As Kids, we always wanted to buy an MRF bat, but now as adults. We all want to buy MRF shares. Hi, my name is Md Junaid, and am back with another case study. let’s go. we all know MRF shares are one of the most valued shares in the Indian stock market, right from two-wheeler which we always see on the roads to fighter planes of India. MRF has tires for everyone.
The dominant industry with a 25% share, which is the highest amongst its competitors what we need to learn from. The journey of MRF is how they kept evolving with the changing needs of the consumers and how they focused on improving quality technology and most important the marketing strategy of their brand.
Look for opportunities to make a business out of it
when I started reading about the founder of MRF I found something very interesting about his personality every time he saw a Big change happening around him, he would look for opportunities to make a business out of it.
He started by selling balloons and soon realise that the choice of the kids in that era was changing. hense moved towards manufacturing toys after successfully manufacturing toys. He soon realized that the demand for products made out of rubber was increasing because it was reusable easy to clean and long-lasting. so they entered into the production of gloves conveyor belts and a lot more. And looked at
1. Demand for cars in the us market
At the same time, the demand for cars was increasing in the US market. and MRF realized the great potential in the situation. They started manufacturing rubber which was used to make tires and exported to the US market and soon became a leader in rubber export by that time.
2. Collaboration with Mansfield
MRF was already a big name in the foreign market as they collaborated with Mansfield tire and Rubber Company and made one of the best quality tires in the world.
3. Growth of India in every sector
But now it was time for India to be in the growth stage and was developing in almost all sectors. It was in the year 1983 when Maruti 800 was launched and MRF tires were used in these cars.MRF knew that India was going through a lot of changes.
So they decided to make the most out of it. They started making tires for two-wheelers which were the future of the Indian middle class and soon after the green revolution in India. they started manufacturing tires for tractors these situations tell us.
4. Find an opportunity in each, made business
There were some major changes happening around the world and MRF saw an opportunity in each one of them and made a great business out of it. You can expect any new car which is launched in any segment to have MRF Tyres on them.
They have been able to work with all car manufacturing companies and be their preferred choice for Tyres. They market it So well and they offer brand-exclusive deals, And customization according to the models of the cars this creates a major source of revenue for MRF. but apart from this MRF has a great recall value for all retail customers as well.
5. Promotion of Products
They promote their products. So well that every time a customer thinks of replacing tires they tend to go with the original equipment provided by the brand that is MRF Tires and being an original equipment partner, for various brands has definitely helped them. Talking about MRF’s marketing strategy there is a very interesting story behind the MRF logo.
6. A powerful Logo
after a while when MRF was doing great in the Indian market and was ready to explore the overseas market they felt like using a more impactful and appealing Logo in order to take this decision. they went on to take customer opinions.
And one of the truck drivers suggested that the tire should be strong and a tire should have a lot of strength just like a fighter and that’s it. Came out with the idea of muscle man a logo that indicates how strong and powerful MRF Tyres are. Not only this MRF often endorses its brand with various sports personalities and sponsors various sports events.
7. Brand Stores
As kids, we all remember a time when we used to think Sachin Tendulkar uses the MRF bat unknowingly right from a young age. We were introduced to this brand. apart from this MRF has its own brand stores on many national and state Highways which provide you with all the services related to wheels so customers even in the case of emergencies are assisted with all kinds of services under one roof.
8. Mouth publicity and Digital Marketing
This gives MRF great word-of-mouth publicity MRF also focuses on newspaper and television ads. but they know that future customers are also present online and now MRF has started focusing on
Running many campaigns on various social media platforms. we all know MRF as a brand is very successful in the tire industry. and its shares are valued the highest in the Indian stock market. but what we need to learn from MRF is that changes that
happening everywhere around us.
9. Finding the real customers
And if you look closely, they also bring opportunities for your business one more thing which we need to keep in mind, while planning a marketing strategy is we need to understand where are real customers are.
MRF is focused on truck drivers and car manufacturers and understands everything they expect from a tire incorporated into their brand. MRF is surely one of the stocks that we want in a Portfolio but till then let us know in the comments below.