Marketing Strategy of Bridgestone analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Bridgestone marketing mix, help the brand succeed in the market. Let us start the Bridgestone Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in Bridgestone marketing strategy can be explained as follows:
Bridgestone is one of the leading tyre manufacturing companies across the globe. Bridgestone produces tyres for passenger and commercial vehicles in its marketing mix. Between the year 2005 and 2015, Bridgestone launched at least 10 new products and launched them into market, thereby improving production and efficiency of the products. Bridgestone produces diverse products, including polyurethane foam for automotive seats and interiors, water hoses, retreated tires for aircraft. Its product line in construction and civil engineering products is also large.
Bridgestone supplies Multi-Rubber Bearings for installing in foundations as to protect buildings from earthquakes.
The electronic equipment includes precision rollers for office machines and plasma displays. It manufactures aircraft tire as well as retread servicing and has been major supplier for over 70 years. The golf division of Bridgestone produces both clubs, balls and accessories and is considered number one golf ball producer in Japan.
Bridgestone Price/Pricing Strategy:
Below is the pricing strategy in Bridgestone marketing strategy:
Bridgestone is a global player and various external factors decide the brand’s pricing. The pricing is done competitively and its major competitors are MRF, Goodyear, Continental Tyres and Cooper Tyres.
Bridgestone products are perceived by customers in high price segment as it offers quality and excellent service. The pricing decisions in its marketing mix are also fluctuating due to exchange rates since certain tyres and imported. The government policies that regulates export and import duties, taxes on automobiles and economic conditions are major drivers of pricing. Bridgestone follows a competitive pricing strategy and promotes and sells its products on the promise of quality and its expertise in the field of tyres. The margins are high as compared to industry standards.
Following is the distribution strategy in the Bridgestone marketing mix:
Bridgestone has a strong global presence in more than 150 countries. Bridgestone has its presence in Europe, America, Asia, Middle East and Africa. Globally, Bridgestone has R&D and manufacturing units at 180+ places. The tires can be purchased exclusively from Bridgestone factory by automobile manufacturers and are also available for retail purchase for consumers. Bridgestone India Private Limited sells its products in India through its authorized distributors and dealers so that customers get genuine products and warranty. It has 7 production plants in Europe and a 32-hectare R and D development centre near Rome, Italy. In 2015, Bridgestone Americas Inc. had signed a deal with its dealers to install digital air calibration machines from Excel Tire Gauge Inc. in store. Bridgestone distributes to factories, agents, regional centres and dealers across India.
Tyres are sold through dealers and agents, given the investment in advertisement they prefer to sell through leadership.
Bridgestone Promotion & Advertising Strategy:
The promotional and advertising strategy in the Bridgestone marketing strategy is as follows:
Bridgestone has developed various promotion and sponsorship strategies with NFL and several other professional sports leagues. There was a boost in the stock prize, sales and awareness in brand during the “big game” as customer show more eagerness during such games on advertisers. Hence Bridgestone invests in sponsorship strategy to build awareness and brand consideration. It also carries out CSR activities hence has created positive impact in the minds of the consumers. Bridgestone has followed aggressive promotional strategy and it was the title sponsor for the World series hockey. Bridgestone signed a 4-year deal with International Olympic Committee's new television channel, becoming the first company to do so. Bridgestone India Pvt Ltd, a subsidiary of Bridgestone Corp, has signed up as the associate-sponsor of the Mumbai Indians so as to magnify the impact by reaching out to a larger audience. Hence, this concludes the Bridgestone marketing mix.
Bridgestone was founded in the year 1931 by Shojiro Ishibashi and is headquartered in Kyobashi, Tokyo, Japan. The name comes from a translation of the word ishibashi that means “Stone Bridge” in Japanese. Bridgestone is a multinational truck and auto parts manufacturer and is considered one of the largest manufacturer of tires in the world. It has a strong brand name in Motor Sports and Car Racing, and the company has diversified into other business that includes roofing material, industrial fibres and textiles. Bridgestone manufactures Tires and Tubes for Passenger cars, Motorcycles and scooters, Trucks and buses, Industrial machinery, Agricultural machinery, Aircraft, Construction and mining vehicles, and others.
Bridgestone’s subsidiaries include Firestone Tire and Rubber Company. More than 140,000+ people are employed with Bridgestone.
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