The marketing mix of Mercedes Benz shows what a fantastic company Mercedes is, and how, as per Business Week Magazine, it is the top most recognized global automobile brands. This high profile success is not an accident but hard work, patience and excellent application of effective marketing strategy all rolled into one.
Mercedes benz is considered as the world’s oldest manufacturer of luxury carmaker and the reputation is unlikely to go away in the near future. This marketing mix looks at the company’s marketing and advertising strategies it has implemented over the years to establish itself as a leader in the fiercely competitive automobile industry.
Product in the marketing mix of Mercedes Benz
The name Mercedes Benz needs no introduction even to a toddler, but many people don’t know the inner story of this automobile giant and its line of products. As a matter of fact, Mercedes Benz has always been associated with the world-class brand of cars, buses, coaches, and tracks known for their luxurious nature. Mercedes Benz is not a company in itself; Gottlieb Daimler and Wilhelm May Bach call its parent company Daimler AG, which was founded, in 1890.
Earlier on, Karl Benz had founded his company in 1871, which later came to join Daimler AG. Mercedes Benz’s headquarters is located in Baden-Wurttemberg and Stuttgart, Germany.
As already mentioned, the company currently produces a wide range of advanced luxury trucks, coaches, cars and buses in its manufacturing facilities based throughout the world. The company has its origin in one of the founding fathers, Karl Benz’s creation of the first automobile that was launched in 1886. The car was first marketed in 1901. Since then, the company has introduced a number of innovations that have helped in establishing the company.
The product is the strongest P in the marketing mix of Mercedes Benz. Mercedes remain as one of the leading brands in the Indian market, that too for more than 50 years. The company currently assembles its models — S-Class, E-Class, C-Class and the ML-Class while other models, including GL-Class, CLS-Class and SLK-Class are fully imported.
Promotion in the marketing mix of Mercedes Benz
Although Mercedes Benz marketing strategy used to focus on the luxury, safety and precision engineering of its cars, competition has propelled it to adjust its product to suit the changing consumer attitudes. Now, their marketing strategy focuses more on presenting a more energetic, fun loving and approachable side of Mercedes Benz.
The evolution of its marketing strategy can also be a connection to its expanded market. Mercedes Benz has, over the years, found it necessary to expand the market to include younger consumers. Another marketing strategy employed by Mercedes Benz is its decision to slice prices and make the product more affordable to consumers.
In order to increase communication with its target market, Mercedes Benz has maintained accessibility to consumers through the following
- Online advertising
- Social media
- Establishing excellent customer service at its point of sales
- Offer warranty under excellent conditions
- Television advertising
- Print media
One thing that Mercedes managed to do is to build a reputation of quality and exclusivity in all its products, making it one of the most recognizable brands in the globe. Thus, it enjoys a reputation of class and prestige.
Place in the marketing mix of Mercedes Benz
Mercedes Benz introduced many technological and safety innovations over the years. However, the introduced innovations went on to be replicated by other brands. The company distributes its product through a broad network of dealers throughout the world. Mercedes Benz understands that consumers are not just interested in a buying a car that moves them from point X to point Y.
They are actually making a car that will enable them easily sell the idea about the car in the market. The company intends to change the perception of the brand and reposition it so that it is more appealing to the younger generation. They are also sending out the message that they are more approachable than ever before.
Pricing in the marketing mix of Mercedes Benz
Mercedes-Benz manufactures different types of convertibles, full sixed sedans, coupes and sports sedans. It has as many as 14 car models currently ranging from INR 21,49,000 to 7,68,00,000. Mercedes is leaving no stone unturned to tap Indian market in premium segments. As a matter of fact, the company deals in a niche segment where the customer is more concerned with the value they are getting on the product more than anything else is.
Therefore, the company has tried to ensure it makes high-quality cars first and foremost. The company has a broad price structure outside India, ranging from $30,000 to up to $100,000, depending on the model.