Marketing Mix Of Assessment of Financial Performance of Agro-Industrial Cluster

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 Assessment of Financial Performance of Agro-Industrial Cluster

Assessment of Financial Performance of Agro-Industrial Cluster makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Assessment of Financial Performance of Agro-Industrial Cluster is presented below:

2.1. Product

Product is one of the most important components of the Assessment of Financial Performance of Agro-Industrial Cluster Marketing mix. The distinctive characteristics of the product by Assessment of Financial Performance of Agro-Industrial Cluster are:

2.1.1. Quality

• Assessment of Financial Performance of Agro-Industrial Cluster maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Assessment of Financial Performance of Agro-Industrial Cluster 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 Assessment of Financial Performance of Agro-Industrial Cluster with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Assessment of Financial Performance of Agro-Industrial Cluster 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

• Assessment of Financial Performance of Agro-Industrial Cluster has a broad portfolio of products
• The broad portfolio helps Assessment of Financial Performance of Agro-Industrial Cluster in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Assessment of Financial Performance of Agro-Industrial Cluster
• The broader product portfolio also adds more value for Assessment of Financial Performance of Agro-Industrial Cluster

2.1.4. Benefits of product consumption

• Assessment of Financial Performance of Agro-Industrial Cluster 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 Assessment of Financial Performance of Agro-Industrial Cluster is its delivery of emotional benefits to the consumer
• Products manufactured and sold by Assessment of Financial Performance of Agro-Industrial Cluster promise consumers an ego boost, confidence, and security
• Assessment of Financial Performance of Agro-Industrial Cluster 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 Assessment of Financial Performance of Agro-Industrial Cluster are available in different sizes
• Assessment of Financial Performance of Agro-Industrial Cluster 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, Assessment of Financial Performance of Agro-Industrial Cluster has also increased the trial rate
• Different SKUs have also helped Assessment of Financial Performance of Agro-Industrial Cluster improve its product accessibility

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

Assessment of Financial Performance of Agro-Industrial Cluster 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 Assessment of Financial Performance of Agro-Industrial Cluster in all markets
• Company-operated stores give Assessment of Financial Performance of Agro-Industrial Cluster higher control over operations as well as store layout and design
• Assessment of Financial Performance of Agro-Industrial Cluster 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 Assessment of Financial Performance of Agro-Industrial Cluster in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Assessment of Financial Performance of Agro-Industrial Cluster has developed a successfully operational website for online order placement and order tracking
• Assessment of Financial Performance of Agro-Industrial Cluster 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 Assessment of Financial Performance of Agro-Industrial Cluster and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Assessment of Financial Performance of Agro-Industrial Cluster also places its products in supermarkets and hypermarkets across the country
• A large number of Assessment of Financial Performance of Agro-Industrial Cluster target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Assessment of Financial Performance of Agro-Industrial Cluster

2.3.5. Partner agents

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

2.4.1. Digital marketing

• Assessment of Financial Performance of Agro-Industrial Cluster has corporate profiles on all social media websites and portals
• Assessment of Financial Performance of Agro-Industrial Cluster uses its social media presence to directly, engage with consumers
• This direct engagement and interaction allows Assessment of Financial Performance of Agro-Industrial Cluster to understand the customers, their needs and demands
• Assessment of Financial Performance of Agro-Industrial Cluster uses this feedback and incorporates it in its broader marketing and organizational strategy
• Assessment of Financial Performance of Agro-Industrial Cluster 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

• Assessment of Financial Performance of Agro-Industrial Cluster 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 Assessment of Financial Performance of Agro-Industrial Cluster and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Assessment of Financial Performance of Agro-Industrial Cluster on high valued purchases
• Frequent usage and purchase of products by Assessment of Financial Performance of Agro-Industrial Cluster also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of Assessment of Financial Performance of Agro-Industrial Cluster also places an essential focus on people development and people building. This is because Assessment of Financial Performance of Agro-Industrial Cluster realizes the importance of employees in building strong customer relationships. Assessment of Financial Performance of Agro-Industrial Cluster develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

• Assessment of Financial Performance of Agro-Industrial Cluster works on strengthening the organizational commitment in its employees
• Assessment of Financial Performance of Agro-Industrial Cluster builds employee loyalty so that people can reflect their optimal best at work
• Assessment of Financial Performance of Agro-Industrial Cluster also understands that satisfied employees will lead to happy and satisfied customers
• Assessment of Financial Performance of Agro-Industrial Cluster regularly shares different reward programs for employees, including stock sharing, so that their organizational commitment and ownership is enhanced
• Assessment of Financial Performance of Agro-Industrial Cluster 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

• Assessment of Financial Performance of Agro-Industrial Cluster employees are the face of the organization
• Assessment of Financial Performance of Agro-Industrial Cluster are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Assessment of Financial Performance of Agro-Industrial Cluster 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

• Assessment of Financial Performance of Agro-Industrial Cluster remains one of the leading players in the industry also because of its focus on succession planning
• Assessment of Financial Performance of Agro-Industrial Cluster 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 Assessment of Financial Performance of Agro-Industrial Cluster
• Strategic succession planning has allowed Assessment of Financial Performance of Agro-Industrial Cluster to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Assessment of Financial Performance of Agro-Industrial Cluster has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Assessment of Financial Performance of Agro-Industrial Cluster are clearly defined and communicated to the employees
• Assessment of Financial Performance of Agro-Industrial Cluster 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 Assessment of Financial Performance of Agro-Industrial Cluster

2.6.2. People Management

• Assessment of Financial Performance of Agro-Industrial Cluster has also defined clear processes for people management through streamlining its human resource management department
• Assessment of Financial Performance of Agro-Industrial Cluster 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 Assessment of Financial Performance of Agro-Industrial Cluster to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Assessment of Financial Performance of Agro-Industrial Cluster 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

• Assessment of Financial Performance of Agro-Industrial Cluster 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 Assessment of Financial Performance of Agro-Industrial Cluster 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 Assessment of Financial Performance of Agro-Industrial Cluster as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Assessment of Financial Performance of Agro-Industrial Cluster include:

2.7.1. Store atmosphere

• The store design and management for Assessment of Financial Performance of Agro-Industrial Cluster 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 Assessment of Financial Performance of Agro-Industrial Cluster at ease
• The store design is also important for Assessment of Financial Performance of Agro-Industrial Cluster 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 Assessment of Financial Performance of Agro-Industrial Cluster 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

• Assessment of Financial Performance of Agro-Industrial Cluster has unique packaging, which is different from other players in the industry
• Assessment of Financial Performance of Agro-Industrial Cluster 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 Assessment of Financial Performance of Agro-Industrial Cluster
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Assessment of Financial Performance of Agro-Industrial Cluster

2.7.3. Website design

• The website design is simple and easy to use
• Assessment of Financial Performance of Agro-Industrial Cluster has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Assessment of Financial Performance of Agro-Industrial Cluster 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