Marketing strategies of Godrej
Marketing is defined by American Marketing Association [AMA] as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” Broadly “marketing is a social and managerial process by which individuals and organizations obtain what they want through creating and exchanging value with others.”
Marketing has always been one of the most important and decisive tool in determining the sales and success of a particular company. Marketing does not only include advertising and publicizing about a particular product or service, but also means keeping up with the changing trends in the market and customer tastes and preferences. Thus, it includes the 4 P’s of marketing namely PRODUCT, PRICING, PROMOTION and PLACE (DISTRIBUTION).
This project is based on the marketing strategies adopted by Godrej Company with reference to Godrej Interio & Godrej Consumer Products Ltd (GCPL). Godrej Interio is the largest company in the Rs 3000 crore organized furniture market. It has been upgrading its products to match the consumer’s tastes and preferences. GCPL became the first company in the world to develop the technology to manufacture soap with vegetable oils; that spirit of innovation has continued throughout the organization's history. Today Godrej is delivering consumers exciting innovations across a spectrum of businesses.
Objectives and scope
a) To study the marketing strategies of Godrej Interio & Godrej Consumer Products Ltd. b) To study the expansion of Godrej group by adopting the diversification strategy. c) To study the 4 P’s of marketing in relation to the steps taken by Godrej. ▪ Product: new product lines introduced and diversification of products. ▪ Price: kind of pricing adopted and comparison with other manufacturers. ▪ Place: manufacturing plants, wholesalers, retail outlets. ▪ Promotion: promotion and advertising of the products of the group. d) To conduct a SWOT analysis to list out the strengths, weakness, opportunities and threats of the group. e) To study the profitability of various products of the group. f) To compare and analyze the products of the group with the major competitors in the market segment. The performance of any company in an industry is dependent on various micro and macro environmental factors, this projects extends to the marketing aspects of the group, the profitability of various products manufactured by the group, the various strategic alternatives adopted by the group since its inception to increase their market share.
1) The data collected for the study of marketing strategies of Godrej & Boyce group is largely secondary data which will be taken with the help of Google search engine, websites related to the products of the group, text books, magazines and newspapers. 2) The help of Godrej outlets and marketing team members of the group will be taken to understand the strategies of the company. 3) Various tables, graphs, matrix and ratios will be used to analyze the profitability, growth and market share of the company.
a) The study is only related to a particular company in the industry. b) The information to be used in this project is secondary as it will be taken from newspapers, internet and magazines. The ratios, graphs and tables are based on my observations and do not refer to the views of experts in the industry in general. Hence, there may be chances of discrepancies in the observations. c) The prices of various products to be mentioned are subject fluctuation depending on the sales, discounts, state and period.
Furniture and Interiors Industry in India
The furniture industry in India is...