Reliance Industries Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Reliance Industries through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Reliance Industries Product Strategy:
Reliance Industries is one of the biggest conglomerates in India. Reliance Industries has invested into several sectors and it contributes 20 % of India’s exports. Its business is present in various sectors, which can be studied to understand Reliance’s product strategy in its marketing mix. Retail sector includes Reliance Fresh, Big Bazaar, Reliance Mart, Reliance Market, Reliance Home Kitchen, Reliance iStore and many more. In production and selling of solar energy into rural areas, it introduced Reliance Solar. Reliance Life Sciences is involved in Medical, Plant and biotechnology as it specialises in branding, manufacturing and marketing Reliance industries products in bio pharmaceuticals. Reliance logistics is involved in transportation, distribution, logistics, supply chain related activities and telemetry solutions.
Reliance Jio Infocomm ltd. Is a broadband service provider, which provides 4G services. Relicord is owned by Reliance Life Sciences and provides cord blood banking services. Reliance Industrial Infrastructure Limited deals with construction and operation of pipelines for transporting petroleum products. Hence, this gives an overview on the offerings of Reliance Industries.
Image: company website
This concludes the product strategy in Reliance Industries marketing mix & strategy.
Reliance Industries Price/Pricing Strategy:
Below is the pricing strategy in Reliance Industries marketing mix strategy:
Reliance Industries follows different pricing strategy for different sectors. Hence, the marketing mix pricing strategy of Reliance Industries is diverse, based on competition and market leadership in some sectors.
It follows penetration pricing for retail, telecommunication and health. When the company launched Reliance Jio, it offered free Jio services to its customers during the launch period to increase market share.
However, the retail and telecommunication sectors are at loss, but the company is providing offers to customers to increase its customer base. The pricing decisions on petroleum sector largely depends on the macro environment factors and global market scenario. Outlets such as Reliance Fresh, procure its products directly from the source hence it has cut down on the intermediaries thereby providing benefit to the consumer in terms of discount and price reduction. Reliance Industries carries out thorough pricing analysis before coming to pricing decisions and is influential factor for its rise in the competitive market.
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Reliance Industries Place & Distribution Strategy:
Following is the distribution strategy in the Reliance Industries marketing mix:
Reliance Industries has a strong presence all across India. Reliance Retail is the largest retailer has more than 1500 stores across India and other brands like Reliance Fresh, Reliance Footprint, Reliance Digital and Reliance Trends have reached the Tier 1 and Tier 2 cities. Reliance Jio sim services are available across major regions and its connectivity is also improved in recent months.
Reliance Industries’ distribution strategy is well planned that even though it is a new entrant its reach has covered major part of India. Reliance fresh procures raw materials directly from the source hence it has attracted large number of customers due to the discounts offered.
Reliance users can easily communicate with the representative through calling services or online channels.
Reliance Industries Promotion & Advertising Strategy:
The promotional and advertising strategy in the Reliance Industries marketing mix is as follows:
Reliance Industries is heavily inclined towards advertising and brand promotion. The promotional strategy in the marketing mix of Reliance Industries is focused towards 360 branding and aggressive brand promotion. Reliance uses the tagline “Growth is Life” and has encapsulated its sentiments of taking people together. RIL owner Mr. Mukesh Ambani acquired rights of the Mumbai Indians franchise for 10 years and this acquisition is instrumental in bringing the Reliance brand to limelight. Reliance Industries had roped in popular Bollywood actor Hrithik Roshan for endorsing Reliance Telecom. It announces discounts and conducts various promotional activities at various Reliance outlets. Due to its strong brand awareness, Reliance Industries has attracted customers across its various stores. Weekend discounts, bulk purchase and customer loyalty points often lead to increased customer base. Jio Digital Life tagline is taken into consideration with #Digital India that target youth using smartphones and other devices to be digitally progressive. Hence, this covers the marketing mix of Reliance Industries.
About Reliance Industries:
Reliance Industries owns business in sectors like energy, natural resources, telecommunication, petrochemicals, retail and many more. Reliance Industries is third largest most profitable company in India and is ranked 215 of the Fortune Global 500 list of world’s biggest corporation in the year 2016. It is the second largest publicily traded company by market capitalization in India. Dhirubai Ambani founded Reliance Industries in 1966. Mr. Mukesh Ambani is the chairperson and MD of Reliance Industries.
Out of the total India’s exports, Reliance Industries contributes approximately 20% of the total share. There are approximately 3 million shareholders of the company and LIC is the largest non-promoter investor in the company. In March 2012, Reliance Industries was certified as ‘Responsible Care Company’ by the American Chemistry Council.
The company’s equity shares are listed on BSE and NSE Ltd. Reliance Retail is the largest retailer in India and it has spread its outlets across India.
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