Marketing Strategy of Honda and Marketing Mix
To effectively analyze the marketing strategy of honda and the marketing mix, you should investigate 4Ps such as the Product, Price, Place, and Promotion framework of a company. It explains different marketing strategies like pricing approach, product development, advertising tactics, etc. These factors have a huge role in the success of a business. Honda Company can utilize these factors to position itself comprehensively in the competitive market. This is the best way to achieve business goals. Keep reading to understand the 4Ps strategies of Honda.
About Honda:
Honda is a well-reputed name with a diversified product portfolio in the automobile manufacturing industry. This Japanese multinational company has a worldwide presence, including Europe, Asia, and North America.
Since 1959, the company has been the biggest motorcycles manufacturer globally. Honda also manufactures power equipment and aircraft. On the other hand, it is one of the world’s largest internal combustion engines manufacturers. The company also manufactures advanced robots and electric equipment like generators. The company follows different marketing strategies in different countries to target consumers effectively.
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Product Strategy of Honda | Marketing Strategy of Honda
Generally, the product portfolio of Honda is comprehensive. But particularly, only a few of its products are best-selling. It has 4 business segments: power, motorcycles, cars, and financial services. The company manufactures every type of car from trucks to mini cars, family cars, hybrid, electric, trucks, and everything in between. There are numerous models that have gained international fame such as Accord Tourer, Civic, Brio Amaze, and many more. It has a diverse range of truck models for different purposes. The company has built cars that run on gasoline, alternate fuel like fuel cell engines, ethanol, and natural gas.
With these offerings, Honda covers the entire segment of the automobile market. Its cars are enough to fulfill the requirements and needs of every customer. In Asia, Honda has a famous name due to its reliable motorcycles. Most of its motorcycles consist of an internal combustion engine, an indigenous product of Honda. Honda also manufactures MUVs, ATVs, and SUVs. Its financial services for the customers are really commendable. In short, Honda is a leader in technology as it has manufactured advanced robots that can navigate, walk, and dance.
Pricing Strategy of Honda | Marketing Strategy of Honda
Honda is a successful automotive brand in the world because its cars target every sector of the market. The company has luxury sedans, SUVs, sedans, and hatchbacks. The pricing factor of these cars depends on various things like features, sector, competition, etc. The main target customers of Honda are low middle-class people to high-class people. Honda sets the price of its products with the help of dealers. Pricing strategy also involves some essential factors like taxes, currency rate, and other countries in which Honda sells its products. Honda motorcycles cover a large segment of people in Asian countries like Pakistan, India, Malaysia, and more. Apart from motorcycles, Honda also manufactures sports bikes and luxury bikes. Currently, Honda has manufacturing units in major countries of the world.
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Place and Distribution Strategy of Honda | Marketing Strategy of Honda
The sales network of Honda is really robust. In 2006, the company had 3 sales channels: Honda Primo, Honda Verno, and Honda Clio. Honda Verno covered sporty products. Honda Clio vended traditional products of Honda and Honda Primo vended small cars. In 2006, Honda established the Honda Cars dealerships after finishing the Clio, Primo, and Verno. The company also sells different automobile accessories through Honda Access. These things show that the company has a strong marketing strategy of honda, sales, and distribution network. Honda has more than 300 authorized dealerships in more than 190 cities when it comes to India. Here is the number of authorized retail dealers of Honda in different countries:
- Japan – 700 retail dealers
- US – 1300 retail dealers
- Asia – 1500 retail dealers
- Europe – 1100 retail dealers
On the other hand, the company sells motorcycles through independent dealers in Asia, Europe, and the USA. These statistics are enough to show you Honda’s robust sales and distribution network.
Advertising Strategy of Honda | Marketing Strategy of Honda
The marketing strategy of honda or advertising strategy is really innovative and captivating. Moreover, they have used various slogans and taglines in the past to attract customers. As of now, Honda’s advertising strategy is incredibly good and they easily connect with people through their ads. In 1963, Honda sold more than 90 thousand bikes due to its effective promotional strategy. Moreover, they release different themes with ads to attain the interest of customers. Thus, the brand has a strong presence on Facebook and Instagram on social media. Its ads show innovation and technology used in its products. They also portray that its cars are reliable for users and this thing is really engaging.
Many celebrities and famous personalities are the brand ambassadors of Honda. Moreover, Honda sponsors different sports events like FIA Formula 1, hockey, and golf. In short, Honda is generating a significant profit by selling its products through effective advertising.
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