Bajaj Electricals Marketing Strategy – Marketing Strategy of Bajaj Electricals: Bajaj Electricals Limited (BEL), a trusted and well-respected company with operations in over 20 countries worldwide, is part of the “Bajaj Group”. The company’s business includes Luminaires, Exports and Consumer Products (Appliances and Fans, Lighting), and EPC (Illumination and Transmission Towers and Power Distribution).
The company is also present in the Hi-End segment of appliances, as well as the products of the low-end segments. This range is also available under the brand Morphy Richards and Platini.
Bajaj Electricals At A Glance – Marketing Strategy of Bajaj Electricals
Company : Bajaj Electricals Ltd
CEO: Shekhar Bajaj
Founder: Kamalnayan Bajaj
Year founded: 14 July 1938
Headquarters: Mumbai, Maharashtra
Annual Revenue: INR46 billion
Profit | Net income: INR 2.3 billion
Number of employees : 1,522
Products & Services: Home Appliances | Fans | Lighting & Engineering and Products
Bajaj Electricals Competitors
Bajaj Electricals Fun Facts: Bajaj Electricals won the prestigious Master Brand title conferred by CMO USA & CMO Asia in November 2010 for leadership and continuous innovation.
Marketing Strategy of Bajaj Electricals
Bajaj Electricals’ Marketing Strategy covers various aspects of the business right from segmentation and targeting to the overall mission and vision of the company and the various parameters which the company executes to become the top brand that it has in the market. So what is the Marketing Strategy of Bajaj Electricals? Let us discuss.
Segmentation, Targeting, Positioning – Bajaj Electricals Marketing Strategy
The company operates in many product categories, so it is important to clearly define the population characteristics. This will allow the Company to align its strategy for customer purchases. Bajaj Electricals employs a combination of demographic as well as psychographic segmentation techniques.
It uses a differentiated targeting strategy to provide customers with the products and services they need.
It is positioned itself as a company that offers all kinds of white goods and consumer durables products under one brand. This allows it to connect with youth since India has a 65% population below the age of 35.
Bajaj Electricals Mission Statement
Bajaj Electricals Vision Statement
“To be the leader in the industry and a consumer’s original choice”
Bajaj Electricals Tagline
Competitive Advantage – Marketing Strategy of Bajaj Electricals
Renowned brand: The Company falls under the umbrella brand structure of Bajaj Group. This conglomerate has more than 75 years of experience and is active in many businesses, including Automobile and financial services. Bajaj Electrical, which has more than 36000 employees, is one of 25 companies Bajaj Group owns.
Wide product portfolio: Having a presence across large product categories allows the company to offer a variety of products and services to customers, thereby optimizing the customer acquisition cost as well as increasing product linkages with customers.
BCG Matrix – Bajaj Electricals Marketing Strategy
To offer customers a complete range of products and services, the company offers products under Strategic Business Units ( SBU’s), such as Engineering Procurement & Construction (EPC), Luminaries, Exports, and Consumer Goods.
EPC also deals with Power transmission, Power distribution, and Illumination. Luminaries deals are in businesses such as LED, and Integrated Building Management systems. Exports deals in B2B, and B2c segments. Consumer goods deals in kitchen & appliances.
Bajaj Electricals operates in all business segments/SBUs that are included in the BCG matrix.
Distribution Strategy – Marketing Strategy of Bajaj Electricals
The Company has been expanding its reach through the Range & Reach Expansion Programme, (RREP), in new areas across the country. Additionally, the Retailers Bonding Programme is helping to expand the Company’s topline products into new markets.
It distributes its products and services via a variety of channels depending upon the business segment. For power distribution, it uses a government-built network or a self-developed network. For other businesses, such as consumer goods and illumination, it uses channels of distribution like resellers, distributors, E-Commerce sites wholesalers, and company-owned sales teams.
To make it easier for customers to resolve issues quickly, the Company has expanded its service centers to 418 locations in 298 cities.
Brand equity – Bajaj Electricals Marketing Strategy
Over the years, the company has won many awards and accolades in the fields of IT technology and advertising, Consumer Care, Luminaries, and power distribution, such as the Bitstream India Innovative CIO Award 2016. The company is also a part of many sponsorship programs, including the Pro-Kabaddi League, Pro-badminton League, Wimbledon Championship-2016, Rio Olympics 2016, and partnerships such as Kala Ghoda, which is India’s largest Art & Cultural Festival in February 2017.
The brand is valued at Rs. According to the market capitalization method, 3171 crores were earned in March 2017. 4334 crores.
Competitive Analysis – Bajaj Electricals Marketing Strategy
Unsold inventory, pricing stress, increased bargaining power of customers and suppliers, and competition from the unorganized are all factors that affect the company’s performance.
It competes against companies in all business segments by maintaining high-quality standards and making its products and services accessible to the most remote areas of the market.
Bajaj Electricals is competing with Havells, Crompton Greaves, and Philips.
Market Analysis – Marketing Strategy of Bajaj Electricals
The digital push of the government and penetration into remote areas of India are key factors in the success of companies involved in the power distribution and electronics business.
Bajaj Electricals isn’t the only company that faces these challenges.
Customer Analysis – Bajaj Electricals Marketing Strategy
To understand the evolving needs of different customer groups, the company has a strong Customer Relationship Management System.
The company caters to B2B customers, such as corporate and government agencies. In the retail segment, it serves customers between 20-and 45 who are middle-income.
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