Marketing Mix Of Baldwin Bicycle Company Redux

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 Baldwin Bicycle Company Redux

Baldwin Bicycle Company Redux makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Baldwin Bicycle Company Redux is presented below:

2.1. Product

Product is one of the most important components of the Baldwin Bicycle Company Redux Marketing mix. The distinctive characteristics of the product by Baldwin Bicycle Company Redux are:

2.1.1. Quality

• Baldwin Bicycle Company Redux maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Baldwin Bicycle Company Redux 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 Baldwin Bicycle Company Redux with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Baldwin Bicycle Company Redux 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

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

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

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

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Baldwin Bicycle Company Redux has developed a successfully operational website for online order placement and order tracking
• Baldwin Bicycle Company Redux 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 Baldwin Bicycle Company Redux and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

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

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

• Baldwin Bicycle Company Redux employees are the face of the organization
• Baldwin Bicycle Company Redux are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Baldwin Bicycle Company Redux 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

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

2.6. Process

Baldwin Bicycle Company Redux has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Baldwin Bicycle Company Redux are clearly defined and communicated to the employees
• Baldwin Bicycle Company Redux 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 Baldwin Bicycle Company Redux

2.6.2. People Management

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

2.6.3. Quality maintenance

• Baldwin Bicycle Company Redux 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

• Baldwin Bicycle Company Redux 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 Baldwin Bicycle Company Redux 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 Baldwin Bicycle Company Redux as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Baldwin Bicycle Company Redux include:

2.7.1. Store atmosphere

• The store design and management for Baldwin Bicycle Company Redux 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 Baldwin Bicycle Company Redux at ease
• The store design is also important for Baldwin Bicycle Company Redux 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 Baldwin Bicycle Company Redux 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

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

2.7.3. Website design

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