Detailed Case Study on the Marketing Strategy of Bajaj Group

About Bajaj Group

Jamnalal Bajaj was a great philanthropist, with a strong belief that ‘common good was more important than single good’. His legacy was followed by his two sons Kamalnayan Bajaj (1915–1972) and Ramkrishna Bajaj (1924–1994). Their energies were largely directed towards the social service and social welfare programs of the Bajaj Group. 

He gave rise to one of the largest Indian multinational conglomerate companies named  Bajaj Group, in 1926. This group comprises 34 companies, Bajaj Auto being its flagship company with the ranking of the fourth largest manufacturer of ‘two- and three-wheeler vehicles ‘.

Bajaj Group deals in a versatile range of products such as :

• Automobile
• Financial Services
• Home Appliances
• Electrical 
• Sport
• Iron & steel
• Insurance
• Consumer Finance and Asset management

Bajaj Group performs various welfare activities in the fields of Health, Education, Women- Empowerment, Self-Reliance, Rural Development, Environment, and Natural Resources, etc; fulfilling their Corporate Social Responsibility towards society.

A company’s growth and success highly depend on the various plans, policies, strategies, marketing mix. Let’s study this in detail.

Company’s Marketing Mix

Marketing Mix which majorly comprises 4P’s namely-  Product, Price, Place & Promotion; is the set of controllable, tactical marketing tools used by a company to produce the desired response from its target market. It consists of everything that a company can do to influence demand for its product.

Bajaj Auto being the largest manufacturer of two-wheelers from India produces a variety of two-wheelers and three-wheelers for India and international markets. Out of the total sales made by Bajaj Auto, 35% of its sales are accounted towards exports. 47%of the total exports are made to Africa, with Boxer being the largest selling model in Africa. 

Bajaj group of companies deals in various industries like automobiles, finance, electricals, home appliances, iron and steel, insurance, etc.

The effective formulation and implementation of the Marketing Mix of a  company are extremely important for the growth and success of the company.

The Marketing Mix Strategies used by the Bajaj Group of companies while carrying out their respective businesses are:

Product Strategy	Conducting R&D at regular intervals All its products are designed with the help of science and the use of the latest technology Deals in various products like motorcycles, pressure cookers, microwave, pop up toasters, Electric kettles, real estate, sugar industry, construction equipment, face wash, skincare, etc
Price Strategy	Competitive Pricing Strategy for the consumer goods and home appliances to counter the effect of its rival companies Premium Pricing Strategy for a motorcycle-like Pulsar Penetration Pricing Policy while entering a new market Provide gifts and discounts along with special coupons
Place Strategy	Strong distribution network Highly experienced management team Very organized and efficient distribution policy A strong network of far-reaching dealers Warehouses and a strong network of showrooms owned by dealers & owners Online purchase facility The distribution channel includes depots and C&F agents
Promotion Strategy	Making use of creative ads, improving the visibility of the Bajaj Group and its products Emphasizing the happy Indian families in the majority of its ad campaigns. Introduction of  dynamic, trendy, stylish, and vibrant ads, majorly targeting the youth

In addition to the marketing mix, every company needs to assess the competitors’ strategies regularly to have a competitive advantage over the competitor. Let us learn about the competitive analysis adopted by the Bajaj Group of Companies.

Competitors Analysis

Competitor Analysis is extremely important for the assessment of the strength and weaknesses of potential and existing competitors in the market. It provides both an offensive and defensive strategic context to identify opportunities and threats.

The table below focuses on Bajaj Group Companies and its competitors:

Bajaj Group Companies	Competitors
Bajaj Auto	-TVs Motor Company -Kymco -Hero MotoCorp -Honda Motorcycle and Scooter -Piaggio
Bajaj Finance	-Dhani Services Ltd. -Mahindra & Mahindra Financial Services Ltd.
Bajaj Electricals	-Artemis Electricals Ltd. -BPL Ltd. BPL LTD. -Calcom Vision Ltd. CALVIS. -Crompton Greaves Consumer Electricals Ltd. CROMPG. Dixon Technologies (India) Ltd. DIXTEC.

