Marketing Mix Of Birth of a Financial Retail Group in Ecuador

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 Birth of a Financial Retail Group in Ecuador

Birth of a Financial Retail Group in Ecuador makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Birth of a Financial Retail Group in Ecuador is presented below:

2.1. Product

Product is one of the most important components of the Birth of a Financial Retail Group in Ecuador Marketing mix. The distinctive characteristics of the product by Birth of a Financial Retail Group in Ecuador are:

2.1.1. Quality

• Birth of a Financial Retail Group in Ecuador maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Birth of a Financial Retail Group in Ecuador 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 Birth of a Financial Retail Group in Ecuador with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Birth of a Financial Retail Group in Ecuador 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

• Birth of a Financial Retail Group in Ecuador has a broad portfolio of products
• The broad portfolio helps Birth of a Financial Retail Group in Ecuador in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Birth of a Financial Retail Group in Ecuador
• The broader product portfolio also adds more value for Birth of a Financial Retail Group in Ecuador

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

Birth of a Financial Retail Group in Ecuador 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 Birth of a Financial Retail Group in Ecuador in all markets
• Company-operated stores give Birth of a Financial Retail Group in Ecuador higher control over operations as well as store layout and design
• Birth of a Financial Retail Group in Ecuador 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 Birth of a Financial Retail Group in Ecuador in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Birth of a Financial Retail Group in Ecuador has developed a successfully operational website for online order placement and order tracking
• Birth of a Financial Retail Group in Ecuador 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 Birth of a Financial Retail Group in Ecuador and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Birth of a Financial Retail Group in Ecuador also places its products in supermarkets and hypermarkets across the country
• A large number of Birth of a Financial Retail Group in Ecuador target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Birth of a Financial Retail Group in Ecuador

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

• Birth of a Financial Retail Group in Ecuador 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 Birth of a Financial Retail Group in Ecuador and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Birth of a Financial Retail Group in Ecuador on high valued purchases
• Frequent usage and purchase of products by Birth of a Financial Retail Group in Ecuador also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of Birth of a Financial Retail Group in Ecuador also places an essential focus on people development and people building. This is because Birth of a Financial Retail Group in Ecuador realizes the importance of employees in building strong customer relationships. Birth of a Financial Retail Group in Ecuador develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

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

• Birth of a Financial Retail Group in Ecuador employees are the face of the organization
• Birth of a Financial Retail Group in Ecuador are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Birth of a Financial Retail Group in Ecuador 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

• Birth of a Financial Retail Group in Ecuador remains one of the leading players in the industry also because of its focus on succession planning
• Birth of a Financial Retail Group in Ecuador 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 Birth of a Financial Retail Group in Ecuador
• Strategic succession planning has allowed Birth of a Financial Retail Group in Ecuador to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Birth of a Financial Retail Group in Ecuador has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Birth of a Financial Retail Group in Ecuador are clearly defined and communicated to the employees
• Birth of a Financial Retail Group in Ecuador 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 Birth of a Financial Retail Group in Ecuador

2.6.2. People Management

• Birth of a Financial Retail Group in Ecuador has also defined clear processes for people management through streamlining its human resource management department
• Birth of a Financial Retail Group in Ecuador 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 Birth of a Financial Retail Group in Ecuador to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Birth of a Financial Retail Group in Ecuador 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

• Birth of a Financial Retail Group in Ecuador 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 Birth of a Financial Retail Group in Ecuador 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 Birth of a Financial Retail Group in Ecuador as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Birth of a Financial Retail Group in Ecuador include:

2.7.1. Store atmosphere

• The store design and management for Birth of a Financial Retail Group in Ecuador 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 Birth of a Financial Retail Group in Ecuador at ease
• The store design is also important for Birth of a Financial Retail Group in Ecuador 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 Birth of a Financial Retail Group in Ecuador 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

• Birth of a Financial Retail Group in Ecuador has unique packaging, which is different from other players in the industry
• Birth of a Financial Retail Group in Ecuador 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 Birth of a Financial Retail Group in Ecuador
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Birth of a Financial Retail Group in Ecuador

2.7.3. Website design

• The website design is simple and easy to use
• Birth of a Financial Retail Group in Ecuador has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Birth of a Financial Retail Group in Ecuador 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