Marketing Strategy of Marico analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Marico marketing mix, help the brand succeed in the market. Let us start the Marico Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in Marico marketing strategy can be explained as follows:
Marico is one of India’s top FMCG companies focused on health and beauty products. The brand width in Marico marketing mix deals with hair oil, hair care, edible oil, deodorants, personal wash and fabric care categories. Marico’s brand portfolio can be divided into two segments, viz. indian brands and international brands.
The Indian brands of Marico include Parachute, Nihar, Set Wet (deodorants and hair gel), Zatak, Livon, Medicare, Saffola (oil, oats, Active, Fit, etc), Revive instant bleach and Manjal. Internationally, Marico has the brands like Parachute Advanced Body Lotion in Bangladesh, Boss in Vietnam and Hercules in South Africa. Brands like Parachute & Saffola are very well known brands in India & also worldwide.
Image: company website
Marico Price/Pricing Strategy:
Below is the pricing strategy in Marico marketing strategy:
Marico has a wide product range in a competitive market and hence has a diverse price range. For most of its brands Marico followed the strategy of entering markets that have low competition and emerged as leader in them, like hair oils, edible oil, etc.
But recently Marico has found itself in a competitive scenario as it entered deodorants, hair styling, fabric conditioners, breakfast cereals, skin care, etc. Also, other FMCG giants have focused again on ayurvedic and natural products segment with Patanjali’s recent entry in the industry. Marico therefore follows a competitive pricing strategy to maintain its leadership in its leading brands like Parachute and Saffola. This gives an insight about the pricing in its marketing mix.
Following is the distribution strategy in the Marico marketing mix:
Marico is present in more than 25 countries. It acquired Nihar in India, Fiancee & Hair code in Egypt, Black Chic and Hercules in South Africa. The distribution of Marico products in the Financial year 2015-16 increased by 8% and 6% in rural and urban sectors respectively. Major increase in Value added Hair Oil segments in rural segments. Sale in urban stores grew at 11%. Marico has taken up a new program called ONE which is Outlet Network Expansion, in order to increase direct coverage in top six metro cities. This program is aimed at improving the availability of Marico products in stores, retailer convenience and access to promotions. Marico has incorporated IT in order to eliminate shortages in its supply chain. Internationally, market in Bangladesh reduced by 3% strictly attributing to price correction as the volume increased by 2%. In Egypt more investment in infrastructure to boost distribution channel.
In international market a lot of macro elements were at play.
Marico Promotion & Advertising Strategy:
The promotional and advertising strategy in the Marico marketing strategy is as follows:
Marico is known for its promotions, the fact has it has won plethora of medals and awards for its varied promotion campaigns is proof enough. Marico uses all types of media like TV, online, billboards, print media etc in its marketing mix. Some of the ongoing campaigns of Marico are:
• Nihar- Dikho Khoobsurat, Karo Khoobsurat
• Nihar- #I am capable
• Saffolalife- #protectherheart
• Saffola Masala Oats- Chef’s Choice campaign
• Parachute Advansed - #KhulKeKheloHoli
• X Men for Boss, Vietnam
• Hercules Smart School Campaign in South Africa
Marico is also known to rope in a lot of celebrity for its endorsements like Vidya Balan for Nihar, Ranveer Singh for Set Wet and Deepika Padukone for Parachute are some examples. Hence, Marico marketing mix is covered above.
One out of every ten coconuts grown in India is used by Marico – the statement in itself surmises the strength of Marico Limited. Marico is an Indian FMCG company and it was setup in 1991 in Mumbai by Harsh Mariwala. Marico deals in production of personal care goods, oils and male grooming products too. Marico is known as a pioneer in most o0f the product categories it operates in.
Marico’s leading brands also retain leadership and highest market share I their respective product domains, like 17% growth added in Hair Oils segment in last financial year. Marico follows the following core values in all its business operations: Boundarylessness, opportunity seeking, innovation, transparency & openness, consumer centric, bias for action, excellence and global outlook.
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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