Marketing Mix Of Aguirre Newman

Posted by Zander Henry on Aug-22-2018

1. marketing mix

1.1. Understanding the marketing mix

• The marketing mix is an important set of marketing tools and characteristics that a firm uses to increase penetration in the target market groups
• Using the marketing mix strategically includes focusing on seven important aspects of marketing and branding for an organization, namely: product, place, price, promotion, people, process, and physical evidence

1.2. Importance of marketing mix

• The marketing mix helps a company choose and decide on a suitable marketing strategy
• The marketing mix also helps a company in resource and budget allocation to different aspects of the marketing strategy and product development
• The marketing mix also allows a company to choose the right and effective marketing tactics for its promotional needs

2. Marketing mix for Aguirre Newman

Aguirre Newman makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Aguirre Newman is presented below:

2.1. Product

Product is one of the most important components of the Aguirre Newman Marketing mix. The distinctive characteristics of the product by Aguirre Newman are:

2.1.1. Quality

• Aguirre Newman maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Aguirre Newman procures raw materials from reliable and trusted suppliers only
• These raw materials are processed under carefully maintained environments to maintain high and consistent quality of the products
• High quality promise and delivery also provides Aguirre Newman with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Aguirre Newman are relatively easy to use
• All products come with a user manual, which is easy to understand and which provides simple instructions for product use
• The consumers can also call the 24/7 helpline to understand details about product usage
• Also, retail representatives provide detailed instructions and explanations regarding the use of the product at the time of the sale

2.1.3. Portfolio broadness

• Aguirre Newman has a broad portfolio of products
• The broad portfolio helps Aguirre Newman in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Aguirre Newman
• The broader product portfolio also adds more value for Aguirre Newman

2.1.4. Benefits of product consumption

• Aguirre Newman offers functional benefits to consumers of the product use
• These functional benefits are promised and delivered – however, they are also delivered by other similar products
• The distinguishing aspect of Aguirre Newman is its delivery of emotional benefits to the consumer
• Products manufactured and sold by Aguirre Newman promise consumers an ego boost, confidence, and security
• Aguirre Newman also promises fulfilment of psychological needs on product consumption
• These psychological needs include, for example, the need for empathy, the need for belonging, and the need of feeling loved.

2.1.5. Different SKUs

• The products by Aguirre Newman are available in different sizes
• Aguirre Newman has made use of different SKUs to increase market penetration
• Different SKUs can be brought and used as per the consumption needs of the consumers, and the target markets
• Through the production of different SKUs, Aguirre Newman has also increased the trial rate
• Different SKUs have also helped Aguirre Newman improve its product accessibility

2.2. Price

Aguirre Newman marketing mix focuses on a hybrid strategy for pricing to obtain maximum value for its products. The marketing mix Aguirre Newman uses a combination of a number of techniques for pricing its products, which are detailed below:

2.2.1. Premium pricing

• By using premium pricing for some of its product ranges, Aguirre Newman encourages favorable brand and product perceptions in target consumer groups
• Premium pricing for products also encourages a favorable quality perception of Aguirre Newman products amongst consumers
• With premium prices, Aguirre Newman has successfully also made some of its product ranges exclusive by restricting sales and production. This, in turn, leads to a perception g luxury in consumption products
• Premium prices add a touch of privilege and high value in Aguirre Newman products
• Using elements of premium prices in other product ranges has also allowed Aguirre Newman to maintain significantly high profits and a consistent business growth

2.2.2. Psychological pricing

• Since Aguirre Newman has a number of different product ranges and product groups, the use of psychological pricing has been beneficial
• With the use of psychological pricing, Aguirre Newman also successfully adds more value to its products from the point of view of customers
• Aguirre Newman also gains higher sales with psychological pricing
• Consumer purchase a higher amount of Aguirre Newman products because of its use of psychological pricing
• Aguirre Newman is able to increase its target audience and broaden its target purchaser groups

2.2.3. Geographical pricing

• Aguirre Newman is able to penetrate different regional markets optimally with the use of geographical pricing
• For offshore locations, geographical pricing also allows Aguirre Newman to cover shipping and customs expenses
• Geographical pricing also allows Aguirre Newman to maintain consistent revenue growth by altering pricing in different markets based on local currency value

2.2.4. Bundle pricing

• For some product ranges, Aguirre Newman is also known to use bundle pricing strategy popularly
• Aguirre Newman also uses bundle pricing during sales
• Bundle pricing increases the trial rate for consumers
• Aguirre Newman experiences higher return on the cost of gaining a new customer
• With bundle pricing, Aguirre Newman is also able to control costs and prices by lowering marketing and distribution expenses
• The use of bundle pricing also adds value to the umbrella brand name of Aguirre Newman.

