Marketing Strategies Of MRF
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MRF is a leading manufacturer and exporter of tires, conveyor belts, and paints headquartered in Chennai, India. It has 7 manufacturing plants in South India and over 2,500 distribution outlets across India and 65 other countries. MRF differentiates itself through high quality and durable products. It targets individual car owners as well as automotive companies. While it faces competition on factors like price and performance, MRF maintains its leadership through innovation, loyal customers, and financial strength.
Marketing Strategies Of MRF
- 2. Company Profile Type of business- Public ltd Nature of business – Manufacture, export and import. Products- Tyres, conveyor belts and paints. Establishment- 1949 in Chennai by K.M.Mammen Mappillai. Headquarters- Chennai
- 3. MARKETING MIX Analysis of the 4P’s: PRODUCT: The basic definition of a product is anything that can be offered to a market to satisfy a want or need. MRF differentiates itself from the competition, on its two pillars of High Quality and Endurance.
- 5. Place: 7 plants located in various places in South India. 2,500 outlets in India and exports to over 65 countries worldwide. Its distribution channels include: Factories Divisional And Regional Distribution Centers Carrying And Forwarding Agents Dealers
- 6. Price MRF has been a leader in the Passenger Car tyre segment. By virtue of their market share, they have traditionally been price makers. The rest of the tyre industry has followed the pricing cues set by these leaders. Markup pricing is the common pricing method followed across the tyre industry.
- 7. Promotion Excellent brand recognition in all categories of vehicles in the tyre market. Sports celebrities and event endorsements- a major vehicle for promoting their brand.
- 8. 5 Cs OF MRF Customer Company Competitors Collaborators Context
- 9. Customer Target customers Car owners OEMs Rural Market
- 10. COMPANY Undisputed market leader and market share of 24% MRF has created a formidable product line, length and breadth to serve every segment of the industry MRF offers tyres for the following vehicle segment: Passenger cars, Two-wheelers, Heavy commercial vehicles, Light commercial vehicles, Of the road vehicles and Farm vehicles MRF does its brand promotion through sports celebrities and event endorsements Exports to over 65 countries worldwide that accounts to 12%
- 11. COMPETITORS Basis of competition High performance tyres and durability Comfort tyres Price Grip Cornering and braking Competitors CEAT J.K tyres Bridgestone Goodyear Apollo tyres
- 12. COLLABORATORS Tie-ups with Maruti Mahindra and Mahindra Tata Motors General Motors Collaborative incentives Assured supply Assured quality Just in Time supplies
- 13. CONTEXT Economic environment Unresolved tax issues Increasing costs of raw materials Import restrictions TECHNOLOGICAL environment Indigenous development of r radial technology Market entry by international players
- 14. SEGMENTATION, TARGETING AND POSITIONING IN TYRE INDUSTRY Basis for segmentation Selecting the target market Differentiation and positioning strategy
- 16. Points of Parity Quality Safety Durability Grip Cornering and braking Ride comfort
- 17. Points of Difference High endurance tyres High performance tyres
- 18. MARKETING STRATEGIES MRF: Masters at Pull strategy Publicity campaigns and ATL promotional methods. Pioneered the practice of heavy advertising and promotion in the tyre industry
- 19. SWOT ANALYSIS
- 20. Strengths Weakness Innovation Loyal customers Low R&D Market share leadership Strong financial position Rising Rubber Price Supply chain Reputation management Opportunites Threats Acquisitions Competition Emerging markets and Cheaper technology expansion abroad. External changes Product and services (government, politics. expansion. Taxes, etc) Price wars.