Marketing Mix Of Beatnik Start-up Business Model Change

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 Beatnik Start-up Business Model Change

Beatnik Start-up Business Model Change makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Beatnik Start-up Business Model Change is presented below:

2.1. Product

Product is one of the most important components of the Beatnik Start-up Business Model Change Marketing mix. The distinctive characteristics of the product by Beatnik Start-up Business Model Change are:

2.1.1. Quality

• Beatnik Start-up Business Model Change maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Beatnik Start-up Business Model Change 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 Beatnik Start-up Business Model Change with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Beatnik Start-up Business Model Change 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

• Beatnik Start-up Business Model Change has a broad portfolio of products
• The broad portfolio helps Beatnik Start-up Business Model Change in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Beatnik Start-up Business Model Change
• The broader product portfolio also adds more value for Beatnik Start-up Business Model Change

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

Beatnik Start-up Business Model Change 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 Beatnik Start-up Business Model Change in all markets
• Company-operated stores give Beatnik Start-up Business Model Change higher control over operations as well as store layout and design
• Beatnik Start-up Business Model Change 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 Beatnik Start-up Business Model Change in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Beatnik Start-up Business Model Change has developed a successfully operational website for online order placement and order tracking
• Beatnik Start-up Business Model Change 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 Beatnik Start-up Business Model Change and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Beatnik Start-up Business Model Change also places its products in supermarkets and hypermarkets across the country
• A large number of Beatnik Start-up Business Model Change target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Beatnik Start-up Business Model Change

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

• Beatnik Start-up Business Model Change 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 Beatnik Start-up Business Model Change and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Beatnik Start-up Business Model Change on high valued purchases
• Frequent usage and purchase of products by Beatnik Start-up Business Model Change also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of Beatnik Start-up Business Model Change also places an essential focus on people development and people building. This is because Beatnik Start-up Business Model Change realizes the importance of employees in building strong customer relationships. Beatnik Start-up Business Model Change develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

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

• Beatnik Start-up Business Model Change employees are the face of the organization
• Beatnik Start-up Business Model Change are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Beatnik Start-up Business Model Change 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

• Beatnik Start-up Business Model Change remains one of the leading players in the industry also because of its focus on succession planning
• Beatnik Start-up Business Model Change 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 Beatnik Start-up Business Model Change
• Strategic succession planning has allowed Beatnik Start-up Business Model Change to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Beatnik Start-up Business Model Change has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Beatnik Start-up Business Model Change are clearly defined and communicated to the employees
• Beatnik Start-up Business Model Change 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 Beatnik Start-up Business Model Change

2.6.2. People Management

• Beatnik Start-up Business Model Change has also defined clear processes for people management through streamlining its human resource management department
• Beatnik Start-up Business Model Change 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 Beatnik Start-up Business Model Change to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Beatnik Start-up Business Model Change 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

• Beatnik Start-up Business Model Change 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 Beatnik Start-up Business Model Change 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 Beatnik Start-up Business Model Change as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Beatnik Start-up Business Model Change include:

2.7.1. Store atmosphere

• The store design and management for Beatnik Start-up Business Model Change 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 Beatnik Start-up Business Model Change at ease
• The store design is also important for Beatnik Start-up Business Model Change 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 Beatnik Start-up Business Model Change 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

• Beatnik Start-up Business Model Change has unique packaging, which is different from other players in the industry
• Beatnik Start-up Business Model Change 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 Beatnik Start-up Business Model Change
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Beatnik Start-up Business Model Change

2.7.3. Website design

• The website design is simple and easy to use
• Beatnik Start-up Business Model Change has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Beatnik Start-up Business Model Change 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