business, of the Singapore based Derma Rx Asia Pacific Pte. Ltd. (Derma Rx), under the Kaya portfolio. The services are US FDA approved and tested in-house, and conform to the highest international quality standards. Kaya Skin Clinic has over 600,000 satisfied customers. The company in recent years has been known for its foreign acquisitions in countries such as South Africa, Egypt and Singapore. Marico Ltd has reported 27.36% increase in net profit at Rs 157.72 crore for the first quarter ended June 30, 2013.
- 3. VARIOUS BRANDS OF MARICO Parachute Saffola Hair&Care Nihar Mediker Revive Kaya Skin Clinic Livon Set Wet Zatak Eclipse X-Men Hercules Black Chic
- 4. CHARACTERSTICS OF MARICO(FMCG) Branding Distribution Network Contact manufacturing Large Unorganized sector
- 6. Continued….. If we take an eg. Of a product ‘SAFFOLA’ from marico than the factors affecting consumer behaviour can be understood well- CULTURE-India the country of festivals & fried food accepted saffola because of its low fat . SOCIAL- Factors such as family, status affects the usage saffola gave different sizes in packaging such as 1ltr,5ltr. PERSONAL-The lifestyle of people these days is full of tensions and healthy food is the need, marico here gives what consumer wanted healthy oil without compromising taste. PSYCHOLOGICAL-A consumer is highly motivated toward the brand like saffola, & after years of usage is having a learning that a brand is good
- 7. SUSTAINABILITY ANALYSIS Marico’s sustainability efforts are aimed towards conserving the:- ecology institutionalizing a ‘green mindset’ amongst Mariconians Marico has successfully implemented over 50 ideas in areas of energy, water and paper usage reduction in last 2 years. The ideas varied from process changes in manufacturing to investing in equipment that would reduce energy consumption reduced usage of plastic
- 8. FULFILLMENT OF COCONUT DEMAND The demand for coconuts has continued to grow. Indian manufacturer of health and beauty products, struggled to source a supply of coconuts – either they had to deal with unreliable middlemen, or establish relationships with hundreds of thousands of individual pickers. Marico asked coconut pickers to register their mobile numbers with them, in return, each morning Marico sends those pickers a text message with the price it’s willing to pay for coconuts, and the pickers decide for themselves whether it’s in their financial interest to fulfill Marico’s order. Working directly with the pickers, Marico modulates the supply of coconuts harvested to meet its demand with small variations price it offers pickers. No middlemen, no supply chain headaches, and no infrastructure.
- 9. Cont. This capacity for self-organization is one of the benefits of pervasive markets. Marico advertises its need to the people capable of meeting that need, and the web of communication and connections does the rest. It’s an ‘invisible hand’, of sorts, hard to distort or disrupt, and easy to duplicate. Marico’s competitors for coconuts will need to make sure they get the numbers of those pickers, so they can make their own offer on some days, a competitor would want to wait until after Marico’s sent their offer out, so they could better it.
- 10. USAGE OF DIGITAL MARKETING Marico Uses Digital Marketing to Reach Out to Gen Next. Chef Vikas Khanna’s some healthy recipes on YouTube channel with Marico’s Saffola Masala Oats, promises the customers to be ‘The Fit Foodie’. These interactive campaigns strike an immediate connect with the audience. This is what you call the direct customer engagement or digital marketing in real time. It helps businesses to generate ROI, experience business growth and sustain cut throat competition in this digital age. It is now more important than ever to tap into demographic-specific,digital content. In traditional marketing channels suffer from a lag as there’s no instantaneous communication. As consumers are becoming IT savvy and mobility is getting more penetration, the only way to reach out to the consumers is in the social and digital way. Having a coordinated customer experience will give insights into the user’s buying patterns and online behavior.
- 11. MARICO’S INITIATIVE It increases disribution channel by 60% in top metros. The company started testing a new go-to-market strategy to generate demand in Mumbai, which will be rolled out nationally in the next six months. Marico is also trying to double the growth in its portfolio of youth brands like Set Wet, Livon and Zatak which it acquired from Paras Pharmaceuticals Ltd two years ago. All this as the company looks at chasing volume growth in the urban market at a time when urban spending is expected to improve.