Marketing Mix Of Balancing Your Life

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 Balancing Your Life

Balancing Your Life makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Balancing Your Life is presented below:

2.1. Product

Product is one of the most important components of the Balancing Your Life Marketing mix. The distinctive characteristics of the product by Balancing Your Life are:

2.1.1. Quality

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

2.1.2. Ease of use

• The products manufactured and sold by Balancing Your Life 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

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

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

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

2.3.2. Licensed stores

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

2.3.3. E-commerce

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

2.3.4. Supermarkets and hypermarkets

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

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

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

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

2.6. Process

Balancing Your Life has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Balancing Your Life are clearly defined and communicated to the employees
• Balancing Your Life 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 Balancing Your Life

2.6.2. People Management

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

2.6.3. Quality maintenance

• Balancing Your Life 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

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

2.7.1. Store atmosphere

• The store design and management for Balancing Your Life 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 Balancing Your Life at ease
• The store design is also important for Balancing Your Life 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 Balancing Your Life 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

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

2.7.3. Website design

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