Marketing Mix Of Akris Competition in the High-end Fashion Industry

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 Akris Competition in the High-end Fashion Industry

Akris Competition in the High-end Fashion Industry makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Akris Competition in the High-end Fashion Industry is presented below:

2.1. Product

Product is one of the most important components of the Akris Competition in the High-end Fashion Industry Marketing mix. The distinctive characteristics of the product by Akris Competition in the High-end Fashion Industry are:

2.1.1. Quality

• Akris Competition in the High-end Fashion Industry maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Akris Competition in the High-end Fashion Industry 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 Akris Competition in the High-end Fashion Industry with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Akris Competition in the High-end Fashion Industry 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

• Akris Competition in the High-end Fashion Industry has a broad portfolio of products
• The broad portfolio helps Akris Competition in the High-end Fashion Industry in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Akris Competition in the High-end Fashion Industry
• The broader product portfolio also adds more value for Akris Competition in the High-end Fashion Industry

2.1.4. Benefits of product consumption

• Akris Competition in the High-end Fashion Industry 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 Akris Competition in the High-end Fashion Industry is its delivery of emotional benefits to the consumer
• Products manufactured and sold by Akris Competition in the High-end Fashion Industry promise consumers an ego boost, confidence, and security
• Akris Competition in the High-end Fashion Industry 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 Akris Competition in the High-end Fashion Industry are available in different sizes
• Akris Competition in the High-end Fashion Industry 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, Akris Competition in the High-end Fashion Industry has also increased the trial rate
• Different SKUs have also helped Akris Competition in the High-end Fashion Industry improve its product accessibility

2.2. Price

Akris Competition in the High-end Fashion Industry marketing mix focuses on a hybrid strategy for pricing to obtain maximum value for its products. The marketing mix Akris Competition in the High-end Fashion Industry 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, Akris Competition in the High-end Fashion Industry encourages favorable brand and product perceptions in target consumer groups
• Premium pricing for products also encourages a favorable quality perception of Akris Competition in the High-end Fashion Industry products amongst consumers
• With premium prices, Akris Competition in the High-end Fashion Industry 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 Akris Competition in the High-end Fashion Industry products
• Using elements of premium prices in other product ranges has also allowed Akris Competition in the High-end Fashion Industry to maintain significantly high profits and a consistent business growth

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

• Akris Competition in the High-end Fashion Industry is able to penetrate different regional markets optimally with the use of geographical pricing
• For offshore locations, geographical pricing also allows Akris Competition in the High-end Fashion Industry to cover shipping and customs expenses
• Geographical pricing also allows Akris Competition in the High-end Fashion Industry 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, Akris Competition in the High-end Fashion Industry is also known to use bundle pricing strategy popularly
• Akris Competition in the High-end Fashion Industry also uses bundle pricing during sales
• Bundle pricing increases the trial rate for consumers
• Akris Competition in the High-end Fashion Industry experiences higher return on the cost of gaining a new customer
• With bundle pricing, Akris Competition in the High-end Fashion Industry 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 Akris Competition in the High-end Fashion Industry.

2.3. Placement

Akris Competition in the High-end Fashion Industry 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 Akris Competition in the High-end Fashion Industry in all markets
• Company-operated stores give Akris Competition in the High-end Fashion Industry higher control over operations as well as store layout and design
• Akris Competition in the High-end Fashion Industry 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 Akris Competition in the High-end Fashion Industry in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

• Akris Competition in the High-end Fashion Industry 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 Akris Competition in the High-end Fashion Industry in unstable markets
• Licensed stores have also given Akris Competition in the High-end Fashion Industry high business growth, and a boost for rapid market expansion and penetration
• Through licensed stores, Akris Competition in the High-end Fashion Industry has also learned about local consumers and cultures
• Licensed stores and shops encourage sales of products by Akris Competition in the High-end Fashion Industry by aligning it with local cultural values
• Licensed stores also help Akris Competition in the High-end Fashion Industry in localizing its product offerings to enhance brand equity and band image

2.3.3. E-commerce

• Akris Competition in the High-end Fashion Industry has developed a successfully operational website for online order placement and order tracking
• Akris Competition in the High-end Fashion Industry 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 Akris Competition in the High-end Fashion Industry and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Akris Competition in the High-end Fashion Industry also places its products in supermarkets and hypermarkets across the country
• A large number of Akris Competition in the High-end Fashion Industry target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Akris Competition in the High-end Fashion Industry

2.3.5. Partner agents

• In offshore locations, Akris Competition in the High-end Fashion Industry also makes use of partner agents for its products’ placement
• These partner agents are assessed and evaluated on strategic compatibility and reliance
• Akris Competition in the High-end Fashion Industry 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 Akris Competition in the High-end Fashion Industry also places high importance on the promotional tactics and strategies used. The promotional strategies allow the Akris Competition in the High-end Fashion Industry to interact with the consumers and influence them directly. Akris Competition in the High-end Fashion Industry uses a 360-degree approach in its promotional activities, and makes use of the following means of promotion:

