Published by MBA Skool Team, Last Updated: August 25, 2017
Marketing Strategy of Eureka Forbes 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 Eureka Forbes marketing mix, help the brand succeed.
Eureka Forbes marketing strategy helps the brand/company to position itself competitively in the market and achieve its business goals & objectives.
Let us start the Eureka Forbes Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Eureka Forbes Product Strategy:
The product strategy and mix in Eureka Forbes marketing strategy can be explained as follows:
Eureka Forbes is one of the leading consumer electronics brands based out of India. Eureka Forbes offers wide range of products in its marketing mix under four categories. Water purifiers, Air purifiers, Vacuum cleaners and Security solutions. Some of Eureka Forbes’ most prominent brands are Dr. Aquaguard, Aeroguard and Euroclean. The water purifier business accounts for more than 50% of the company’s revenues. Some of the most prominent ones under this category are the Aquaguard, Aquasure (water purifier that does not use electricity) and Aquasure packaged drinking water. Eureka Forbes was the first to launch the Euroclean range of vacuum cleaners. There are close to 3.5 million customers for Euroclean now. They were the first to introduce state of the art Euroair Air purifiers that ensures safe, pollution free homes. Eureka Forbes also offer domestic security solutions through their product Euro vigil. This brand has fire safety products and patented space technology fire suppressants. Eurodiya- solar bulbs with in-built solar panels helps in harnessing solar energy to light homes.
Image: company website
Eureka Forbes Price/Pricing Strategy:
Below is the pricing strategy in Eureka Forbes marketing strategy:
Eureka Forbes uses a competitive pricing strategy in its marketing mix to gain a market share.
Further they include their after-sales service cost within the price of the product quoted. The salesperson are taught to market Eureka Forbes products as a value based product where they explain what are the additional benefits that come with each product and the comparative pricing taking examples from competitors products like Unilever, Kent etc. The pricing of the products is done such that it showcases as a value proposition for the customer apart from being affordable.
Eureka Forbes Place & Distribution Strategy:
Following is the distribution strategy in the Eureka Forbes marketing mix:
Eureka Forbes in the year 2000, rolled out its own retail store outlets across the country. Door to door selling is their main method of selling. Eureka Forbes is the most trusted brand in India in the water purifiers market and the company sells items through its well established set of dealers. The company follows a push strategy where the dealers are given incentives to sell more through its dedicated system of sales force.
The sales force are provided good incentives and they are directly recruited and trained by Eureka Forbes.
Eureka Forbes Promotion & Advertising Strategy:
The promotional and advertising strategy in the Eureka Forbes marketing strategy is as follows:
Eureka Forbes has one of the best personal selling strategy and sales team with it. Eureka Forbes has a very strong sales force actively engaged in door to door selling. This people to people sales strategy has helped it double its revenues in a manner of 5 years. Further they have also embraced digital technology. This digital technology has helped them in lead generation. Eureka Forbes believes that most of its prospective customers spend a considerable time online. So, they would like to target these group through digital marketing initiatives. They have successfully divided the attention between direct sales and online salesforce team. This technology & feet-on-the-ground has worked really well for Eureka Forbes. Hence, this completes the marketing mix of Eureka Forbes.
About Eureka Forbes:
Eureka Forbes, established in the year 1982 is one of the flagship companies of the Shapoorji Pallonji group (SPG). It manufactures and sells consumer electronics and consumer goods and is headquartered in Mumbai. Eureka Forbes has a current base of 15 million consumers with more than 450 locations and 18,000 dealers. It has international presence in 53 countries. The company offers social services under the EuroAble initiative. The company also offers operational consultancy services to various industrial plants. Eureka Forbes is one of India’s leading health and hygiene brand. It has Asia’s largest direct sales force and it is one of the most expansive networks in the country. It has been a pioneer in direct selling. Eureka Forbes get most of its revenue from its water purifier brand “Aquaguard”. There are several competing brands in this segment.
The major competitors are Kent, HUL and Tata Swach. Eureka Forbes has received several awards on National and International forums.
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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