The Marketing Mix of Micromax tells the 4ps (Product, Price, Place, and Promotion) of the Indian multinational manufacturer of consumer electronics and home appliances – Micromax!
Micromax’s marketing mix explains why the company has expanded by leaps and bounds in India. Rajesh Agarwal, who had worked as a computer hardware reseller, developed Micromax Mobile in 1991. In 1998, Rajesh was joined as a co-founder by three more Indians, Rahul Sharma, Sumit Arora, and Vikas Jain.
The four worked together to change the company from a distributor to a marketer of telecommunications equipment. Micromax entered the mobile device industry in 2008.
By 2010, the company had evolved to become one of India’s leading mobile handset manufacturers, and it set itself apart by providing feature-rich smartphones at low rates.
The company has secured its survival in the market by introducing feature-rich smartphones and phones that are mostly “me too products” and come in at a low price.
Because of its superb marketing mix, the business has a whopping 22 percent market share in India’s smartphone category.
Let’s start with the Marketing Mix of Micromax. to learn more about its product, price, promotion, and distribution approaches.
Product in The Marketing Mix of Micromax
Micromax strives to give its consumers the most up-to-date experience by incorporating innovations and advanced technology into its products.
Micromax has created products that are tailored to the demands of its customers. The company offers a variety of devices with various characteristics like 30-day battery backup, dual SIM, and QWERTY keypads, among others.
The majority of Micromax devices are Android-based, although a few are also Windows-based. Currently, the company offers more than 60 models, each with its own set of unique characteristics. Every month, Micromax sells roughly 2.3 million mobile phones.
Micromax’s product line in its marketing mix is as follows:
- Smart Phones – Micromax offers a wide range of smartphones under the Bharat series, CANVAS series, Selfie series, Dual series, and Video series.
- Phablets – Micromax has also entered the phablet market with the introduction of Fantabulet.
- Feature phones – The company offers its consumers the QWERTY keyboard experience and a few versions. These phones offer dual sim capabilities with the option to shift between CDMA and GSM networks.
- IT equipment – Micromax also has a presence in the IT hardware market, selling HD LED displays.
- Laptops and Tablets – Micromax has also released a few laptops and tablets, including the CANVAS series.
- Consumer Electronics – Aside from mobile phones, the firm also sells consumer electronics such as music systems, power banks, LED televisions, and air conditioners.
Micromax’s success is due to the availability of low-cost to high-end handsets with technological advancements.
Pricing in The Marketing Mix of Micromax
Micromax has always targeted both urban and rural areas of India, offering technologically superior mobile devices at affordable prices. Even though the mobile industry was already dominated by players like Samsung and Nokia, Micromax took the risk of releasing new mobile devices in India.
Micromax used a penetration pricing approach to establish a market for itself. This price approach is commonly used in a marketing mix when a business needs to capture a market in a field where there are already competitors.
Customers will be enticed to buy Micromax goods because of the reduced price offered for the same technology used by other high-end manufacturers, resulting in customer loyalty.
Place in The Marketing Mix of Micromax
The organization implements a one-of-a-kind marketing approach that focuses on the Indian market. When it first began, one of its most effective strategies was to target the rural market.
Given that most businesses begin with the urban market before extending into rural areas, this was a novel strategy. Micromax X1i, a highly distinctive brand with a strong battery backup, was the first phone to be introduced in the rural market.
This was based on the typical consumer perception that rural people endure frequent power outages, and that developing a battery that lasts much longer would be a huge success.
Despite the numerous challenges it had in addressing the rural market, the success of this first phone prompted the corporation to take considerable efforts in entering the market.
One of the company’s distribution strategies features is that distributors must pay for items in advance in exchange for significant profits. Those who did not make advance payments had their margins reduced.
Micromax faces severe competition from established brands such as Nokia, Samsung, Apple, Spice, Karbon, and low-cost Chinese-made phones.
Another challenge it faces during distribution is that it is unable to keep up with increased demand and is frequently discovered to be unavailable on the market if demand increases. As a result, if it wants to keep its distribution network pleased, manufacturing must rise.
Promotion in The Marketing Mix of Micromax
As previously stated, Micromax has made significant progress in penetrating the Indian mobile market, which today accounts for 22% of the total. The company is now working on a marketing campaign to assist raise awareness of its products.
For example, it is attempting to advertise its brand image by utilizing Bollywood celebs and MTV. Hugh Jackman, a.k.a. Wolverine, was recently appointed as the company’s brand ambassador, signifying the company’s plans to expand its presence to the west and enter the international market in the coming days.
The company has also formed partnerships with other companies, such as Yamaha, to improve its audio experiences. Micromax also advertises its products through web marketing, print and television commercials, and billboards. Micromax is also well-known for its point-of-purchase advertising.
I hope you have gathered all the required information about the Marketing Mix of Micromax and the 4 P’s of Micromax. Stay tuned for more Marketing Mix Articles.