How MBA Project Guide Can Help Project on Study of Marketing Mix for Painting a Future?

In this article, MBA Marketing Management Project Guide of Madembaezy will explain steps on how to prepare an award winning MBA Project on Marketing Mix Strategy Shalimar Paints of HERO range of Super Premium Interior Emulsion Paints. The Project Guide shall explain how to study Shalimar Paints as an organisation and discuss Marketing Mix strategy of Shalimar Paints HERO range of Super Premium Interior Emulsion Paints, an innovative new paint with five features like washability, stain resistance, Anti viral, vibrant colour retention, and low VOC which has successfully penetrated in India market. As part of this MBA Project work in Marketing Management, we shall look at the marketing Mix strategies of Shalimar Paints innovative new paint and understand the brand’s innovative marketing mix strategy and how it continues to stay relevant in the increasingly competitive market. We shall study its marketing strategy on how the brand continues to stay relevant in the market.

What is Marketing Mix?

Marketing Mix - A mixture of several ideas and plans followed by a marketing representative to promote a particular product or brand is called marketing mix. Several concepts and ideas combined together to formulate final strategies helpful in making a brand popular amongst the masses form marketing mix. The elements of marketing mix are often called the four P’s of marketing.

1. Product: Goods manufactured by organizations for the end-users are called products. Products can be of two types - Tangible Product and Intangible Product (Services). An individual can see, touch and feel tangible products as compared to intangible products. A product in a market place is something which a seller sells to the buyers in exchange of money.
2. Price: The money which a buyer pays for a product is called as price of the product. The price of a product is indirectly proportional to its availability in the market. Lesser its availability, more would be its price and vice a versa. Retail stores which stock unique products (not available at any other store) quote a higher price from the buyers.
3. Place: Place refers to the location where the products are available and can be sold or purchased. Buyers can purchase products either from physical markets or from virtual markets. In a physical market, buyers and sellers can physically meet and interact with each other whereas in a virtual market buyers and sellers meet through internet.
4. Promotion: Promotion refers to the various strategies and ideas implemented by the marketers to make the end - users aware of their brand. Promotion includes various techniques employed to promote and make a brand popular amongst the masses.

What is Marketing Mix Strategy

A marketing strategy is a company’s plan for reaching the prospective consumers and turning them into customers of their products or services. Marketing strategies should revolve around a company’s value proposition. The ultimate goal of a marketing strategy is to achieve and communicate a sustainable competitive advantage over rival companies. A marketing mix strategy should revolve around the company’s value proposition, which communicates to consumers what the company stands for, how it operates, and why it deserves their business. To guide students on how to do an MBA Project on marketing mix strategy and prepare the MBA project on Shalimar Paints, we shall present how the company under consideration has formulated its marketing strategy by new products and stayed ahead of competition.

About the company

The Organisation selected in this MBA Project in Study of Marketing Mix for Painting a Future is Shalimar Paints Ltd, which was established in 1902, it can be said that the history of Shalimar Paints is closely linked to the development of Paints industry in India. Shalimar Paints legacy is interwoven with the very fabric of this nation, as the Company has long played a pivotal role in safeguarding the nation’s most iconic structures - from the majestic Howrah Bridge to the venerable Rashtrapati Bhavan, from the intricate systems of nuclear power installations to the sprawling networks of railways, power plants, and refineries. Most recently, Shalimar Paints had the distinct honor of protecting the world's highest rail bridge over the Chenab River, demonstrating the resilience of Shalimar Paint’s coatings in environmental conditions ranging from -20°C to +45°C. The Company is engaged in manufacturing and marketing of decorative paints and industrial coatings. The Decorative business covers both Interior and Exterior paints where it has a number of flagship brands. The Company also has tinting systems under the brand “Color Space” where it offers more than 12,000 shades across all product lines to its customers. The Company has increased its distribution reach from 38 sales depots in FY 22-23 to around 48 in FY 23-24 and will be further expanding the same in the current FY. On the back of such promising growth numbers complemented by a significant production boost, the brand is well on its way to pick up the growth trajectory soon. Apart from India, Shalimar also catered to consumers from Nepal, UAE, Bhutan and Seychelles. The Company currently has three manufacturing facilities, one each at Chennai, Nashik and Sikandrabad (Uttar Pradesh). Howrah unit’s

operations remains suspended after fire broke out in 2014. A detailed study of the organisation is required to be carried out as part of the MBA project work.

Marketing Mix Strategy & Volume growth of Shalimar Paints

In the painting industry, traditional consumer behaviour lacks education at the consumer level, with colour choices often based on budget. Upon recognizing this gap, the company’s approach was to educate and offer value-added products, addressing specific needs such as washability, especially in households with children, while also catering to health-conscious consumers. Consumers actively seek features like washability, stain resistance, vibrant colour retention, and low VOC, with the market often offering individual products for each attribute. So, the company introduced ‘Hero,’ a 5-in-1 product that combines these sought-after features. The ‘Upgrade Kiya Kya’ campaign encourages consumers to consider upgrading their paint choices, aligning with the trend of upgrading various aspects of their lives. In this MBA Project, we shall study on how Shalimar Paints applied the strategy in each element of Marketing Mix for its product Hero Emulsion paint. The company achieved a remarkable 3x growth at a 40% rate, consistently increasing market share each quarter. So, the strategy of Shalimar Paints is to be studied in depth and to be highlighted in the MBA Project work.

Conclusion

Amidst the industry buzz surrounding new entrants, the paint sector in India is gaining attention. Presently, paint consumption in the country is at its lowest, with per capita consumption ranking among the least globally. However, the market is poised for improvement, driven by factors such as 55% unpainted interiors and government initiatives in infrastructure. Anticipating increased activity in the sector, new players with diverse offerings, including research-based products, are expected to contribute to market expansion, fuelling industry growth. Shalimar’s strategy involves doubling distribution within a year, aiming for sales growth 2x to 3x higher than the industry average. This includes targeted efforts with influencers like painters, interior designers, and architects, emphasizing visibility through initiatives like Glow Sign boards and points of purchase to stay ahead of industry growth trends. If an MBA student intends to start his/her MBA Project work on Marketing Mix Strategy referring to Shalimar Paint’s HERO range of Super Premium Interior Emulsion Paints  as a live case study but feel unclear of where to start, then this article is for you. Dedicated faculty member of Madembaezy can help a student during the MBA Project study and to find a subject, select a topic, find an organisation for the MBA Project work and plan the MBA project and will act as a liaison between the student and the host organisation.