Every company has unique marketing strategies, which they adapt to market their products effectively and efficiently. Let us have a look.

Marketing Strategy

The Marketing Strategy of a good company emphasizes long term and forward-looking approach and includes the overall game plan of any organization with the ultimate goal of achieving a sustainable competitive advantage by understanding and analyzing the needs and wants of our dear customers. Bajaj Group of companies uses various Marketing Strategies intending to increase the market share of the company and gain a competitive advantage over its competitors. Below are some of the Marketing Strategies adopted, 

• Hoardings about their new launch
• Google My Business promotions
• Contests and giveaways
• Email marketing
• Blog posts
• Events (virtual and in-person)
• Upgrades
• Trade-ins
• Customer reviews
• Social media posts

One of the major factors for the success of the Bajaj Group is the effective planning and implementation of the marketing strategy; since ‘A product marketed well, sells well ‘.

Marketing Strategies and Marketing Campaigns complement each other. Marketing Campaigns help a company in having a strong connection with their consumers. Let’s have a look at the marketing campaigns undertaken by the Bajaj Group of Companies to market their products.

Marketing Campaigns

The promotion of products through different types of media, such as television, radio, print, and online platforms is known as Marketing Campaigns. These campaigns do not solely rely on advertising but also include demonstrations, video conferencing, and other interactive techniques.

Let’s have a look at some of the popular Marketing Campaigns conducted by the Bajaj Group of Companies over the years:

• The ‘boy’ Bajaj Pulsar turns into a ‘man’

Over the years, Pulsar has always targeted young adults. With the new ad, the brand is relating with the youth that’s having their first experiences of legally riding an automobile.

The brand’s ‘Definitely Male’ tag has stayed put through the 18 years of its presence. The new special campaign tracks the journey of an adventurous child to his adulthood, equating it with Pulsar’s turning 18. All he does when he reaches the milestone age is, Gets his license ready and hops on onto a Pulsar.

• Bajaj Allianz General Insurance highlights #ContactlessCare 

The film depicts the evolution of care in the changing times to reflect its commitment to go contactless.

The film presents some real instances of life such as online classes, video calls, work from home setups, and more ways through which we have transformed ourselves to maintain a minimum contact with each other for the safety of everyone. Bajaj Allianz General Insurance has also converted its care to contactless to keep its users safe. By just logging into the app, visiting its website, or simply connecting on WhatsApp, users can now buy, renew, or even claim their insurance. It is a completely contactless service, a process evolved to match the needs of the current times

• Bajaj Finserv appoints Taproot Dentsu, releases ‘better never stops’

By rolling out a campaign titled ‘better never stops’, Bajaj Finserv also announced the appointment of Taproot Dentsu as its creative agency. Long waits at stores during different eras have been reduced and all thanks to Bajaj Finserv innovations. The film goes through a story of a father and daughter over different generations shows how the company has made the lives of its customers easier.

Digital is the new name and the market is dynamic. The companies must set the trends and adapt to the new ones. Let’s dive into the digital world of the Bajaj group.

Social Media Presence

Digital presence is as important as a marketing strategy. In today’s time, each one of us is hooked up with different social media and to be active on each platform is a  must.

Instagram

Bajaj has a few accounts on Instagram according to its products. The official accounts have massive followers ranging from 26.1K to 119K. Color-coordinated feeds through posts make it attractive to the consumer which subsequently helps Bajaj build as a brand. On the other hand, The engagement rate is low and there is no consistent activity by the accounts. 

LinkedIn

Every company and subsidiary of Bajaj is listed on LinkedIn. Insights of the Bajaj group are regularly posted here. Recent job openings and vacancies are timely updated. 

Website

The Bajaj website seems quite competent. Here are its highlights:

• Optimized for search and social web
• Clear calls to action
• Informative and easy to use
• Optimized for mobile users as well
• Easy navigation

Bajaj has a comprehensive digital array to put itself out to the general masses thereby building trust. They are adapting to new trends and executing new schemes for consumers to sustain.