Jindal Steel and Power Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Jindal Steel and Power through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Jindal Steel and Power Product Strategy:
Jindal Steel and Power is one of the leading Indian steel manufacturers. The major products manufactured by Jindal Steel and Power in its marketing mix include Long Rails and Flash0 Butt Welded Rail Panels with customised specifications. Parallel Flange beams and columns with provision for ultimate design flexibility to structural designers. Jindal Steel and Power is equipped with the state of the art plate mill that can produce plates and coils of 5 meter and 3 meter respectively. Angles and Channels provided have features of excellent durability, superior Weldability and superior straightness and strict dimensional accuracy. The TMT rebars confirm to BIS – 1786:2008 specification and the company developed ready to use steel through its innovative product cur n bend bars. The wire rods come with high quality and dimensional precision. Jindal Steel and Power has added fabrication sections by offering H type beams, I type beams, box sections and star columns. The speed floor is a lightweight suspended concrete floor system which is easy and quick to install.
Image: company website
This concludes the product strategy in Jindal Steel and Power marketing mix & strategy.
Jindal Steel and Power Price/Pricing Strategy:
Below is the pricing strategy in Jindal Steel and Power marketing mix strategy:
Jindal Steel and Power is primarily focused on competitor pricing in its marketing mix. The major competition faced by Jindal steel are TATA steel, SAIL and ESSAR group.
Jindal Steel and Power limited has projected revenues of 52.97 billion for Quarter 3 of year 2017. The pricing decision is also influenced by Production Coast, Market demand, competition and other government regulation. The pricing strategy adopted is Market penetration strategy by Jindal steel. The pricing decisions are taken after careful deliberation since it influences the sales volume and profit margins and long-term profit objectives. Since Jindal Steel and Power is a leading manufacturer of steel it has focused on economies of scale i.e. production in bulk to reduce the average price. Jindal is focusing on reducing costs and increasing the productivity with advanced technology and implementation of efficient processes. It also avoids inventory build-up and making the production market driven.
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Jindal Steel and Power Place & Distribution Strategy:
Following is the distribution strategy in the Jindal Steel and Power marketing mix:
Jindal Steel and Power distributes its products through direct supply channels, stockyards, consignment agents and external processing agents. It aims to providing a satisfactory buying experience through branded distribution channels. Jindal Steel and Power’s distributor partners are available across India and stockyards are accessible in major cities. The list can be downloaded from the company website. The process involved for distribution is it connects to direct supply channels then the steel is sent to stock yards further linked to consignment agent and processed by external processing agent and the final stage involved wide distribution network and retailers. The power is sold to state electricity boards and other distributors.
The various hydroelectric projects are Etalin Hydroelectric Project, Arunachal Pradesh (3097 MW), Kamala Hydroelectric Project, Arunachal Pradesh (1800 MW), and Attunli Hydroelectric Project, Arunachal Pradesh (500 MW).
Jindal Steel and Power Promotion & Advertising Strategy:
The promotional and advertising strategy in the Jindal Steel and Power marketing mix is as follows:
Jindal Steel and Power is venturing into global marketing strategies so that it can deploy assets for market access purpose. It has released advertisements called Jindal Panther to promote TMT Bars and has released a documentary on its production process. The documentary indicates the processes used and how the sustainable development has been taken care. Jindal Steel and Power promotes its products to customers by indicating that it can provide customised products depending on customer requirements. The communication tools used for various launch brand launches were Outdoor advertising, print ads and employing sales force to promote the brand. It also promotes its products through its Facebook page and honours people through its Rashtriya Swamyamsiddh Awards for exemplary behaviour of courage. Jindal Steel and Power introduced internal campaigns to bring customer centric message to employees. The branding helped Jindal steel to help stabilize the flow of revenues during business downturns. The communication tools used was print ads and outdoor advertising. Hence the marketing mix of Jindal Steel and Power is covered.
Jindal Steel and Power:
Jindal Steel and Power is an Indian steel company and is a part of Jindal group conglomerate. It is a leading player in steel power, mining, infrastructure, oil and gas infrastructure. It is third largest steel producer in India in terms of tonnage. The company manufactures sponge iron, ferro chrome, mild steel, structural, hot rolled plates and coal based sponge iron plant. Jindal Steel and Power has 6 major subsidiaries which include Jindal Power Limited, Jindal Shadeed Iron and Steel, Oman, Jindal Steel Bolivia, Jindal Steel and Power Mauritius, Jindal Africa Investments and Skyhigh Overseas. Jindal Steel and Power has been declared as the second highest value creator in the world by the Boston Consulting Group.
Jindal Steel and Power operates the largest coal-based sponge iron plant in the world and has an installed capacity of 3 MTPA of steel in Chhattisgarh. It is ranked 11th fastest growing company in India by Business World and named among the best Blue Chip companies.
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