Company Name: Onida
Founder: Vijay Mansukhani
Onida which is an electronic brand of the Mirc Electronics is an Indian based company. It became popular due to its colour CRT televisions. The birth of Onida is trademarked to Monica Electronics Company which was consolidated in the year 1975. It was owned by Mirchandani family which was acquired in the year 1981 by Mirc Electronics. Within a few years, Onida became one of the famous multi-product companies in the consumer durables as well as appliances sector.
Later on, it saw a 100% growth in the AC’s and microwave ovens and a 40% growth in washing machines. Onida mainly became popular in the electronics industry due to the premium quality television which the company uses to manufacture apart from other electronic goods.
The other primary contenders of Onida are Samsung, Videocon, and LG. It is the first company from the Indian market in the home appliance sector which made such a huge comeback after getting completely obsolete from the market. No other company has made such a huge revival in the Indian market.
Beginning of the company
Onida was although into the manufacturing of the various electronic home appliances, but later on, the company took a step for the purpose of manufacturing of the various other electronic appliances. During the year 1990, Monica Electronics gave assent to use the Onida International to use “Onida” as the company was build and set up by Manchandanis. This step was taken in order to export those to the Middle East.
The famous Mirc Electronics received an accolade from the Ministry of Information and Technology. All the shipments to the Gulf had about 65 percent of the export revenue of Onida, and all the shipments to the rapidly growing East African market as well as the SAARC countries had about 16 percent of the export revenues.
Apart from the Gulf countries, Onida also was partially present in Russia, Ukraine as well as the CIS countries. Not just the Television, Onida also exports a huge number of DVD players’ as well as high-quality LCD Television to Russia. Presently, the company has managed to make a comeback in the Indian Market and is trying to make a rise.
Launch of the brand
Onida was primarily into the manufacturing of the various electronic home appliances like the washing machine, microwave oven, and other products, then with the passing time, it made an attempt in the production of the LCD televisions which helped the brand in providing recognition in the market.
Although the company became obsolete for quite some time from now, finally it managed to make an extreme turnover and came back to the market.
Onida had some extremely good quality products before it became obsolete from the market. Not just the televisions, the other appliances were also good in quality. Now after making a comeback in the market, the company has revamped its products with every latest technology which the other competitive brands are using. This strategy has helped the company to gain back the lost trust of their customers.
Although for some time the company remained out of the market, but with proper media coverage and practical business strategies, the company became successful in coming back to the market.
Marketing strategies of Onida Brand and reasons behind its success
- Variation in the range of products
As a brand, the company always gave importance to the manufacture of good quality appliances by understanding the choice and the preferences of the customer base. As there are many other companies which are already popular in the same field, most of the consumers look for such features which are unique. The products of Onida were specially made for those people who wanted to get the latest technologies at a fair price. Other brands like Samsung, Videocon and LG are also in the same business and a huge competition to the brand as Onida has to start from the beginning in order to create an image in the minds of the people.
The brand gave importance to better quality, improved technology as well as the latest designs for the manufacture of the products.
- Priority on choice, quality, and budget
Still, many people are there who are not aware of the fact that many renowned companies charge huge for the latest products which arrive in the market. A lot of companies are there who claim that they manufacture the latest quality products having improved technology and unique features, but customers who have no idea about the latest technology gets mislead. This makes the companies to easily fool the customers.
Onida always focused on providing the latest technologies within a budget so that every person can afford their products. This helped in maintaining the trust of the customers. This strategy highlighted the strengths of the company due to which the company has once again started to gain popularity.
- Idea on market
Every single person researches on any of the product which they plan to buy. In order to meet the expectations of the people, the company previously tried to keep up with the demand and the technology, still now after making a comeback, the company is trying hard to meet up with the expectations of the customers. This strategy helped the company is gaining a place in the heart of the people due to which the company is again gaining popularity in the home appliance industry.
Since Onida has made a comeback in the market, it realized that the only way they can again win back their customer base is by making extraordinary advertisement campaigns. Unlike the other brands, the company didn’t choose to make endorsements with any celebrity; they tried to keep the promotion simple. Initially, in the ’80s, a devil with the horn was their promotional mascot for the brand.
Now the company will be focusing on the new age couples for the purpose of communicating the focus on the products which will be inspired by consumer rights. The new promotional advertisement will be using the tagline “Tumko Dekha Toh Ye Design Aaya” which is quite innovative.
Although the company has revived once again in the market, with time it is gradually trying to gain popularity with time as per the customer expectations. Just like the last time, the brand will once again rule the market just like the other popular brands.