The two-wheeler vehicles market in India is quite competitive. They share 75% of the total vehicles across India. Statistics show that the sale of Two-wheeler vehicles in India decreased in 2021. The previous year's sales were recorded to be 15.12 million units. TVS Motor sold around 2 lakhs 51 thousand units in December 2021. It is among the largest two-wheeler manufacturing vehicles with its popular models - Raider 125, Apache RTR 160 4V, and Ntorq 125. Through its innovation in products, the company has reached new heights. The company recently entered the two-wheeler electric space and launched its electric scooter. Let us get insights into the marketing mix of TVS Motors that makes it count among the top manufacturers of two-wheeled vehicles in the country.
Mr Thirukkurungudi Vengaram Sundram Iyengar is the founder of India's third-largest two-wheeler manufacturing unit, a flourishing industrial company. He dared to have the vision of starting the first rural bus services in Madurai back in the 1930s. A man of principles, he was passionate about starting a business and assisting the commoners. Also, a follower of the Gandhian philosophies, he led the foundation of the TV Sundram Iyengar and Sons Group of Companies with his innovative and visionary ideas, hard work, and determination.
Interesting Facts about TVS
- TVS has the Third most significant share in India's two-wheeler market.
- The company is the second-largest manufacturer of scooters.
- TVS is the manufacturer of many well-known two-wheelers such as Victor, Jupiter, Apache, Star City, and Ntorq.
- The TVS group holds over 90 companies under its umbrella.
- The company has four manufacturing plants. One is located in Indonesia at Karawang, and the other three are located in India, Hosur in Tamil Nadu, Mysore in Karnataka, and Nalagarh in Himachal Pradesh.
- The parent company of TVS is Sundaram Taylor Limited.
- TVS Jupiter is the second largest selling scooter in the country in June 2021. It recorded a total sale of 31,848 units in June 2021 and 6,153 units in May 2021.
- The new chairperson of the company in 2023 will be Ralf Speth, former CEO of Jaguar Land Rover.
The primary products of TVS Motor include Scooters, Motorcycles, Mopeds, and Three-wheelers with their respective variants.
The brand is over 100 years old and has been serving since 1999. It has a global presence on six continents, with a revenue of over $2.9 billion. It provides vehicles for everyone and boasts about having more than 35 million vehicles on the road.
The company, which is now the second-largest manufacturer of scooters, later extended its services to the motor industry, motor services, and other variations over the following years.
The main product range of TVS two/three wheelers includes:
- Ultra-light trucks
Marketing in Asia
Aiming toward the Asian markets, TVS is a well-known brand for its innovations and quality. It has an image of being reliable with innovative technology. Being eco-friendly and a step ahead of advancements in technology is their leveraging point in the market.
Thirukkurungudi Vengaram Sundram (TVS) was born in 1911, with its headquarters in Chennai. The company stands for trust, value, and service. The brand is of Indian origin and is listed in NSE and BSE.
Venu Srinivasan announced that he would be stepping down as the company's head after providing twenty-one years of service. He was a very big name in the whole Asian market.
Achievements of Venu Srinivasan
- He took over the company in 1979.
- He is an engineer and completed his MBA from Purdue University in the United States of America.
- Received Padma Shri in 2010.
- Honoured with Padma Bhushan for Trade & Industry
- Under his chairmanship, the company achieved the title of being the third-largest two-wheeler manufacturing unit in India.
Achievements of the Organization
TVS has been awarded with the following:
- Most Appealing Premium Motorcycle.
- Highest Ranked Economy Motorcycle in Initial Quality.
- TVS is India's Most Trusted Brand in the Two-Wheeler Category.
- Highest In Customer Satisfaction.
- The NDTV Car and Bike Awards 2015 named TVS Motor Company the Two-Wheeler Manufacturer of the Year.
- TVS Scooty Zest 110 won the Most Appealing Executive Scooter by J.D. Power Asia Pacific Awards for 2016.
- Indian Motorcycle of The Year - 2017.
- J.D. Power Asia Pacific Awards has awarded TVS Motor Highest in Customer Satisfaction for 2018.
- Bike Awards - 2019, Two-wheeler manufacturer of the year.
Understanding your customers' needs can help the company conduct business, thrive, and benefit it while serving the consumers.
The TVS company uses the marketing mix strategy to accomplish its position and compete in the market.
The marketing mix comprises of the following questions:
- What do you sell?
- Where do you sell it?
- And how do you sell it?
They based the price of the products offered by TVS Motor on the category of the product and the consumer segment. Price is such that the people can afford the products; they have economic pricing (assigning a low cost to a product by reducing the production cost of it), which suits the financial status of middle-and upper-middle-class people—also upgrading products to meet the changing needs of the consumers and attracting more. The price represents good value for money.
The company has four power plants, with over 2000 showrooms and service stations attached to it. They also have sub-dealers who can sell their products in the showrooms in agreement with the contracts. They have customers predominantly in Asian markets.
Using promotional items in marketing campaigns targets the customers effectively. TVS Motor holds many promotional events; it has a good understanding of the brand's positioning and segment. They create ad campaigns aiming toward a specific T.G. (Target Group). The company also has good relations with the media.
The categories of products manufactured by the company cater to different segments of the audience. For instance:
- Apache for those who are into Sports.
- TVS Super XL, people in the rural areas
- Scooty Pep, youth, and women.
- Flame and Star city, for professionals
They smartly cater to both urban and rural lifestyles. They also develop their new products and designs through innovation.
With the use of affordable pricing, promotional events, and making its products available to every corner of the country, TVS is leading the two-wheeler vehicle industry. India's first two-seater moped, the company has sustained to stay in the market. Their innovation in the industry has not stopped yet as they entered the electric vehicle market with TVS iQube.
Every entrepreneur starts with an innovative idea and a little push of hard work and a proportionate marketing mix can help them achieve a good position in the market.