Sherwin Williams Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Sherwin Williams through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Sherwin Williams Product Strategy:
Sherwin Williams is one of the largest American companies in industrial products domain. Sherwin Williams has products in the paint and industrial chemicals segment with the best in class products with a wide range of options in terms of colors, choices, texture, etc. Its products are known for their innovative and newer features and the company spends a significant portion in its R&D activities. Its products in its marketing mix product portfolio more recently are made keeping in mind the environmental impacts and hence they are made with best product practices to ensure they are bio-friendly. Their target group is quite wide and hence its products are designed to meet all their needs. Their target group includes colleges, educational hubs, homes, builders, contractors, designers, heavy machine requiring persons, electrical and electronic sectors. Its products are made with best of operational efficiency and made sure to use the newest technologies in the market. Since the preference of customers of paints changes very rapidly the company has to keep evolving and keeping launching newer products
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This concludes the product strategy in Sherwin Williams marketing mix & strategy.
Sherwin Williams Price/Pricing Strategy:
Below is the pricing strategy in Sherwin Williams marketing mix strategy:
Sherwin Williams faces stiff competition in the paint industry some of its competitors are Nippon Paint, DuPont, PPG industries. Hence Sherwin Williams has to keep its competition in regular check when setting its prices and constantly stay updates.
It is known to give special discounts to regular customers and has a unique policy of offering professional pricing for the professionals of the industry. Typically a gallon of Sherwin-William’s paint cost between $25 to $31. The price is depended on a lot of factors like the finish selected, the demand of the particular shade of color, the different properties of the paint or chemical, hence there is a lot of variable pricing between products and within the product line. For example a glossy finish will be far more expensive than a flat finish.
Sherwin Williams Place & Distribution Strategy:
Following is the distribution strategy in the Sherwin Williams marketing mix:
Sherwin Williams supply chain is one of the best regarded in the industry with a focus on fair labor norms protecting human rights of its staff. It is a global company with a presence in several countries mostly in the Northern and Southern America but also in Europe. Sherwin Williams has more than 3800 stores world over and more than 550 branches across the globe. Having operated for more than 150 years its supply chain has kept modifying and is at its optimum best presently with distributors hardly facing shortages and rare problems of over-stocking seen. Its employee numbers is also very high with a staggering 50000 employees working for the company.
Its distribution is managed by both global distribution partners and local distributors and has a focus on penetrating newer markets through its distribution.
Sherwin Williams Promotion & Advertising Strategy:
The promotional and advertising strategy in the Sherwin Williams marketing mix is as follows:
Sherwin Williams uses a mixed promotional channel approach and hence has both the older ways of marketing their products like Television ads, radio announcements, newspaper features, magazine ads, etc. and also the newer ways of promotion like the social media approach where they use new videos every now and then to promote their product. It is one of the few paint and industrial chemicals company which not only focuses on the features and product details on its advertisements but also uses innovative ads. It uses integrated marketing campaigns- One such campaign in collaboration with McKinney targeted the emotional quotient of the people with a focus on sensitizing them- this was called the “Color Chips” campaign with a focus on helping customers getting the best out of their paints. Sherwin Williams ads not only focus on selling the brand but also emphases that it is a step more towards painting the whole world beautifully. This completes the marketing mix of Sherwin Williams.
About Sherwin Williams:
Sherwin Williams founded by Henry Sherwin and Edward Williams in 1866, is a company based out of Ohio, U.S. It deals with home and building materials and primarily paint materials. It is a Fortune 500 company and is a very famous company especially in the U.S. and the Southern American regions. It has more than 4500 stores all across the world and a staggering number of employees at more than 50000. Sherwin Williams has many divisions like retail divisions, chemical coatings divisions, etc. It also has a plethora of subsidiaries like Dutch Boy, Valspar which it recently acquired, H&C, Frazee Paint, Minwax, Duron, etc.
It has a net revenue of around US$ 15 Billion in 2017 and a net income of US$ 1.8 Billion. Its primary section is the Sherwin-Williams Paints section accounting for its largest share of profit.
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