Marketing Mix Of IFB and 4Ps (Updated 2023)

The Marketing mix of IFB analyses the 4Ps of IFB, which includes the Product, Price, Place, and Promotion of IFB. Indian Fine Blanks Limited was later renamed IFB and started its operations in 1974. IFB Group is associated with consumer goods, traveling, and the automobile industry. It is of Indian origins and guarantees excellence, technology, and quality through its innovative products. IFB Group includes four companies of independent nature titled as follows-

• IFB Industries Limited
• IFB Travel Systems Limited
• IFB Agro Limited
• IFB Automotive Private Limited

About Indian Fine Blanks Limited (IFB)

• Type: Private limited company
• Industry: Home appliances
• Founded: 1954
• Founder: Karam Chand Thapar
• Headquarters: Faridabad, Haryana, India
• Area served: India
• Key people: N. K. Thapar (Chairman) and Kamal N. Thapar (CEO)
• Number of employees: 10,000

The competition for IFB is from the following brands.

• Bajaj
• Electrolux
• Haier
• Electrolux
• Whirlpool
• Sony
• LG
• Godrej

IFB Product Strategy

IFB is associated with the marketing and manufacturing of high-quality products. IFB Industries deals in home appliances like built-in hobs, built-in-ovens, modular kitchens, cooker hoods, refrigerators, air conditioners, microwave ovens, dishwashers, clothes dryers, and washing machines. Products include premium quality fine-blanked tools and components for relevant machines like strip loaders, decompiles, and straighteners. IFB Automotive manufactures fine-blanked seating systems, automotive components, automotive motors, and door systems to meet the demands of the auto sector.

IFB Agro has created a distinctive name through consumer-oriented products like dry ice, fine spirits, and packaged food for export and domestic consumers. IFB Travel deals in the logistics section of IFB Group and was formed in 1991. It offers service support to several private companies. It has an online travel portal to provide services to corporate companies, business houses, and direct customers. Its product kit includes cruises, holidays, transfers, buses, cars, hotels and air tickets.

The new Product Mix of IFB in 2023 is as follows (Source).

1. Washing Machines: IFB is renowned for its washing machines, including front-load and top-load models. These machines are known for their advanced features, energy efficiency, and varying capacities to cater to household needs.
2. Air Conditioners: The company offers a range of air conditioners, including split ACs and inverter ACs. These products are designed with a focus on energy efficiency, cooling capacity, and user-friendly features.
3. Microwave Ovens: IFB’s microwave ovens include solo, grill, and convection models, each designed to offer different cooking modes and functionalities to suit various culinary requirements.
4. Dishwashers: The company has a range of dishwashers known for their efficiency, ease of use, and various washing modes. These are especially popular in urban areas for water-saving and hygienic dishwashing solutions.
5. Kitchen Appliances: Apart from the major appliances, IFB also offers a range of small kitchen appliances like chimneys, built-in ovens, hobs, and cooktops, catering to the modern kitchen’s needs.
6. Laundry Solutions for Commercial Use: Besides consumer products, IFB has a line of commercial laundry solutions, including heavy-duty washing machines and dryers, primarily targeted at industries and large establishments.
7. Industrial Products: Beyond home appliances, IFB extends into industrial products, including fine-blanked components, tools, and related machine tools. This segment caters to various industries like automotive, engineering, and electrical.

IFB Place Strategy

IFB Group has been able to spread its network in most parts of India as well as abroad. Its products are available in several countries of the world. The company has an overseas plant for manufacturing products related to fine blanketing at Wrekhan in the United Kingdom. The corporate offices of IFB in India are in Kolkata, West Bengal. IFB Travel has offices in Delhi, Goa, Bangalore and Kolkata. The engineering division is in Bangalore and Kolkata, and the manufacturing facility of the appliance division is in Goa. It has an R&D department with the latest technology to develop innovative products. IFB has a strong distribution channel to target the market of its products to every nook and corner of India, including manufacturing plants, warehouses, dealers, franchise outlets, and lastly, consumers.

The service network of IFB Industries includes 2832 service engineers and 650 franchised outlets. IFB Travel has 6,500 dealers, 314 franchisee outlets, and 56 direct offices to ensure smooth delivery and exceptional services nationwide. Products are also available through the IFB website and from other shopping portals.

Here’s the place strategy of IFB.

1. Nationwide Retail Network: IFB has established a vast network of retail outlets across India, including exclusive brand stores and multi-brand outlets. This extensive presence ensures their products are easily accessible to customers in various urban and rural locations.
2. Online Sales Platforms: Embracing the digital era, IFB has a robust online presence, offering its products through its website and major e-commerce platforms. This approach caters to the growing number of consumers who prefer online shopping for its convenience.
3. Strategic Location of Service Centers: IFB has strategically located service centers nationwide to ensure customer satisfaction. These centers provide after-sales services, critical in maintaining customer trust and loyalty in the home appliance sector.
4. Collaborations with Dealers and Distributors: IFB collaborates with a network of dealers and distributors to ensure their products are widely available. This network penetrates various market segments and reaches customers in different regions.
5. Urban and Semi-Urban Focus: While IFB has a presence across India, there is a notable focus on urban and semi-urban areas with higher demand for home appliances. This targeted approach allows IFB to concentrate its resources in areas with the most significant market potential.

IFB Pricing Strategy

IFB has a strong brand presence and has put a particular onus on qualitative and eco-friendly products. IFB knows that price is one of the most important aspects of any organization. The production cost of its products is higher than similar products from rival companies.

IFB Industries Ltd employs a multifaceted pricing strategy that balances quality, innovation, and market competitiveness. Here’s a closer look at their approach:

1. Value-Based Pricing: IFB sets prices based on the perceived value of their products to consumers. Their appliances, known for durability, advanced technology, and energy efficiency, command a premium price. This strategy aligns with the brand’s image of offering high-quality, innovative products.
2. Competitive Pricing: Understanding the intensely competitive market, IFB often prices its products in line with or slightly above competitors. This approach is designed to position IFB as a brand that offers superior value and quality compared to its peers.
3. Product Line Pricing: IFB has a tiered pricing strategy across its product lines. From basic models to high-end variants, prices are set according to the features, capacities, and technologies offered. This allows IFB to cater to a wide range of customer segments, from budget-conscious buyers to those seeking premium products.
4. Promotional and Seasonal Discounts: To stimulate demand and attract customers, IFB frequently offers promotional discounts, especially during festive seasons and special sales events. These discounts are strategic, aimed at increasing market share and attracting first-time buyers.
5. Flexible EMI Options and Financing Schemes: Recognizing the significant investment required for home appliances, IFB provides flexible payment options, including easy EMIs and financing schemes. This approach makes their products more accessible to a broader customer base, including those who may find the upfront cost prohibitive.

By balancing these various pricing and positioning strategies, IFB effectively positions itself as a brand that offers high-quality, technologically advanced home appliances at prices that reflect their value and appeal to a wide range of consumers.

IFB Promotion Strategy

IFB is one of the most trusted brands in India and has become the consumers’ first choice. It realizes the impact of a good and robust marketing policy and has adopted multi-level marketing to promote its products.

Distributors, dealers, and loyal customers are essential advertising tools for this brand. It relies heavily on word-of-mouth publicity as it believes that superior product quality is enough for its promotion. It also participates in events like trade fairs and conducts live demos of some products. This helps in creating good brand visibility. It has a cooperative, efficient, and friendly workforce that helps in direct and indirect customer dealings. IFB offers better and quicker after-sales services to deal with customer problems.

Some Recent Video ads and Print ads of IFB are:

Liked this post? Check out the complete series on Marketing Mix