Marketing Mix Of Citigroup in Post-WTO China B

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 Citigroup in Post-WTO China B

Citigroup in Post-WTO China B makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Citigroup in Post-WTO China B is presented below:

2.1. Product

Product is one of the most important components of the Citigroup in Post-WTO China B Marketing mix. The distinctive characteristics of the product by Citigroup in Post-WTO China B are:

2.1.1. Quality

• Citigroup in Post-WTO China B maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Citigroup in Post-WTO China B 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 Citigroup in Post-WTO China B with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Citigroup in Post-WTO China B 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

• Citigroup in Post-WTO China B has a broad portfolio of products
• The broad portfolio helps Citigroup in Post-WTO China B in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Citigroup in Post-WTO China B
• The broader product portfolio also adds more value for Citigroup in Post-WTO China B

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

Citigroup in Post-WTO China B 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 Citigroup in Post-WTO China B in all markets
• Company-operated stores give Citigroup in Post-WTO China B higher control over operations as well as store layout and design
• Citigroup in Post-WTO China B 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 Citigroup in Post-WTO China B in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Citigroup in Post-WTO China B has developed a successfully operational website for online order placement and order tracking
• Citigroup in Post-WTO China B 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 Citigroup in Post-WTO China B and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Citigroup in Post-WTO China B also places its products in supermarkets and hypermarkets across the country
• A large number of Citigroup in Post-WTO China B target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Citigroup in Post-WTO China B

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

• Citigroup in Post-WTO China B 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 Citigroup in Post-WTO China B and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Citigroup in Post-WTO China B on high valued purchases
• Frequent usage and purchase of products by Citigroup in Post-WTO China B also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of Citigroup in Post-WTO China B also places an essential focus on people development and people building. This is because Citigroup in Post-WTO China B realizes the importance of employees in building strong customer relationships. Citigroup in Post-WTO China B develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

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

• Citigroup in Post-WTO China B employees are the face of the organization
• Citigroup in Post-WTO China B are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Citigroup in Post-WTO China B 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

• Citigroup in Post-WTO China B remains one of the leading players in the industry also because of its focus on succession planning
• Citigroup in Post-WTO China B 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 Citigroup in Post-WTO China B
• Strategic succession planning has allowed Citigroup in Post-WTO China B to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Citigroup in Post-WTO China B has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Citigroup in Post-WTO China B are clearly defined and communicated to the employees
• Citigroup in Post-WTO China B 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 Citigroup in Post-WTO China B

2.6.2. People Management

• Citigroup in Post-WTO China B has also defined clear processes for people management through streamlining its human resource management department
• Citigroup in Post-WTO China B 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 Citigroup in Post-WTO China B to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Citigroup in Post-WTO China B 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

• Citigroup in Post-WTO China B 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 Citigroup in Post-WTO China B 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 Citigroup in Post-WTO China B as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Citigroup in Post-WTO China B include:

2.7.1. Store atmosphere

• The store design and management for Citigroup in Post-WTO China B 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 Citigroup in Post-WTO China B at ease
• The store design is also important for Citigroup in Post-WTO China B 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 Citigroup in Post-WTO China B 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

• Citigroup in Post-WTO China B has unique packaging, which is different from other players in the industry
• Citigroup in Post-WTO China B 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 Citigroup in Post-WTO China B
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Citigroup in Post-WTO China B

2.7.3. Website design

• The website design is simple and easy to use
• Citigroup in Post-WTO China B has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Citigroup in Post-WTO China B 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