Marketing Strategy for Indian Refrigerator Players
EXECUTIVE SUMMARY
Refrigerators are house hold common appliances used commonly for storing perishable goods such as vegetables and for having chilled water. Currently major players in Industry are
LG, Samsung, Godrej, Videocon, Whirlpool and Panasonic. LG is the market leader in the refrigerator segment followed by challenger Samsung. Panasonic sells products to a niche segment which require freezer as lower compartment.
The major objective is to device a marketing strategy with clear defining the customer segments and price points for the same.
Segmentation of rural and urban population is done based on the behavioral and demographics aspects of Indian customers. They are clearly classified into a total of nine segments with 5 urban and 4 rural. The attributes which each segment looks for is clearly identified and products are positioned accordingly. We can make the product offering to each targeted segment as identified. The majorly populated segments U2,U3 and R2 are most profitable as per the present trend increasing number of middle class people in India.
As most of the product offering from all the players in the market our strategy is to make service as a differentiator. LG & Samsung take service as a cost model where as Godrej and Whirlpool operates it as revenue model. More funds are to be invested in service department to enhance it to next level and provide ace service to customers. Close monitoring of service parameters like first visit time, close visit time and days pending will enhance the customer satisfaction.
Segmentation
Segmentation of Indian Market:
Urban Segmentation:
U1
• Top 10% of urban population
• Self actualisation needs
• Foriegn life style and luxury brands
Foriegn
• High Per capita Income
U2
• High level of education or occupation
• Upper Middle class
• High in population and geographically spread
• High disposable income
• Self-Esteem needs
U3
• Modest Education and usually shop
Refrigerators are house hold common appliances used commonly for storing perishable goods such as vegetables and for having chilled water. Currently major players in Industry are
LG, Samsung, Godrej, Videocon, Whirlpool and Panasonic. LG is the market leader in the refrigerator segment followed by challenger Samsung. Panasonic sells products to a niche segment which require freezer as lower compartment.
The major objective is to device a marketing strategy with clear defining the customer segments and price points for the same.
Segmentation of rural and urban population is done based on the behavioral and demographics aspects of Indian customers. They are clearly classified into a total of nine segments with 5 urban and 4 rural. The attributes which each segment looks for is clearly identified and products are positioned accordingly. We can make the product offering to each targeted segment as identified. The majorly populated segments U2,U3 and R2 are most profitable as per the present trend increasing number of middle class people in India.
As most of the product offering from all the players in the market our strategy is to make service as a differentiator. LG & Samsung take service as a cost model where as Godrej and Whirlpool operates it as revenue model. More funds are to be invested in service department to enhance it to next level and provide ace service to customers. Close monitoring of service parameters like first visit time, close visit time and days pending will enhance the customer satisfaction.
Segmentation
Segmentation of Indian Market:
Urban Segmentation:
U1
• Top 10% of urban population
• Self actualisation needs
• Foriegn life style and luxury brands
Foriegn
• High Per capita Income
U2
• High level of education or occupation
• Upper Middle class
• High in population and geographically spread
• High disposable income
• Self-Esteem needs
U3
• Modest Education and usually shop