Published by MBA Skool Team, Last Updated: December 19, 2016
Marketing Strategy of Mitsubishi analyses the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). There are several marketing strategies like product innovation, pricing approach, promotion planning etc. These business strategies, based on Mitsubishi marketing mix, help the brand succeed in the market.
Mitsubishi marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Mitsubishi Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in Mitsubishi marketing strategy can be explained as follows:
Mitsubishi is a real conglomerate with its product lines varying from food & beverages to aviation. The plethora of product lines form the basis of the marketing mix product strategy for Mitsubishi. Products which the company offers are: Insurance, Financial services, Heavy Industry, food & beverages, aviation, telecom, mining, shipbuilding, construction, automotive, oil & gas, chemicals, steel, electronics, etc. The Mitsubishi group has three major companies under its group. The first company is, The Bank of Tokyo-Mitsubishi UFJ. It is the largest bank in Japan. The second is the Mitsubishi Corporation which is a general trading company. The third is Mitsubishi Heavy Industries which is a diversified manufacturing firm. The company Mitsubishi Heavy Industries includes industrial companies like Nikon Corporation, Mitsubishi Power Systems, Mitsubishi Motors, Mitsubishi Chemical, Mitsubishi Atomic Industry.
Mitsubishi Price/Pricing Strategy:
Below is the pricing strategy in Mitsubishi marketing strategy:
Since it is a conglomerate, its pricing strategies vary from product to product.
It is the market leader in Banking, Heavy Industries and Mitsubishi Corporation. In these sectors, the company is the price maker. In competitive industries, the pricing strategy varies drastically for example in Food & Beverages industry. In food industry, the pricing is competitive or slightly above. But in Mitsubishi Pajero, Market-skimming pricing was used and the initial price of the product was set high. Thus, the overall marketing mix pricing strategy of Mitsubishi is dependent upon the industry, business, competition etc.
Mitsubishi Place & Distribution Strategy:
Following is the distribution strategy in the Mitsubishi marketing mix:
The distribution system that Mitsubishi uses for its motor vehicles is to sell either through franchises or through partnerships. The customers can buy from the outlets or the showrooms. The vehicles as well as products of other products from its diverse industries are sold all over the world. The bank and the financial services companies of the conglomerate deliver services through websites, branches and ATMs. Mitsubishi is striving to strengthen its value chain through its retail franchises.
The business to business industries of the company sells its products to businesses through personal selling and series of negotiations.
Mitsubishi Promotion & Advertising Strategy:
The promotional and advertising strategy in the Mitsubishi marketing strategy is as follows:
Mitsubishi is aggressive in its marketing mix promotional strategy. It uses newspaper advertisements, electronic advertisements, hoardings and banners to promote its consumer products. The products are also promoted and marketed through the social media and online ads. The websites are also used to promote Mitsubishi products. Detailed information of the products is made available on the website of the company so that the customers can read about the products and make a buying decision. The Business markets are targeted through personal selling.
Thus, this conclude the marketing mix of Mitsubishi.
Mitsubishi electric is an Japanese conglomerate which has its business expansions spread over almost every sector of the industry. Though world has been knowing Mitsubishi as a car manufacturer, it also has its presence in plethora of sectors including chemicals, industrial finance, metals, energy, machinery and daily living essentials. The conglomerate founded Yataro Iwasaki in the 20th century, has now gown in to a multinational that operates across 200+ different locations worldwide. Matching with the pace of changing times, Mitsubishi has developed its own IT functions and provides the IT services to its clients and global representatives.
Other than its expertise in heavy machinery and automobile company has also engaged itself in tip up with prominent and promising players like Tata Consultancy Service reaching out to the IT requirements from Silicon Valley. Mitsubishi recently has tied up with Nissan with the view of generating synergies in the areas of plant utilization and purchasing in view of producing plug in hybrid cars and automated driving technologies.
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