Marketing Mix Of Auctioning Morningstar

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 Auctioning Morningstar

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

Marketing Mix Auctioning Morningstar is presented below:

2.1. Product

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

2.1.1. Quality

• Auctioning Morningstar maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Auctioning Morningstar 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 Auctioning Morningstar with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Auctioning Morningstar 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

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

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

Auctioning Morningstar 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 Auctioning Morningstar in all markets
• Company-operated stores give Auctioning Morningstar higher control over operations as well as store layout and design
• Auctioning Morningstar 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 Auctioning Morningstar in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Auctioning Morningstar has developed a successfully operational website for online order placement and order tracking
• Auctioning Morningstar 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 Auctioning Morningstar and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

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

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

• Auctioning Morningstar 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 Auctioning Morningstar and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Auctioning Morningstar on high valued purchases
• Frequent usage and purchase of products by Auctioning Morningstar also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

• Auctioning Morningstar employees are the face of the organization
• Auctioning Morningstar are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Auctioning Morningstar 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

• Auctioning Morningstar remains one of the leading players in the industry also because of its focus on succession planning
• Auctioning Morningstar 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 Auctioning Morningstar
• Strategic succession planning has allowed Auctioning Morningstar to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

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

2.6.1. Operations

• All operations at Auctioning Morningstar are clearly defined and communicated to the employees
• Auctioning Morningstar 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 Auctioning Morningstar

2.6.2. People Management

• Auctioning Morningstar has also defined clear processes for people management through streamlining its human resource management department
• Auctioning Morningstar 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 Auctioning Morningstar to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Auctioning Morningstar 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

• Auctioning Morningstar 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 Auctioning Morningstar 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 Auctioning Morningstar as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Auctioning Morningstar include:

2.7.1. Store atmosphere

• The store design and management for Auctioning Morningstar 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 Auctioning Morningstar at ease
• The store design is also important for Auctioning Morningstar 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 Auctioning Morningstar 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

• Auctioning Morningstar has unique packaging, which is different from other players in the industry
• Auctioning Morningstar 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 Auctioning Morningstar
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Auctioning Morningstar

2.7.3. Website design

• The website design is simple and easy to use
• Auctioning Morningstar has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Auctioning Morningstar 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