Unique in its existence Caterpillar Inc. is an American based company which deals with the manufacturing of machinery, mining products, provides financial assistance and insurances to the customers seated across the globe. The company traces its foundation in the merger of Holt Manufacturing Company and the C. L. Best Tractor Company in the year 1925. The Present name Caterpillar Inc. replaced the original name of company i.e. California based Caterpillar Tractor Company in 1986. It is headquartered in Peoria, Illinois, United States founded by C. L. Best and Benjamin Holt.
The magnitude of diversified services of caterpillar has resulted into the multifold competitors in different arenas. Few of the listed competitors of Caterpillar Inc. are
- Deere & Co.
- CNH Global
- Terex Corporation
- Hitachi Construction Machinery Co., Ltd
- Ingersoll-Rand Company Limited
- J C Bamford Excavators Ltd.
Product in the Marketing mix of Caterpillar
Caterpillar Inc. is known for the diversified and distinctly different types of manufacturing and services. They have financial assistance to machinery production making it a unique and innovative company. It has various subsidiaries which function under brand name of Caterpillar Inc. to provide different products and services.
The major production unit of Machinery of Caterpillar Inc. provides more than 400 types of on- road, off0- road and agricultural machinery. When it comes to the manufacturing of wheel loaders, caterpillar is the largest in the world.
Caterpillar also provides for the large scale engine production of diesel and natural gas.
Caterpillar Inc. manufactures the high – tech defense products through its subsidiary company. The subsidiary company has headquarters in Shrewsbury, United Kingdom. It provides for the scientifically and technologically advanced defense vehicles and weapons. Heavy army vehicles to motors for naval services Caterpillar has well – established defense products manufacturing unit for the best services.
Cat, a brand of caterpillar Inc. is engaged in the clothing and footwear industry providing with the latest fashion trends to the customers with the high quality products.
Manufacturing of on – road trucks is a new venture of Caterpillar which was initiated in year 2011.
It also provides for the world – wide financial and insurance services through dealerships.
Place in the Marketing mix of Caterpillar
Caterpillar services with the different subsidiaries are functional world- wide. Through the strong dealer network, caterpillar Inc. has outreach to multiple nations. Expanding its functional area it doesn’t restrict itself to the borders of U.S. in fact Caterpillar has achieved a global presence with the No. 1 company with maximum assets. The presence of caterpillar is around the globe with the strong network underneath to cater to the needs of the different consumers in the different market arena.
Price in the Marketing mix of Caterpillar
Unlike the other companies, caterpillar maintains premium services with the premium pricing which has given it a successful revenue outcome. With the technologically efficient and updated products, Caterpillar Inc. focuses on the premium pricing targeting the influential needs. As the products and services are quite a premium ones they have no hitch in choosing such pricing policy. With the expertise services and high – tech services they are leader in every business they deal with. No compromises with the quality and the premium prices haven’t been able to doubt the pricing policy of caterpillar Inc.
Promotion in the Marketing mix of Caterpillar
Social media is a strong mode of promotion for caterpillar. Using the digital platform caterpillar attracts the consumers with varied strategy. The basic strategy of caterpillar is to provide with the high-class manufacturing of the products like engines, machines, truck for the best infrastructural development. It brands itself as global service resort which has created a positive branding in the favor of the Caterpillar Inc. every promotional aspect is leading to three basic premise i.e. high – end work, group – task , and global leadership giving company a established brand name in the services they have offered. Caterpillar Inc. with the different subsidiaries has opted for multiple promotional tactic giving a good coverage to targeted consumers.