Analysis of BYD’s Overseas Marketing Strategy based on 4P Theory

Abstract

New energy vehicles are garnering more and more attention as the economy grows and environmental protection consciousness grows. BYD has consistently ranked first among new energy vehicle brands in China, but it has a small international market share and low levels of manufacturing and sales. This article examines the present state of BYD in the global markets and uses the 4P analysis approach to examine the price strategy, product strategy, channel marketing strategy, and promotion strategy of BYD's new energy vehicles. It then offers recommendations for BYD’s current state of affairs. This study suggests that BYD focuses on product cost and diversifying market share. BYD also needs to invest more in research and development and improve the company's ability to innovate. It is recommended that it develop a thorough marketing promotion plan by carrying out market research. This study aims to enhance the competitiveness of new energy vehicles produced by BYD in the global market.