In this blog, we have covered the marketing mix of ITC incorporating its 7P’s in detail. Let us first understand the company in brief.
ITC is an Indian company whose primary focus was on cigarettes and tobacco leaf business back in 1910, compared to the current year 2021- it has expanded its business and started numerous other leading businesses as well in different industries such as packaging, hotels, paperboards, and specialty papers, agribusiness, education, stationery products, apparels, infotech and FMCG(Fast Moving Consumer Goods).
ITC has now become a conglomerate company i.e. a multi-industry company. The headquarters of this company is located in Kolkata, West Bengal. It exports its product in more than 90 countries.
Now that we know the company, let us look at the target audience of ITC.
Target Audience of ITC
ITC targets almost every group of people as it has a diversified product line. The company targets every age and gender. The majority target audience of the company is young and adult people all over the country from urban or rural areas. In products also it has different types in terms of cost of the product for the upper-middle class and middle class.
ITC has expanded itself so much that it’s almost there in the majority of the industries and manufactures every kind of product.
Now that we have a brief about the company and its target audience, let us descend into the marketing mix of the company.
Marketing Mix of ITC
The marketing mix is one of the various marketing techniques that are used by companies.
Companies use it to promote their product or brand in a market that reaches out to a targeted audience. The main focus of the marketing mix are 4Ps, i.e product, price, promotion, and place. By using this technique businesses can expand their name and products in the market.
1. Price Strategy of ITC
ITC being a multi-industry company has a variety of products in the market. Therefore, a different pricing strategy is followed for each product.
Keeping in consideration that India is home to many middle-class families ITC uses a reasonable pricing policy for consumer products so that by selling products at reasonable rates the company can generate maximum profit. ITC being a multi-industry company also owns hotels, for that, it has adopted a premium pricing policy.
For example, the company launched yippee with basic pricing which is affordable, hence it became an alternative to maggie. This shows how smartly the company has set reasonable prices to deliver it to a larger segment.
2. Product Strategy of ITC
ITC has a dynamic portfolio with numerous products in the market which contributes most to its business.
Here’s a list of the brands with various products offered by ITC in different industries.
- In the food industry: Products offered by ITC includes FMCG i.e (Fast Moving Consumer Goods) such as biscuits, cakes, noodles, candies, spices, juice, etc.
- In personal care: ITC also offers personal and hygiene care products such as soaps, shower gels, perfumes, shampoos, and much more.
- In the education industry: ITC is also a well-established brand when it comes to stationery products such as pens, pencils, notebooks, erasers, math instruments, art, pencil sharpeners, etc
- Apart from the above-mentioned products and brands, ITC is a market-leading company in cigarettes and cigars, some of its major brands are India Kings, Classic, Gold Flake, Capstan, Berkely, Bristol, etc. it also manufactures safety matches and sells them to name them AIM, Homelite, etc.
- They also have a lifestyle, infotech, and luxury hotels in India.
ITC is a well-established company with a diversified product and brand ranging from consumer goods to luxury hotels, above mentioned are the products and services offered by the company.
3. Place Strategy of ITC
ITC has a strong and diverse distribution channel so that its product is accessible in every retail shop and remote area in India. Their product is available in more than 4 million retail stores in India. It has a strong distribution network and logistics facility. The company has around 60 dealers and several manufacturing units in India. Their network has expanded to almost 60 places across India. Its products are sold in various countries worldwide, such as Australia, North America, Africa, and the Middle east.
4. Promotion Strategy of ITC
ITC Uses different platforms such as television, radio, and print to promote its product as a part of the marketing mix. As it has so many different sub-brands, different brand ambassadors are required by ITC to promote each brand. Kartik Aryan and Tara Sutaria are brand ambassadors of ITC’s “Engage”. To advertise its products, ITC has used a variety of promotional activities, such as ad campaigns shown on well-known television channels, and hoardings are also used to promote its brand. Keeping Indian farmers in consideration ITC has launched an e-choupal program which has solved various problems faced by the farmers, the company is planning to expand the program to 15 states across India, over the following years.
To know in detail about the marketing strategies of ITC, click here.
ITC being a multi-national company excels in marketing by its great promotional activities. By using various effective marketing techniques it has grown into a successful company that is thriving in the industry. The expansion of the company is the secret of its success, as consumers are buying ITC products directly or indirectly in the name of some other brand that is owned by ITC. They have researched the market very well which has made it easier for them to cater to such a large audience.
Liked the blog? If you want to learn more about Digital Marketing and its different aspects, check out our Free Digital Marketing Masterclass by Karan Shah, the founder and the CEO of IIDE.
Thank you for taking the time to read the blog, do share it with your friends.