The Mercedes-Benz brand has consistently stayed within the top of the rankings among the best automotive names in the world since its inception. So what has kept them dominant since their name first appeared in 1926?
I asked an expert on the subject to write an essay for me that briefly explains the top traits that make the Mercedes-Benz brand a hit to consumers. From that, we came up with the “5 P’s” that have defined the three-pointed star marque over the years, and these are:
1. Product
Mercedes-Benz has established itself with its excellent product strategy. The brand can be easily identified with their superb design, guarantees, trademarks, image, warranties, name and iconic logo. Add the innovative approach they have in their vehicles, particularly in technologies that revolutionize performance, fuel-efficiency, low emission values, navigation, entertainment, safety and comfort.
Compared to the other giant automakers, the cars of Mercedes have a high resale value due to the abovementioned factors.
2. Pricing
Mercedes-Benz passenger vehicles are expensive because of their luxury status. The name alone exudes opulence. However, the high cost of their vehicles in the market are justified by their dynamic products that address the demands of their customers.
The company has mastered the strategy that allows them not to put too much strain on their customers for the value of their products and at the same time come up with the pricing that do not undervalue them in order to keep their income high for the investors.
The brand has also come up with ways to make their vehicles more accessible to a lot of customers with their convenient Mercedes financing options and the introduction of the Mercedes-Benz CLA, which can be purchased for as low as $32,700.
3. Place
Mercedes has a wide range of show rooms, dealerships, service centers, events and websites that make their products and services easily accessible to customers. The brand continues to expand to maintain their momentum and retain their position in the upper echelon of the market.
More plants in the different regions of the globe are made for Mercedes as well to reach out to more buyers and for the company to effectively tackle the hurdles presented by market conditions. The establishment of the assembly plants in various countries let the automaker access lower manufacturing costs and lower taxes too, which affect the final pricing of their products.
4. Promotion
Mercedes is famous for its “The Best or Nothing” slogan, which basically reflects its drive to continuously strive to please its customers and gain more along the way. The brand’s visibility is high thru its adverts in television, major sporting events, Formula One, movies, books, magazines, apps, fashion shows, billboards and other media. The said elements eventually translate to high revenues.
5. Prestige
The Mercedes-Benz name surfaced in 1926. However, the roots of the brand can be traced back to 1883 with the creation of Benz & Cie, by Karl Benz. Benz is known as the inventor of the modern automobile. The distinction puts a lot of bragging rights to the brand that carries his name.
Furthermore, Mercedes has proven the performance, quality and reliability of its vehicles time and time again by winning awards, getting licenses from government agencies, and having its cars and engines dominate the world of motorsports.
Conclusion
The embodiment of Mercedes-Benz of the “5 P’s” discussed here contributes much to its unending success. The ability of the company to adapt and evolve depending the different demands of the consumers made it withstand the test of time from the day the first automobile was introduced up to the emergence of the more complex vehicles of today.
