Goodyear Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Goodyear through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Goodyear Product Strategy:
Goodyear is one of the largest manufacturer of tyres in the world. Goodyear has an exceptional product portfolio in offering tyres. Additionally, it runs around 1200+ service outlets where it offers service retail sales, automotive repair. Goodyear has marketing operations almost in every part of the world. It produces a wide range of tyres for variety of consumers as a part of its marketing mix product strategy. Goodyear Tyres includes following products in its portfolio:
Passenger cars all season tyres, SUV tyres. Goodyear also has specially made tyres for trucks. Other than these, Goodyear also produces speciality tyres like aviation tyres, Off-road tyres, Recreational Vehicle (RV) tyres, Racing tyres etc. Additionally, Goodyear tyres owns several other subsidiaries like Fulda, Dunlop, Sava, Kelly Tyres etc.
Image: Wikimedia
This concludes the product strategy in Goodyear marketing mix & strategy.
Goodyear Price/Pricing Strategy:
Below is the pricing strategy in Goodyear marketing mix strategy:
Goodyear tyres are priced at a premium owing to their quality and brand image. The premium tyres are kept at a high price to assure quality.
The other prices are maintained based on the market conditions. As the tyre market is very price elastic, the maintenance of the price has to be proper as the customers can switch easily. Goodyear had followed a strategy of raising price and decreasing the cot which proved beneficial to them. Following this they could sell a lesser number of tyres but the profit margin was high. The pricing of Goodyear remained stable with a decline in the raw material cost. The customers are very happy with the pricing of the company. Only the price in the European market has increased due to the Euro and US issues.
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Goodyear Place & Distribution Strategy:
Following is the distribution strategy in the Goodyear marketing mix:
Goodyear is the largest commercial tyre distributor. Today Goodyear is present in almost 6 continents including Asia Pacific, America, Europe, Middle East and Africa. In Asia Pacific region, China has the headquarters in Shanghai and produces consumer tyres and commercial tyres in Pulandian. India has manufacturing of Goodyear tyres in Aurangabad and Ballabgarh. Also Indonesia, Malaysia, Singapore & Bangkok have production centres. In Europe, countries like Germany, Belgium, France, Luxemburg, Netherlands have development as well as manufacturing facilities. UAE has regional tyre sale and distribution units. America has the Innovation Centre in Ohio while Brazil, Canada, New York, North Carolina have other distribution centres.
This gives an insight in the place & distribution strategy in the marketing mix of Goodyear tyres.
Goodyear Promotion & Advertising Strategy:
The promotional and advertising strategy in the Goodyear marketing mix is as follows:
Goodyear tyres is notably the most popular and successful tyre brands in the world. When it comes to social media, Goodyear have a strong presence. They follow a strategy of placing their own salesperson as the sales representative. Goodyear tyres also carry out various ad campaigns in the television. Print ads, and advertisements are also a means of reaching the people. Goodyear also come out with various schemes like “Buy 1 Get 1 free”, and various other discounts and offers. Freebies and special offers are also brought in from time to time to attract the consumers. Various other facilities like tyre rebates, good year credit card etc ae also provided. Hence, this summarizes the marketing mix of Goodyear tyres.
About Goodyear:
Goodyear is one of the world’s largest producer of tyres. Goodyear tyres was founded by Frank A Siberling in 1898.Company is named after Charles Goodyear, who discovered the rubber vulcanisation process. It employs more than 60,000 people and operates in 20+ countries with approximately 50+ plan facilities. It has successfully supplied tyres to Apollo 14 MET, Aircrafts, etc.In 1997,Goodyear is the first to win 350 F1 Grand Prix races. Goodyear Recently in 2014, Goodyear announces projects to convert waste from rice harvest to fuel efficient tyre treads. It has two innovation centres in Akron, Ohio and Colmar berg which strives to develop state of art products.
Goodyear is headquartered in Akron, Ohio. Today it functions in almost 6 continents with an annual revenue of $16 Billion.
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