Published by MBA Skool Team, Last Updated: March 17, 2017
Marketing Strategy of MRF 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 MRF marketing mix, help the brand succeed in the market.
MRF marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the MRF Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in MRF marketing strategy can be explained as follows:
MRF is one of the leading tyre manufacturers in India. Following is the product strategy in the marketing mix offered by MRF:
• MRF Tyres – for two wheelers, 3 wheelers, four wheelers (passenger vehicles and transport as well)
• Sports equipment – MRF produces cricket bats, pads, gloves, etc. MRF also has racing sports gear
• Conveyer belt – the conveyer belt it produced itself called Muscleflex
• Paints and coats – MRF produces industrial, automotive and decorative paints as well
MRF was the first company to ever export tyres to USA. It also made the tyres for Maruti 800 the iconic family car in India. MRF also ventured into three wheeler tyres and Go-kart and rally tyres in the year 2004.
Image: company website
MRF Price/Pricing Strategy:
Below is the pricing strategy in MRF marketing strategy:
MRF faces heavy competition in the tyres segment from Bridgestone, JK Tyres, Apollo Tyres, CEAT, etc.
MRF therefore follows a competitive pricing strategy in its marketing mix. It sells on the promise of quality and its expertise in the field of tyres. Still the margins are high as the entire industry follows mark-up pricing. Funskool toys are also middle range priced. MRF sports gear has a premium appeal and thus has higher prices to its sports gear as the sportsmen endorsing it are top notch.
MRF Place & Distribution Strategy:
Following is the distribution strategy in the MRF marketing mix:
MRF has seven plants located in mostly south India. Around 2500 stores and exports to sixty-five countries. MRF distributes to factories, agents, regional centres, dealers, etc. Tyres are mostly sold to dealers and agents. Direct sales to customers is less relevant as tyres are a part of an automobile so mostly the automobile company/ store/ service centre deals in procuring these tyres. MRF sports gear is available in many sports store.
MRF does not have any MRF specific stores, given the brand equity and heavy advertisements it is easy to sell through dealership.
MRF Promotion & Advertising Strategy:
The promotional and advertising strategy in the MRF marketing strategy is as follows:
MRF has always focused on an aggressive promotional strategy in its marketing mix. MRF tyres has sponsored cricket bats for many legendary players like Sachin Tendulkar, Steve Waugh and Brian Lara. MRF is endorsed by more leading cricketers like Virat Kohli, AB de Villers and Shikar Dhawan. Other than celebrity endorsements, MRF also sponsored the anchored balloons in IPL 2010 and also in World Cup. MRF has a Pace Foundation which a training centre for pacers. Many bowlers that were trained in MRF Pace Foundation went on to reprent the country in the national team, some of them are Irfan Pathan, Zaheer Khan, Munaf Patel, etc. MRF Motor Challenge is a racing competition. MRF uses media like TV, print, online, billboards etc for its advertising and marketing. Hence, this completes the MRF marketing mix.
Madras Rubber Factory Ltd. Is very well known as MRF Tyres is an Indian company. It has its headquarters at Chennai, India. MRF tyres was found by K. M.
Mammen Mappillai seventy-one year ago. The tyres industry is expected to grow at 7% and couple with the growth in demand for two wheelers and four wheelers it can be expected the market has a lot of growth opportunities in the future.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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