2.4.1. Digital marketing

• Akris Competition in the High-end Fashion Industry has corporate profiles on all social media websites and portals
• Akris Competition in the High-end Fashion Industry uses its social media presence to directly, engage with consumers
• This direct engagement and interaction allows Akris Competition in the High-end Fashion Industry to understand the customers, their needs and demands
• Akris Competition in the High-end Fashion Industry uses this feedback and incorporates it in its broader marketing and organizational strategy
• Akris Competition in the High-end Fashion Industry 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

• Akris Competition in the High-end Fashion Industry 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 Akris Competition in the High-end Fashion Industry and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Akris Competition in the High-end Fashion Industry on high valued purchases
• Frequent usage and purchase of products by Akris Competition in the High-end Fashion Industry also has rewards against the loyalty card

2.4.3. Community Influencers

• Akris Competition in the High-end Fashion Industry makes use of community influencers as its on-ground promotional efforts
• Akris Competition in the High-end Fashion Industry identifies strong and confident individuals to be brand ambassadors in their communities
• Akris Competition in the High-end Fashion Industry 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, Akris Competition in the High-end Fashion Industry also makes use of out of house hoardings
• Hoardings increase visibility for Akris Competition in the High-end Fashion Industry and also work towards building stronger brand recall
• Akris Competition in the High-end Fashion Industry also produces TV advertisements
• All TV advertisements have an emotional appeal to them
• TV advertisements by Akris Competition in the High-end Fashion Industry have progressed to include a slice of life elements and characteristics
• TV advertisements by Akris Competition in the High-end Fashion Industry also highlight the functional benefits of the product

2.5. People

The marketing mix of Akris Competition in the High-end Fashion Industry also places an essential focus on people development and people building. This is because Akris Competition in the High-end Fashion Industry realizes the importance of employees in building strong customer relationships. Akris Competition in the High-end Fashion Industry develops its employee and people by focusing on the following aspects:

2.5.1. Training

• Akris Competition in the High-end Fashion Industry makes sure that all employees undergo regular training sessions for skill development and enhancement
• Trainings at Akris Competition in the High-end Fashion Industry are not the only field related, but also focus on essential management and organizational skills
• Training sessions and activities at Akris Competition in the High-end Fashion Industry also identify with the employee's own needs of progression, development and growth
• All training sessions and activities designed and carried out by Akris Competition in the High-end Fashion Industry take into consideration business goals and objectives, as well as employee's personal goals and aspirations
• Akris Competition in the High-end Fashion Industry, 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

• Akris Competition in the High-end Fashion Industry works on strengthening the organizational commitment in its employees
• Akris Competition in the High-end Fashion Industry builds employee loyalty so that people can reflect their optimal best at work
• Akris Competition in the High-end Fashion Industry also understands that satisfied employees will lead to happy and satisfied customers
• Akris Competition in the High-end Fashion Industry regularly shares different reward programs for employees, including stock sharing, so that their organizational commitment and ownership is enhanced
• Akris Competition in the High-end Fashion Industry 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

• Akris Competition in the High-end Fashion Industry employees are the face of the organization
• Akris Competition in the High-end Fashion Industry are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Akris Competition in the High-end Fashion Industry 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

• Akris Competition in the High-end Fashion Industry remains one of the leading players in the industry also because of its focus on succession planning
• Akris Competition in the High-end Fashion Industry 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 Akris Competition in the High-end Fashion Industry
• Strategic succession planning has allowed Akris Competition in the High-end Fashion Industry to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Akris Competition in the High-end Fashion Industry has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Akris Competition in the High-end Fashion Industry are clearly defined and communicated to the employees
• Akris Competition in the High-end Fashion Industry 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 Akris Competition in the High-end Fashion Industry

2.6.2. People Management

• Akris Competition in the High-end Fashion Industry has also defined clear processes for people management through streamlining its human resource management department
• Akris Competition in the High-end Fashion Industry 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 Akris Competition in the High-end Fashion Industry to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Akris Competition in the High-end Fashion Industry 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

• Akris Competition in the High-end Fashion Industry 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 Akris Competition in the High-end Fashion Industry 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 Akris Competition in the High-end Fashion Industry as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Akris Competition in the High-end Fashion Industry include:

2.7.1. Store atmosphere

• The store design and management for Akris Competition in the High-end Fashion Industry 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 Akris Competition in the High-end Fashion Industry at ease
• The store design is also important for Akris Competition in the High-end Fashion Industry 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 Akris Competition in the High-end Fashion Industry 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

• Akris Competition in the High-end Fashion Industry has unique packaging, which is different from other players in the industry
• Akris Competition in the High-end Fashion Industry 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 Akris Competition in the High-end Fashion Industry
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Akris Competition in the High-end Fashion Industry

2.7.3. Website design

• The website design is simple and easy to use
• Akris Competition in the High-end Fashion Industry has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Akris Competition in the High-end Fashion Industry 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