Canadian Tire Marketing Strategy & Marketing Mix (4Ps)
Published in Products category by MBA Skool Team
Marketing Strategy of Canadian Tire analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Canadian Tire marketing mix, help the brand succeed in the market. Let us start the Canadian Tire Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
The product strategy and mix in Canadian Tire marketing strategy can be explained as follows:
Canadian Tire is one of Canada’s largest tyre and automobile servicing brands. Canadian Tire initially started their business by offering "Super-Lasting" tires in 1922. Now in the 21st century, the company has wide offering in its marketing mix like automotive parts such as tires, car accessories, batteries, chargers, wiper blades, convertible car seats, booster cables etc. It also offers tools and hardware like drills, drivers, saw, compressors, air nailers, staplers, wrenches, screwdrivers, paints etc. Canadian Tire provides sports equipment like treadmills, ellipticals, tents, mattresses, gun accessories (for hunting), skateboards, bikes, scooters, Toboggans, Snowboarding, ice skating etc.
Canadian Tire has outdoor living products like Leafblowers, BBQ Grills, Snowblowers, Portable Sheds etc. Over the years the company has a highly diversified base of products like heaters, generators, vacuums, fireplaces & Petroleum. It also provides financial services, food products and toys for kids.
Canadian Tire Price/Pricing Strategy:
Below is the pricing strategy in Canadian Tire marketing strategy:
Pricing strategy of Canadian Tire Corporation Ltd. is such that it does not compromise on the quality but it does offer products at different price levels to target a variety of customers.
Canadian Tire Corporation Ltd. has a variable pricing strategy that depends on the market, the product and competitive dynamics. The company also has an online platform to sell its products and offer a lot of discounts which can be availed using promo codes. They also have a loyalty programme called the Canadian Tire money which looks like actual money and has coupon rates. Any consumer can buy products and avail that percentage of the coupon rate in their next purchase. This Canadian Tire money is very popular and was introduced as early as 1958. Canadian Tire has expanded its loyalty program by shifting to triangle rewards which are same as Canadian Tire Money but instead of paper they provide something called a Triangle Card where the customer can earn reward points.
Following is the distribution strategy in the Canadian Tire marketing mix:
Canadian Tire has over 1700 retail stores, 500 Canadian tire stores, 91-part source stores, 433 FGL Sports stores under various banners, 382 Mark's stores and 296 gas stations. The company is practically everywhere in Canada with its headquarters in Toronto, Ontario, Canada.
Above all it also has an online platform to sell its products that help enhance its customer base reach.
Canadian Tire Promotion & Advertising Strategy:
The promotional and advertising strategy in the Canadian Tire marketing strategy is as follows:
Canadian tires is a customer-centric brand. One of its key marketing strategies is customer involvement. In order to get customer reviews and feedback the company selected 15,000 testers to test its products. The feedback it received from this exercise was incorporated to improve its products. To complete this interactive experience the company issued tags of its products that had a link to customer reviews that shoppers could pull up while shopping through their phones while shopping in the stores. This campaign was called "Tested for Life" which aimed at integrating real-life experience with the online world. Similarly, Canadian Tire’s "House of Innovation" campaign, the company bought a house in Toronto and a team worked on refurbishing it using Canadian Tire products. To keep customers in the loop the entire process was live streamed and broadcasted with the company asking them to visit Toronto and have a look at the house being refurbished. Apart from products and services, brand equity is another factor when it boils down to consumer perception of a company. To endear itself to its clients Canadian Tire launched a "We All Play for Canada" campaign which aimed at instilling a warm brand image in the hearts of its consumers. Canadian Tire Corporation Ltd. has also ensured that its social media presence is felt. The marketers of the company realised that most people tend to scroll down online ads without unmuting them. So, the company devised 7-second silent ads that would make an impact on people even without sound. Hence this concludes the Canadian Tire marketing mix.
About Canadian Tire:
Canadian Tire Corporation Ltd is a retail franchise founded in Toronto by JW Billes and AJ Billes. The brothers started their business by acquiring Hamilton Tire and Garage in 1922. They incorporated this business as Canadian Tire Corporation Ltd in 1927. The brothers deliberately chose the Name "Canadian Tire" as the name was symbolic and would have appealed to the customer base they were planning to serve. To avoid competition the brothers relocated their garage to Yonge and Gould. The company offered tires with a one-year unconditional guarantee on tires, which was a very unconventional offer in that era as tires experienced frequent blowouts. The pair primarily serviced Ford & Chevrolets and became quite well known the market. By 1928 the company went to start a mail-order catalogue service.
These catalogues contained a price list for the convenience of the customers. Today Canadian tire sells a wide variety of products like automotive parts, financial services, sporting goods, clothing hardware, home products, toys etc.
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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