The Marketing mix of Xerox analyses the 4Ps of Xerox, including the Product, Price, Place, and Promotions. Xerox has a reputation for being one of the best copier manufacturing companies in the world. Still, in the near past, the company has undergone a revolution that makes it stand out as more than just a copier company. Today, the company has transitioned to become a formidable service provider to corporations through document outsourcing, business process outsourcing, etc. Founded in 1906 by Chester Carlson and Joseph C. Wilson, Xerox is headquartered in Norwalk, Connecticut, USA.
Competitors
- Hewlett-Packard
- HP Inc
- Accenture Public Ltd CO
- Cognizant Technology Solutions
- Canon Inc
- Ricoh
- IBM
- Infosys
About Xerox
- Type: Public Company
- Industry: Document technology
- Founded: 1906
- Founder: Chester Carlson
- Headquarters: Norwalk, Connecticut, United States
- Area served: Worldwide
- Key people: John Visentin (Chairman) and Steve Bandrowczak (CEO)
- Number of employees: 140,000
Table of Contents
Xerox Product Strategy
Together with services, the Xerox Corporation is still known for its vast products. It is a leading global provider of an array of equipment, including multifunctional printers & copiers, scanners, office printers, office software, and digital printing accessories & systems.
The company’s printers come in different types and branding, such as Xerox ColourOube, Xerox VersaLink, the Xerox Phaser, etc. In a nutshell, no single document management product can’t be found within Xerox lines.
Today, Xerox is a leading service provider to businesses in document outsourcing (DO) and business process outsourcing (BPO). Its services include infrastructure development & maintenance, customer service & claims filing, application development, document & data management, managed print services, marketing, and cloud computing.
However, as of 2017, the business process services operations were spun off into a firm known as Conduent. Only document production solutions and management functions will be retained in the Xerox brand name.
The new Product Mix of Xerox in 2023 is as follows (Source).
- Printers and Copiers: Xerox is renowned for its range of printers and copiers, catering to personal and professional use. This includes color and black-and-white printers, multifunction printers, digital printing presses, and production printers.
- Managed Print Services: These services involve managing a company’s document output needs. Xerox offers solutions to streamline and optimize printing processes, reduce costs, and improve organization efficiency.
- Software Solutions: Xerox provides various software solutions to enhance document management, workflow automation, and print management. This includes document capture and distribution tools, content management, and process automation.
- Document Outsourcing Services: Xerox offers centralized print services, document transaction processing services, and communication and marketing solutions. These services help organizations manage their document processing and communication needs more efficiently.
- Office Supplies: This includes toners, inks, paper products, and other office supplies necessary for the functioning of printers and copiers.
- IT Services: Xerox has expanded into IT services, providing end-to-end IT solutions, including cloud infrastructure, data analytics, network management, and end-user support services.
- Customer Support and Maintenance Services: The company offers extensive support and maintenance services for its products, including on-site services, remote monitoring, and technical support.
Xerox Place Strategy
Xerox is a global powerhouse that is present in at least 160 countries on all continents. Canada, the Middle East, Western Europe, The USA, Latin America, and the Asia Pacific regions are its main business centers, with half of Xerox’s revenues generated from outside the USA, and Western Europe is Xerox’s central marketplace after the USA.
The company’s success can be attributed to its well-established distribution and global marketing channels, enabling it to reach different customer base segments. Graphic communication firms, small & medium-sized companies & industries, government bodies, and education establishments are all served with varying distribution channels. Xerox products can be ordered via phone, in person, via its numerous business partners, or online.
The place strategy for digital marketing of Xerox, focusing on how they distribute and make their products available to customers, can be summarized as follows:
- Global Distribution Network: Xerox has established a robust global distribution network encompassing developed and emerging markets. This network includes direct sales channels, online platforms, and a wide range of retail partners, ensuring wide accessibility of their products and services.
- Strategic Partnerships and Alliances: The company forms strategic partnerships and alliances with various businesses and distributors. These partnerships help expand their market reach and give customers more access to their products and services.
- Local and Regional Presence: Xerox maintains a strong local and regional presence through offices, service centers, and authorized dealers. This approach ensures they can cater to local market needs and provide timely support and services.
- Online Sales Channels: Emphasizing digital transformation, Xerox offers its products and services online. This includes their e-commerce platform and third-party online retailers, providing convenience and accessibility to customers.
- Customer-Centric Approach in Distribution: Xerox emphasizes understanding and meeting the specific needs of different customer segments. This involves tailoring their distribution strategies through direct sales for larger corporate clients or retail channels for small businesses and individual consumers.
Xerox Pricing Strategy
Xerox employs some of the most dynamic marketing strategies. The company studies the market dynamics and adjusts its pricing strategies accordingly, hence its ability and competitive advantage to stay on top of the market ladder for quite a long time. This is a very competitive pricing strategy that will always pull customers towards the company.
Almost anyone can find something they need or something that fits their budget. This is because the company offers you different products with different specifications for different purposes and at different price rates. For instance, depending on the product, the Xerox WorkCenter printer series ranges from about &300 to about $15000.
Xerox’s pricing and marketing strategy reflects a sophisticated approach that aligns with its market positioning as a document technology and services leader. This multifaceted strategy caters to a diverse customer base ranging from individual consumers to large enterprises. Here’s a breakdown of critical aspects of their pricing strategy:
- Value-Based Pricing: Xerox employs a value-based pricing strategy where the price of their products and services is determined by the perceived value they offer to customers. This approach allows them to price higher for innovative or advanced technology solutions that provide the customer significant value or cost-saving potential.
- Competitive Pricing: In markets with intense competition, Xerox adopts competitive pricing strategies to match or undercut competitors. This is particularly evident in their consumer-grade products, where market price points are critical to gaining and maintaining market share.
- Dynamic Pricing Models: Xerox often uses dynamic pricing models for their managed print services and enterprise solutions. These models consider various factors, such as the volume of usage, service levels, and customization requirements, allowing prices to be tailored to specific client needs.
- Product Line Pricing: Xerox employs product line pricing to create a coherent price structure across its range of products. This helps establish clear distinctions between entry-level, mid-range, and high-end products, making it easier for customers to choose products based on their budget and requirements.
- Bundled Pricing and Leasing Options: To enhance the attractiveness of their offerings, Xerox often bundles products with services, such as maintenance and supplies, at a combined price. Additionally, they provide leasing options for their higher-end products, which makes their advanced technology more accessible to businesses that might find direct purchase cost-prohibitive.
- Flexible Financing and Subscription Models: Recognizing the diverse financial capabilities of their customers, Xerox offers flexible financing and subscription-based models. This approach caters to customers with varying budget constraints and adapts to the evolving trend towards ‘as-a-service’ models in business technology.
Xerox Promotion Strategy
Xerox products are designed for household, business, and even industrial & office use. As a result, the promotion strategies must differ if all these target market segments are to be reached. The different promotion strategies employed by Xerox include ad campaigns via TVs, especially during high viewership slots. The company builds brand loyalty and recall through high brand awareness on various social media platforms, reinforcing its brand value and equity. Xerox’s marketing mix incorporates a comprehensive after-sales service, enhancing customer satisfaction and loyalty.
The company also employs b2b ad campaigns that portray its capabilities and new product lines, thus enabling customers to run their businesses efficiently and effectively. Sales promotions are also widespread, where coupons and discounts are offered in limited-time special promotions & sales activities. Other promotion strategies include social media marketing and magazines and newspapers.
Some Recent Video ads and Print ads for Xerox are:
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