Published by MBA Skool Team, Last Updated: March 25, 2017
Marketing Strategy of Raymond 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 Raymond marketing mix, help the brand succeed.
Raymond marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Raymond Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Raymond Product Strategy:
The product strategy and mix in Raymond marketing strategy can be explained as follows:
Raymond is one of the leading Indian fashion retail company. Under its various brands Raymond retails a number of clothes classified into trousers, shirting, jackets, suits, jeans and others. Raymond has a production capacity of 1.5 million garments per year. Its product line also includes celebratory shirts, dress shirts, formal shirts in its marketing mix. The sizes include small, large, extra large as well as plus sizes. Raymond’s has brands like Colorplus, Park Avenue, Parx etc. Under the Raymond brand, Park Avenue also manufactures and sells fragrances, shaving systems, body care solutions and hair care products. These are suave and meet the current expectations of modern men. They are also into the retail of body sprays and deodorizers as well as deodorants. Raymond’s home furnishings include curtains and designer upholstery as well as luxury fabrics for home décor.
Image: company website
Raymond Price/Pricing Strategy:
Below is the pricing strategy in Raymond marketing strategy:
Raymond through its separate brands caters to the needs of all kinds of markets and clearly positions its products to a substantial Indian market.
The pricing strategy of its offerings in its marketing mix is as follows. Consumers opting for budget or entry level shirtings and other apparels are retailed through Parx and Colour Plus. In India, shirting’s and trousers begin from Rs 1,000 going all the way upto Rs 10,000 depending on the type of fabric, stitching and workmanship involved, retail outlet location, colour and size. Besides these, Raymond through its flagship ‘Raymond’ and ‘Park Avenue’ cater to the higher spending customers who do not mind paying the extra premium for a product offering superior quality, stitching, wrinkle free or other feature laden characteristics. These command a premium over the budget clothing that Raymond offers but are still competitively priced compared to other market players.
Raymond Place & Distribution Strategy:
Following is the distribution strategy in the Raymond marketing mix:
Raymond has got a significant presence not only in India, but also a global imprint. Being the world’s largest manufacturer of suiting fabrics and commanding a whopping 60% market share, Raymond has made its presence felt in over 55 countries. It has a production capacity of 38 million meters and is one of the only companies to produce fabrics which are worsted and wool blended. Countries to which Raymond exports it’s products include the European Union, Canada, USA, Japan and Australia. Its manufacturing plants are state of the art and include fully integrated plants in Chindwara, Central India, Jalgaon in Maharashtra and Vapi in Gujarat.
These also deploy modern technological and quality control systems such as ISO 9001 and (ISO 14001) Environment Control Systems.
Raymond Promotion & Advertising Strategy:
The promotional and advertising strategy in the Raymond marketing strategy is as follows:
Raymond promotional marketing efforts follow a well-structured approach to clearly relay product information based on several parameters to a clearly defined and segregated market. The “Complete Man” tagline & slogan of Raymond is extremely popular. The technical parameters underlying some of Raymond’s advertisements range from basic protection from various weather conditions to functional parameters to another set of target market with a parameter including wrinkle free, easy to wash, comfort lining and with thermos buttons. Yet another category of consumers are influenced and attracted by emotions style and a sense of fashion embedded in advertising campaigns run by Raymond for its premium offerings. Campaigns include such mediums as ATL and BTL advertising such as newspapers, fashion magazines, fashion channels on television, Radio, TVCs. Hence, this completes the entire marketing mix of Raymond brand.
Raymond is a fashion and an fabric retailer based out of India set up in 1925. It also manufactures suiting fabrics and woollen fabrics. Raymond is the owner of such brands as Park Avenue, Raymond Premium Apparel, Parx and Colour Plus. The Raymond Shop retails all its brands through a wide network of 700 stores spread all across India and overseas in over 200 cities. Amongst the most respected and one of the largest apparel manufacturer, Raymond is spearheaded by Gautam SInghania.
India’s most respect brand in terms of product quality and customer satisfaction, Raymond and its joint ventures with leaders of fabric manufacturing and retailing makes it a textile major enjoying repute like none other. Raymond also has dedicated design studios in not just India but also Italy.
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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