2.3. Placement

Aguirre Newman places high importance on the placement of its products because it directly relates to accessibility for consumers.

2.3.1. Company-operated stored

• The company maintains stores operated by the management of Aguirre Newman in all markets
• Company-operated stores give Aguirre Newman higher control over operations as well as store layout and design
• Aguirre Newman also interacts directly with the consumers and gathers important details regarding consumer behavior and consumer feedback through company-operated stores
• The company operated stores also give leverage to Aguirre Newman in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

• Aguirre Newman licensed stores also allow consumers to enjoy the various product offerings by the company
• Licensed stores also decrease the risk of financial and physical investment for Aguirre Newman in unstable markets
• Licensed stores have also given Aguirre Newman high business growth, and a boost for rapid market expansion and penetration
• Through licensed stores, Aguirre Newman has also learned about local consumers and cultures
• Licensed stores and shops encourage sales of products by Aguirre Newman by aligning it with local cultural values
• Licensed stores also help Aguirre Newman in localizing its product offerings to enhance brand equity and band image

2.3.3. E-commerce

• Aguirre Newman has developed a successfully operational website for online order placement and order tracking
• Aguirre Newman also encourages sales through social media portals, where the company takes orders through direct messages, as well as through a mini-shop model
• The company also stocks products with online retailers such as Amazon and eBay, as well as smaller local online retailers as well
• Online retailing, and using the internet to make sales has boosted the sales for Aguirre Newman and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Aguirre Newman also places its products in supermarkets and hypermarkets across the country
• A large number of Aguirre Newman target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Aguirre Newman

2.3.5. Partner agents

• In offshore locations, Aguirre Newman also makes use of partner agents for its products’ placement
• These partner agents are assessed and evaluated on strategic compatibility and reliance
• Aguirre Newman contracts with partner agents in other countries and markets for its product placement to ensure quality control and terms of negotiation

2.4. Promotion

The marketing strategy for Aguirre Newman also places high importance on the promotional tactics and strategies used. The promotional strategies allow the Aguirre Newman to interact with the consumers and influence them directly. Aguirre Newman uses a 360-degree approach in its promotional activities, and makes use of the following means of promotion:

2.4.1. Digital marketing

• Aguirre Newman has corporate profiles on all social media websites and portals
• Aguirre Newman uses its social media presence to directly, engage with consumers
• This direct engagement and interaction allows Aguirre Newman to understand the customers, their needs and demands
• Aguirre Newman uses this feedback and incorporates it in its broader marketing and organizational strategy
• Aguirre Newman also maintains a corporate website – which highlights company information, product information as well as information regarding any ongoing campaigns and sales

2.4.2. Reward Programs

• Aguirre Newman has a loyalty card program for its customers
• The loyalty card allows customers to redeem points in exchange for products or other exciting gifts, as directed by the company
• Each purchase is entered into the loyalty card by Aguirre Newman and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Aguirre Newman on high valued purchases
• Frequent usage and purchase of products by Aguirre Newman also has rewards against the loyalty card

2.4.3. Community Influencers

• Aguirre Newman makes use of community influencers as its on-ground promotional efforts
• Aguirre Newman identifies strong and confident individuals to be brand ambassadors in their communities
• Aguirre Newman provides these brand ambassadors and community influencers with its product range and invites them to use it themselves to see benefits

2.4.4. Conventional marketing

• The company places advertisements in consumer-related magazines. This largely includes home decor, and home management magazines
• Magazine ads are not very frequent, but appear twice every quarter of the fiscal year
• In high-density locations, Aguirre Newman also makes use of out of house hoardings
• Hoardings increase visibility for Aguirre Newman and also work towards building stronger brand recall
• Aguirre Newman also produces TV advertisements
• All TV advertisements have an emotional appeal to them
• TV advertisements by Aguirre Newman have progressed to include a slice of life elements and characteristics
• TV advertisements by Aguirre Newman also highlight the functional benefits of the product

2.5. People

The marketing mix of Aguirre Newman also places an essential focus on people development and people building. This is because Aguirre Newman realizes the importance of employees in building strong customer relationships. Aguirre Newman develops its employee and people by focusing on the following aspects:

