A business strategy describes the methodology, plan of action and campaign plan implemented by a Business to attract customers and accomplish its business objectives. In this blog we have discussed, one of the best Business Strategy Examples – Reliance Industries.
Reliance Industries Limited (RIL), an Indian company was found in the year 1960 by Dhirubhai Ambani and Champaklal Damani. The company expanded its business and has diversified products across several sectors. RIL operates the world’s biggest single-location crude oil refinery in India. RIL is presently owned by the richest man of India and the world’s 13th richest person (Forbes list) Mukesh Ambani. here are some strategies of reliance industries.
Marketing strategies of Reliance Industries:
Marketing Mix of RIL:
Marketing mix of RIL comprises of 4P’s like Place, Price, Products, and Promotion. Toward Place, the company has its presence over many countries. As for Products, RIL has driven a diversified range of products from petrochemicals to health to retail business.
RIL follows several pricing policies based on competition and market leadership of products. It has adopted a penetration pricing strategy for the mobile network operator, JIO.
They further believe in customer satisfaction through a reduction in the price of products is an effective way of elevating its products. It spends less on campaigns and conducts regular rehabilitation programs and strives to make an emotional and social relationship with the clients.
BCG matrix of RIL:
Reliance Retail Ltd, Jamnagar refinery, Reliance Global Management Service, and Reliance Engineering Associates possess a high market share and high growth rate (Stars) which signifies a good future. Reliance Oil and Gas, Reliance Biopharmaceuticals, Ranger Farms Ltd has low market growth and high market share (Cash Cows) which has the potential to grow if an efficient strategy is made. The business of petrochemical, broadband is in danger (Dogs) because of recession. Reliance Petroleum which prevails in a question mark or problem child has an unpredictable future.
Acquisition of Hamleys:
Hamleys, the finest and one of the oldest toy shop in the world has been lately obtained by Reliance Industries for GBP 67.96 Million. Reliance has acquired 100% of the stake of Hamleys Global Holdings (HGHL) through a special purpose vehicle company set up in the UK.
Hamleys was beforehand acquired by Hong Kong-based C.banner International in 2015 for GBP 100 Million deal. After analyzing the loss-making Hamleys, they decided to sell it and was later on acquired by RIL.
Campaign of reliance:
Reliance started its trust called Reliance Foundation in 2010 whose principal focus is to benefit people from the rural part of India. To gain a positive brand appreciation, Reliance adopted an aggressive marketing strategy.
Through several rehabilitation programs like ‘education for all’ Reliance accomplishes its social obligations.
Reliance likewise invests a huge sum of funds on sports activities in India. Reliance holds an IPL cricket team ‘Mumbai Indians’ and holds around 60% stake in Indian Super League Football.
Reliance Industries Limited (RIL) has ranked among the top 10 producers of petrochemical products in the world. RIL is also the world’s largest producer of fiber and polyester yarn. It enjoys a global leadership and ranked 148th among 500 companies in the list of world’s biggest corporations as of 2018. RIL has also added a feather to its cap by becoming 1st Indian company to reach $ 100 billion market capitalization.
Here is Reliance Industries Report 2019 – Reliance Industries Limited
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