Marketing Mix Of BT Group Managing Global Open Innovation

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 BT Group Managing Global Open Innovation

BT Group Managing Global Open Innovation makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix BT Group Managing Global Open Innovation is presented below:

2.1. Product

Product is one of the most important components of the BT Group Managing Global Open Innovation Marketing mix. The distinctive characteristics of the product by BT Group Managing Global Open Innovation are:

2.1.1. Quality

• BT Group Managing Global Open Innovation maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• BT Group Managing Global Open Innovation 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 BT Group Managing Global Open Innovation with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by BT Group Managing Global Open Innovation 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

• BT Group Managing Global Open Innovation has a broad portfolio of products
• The broad portfolio helps BT Group Managing Global Open Innovation in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to BT Group Managing Global Open Innovation
• The broader product portfolio also adds more value for BT Group Managing Global Open Innovation

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

BT Group Managing Global Open Innovation 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 BT Group Managing Global Open Innovation in all markets
• Company-operated stores give BT Group Managing Global Open Innovation higher control over operations as well as store layout and design
• BT Group Managing Global Open Innovation 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 BT Group Managing Global Open Innovation in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• BT Group Managing Global Open Innovation has developed a successfully operational website for online order placement and order tracking
• BT Group Managing Global Open Innovation 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 BT Group Managing Global Open Innovation and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• BT Group Managing Global Open Innovation also places its products in supermarkets and hypermarkets across the country
• A large number of BT Group Managing Global Open Innovation target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for BT Group Managing Global Open Innovation

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

• BT Group Managing Global Open Innovation employees are the face of the organization
• BT Group Managing Global Open Innovation are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that BT Group Managing Global Open Innovation 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

• BT Group Managing Global Open Innovation remains one of the leading players in the industry also because of its focus on succession planning
• BT Group Managing Global Open Innovation 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 BT Group Managing Global Open Innovation
• Strategic succession planning has allowed BT Group Managing Global Open Innovation to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

BT Group Managing Global Open Innovation has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at BT Group Managing Global Open Innovation are clearly defined and communicated to the employees
• BT Group Managing Global Open Innovation 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 BT Group Managing Global Open Innovation

2.6.2. People Management

• BT Group Managing Global Open Innovation has also defined clear processes for people management through streamlining its human resource management department
• BT Group Managing Global Open Innovation 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 BT Group Managing Global Open Innovation to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• BT Group Managing Global Open Innovation 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

• BT Group Managing Global Open Innovation 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 BT Group Managing Global Open Innovation 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 BT Group Managing Global Open Innovation as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for BT Group Managing Global Open Innovation include:

2.7.1. Store atmosphere

• The store design and management for BT Group Managing Global Open Innovation 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 BT Group Managing Global Open Innovation at ease
• The store design is also important for BT Group Managing Global Open Innovation 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 BT Group Managing Global Open Innovation 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

• BT Group Managing Global Open Innovation has unique packaging, which is different from other players in the industry
• BT Group Managing Global Open Innovation 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 BT Group Managing Global Open Innovation
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by BT Group Managing Global Open Innovation

2.7.3. Website design

• The website design is simple and easy to use
• BT Group Managing Global Open Innovation has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of BT Group Managing Global Open Innovation 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