Torrent Power Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Torrent Power through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Torrent Power Product Strategy:
Torrent Power Ltd. deals in power generation, transmission, distribution and cables. It has a capacity of 3334 megawatts. They boast of an exclusive mix of conventional and non-conventional power sources like coal & gas based and renewable sources based. Torrent Power has a connection of 249 kms and 105 kms of 400kV double circuit transmission which transmits electricity produced at SUGEN & DGEN factories to all the off-take hubs. Other than generation, transmission and distribution of electrical power it also deals in manufacturing of cables, infact Torrent Power is one of the leader in high tension cable segment as it produces upto 132 kV XLPE cables. Also has Solar rooftops involved.
Image: company website
This concludes the product strategy in Torrent Power marketing mix & strategy.
Torrent Power Price/Pricing Strategy:
Below is the pricing strategy in Torrent Power marketing mix strategy:
Price points of Torrent Power are high as it supplies to most industrial areas which use electricity for commercial purposes. Commercials have to pay a higher price for electricity as there are higher tax norms on it.
Torrent Power Ltd. is one of the licensed distributors under the UJALA scheme. The UJALA scheme entails distribution and sale of LED bulbs at a discounted price. This affects the pricing of these bulbs in from of subsidy provided. They also offer an EMI scheme to make payments for poor section of the society. The tariffs in 2016-17 were the same with a Prompt Payment Discount facility to customers. Also as Coal India Ltd. one of the leading suppliers of coal increased coal process it is reflected in the increasing prices of power provided by Torrent Power Ltd.
Read more about Torrent Power
Torrent Power Place & Distribution Strategy:
Following is the distribution strategy in the Torrent Power marketing mix:
Torrent Power has three million customers in cities like Ahmedabad, Surat, Dahej SEZ, Gandhinagar all in Gujarat, Bhiwandi from Maharashtra and Agra in Uttar Pradesh. All these cities are major industrial or commercial centres. Therefore, this company is mostly functioning in Gujrat and Uttar Pradesh. The distribution channels of Torrent Power are one of its weakness as unlike its competitors it does not have wide presence across all states in India forget globally.
The absence of ownership of raw material sources also puts Torrent Power at the disadvantage.
Torrent Power Promotion & Advertising Strategy:
The promotional and advertising strategy in the Torrent Power marketing mix is as follows:
Torrent Power is a B2B company so its most promotion activity is targeted at its customers and not at a mass level. Torrent Power has used information technology to make website very accessible and easy. Bill payment, energy calculator, tariff, new connection, etc. They have made it very user friendly for customers. In B2B the transaction success is heavily dependent on relationship building and management. Torrent Power Ltd. has garnered love and support in Gujarat due to its help in rehabilitation post-earthquake in 2001, it has also provided electricity to slums, invested in health and education as well. Torrent Power Ltd. funds the cardiology wing of U.N. Mehta Hospital in Gujrat.
Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Torrent Power.
Process:
Torrent Power has a broad network of electricity distributing hubs across Gujarat. In Uttar Pradesh, the agreement to distribute in Agra and Kanpur was cancelled as it was in direct competition with state electricity department. Torrent Power has also investment in unconventional forms of power like wind and solar power.
People:
At Torrent Power, seven thousand two hundred employees are put through a rigorous training module. They also have regular workshops to help the employees stay adept to the changing skill requirements. To ensure employee engagement, Torrent Powers also has annual celebrations. They also have recreation facilities. As Torrent Powers is an energy producing company they have a systematic work culture.
Physical Evidence:
A user friendly self-service platform was launched by Torrent Powers to create a one stop solution for customers. It provides real time information and personalised services. They have also received the “Gujarat Ratna Award”. It also deals in production of solar power up to fifty-one megawatt solar PV at Charanka Solar Park and wind power in Lalpur, Jamnagar, Gujarat. Thus, this completes the Torrent Power marketing mix.
About Torrent Power Ltd:
Torrent Power Ltd. is a privately owned electrical power company. It is owned by the Torrent Group which is run by Sudhir and Samir Mehta, sons of founder Uttambhai Nathalal Mehta. The Torrent Group comprises of the Torrent Pvt. Ltd. which is the apex company, the Torrent Pharmaceuticals and Torrent Cables along with Torrent Power. Torrent Power was setup in 1996. Over the last twenty-one years Torrent Power has made major acquisitions like of Ahmedabad Electricity Company and Surat Electricity Company.
It also entered into franchise agreements with State Electricity Distribution Company of Maharashtra in 2006 and U.P. Power Corporation Ltd in 2009.
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