Siemens Marketing Mix: Siemens is a conglomerate established in 1847 under the leadership of Werner von Siemens. It has German origin, and its headquarters are in Munich in Germany and Berlin in Germany. Siemens is the biggest European company that deals with engineering, and its main divisions include infrastructure, health energy, industry, and energy. Siemens is an eminent maker of medical diagnostics, and its healthcare and industrial automation segments are the two highest-profitable divisions. Siemens is listed on the European market and also has many subsidiaries.
Marketing Mix Of Siemens
Marketing Mix Of Siemens is brand-based. In Marketing Mix Of Siemens, We will Learn About the four key elements of Marketing Mix: products, place, price, and Promotions. By paying attention to the following four components of the marketing mix, a business can maximize its chances of a product being recognized and bought by customers. We will be discussing Siemens Marketing Mix. Below is the detailed Marketing Mix Of Siemens.
Let’s talk about Siemens Marketing Mix.
Siemens Main Competitors
- General Electric
- ABB Ltd
Siemens official website: www.siemens.com
Product in the Siemens Marketing Mix:
1847 Siemens was founded in 1847 using a telegraph which used needles to point letter sequences rather than Morse code. In 1847, the company built the very first telephone line to allow long distances in Europe, and by 1850, it began to build the first telegraph system in Russia. Later, the company expanded into electric trains and manufactured radios, light bulbs, electron microscopes, and television sets. In 1920, the company built hydro-power stations Ardnacrushaon the river Shannon. Today, Siemens offers a broad range of products and services, including the ones below:
- Building-related products include equipment and systems for building operations, including automation and circuit protection, fire safety and distribution, and security products.
- Industrial plant-related products automation, drives, and automation include pumps and compressors drives, motors and drives for conveyor belts, heavy-duty drives, motors and drives for rolling steel mills, mechanical components such as the gears used in cement mills, wind turbines compressors for gas or pipelines for oil and automation equipment.
- Energy-related products include gas and steam turbine compressors, generators, and compressors. Transmission products, power transformers, switching systems, and other products, such as power automation equipment
- Siemens’ medical products Siemens include hearing aids, imaging equipment, technological systems that deal with clinical information as well as equipment for radiation oncology.
- Organic LEDs are lighting sources that include fluorescent lamps, incandescent lamps, LED luminaries, and electronic equipment.
- Products related to transport and logistics include equipment and systems for rail transport, railway electrification interlocking and automated rail controls, and airport logistics.
- Services include financing construction, business, construction, and engineering.
Place in the Siemens Marketing Mix:
Siemens is a global business that serves customers across the globe through a variety of branch offices situated in various cities around the world. As the parent company and its numerous subsidiaries, Siemens employs more than 362,000 people who are integral to the business to offer higher quality services to clients. Siemens operates across one hundred and ninety nations worldwide and has two hundred and eighty-five facilities for production and manufacturing. In 2011, the company had 53,300 patents in its name and invested 3.925 billion into research and development initiatives. It has a well-organized distribution network that collaborates with its suppliers and distributors to deliver the best results.
One of the top and most significant factors which have been instrumental in the successful growth of Siemens is the service. Siemens has service dealers and service engineers who are employed worldwide, and there is a presence everywhere. Siemens is aware that their products will be more popular with a service of the highest quality. Therefore, it is no wonder that the Brand name has earned enormous equity over time because Siemens products and services are amazing.
Price in the Marketing Mix Of Siemens:
In 2014, the worldwide profits of Siemens were estimated at 71.9 billion, according to their report for the year. The company has positioned its products as high-end options for advanced economies. It has promoted the products at a premium price since they have chosen a price-based strategy. To tap the emerging and untapped markets of developing nations such as China, India, and Brazil, it has implemented the penetration policy. It has kept prices affordable and competitive.
In these countries, Siemens has decided to adhere to the principle of maximizing value with minimal cost. Siemens has provided quality, affordable, and reliable products for those concerned about quality and price sensitivity. Since these products are manufactured locally, the cost is lower, providing the company with a lot of revenue in the new markets.
Promotions in the Siemens Marketing Mix:
Marketing and sales promotions are vital components of any organization. Siemens has seen the advantages of implementing a comprehensive marketing strategy. Siemens has utilized various strategies and methods to advertise their products and services to their customers. Siemens has used various traditional media such as hoardings, television, and radio to build a positive image of their brand.
Personal selling, creative advertising, and providing pertinent details are the most important part of promotional efforts. Additionally, it introduces changes frequently to ensure that customers are not bored by its advertisements. Siemens has embraced events related to trade shows and marketing collaterals to form an integrated campaigning method. Siemens has made marketing online the focus of its efforts and initiated an online campaign called Siemens Responds on its micro-site.
This is the Marketing Mix Of Siemens. Please let us know if you have additional suggestions to add.
Let us know What do you think? Did you find the article interesting?
Write about your experiences and thoughts in the comments below.