Marketing Mix of Yamaha Motors
#INTRODUCTION:
Yamaha motor company is a multinational organization with sales in more than 180 countries. The brand is famous globally as a maker of motorcycles. However, it has a large product portfolio that also includes marine products, power products as well as industrial machines and robots. Its focus remains on product quality and customer safety. Net sales of the brand touched 1502 Billion Yen in 2016. Yamaha sold around 930K Motorcycles in 2016. It has maintained the image of a responsible brand that apart from engineering excellence focuses on sustainable growth. Its headquarters are at Shizuoka, Japan.
The motorcycle industry has grown highly competitive and there are several challenges in the way of YAMAHA’s fast growth. To find growth in such an environment and create a unique identity, Yamaha has created a culture of diversity and customer orientation. It focuses on creating satisfaction and unique value for its customers. Moreover, the brand has always focused on research and development to bring new models and technologies to the market. In 2016, it spent more than 94 Billion Japanese Yen on Research and Development. Yamaha’s focus is on continued and sustainable growth. This will require the brand to remain focused on engineering, marketing as well as HR management.
This is a discussion of Yamaha’s marketing mix which includes the four P’s – Product, Place, Price and Promotion.
#PRODUCT:
Yamaha is a multinational company that is mainly known worldwide for its motorcycles. However, apart from several types of motorcycles including sports bikes, the brand also makes other products like marine products and power products. Yamaha has brought a large range of sports motorcycles. It has brought a large range of Super Bikes, bikes and scooters to the world market. From dirt bikes to super sports, cruisers and tourers the brand’s range of products is quite large. Yamaha also produces other vehicles including ATVs, recreational off highway vehicles, snow mobiles and E-bike systems.
The brand also makes marine products including outboards, wave runners and boats. Other products that Yamaha makes include industrial products like industrial robots, power products, SMT assembly systems, unmanned helicopters etc. In this way, Yamaha has a large and diversified product portfolio that caters to a large range of customer needs. Its customers include both individuals and businesses. Yamaha notes in its 2016 annual report that “It has successfully diversified its business by capitalizing on its world-leading small engine, fiberglass-reinforced plastics and electronic control technologies. Today, its proprietary technologies extend to a wide variety of products, including motorcycles, marine products, power products and surface mounters” (Yamaha Annual Report, 2016).
#PLACE:
Yamaha is a global brand with its products being sold in more than 180 countries and regions. Asian markets, North American markets and Japan are among the most important markets for Yamaha. It worked proactively in 2017 to grow its sales in the fast growing Indian market. The focus of its motorcycle business is on ASEAN, India, Brazil/China, and developed markets. Yamaha has its headquarters in Japan. Apart from that it has several manufacturing as well as research and development facilities around the globe for regional production.
#PRICE:
Yamaha does not follow a fixed pricing strategy which is because of the high level competition in the global market. It has brought a large range of motorcycles that fall in varying price range from higher priced to reasonably priced to competitively priced. In 2017, its profitability remained higher because of higher sales of the high priced models. During the recent years, it has continued to focus upon cost reduction so as to bring more low cost models and achieve higher sales especially in the Indian and other Asian markets.
#PROMOTION:
Yamaha Motors promotes its products and brand using a variety of methods. Events are one of the most popular methods that the brand uses to promote its products and brand. Yamaha promotes its products through several shows including international boat shows, auto expos and road races. Apart from that it uses print media and online channels for the promotion of its products. Several motorcycle websites and its own website too provide information on Yamaha products. Digital channels have increasingly taken the place of the traditional channels in marketing and more and more brands are using them to promote their products and reach a larger customer audience. Social media is also an attractive channel for marketing that is being used by most brands across the globe. From Facebook to Twitter and YouTube, Yamaha has used all the social media channels and has several accounts on many of them. It reaches its millions of followers using these social media channels.
CONCLUSION:
Yamaha is globally famous as the maker of some of the world’s best bikes. It is well known for its engineering and unique style. Now, it is eyeing fast growth in the emerging markets. The brand has a large and diversified product portfolio. It has built string equity that has resulted in high level popularity and customer loyalty. It uses several channels including digital and traditional for the promotion of its brand and products.
SOURCES:
YAMAHA ANNUAL REPORT 2016
https://global.yamaha-motor.com/business/
https://global.yamaha-motor.com/showroom/event/archives_2018.html
Abhijeet Pratap is a passionate blogger with seven years of experience in the field. Specializing in business management and digital marketing, he has developed a keen understanding of the intricacies of these domains. Through his insightful articles, Abhijeet shares his knowledge, helping readers navigate the complexities of modern business landscapes and digital strategies.