Marketing Mix Of BANCOSOL AND MICROFINANCE IN BOLIVIA

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 BANCOSOL AND MICROFINANCE IN BOLIVIA

BANCOSOL AND MICROFINANCE IN BOLIVIA makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix BANCOSOL AND MICROFINANCE IN BOLIVIA is presented below:

2.1. Product

Product is one of the most important components of the BANCOSOL AND MICROFINANCE IN BOLIVIA Marketing mix. The distinctive characteristics of the product by BANCOSOL AND MICROFINANCE IN BOLIVIA are:

2.1.1. Quality

• BANCOSOL AND MICROFINANCE IN BOLIVIA maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• BANCOSOL AND MICROFINANCE IN BOLIVIA 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 BANCOSOL AND MICROFINANCE IN BOLIVIA with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by BANCOSOL AND MICROFINANCE IN BOLIVIA 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

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

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

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

2.3.2. Licensed stores

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

2.3.3. E-commerce

• BANCOSOL AND MICROFINANCE IN BOLIVIA has developed a successfully operational website for online order placement and order tracking
• BANCOSOL AND MICROFINANCE IN BOLIVIA 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 BANCOSOL AND MICROFINANCE IN BOLIVIA and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• BANCOSOL AND MICROFINANCE IN BOLIVIA also places its products in supermarkets and hypermarkets across the country
• A large number of BANCOSOL AND MICROFINANCE IN BOLIVIA target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for BANCOSOL AND MICROFINANCE IN BOLIVIA

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

• BANCOSOL AND MICROFINANCE IN BOLIVIA employees are the face of the organization
• BANCOSOL AND MICROFINANCE IN BOLIVIA are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that BANCOSOL AND MICROFINANCE IN BOLIVIA 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

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

2.6. Process

BANCOSOL AND MICROFINANCE IN BOLIVIA has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at BANCOSOL AND MICROFINANCE IN BOLIVIA are clearly defined and communicated to the employees
• BANCOSOL AND MICROFINANCE IN BOLIVIA 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 BANCOSOL AND MICROFINANCE IN BOLIVIA

2.6.2. People Management

• BANCOSOL AND MICROFINANCE IN BOLIVIA has also defined clear processes for people management through streamlining its human resource management department
• BANCOSOL AND MICROFINANCE IN BOLIVIA 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 BANCOSOL AND MICROFINANCE IN BOLIVIA to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• BANCOSOL AND MICROFINANCE IN BOLIVIA 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

• BANCOSOL AND MICROFINANCE IN BOLIVIA 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 BANCOSOL AND MICROFINANCE IN BOLIVIA 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 BANCOSOL AND MICROFINANCE IN BOLIVIA as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for BANCOSOL AND MICROFINANCE IN BOLIVIA include:

2.7.1. Store atmosphere

• The store design and management for BANCOSOL AND MICROFINANCE IN BOLIVIA 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 BANCOSOL AND MICROFINANCE IN BOLIVIA at ease
• The store design is also important for BANCOSOL AND MICROFINANCE IN BOLIVIA 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 BANCOSOL AND MICROFINANCE IN BOLIVIA 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

• BANCOSOL AND MICROFINANCE IN BOLIVIA has unique packaging, which is different from other players in the industry
• BANCOSOL AND MICROFINANCE IN BOLIVIA 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 BANCOSOL AND MICROFINANCE IN BOLIVIA
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by BANCOSOL AND MICROFINANCE IN BOLIVIA

2.7.3. Website design

• The website design is simple and easy to use
• BANCOSOL AND MICROFINANCE IN BOLIVIA has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of BANCOSOL AND MICROFINANCE IN BOLIVIA 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