2.5.1. Training

• Aguirre Newman makes sure that all employees undergo regular training sessions for skill development and enhancement
• Trainings at Aguirre Newman are not the only field related, but also focus on essential management and organizational skills
• Training sessions and activities at Aguirre Newman also identify with the employee's own needs of progression, development and growth
• All training sessions and activities designed and carried out by Aguirre Newman take into consideration business goals and objectives, as well as employee's personal goals and aspirations
• Aguirre Newman, therefore, tries to develop the employee as an organizational member, as well as an individual
• All training is engaging, and hands-on so that employees do not only learn but also experience

2.5.2. Organizational ownership

• Aguirre Newman works on strengthening the organizational commitment in its employees
• Aguirre Newman builds employee loyalty so that people can reflect their optimal best at work
• Aguirre Newman also understands that satisfied employees will lead to happy and satisfied customers
• Aguirre Newman regularly shares different reward programs for employees, including stock sharing, so that their organizational commitment and ownership is enhanced
• Aguirre Newman also includes employees in decision making at different managerial levels, and regularly takes their feedback for different projects and products – which also work towards building organizational ownership

2.5.3. Motivation building

• Aguirre Newman employees are the face of the organization
• Aguirre Newman are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Aguirre Newman distributes
• Another source of motivation is appreciation programs where management appreciates and acknowledges the work and performance of different employees

2.5.4. Succession planning

• Aguirre Newman remains one of the leading players in the industry also because of its focus on succession planning
• Aguirre Newman conducts succession planning for all managerial levels
• Succession planning is done through internal promotions as well as external recruitments to meet the needs and demands of the vacant job position at Aguirre Newman
• Strategic succession planning has allowed Aguirre Newman to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Aguirre Newman has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Aguirre Newman are clearly defined and communicated to the employees
• Aguirre Newman makes sure that employees are well trained, and knowledgeable of all processes relates to operations
• All stages of operational processes focus on maintaining a high quality level and standard of the products
• Systematic process re in place for all operation – from procurement to the final sale of the products
• All operational processes are maintained, checked, and uploaded through the internal portal of the organization for supervisory purposes
• The use of online portals for operational processes also builds a strong backup for managerial purposes at Aguirre Newman

2.6.2. People Management

• Aguirre Newman has also defined clear processes for people management through streamlining its human resource management department
• Aguirre Newman has defined guidelines regarding recruitment, training, compensation management, and performance appraisal of employees
• All people related processes are not only communicated to the management and supervisors, but also to employees to create a sense of transparency, and an environment of trust
• Progressive people management systems and processes have allowed Aguirre Newman to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Aguirre Newman also has defined policies and processes for managing and maintaining quality
• All products undergo triple quality checks to ensure that customers receive the best product
• In addition to quality checks at the production and distribution level, the management has also placed separate quality maintenance and quality check department
• The quality maintenance department has experts who make sure that not only the final product but also the processes involved in producing the product were infused with quality

2.6.4. Store management

• Aguirre Newman manages store management through stringent and closely monitored policies and processes
• These processes relate to not only the floor and space design but also to the performance of the employees at the store
• The processes for store management also regularly monitor footfall and work on strategies to increase footfall through different tactics, and changes in the store design and store management
• The company also has a systematic process for customers who interact with the products and feel them before making the purchase
• The final sale at the store is also clearly defined – for the employees and the customers both
• Processes and policies are important for Aguirre Newman for maintaining quality of the products, and for ensuring that the company does not experience any unnecessary expenses and costs

2.7. Physical evidence

The physical evidence is also important in the marketing strategy for Aguirre Newman as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Aguirre Newman include:

2.7.1. Store atmosphere

• The store design and management for Aguirre Newman is exciting and creative
• The store atmosphere makes the customers feel relaxed and comfortable –so that they can interact with, and enjoy product offerings by Aguirre Newman at ease
• The store design is also important for Aguirre Newman because it controls the level and nature of experience and interaction that the customers have with the product and the brand
• With company-operated stores, it is easier for Aguirre Newman to control and manage the store atmosphere to be able to positively influence customers and to be able to appeal to them emotionally

2.7.2. Packaging

• Aguirre Newman has unique packaging, which is different from other players in the industry
• Aguirre Newman also has a vibrant touché to its packaging, which is regularly changed in terms of colors and patterns
• The logo for the company is simple, and recognizable by the consumers easily
• The brand logo has also become a symbol of confidence, ambition, and aspiration for consumers who use products by Aguirre Newman
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Aguirre Newman

2.7.3. Website design

• The website design is simple and easy to use
• Aguirre Newman has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Aguirre Newman also has the brand logo, and is packaged similarly to the products offered by the company
• The design patterns, and color change on the website with changes to the product packaging to match various campaign needs and sale offerings