Hero MotoCorp Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Hero MotoCorp through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Hero MotoCorp Product Strategy:
Hero MotoCorp is one of the leading two wheeler companies in India. Hero Motocorp has a wide and strong product portfolio in its marketing mix consisting of 25 two-wheeler models. Hero MotoCorp’s products are Hero Karizma ZMR, Xtreme Sports, Xtreme, Hunk, Achiever, Ignitor, Glamour Programmed FI, Glamour, Hero Splendor, Passion, HF Deluxe, HF Dawn, Duet, Maestro Edge and Pleasure. Hero MotoCorp’s products are primarily clustered or grouped depending upon style, power, mileage and requirements. The wide range of product Hero MotoCorp has caters to the different needs of customers. So, customers have a greater freedom to choose from the wide range of products available from Hero Motocorp. In the case of overseas market the product list remain more or less the same but with different names. There are several variants available in the existing models of the brand.
Image: company website
This concludes the product strategy in Hero MotoCorp marketing mix & strategy.
Hero MotoCorp Price/Pricing Strategy:
Below is the pricing strategy in Hero MotoCorp marketing mix strategy:
Hero MotoCorp gives bikes and two wheelers at a competitive price, focusing on the mass market. The ex-showroom prices of the products depend upon various parameters and vary from state to state primarily because of VAT and other Tax constraints.
Hero Motocorp prices its products which is very competitive in the market, thus in turn they over the years they have been able to skim the market and gain the largest market share. The pricing in its marketing mix is a bit expensive than its competitors like Bajaj, Honda, TVS. But this is due to the fact that the price varies with the value addition it has for the buyers. More the features available with the products of Hero MotoCorp more is the price of the model. A huge amount of purchase intention of Indian customers depends on mileage than on the price, so Hero MotoCorp manufacture bikes which are highly fuel efficient and couple it with attractive price helps them to convert purchase intention to actual purchase.
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Hero MotoCorp Place & Distribution Strategy:
Following is the distribution strategy in the Hero MotoCorp marketing mix:
Hero Motocorp sells its products primarily from the showrooms. It has the largest dealership network in the automobile market. The extensive distribution network helps as a shock absorber of Hero Motocorp as it prices its products a bit higher as compared to its competitors. With extensive and strong distribution network its products can be found at all large or small urban and rural areas across India. Being an Indian brand and being present in the market before independence, the rural reach is highly integrated. Hero MotoCorp pays a fair margin to its distributers and showrooms, which helps them to main a strong network and build relations. The networking of the showroom also plays a vital role while deciding the quantum of possible sales to be made from the various segments of customers.
Hero MotoCorp has a strong network of more than 6000 dealerships across India and also planning international global expansion for its business.
Hero MotoCorp Promotion & Advertising Strategy:
The promotional and advertising strategy in the Hero MotoCorp marketing mix is as follows:
Hero MotoCorp has always been aggressive regarding its branding and marketing activities. When it comes to promotion Hero Motocorp leaves no stone unturned, and always goes the extra mile to reach out to its customers by convincing them in all ways possible. This also helps Hero Motocorp to be connected with customers and help build up a good relationship with them. Extensive Television advertisements becomes the backbone of promotional activities. Other forms of promotional activities in its marketing mix include newspaper, magazines, billboard, hoardings and distribution of Pham plates in strategic locations. Over the years, Hero Motocorp has roped onto famous personalities and Bollywood superstars to play the role of their brand ambassador. Hero Motocorp have been closely associated with Cricket; which is the most followed sports in India, thus helps them to tap into the youngsters’ base. With significant amount of social responsibility activities, it helps Hero Motocorp to gather a good amount of goodwill. All these give an insight in the marketing mix of Hero MotoCorp.
About Hero MotoCorp:
Hero MotoCorp is an automobile manufacturing company. Hero MotoCorp is headquartered in Gurugram in India and it is the largest two-wheeler manufacturer in the world. It was founded by Brijmohan Lall Munjal in the year 1956 in Ludhiana, as a bicycle manufacturer. In the year 1984, the joint venture between Hero Cycles and Honda produced motorcycles and captured the market in India. In the year 2011, Honda moved out of the joint venture and thus, Hero Motocorp was finally incorporated. It is the largest player in India, with total of 39% market share in two-wheeler market in India, and 52.4% market share in motorcycle market in India.
Hero MotoCorp has got its operations globally in 29 other countries. Headed by Pawan Munjal, with annual revenues of ₹28000+ crores, Hero Motocorp is the market leader in two-wheeler market.
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