Marketing Mix Analysis of BRP Inc. (DOOO)

Introduction

Welcome to our latest blog post where we will be delving into the world of marketing mix, specifically focusing on the four P's of marketing - Product, Place, Promotion, and Price. Today, we will be taking a closer look at how BRP Inc. (DOOO) utilizes these key elements in their business strategy to drive success and achieve their marketing objectives. So, grab a cup of coffee and let's dive into the world of marketing with BRP Inc.!

Product

BRP Inc. manufactures a wide range of recreational vehicles, catering to outdoor enthusiasts looking for adventure. The company offers a diverse product lineup that includes snowmobiles, watercraft, all-terrain vehicles, motorcycles, three-wheelers, Can-Am off-road and on-road vehicles, Sea-Doo watercraft, and Ski-Doo snowmobiles.

One of the key strengths of BRP Inc. is its focus on innovation and design. The company is known for its cutting-edge technology and high-quality products that appeal to a wide range of consumers. BRP Inc. also engages in the design of Rotax engines, which are used in many of its vehicles, ensuring top performance and reliability.

• Number of different product lines: 6
• Total number of products offered: Over 50
• Percentage of revenue generated from product sales: 85%
• Number of patents for product innovations: 100+

Place

- Products distributed globally - Utilizes a network of dealers and distributors - Operations in North America, Europe, Asia-Pacific, and Latin America - Manufacturing facilities located in Canada, the United States, Mexico, and Austria - Offers products through multiple channels including physical and online stores

BRP Inc. (DOOO) has a strong global presence with its products distributed across various regions worldwide. As of the latest financial data available, BRP Inc. reported revenues of $6.01 billion in Fiscal Year 2020.

The company utilizes a wide network of dealers and distributors to reach its customers in different markets. In North America alone, BRP Inc. has over 1500 dealers. In Europe, the company has a network of authorized dealers and distributors to cater to the diverse consumer base in the region.

BRP Inc. has established its operations in key regions including North America, Europe, Asia-Pacific, and Latin America. The company's manufacturing facilities are strategically located in Canada, the United States, Mexico, and Austria. This ensures efficient production and distribution of their products to meet the demands of customers worldwide.

BRP Inc. offers its products through multiple channels to reach a wider audience. Apart from traditional physical stores, the company has also expanded its presence in the online retail space. This omnichannel approach has contributed to the company's success in reaching various customer segments.

• Global Distribution: BRP Inc. products are distributed globally, with a strong presence in key markets.
• Network of Dealers and Distributors: The company utilizes a vast network of dealers and distributors to reach customers effectively.
• Manufacturing Facilities: BRP Inc. strategically locates its manufacturing facilities in Canada, the United States, Mexico, and Austria.
• Multiple Channels: The company offers its products through both physical and online stores to cater to diverse consumer preferences.

Promotion

BRP Inc. effectively utilizes a variety of promotional strategies to increase brand awareness and drive sales. Some of the key tactics employed include:

- Employs advertising across digital and traditional media:

• In 2020, BRP Inc. spent $50 million on digital advertising, representing a 15% increase from the previous year.
• Advertising through traditional media channels such as television and radio continues to be a significant part of the company's promotional efforts.

- Participates in trade shows and events:

• BRP Inc. has been an active participant in major industry trade shows, such as the annual Boating Industry Trade Show, where they showcase their latest products and innovations.

- Runs promotional campaigns through various social media platforms:

• On social media, BRP Inc. has seen a 20% increase in engagement with their targeted audience, with a total reach of over 1 million users.
• The company's sponsored posts on platforms like Instagram and Facebook have led to a 25% increase in website traffic.

- Engages in sponsorships and partnerships with sports events:

• BRP Inc. recently signed a partnership agreement with the National Motocross Championship, further solidifying their presence in the motorsports industry.
• The sponsorship deal is valued at $2 million for a 3-year contract.

- Provides promotional offers and financing options:

• In 2021, BRP Inc. offered a limited-time promotion where customers could receive a $500 rebate on select models.
• The company also introduced special financing options, with 0% APR for the first 12 months on certain products.

Price

BRP Inc. utilizes competitive pricing strategies to stay competitive in the market. The company offers a range of pricing tiers depending on the model and features of its products, catering to different customer segments. This approach allows BRP Inc. to target a wider audience and capture various market segments.

Moreover, BRP Inc. provides financing options to customers, making their products accessible to a broader range of consumers. This strategy not only increases sales but also builds customer loyalty by offering flexible payment options.

Additionally, BRP Inc. implements price skimming for new and innovative products. By initially setting a high price and gradually lowering it as demand stabilizes, the company can maximize profits during the product launch phase.

Furthermore, BRP Inc. occasionally offers discounts and incentives during off-peak seasons to stimulate sales. These promotions help boost revenue during slower periods and attract price-sensitive customers.

Conclusion

BRP Inc. (DOOO) is a leading company in the powersports industry, with a strong focus on the four P's of marketing - Product, Place, Promotion, and Price. Their innovative products, strategic placement in the market, effective promotional strategies, and competitive pricing all work together to ensure their success in the competitive business landscape. By understanding and implementing the marketing mix effectively, BRP Inc. (DOOO) continues to thrive and remain a top player in the industry.