Reliance Retail Marketing Strategy & Marketing Mix (4Ps)
Marketing Strategy of Reliance Retail analyzes the brand with the marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion). These business strategies, based on Reliance Retail marketing mix, help the brand succeed in the market. Let us start the Reliance Retail Marketing Strategy & Mix to understand its product, pricing, advertising & distribution strategies:
Quick Glance:
Reliance Retail Product Strategy:
The product strategy and mix in Reliance Retail marketing strategy can be explained as follows:
Reliance Retail is one of the most prominent retail brands in India. Under the umbrella of Reliance Retail, comes a number of companies like Reliance Fresh (contain products from fruits and vegetables, groceries, daily products, stationery, detergents etc.), Reliance Trends (the dress and apparels division), Reliance Footprint (the shoes and footwear division), Reliance Jewels (jewellery and diamonds shop), Reliance Smart (for bakery and fresh products and home care products), Reliance Digital (electronics showrooms) and Ajio.com (online clothing store).
It has a diverse offering under its marketing mix product portfolio.
Image: Wikimedia
Reliance Retail Price/Pricing Strategy:
Below is the pricing strategy in Reliance Retail marketing strategy:
Reliance Retail stores offer goods at extremely competitive prices. At a place like India, where there are about 7 million retail stores, pricing plays a big factor of differentiation.
With setting up big and attractive supermarkets, the number of people coming inside wish to buy in bulk. Reliance offers them a price which is generally lower than general stationery stores. This strategy is mostly applied in FMCG sector. This is possible from getting the products directly from suppliers in bulk and their connection with the farms. However, in the clothing sector and in footwear, Reliance Retail offer mid-range to premium pricing, this is because they offer premium quality products from well-known brands. In jewellery business, they keep pricing similar to their competitors and rely upon their designs for differentiation. They have the dedicated Card named Reliance cards where they give discounts on multiple buys.
Read more about Reliance Retail
Reliance Retail Place & Distribution Strategy:
Following is the distribution strategy in the Reliance Retail marketing mix:
Reliance retail stores are across 750 cities in India, and the number of stores are around 3800. They being an age old established brand in India, cater to a wide spread base of customers from around the corners. They haven't driven in to the rural sectors in India as they have primarily focused upon medium to high earning part of the society. The Reliance Retail stores are generally spread across big area with proper parking facilities.
They also sell their products online and with dedicated clothing sites like Ajio.com.
Reliance Retail Promotion & Advertising Strategy:
The promotional and advertising strategy in the Reliance Retail marketing strategy is as follows:
Reliance Retail has invest in many advertising sources ranging both on online and offline. Their discount offers in clothes and footwears attract a lot of consumers. Big hoardings can be seen all over the cities. The Reliance Fresh has all time offers going on where their products are usually on 30-50% discount which is a very eye-catching number to indulge audiences. They also use print media and simultaneously social media to reach to the customers.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Reliance Retail.
People:
Reliance being one of the largest employers in the country has around 1,20,000 employees working for Reliance Retail. This includes talented people who are inclined in sales jobs. Proper care is taken to make every worker familiar with the product and be expert about it. Headed by Mukesh Ambani, the hierarchy structure of the company is very long. This is because the shops are at every corner of cities appointing numerous workers who are familiar with local language and sales methods for particular regions.
Process:
The main focus of Reliance Retail from beginning was to never be stock out for which it had to have a very efficient logistics division. Reliance fresh which sells vegetables and fruits have daily replacement systems where the inventories are rotated throughout the day. In Reliance Digital they feature one of the largest tech markets not only in terms of product varieties but also in terms of easy availability which is achieved through company's connection to main suppliers and rapid distribution system.
Physical Evidence:
Reliance Retail stores have been trying to reach each and corner of the country. Reliance fresh has been successful in being the daily Retail store for a majority of consumers in Tier 1 and tier 2 cities. Their presence in fashion retails can be seen from big hoardings in major streets. The outlets those are chosen for set up are usually big spaces which portray a display of the store varieties. They usually take multiple floors with multiple retails all at one stop. Such as Reliance trends, footprints and digital are often clubbed together. This concludes the marketing mix of Reliance Retail.
About Reliance Retail:
Reliance retail is known to be the biggest retail company in India when generation of revenue is taken into consideration. It is under the parent company Reliance Industries ltd.
Reliance Retail was founded in 2006. Upon its inception, it has moved into a number of sectors over the years.
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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