Marketing Mix Of Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration

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 Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration

Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration is presented below:

2.1. Product

Product is one of the most important components of the Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration Marketing mix. The distinctive characteristics of the product by Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration are:

2.1.1. Quality

• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration 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 Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration 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

• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration has a broad portfolio of products
• The broad portfolio helps Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration
• The broader product portfolio also adds more value for Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration

2.1.4. Benefits of product consumption

• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration 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 Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration is its delivery of emotional benefits to the consumer
• Products manufactured and sold by Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration promise consumers an ego boost, confidence, and security
• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration 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 Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration are available in different sizes
• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration 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, Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration has also increased the trial rate
• Different SKUs have also helped Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration improve its product accessibility

2.2. Price

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

2.2.2. Psychological pricing

• Since Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration has a number of different product ranges and product groups, the use of psychological pricing has been beneficial
• With the use of psychological pricing, Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration also successfully adds more value to its products from the point of view of customers
• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration also gains higher sales with psychological pricing
• Consumer purchase a higher amount of Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration products because of its use of psychological pricing
• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration is able to increase its target audience and broaden its target purchaser groups

2.2.3. Geographical pricing

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

2.3. Placement

Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration 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 Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration in all markets
• Company-operated stores give Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration higher control over operations as well as store layout and design
• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration 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 Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration has developed a successfully operational website for online order placement and order tracking
• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration 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 Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration also places its products in supermarkets and hypermarkets across the country
• A large number of Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration

2.3.5. Partner agents

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

2.4.1. Digital marketing

• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration has corporate profiles on all social media websites and portals
• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration uses its social media presence to directly, engage with consumers
• This direct engagement and interaction allows Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration to understand the customers, their needs and demands
• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration uses this feedback and incorporates it in its broader marketing and organizational strategy
• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration 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

• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration 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 Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration on high valued purchases
• Frequent usage and purchase of products by Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration also places an essential focus on people development and people building. This is because Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration realizes the importance of employees in building strong customer relationships. Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration works on strengthening the organizational commitment in its employees
• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration builds employee loyalty so that people can reflect their optimal best at work
• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration also understands that satisfied employees will lead to happy and satisfied customers
• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration regularly shares different reward programs for employees, including stock sharing, so that their organizational commitment and ownership is enhanced
• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration 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

• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration employees are the face of the organization
• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration 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

• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration remains one of the leading players in the industry also because of its focus on succession planning
• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration 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 Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration
• Strategic succession planning has allowed Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration are clearly defined and communicated to the employees
• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration 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 Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration

2.6.2. People Management

• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration has also defined clear processes for people management through streamlining its human resource management department
• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration 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 Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration 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

• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration 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 Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration 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 Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration include:

2.7.1. Store atmosphere

• The store design and management for Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration 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 Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration at ease
• The store design is also important for Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration 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 Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration 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

• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration has unique packaging, which is different from other players in the industry
• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration 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 Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration

2.7.3. Website design

• The website design is simple and easy to use
• Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Constructing an Innovative Model of Entrepreneurship Education Through Regional Collaboration 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