Marketing Mix Of Consumer-Driven Health Care Medtronic s Health Insurance Options

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 Consumer-Driven Health Care Medtronic s Health Insurance Options

Consumer-Driven Health Care Medtronic s Health Insurance Options makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Consumer-Driven Health Care Medtronic s Health Insurance Options is presented below:

2.1. Product

Product is one of the most important components of the Consumer-Driven Health Care Medtronic s Health Insurance Options Marketing mix. The distinctive characteristics of the product by Consumer-Driven Health Care Medtronic s Health Insurance Options are:

2.1.1. Quality

• Consumer-Driven Health Care Medtronic s Health Insurance Options maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Consumer-Driven Health Care Medtronic s Health Insurance Options 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 Consumer-Driven Health Care Medtronic s Health Insurance Options with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Consumer-Driven Health Care Medtronic s Health Insurance Options 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

• Consumer-Driven Health Care Medtronic s Health Insurance Options has a broad portfolio of products
• The broad portfolio helps Consumer-Driven Health Care Medtronic s Health Insurance Options in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Consumer-Driven Health Care Medtronic s Health Insurance Options
• The broader product portfolio also adds more value for Consumer-Driven Health Care Medtronic s Health Insurance Options

2.1.4. Benefits of product consumption

• Consumer-Driven Health Care Medtronic s Health Insurance Options 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 Consumer-Driven Health Care Medtronic s Health Insurance Options is its delivery of emotional benefits to the consumer
• Products manufactured and sold by Consumer-Driven Health Care Medtronic s Health Insurance Options promise consumers an ego boost, confidence, and security
• Consumer-Driven Health Care Medtronic s Health Insurance Options 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 Consumer-Driven Health Care Medtronic s Health Insurance Options are available in different sizes
• Consumer-Driven Health Care Medtronic s Health Insurance Options 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, Consumer-Driven Health Care Medtronic s Health Insurance Options has also increased the trial rate
• Different SKUs have also helped Consumer-Driven Health Care Medtronic s Health Insurance Options improve its product accessibility

2.2. Price

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

2.2.2. Psychological pricing

• Since Consumer-Driven Health Care Medtronic s Health Insurance Options has a number of different product ranges and product groups, the use of psychological pricing has been beneficial
• With the use of psychological pricing, Consumer-Driven Health Care Medtronic s Health Insurance Options also successfully adds more value to its products from the point of view of customers
• Consumer-Driven Health Care Medtronic s Health Insurance Options also gains higher sales with psychological pricing
• Consumer purchase a higher amount of Consumer-Driven Health Care Medtronic s Health Insurance Options products because of its use of psychological pricing
• Consumer-Driven Health Care Medtronic s Health Insurance Options is able to increase its target audience and broaden its target purchaser groups

2.2.3. Geographical pricing

• Consumer-Driven Health Care Medtronic s Health Insurance Options is able to penetrate different regional markets optimally with the use of geographical pricing
• For offshore locations, geographical pricing also allows Consumer-Driven Health Care Medtronic s Health Insurance Options to cover shipping and customs expenses
• Geographical pricing also allows Consumer-Driven Health Care Medtronic s Health Insurance Options 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, Consumer-Driven Health Care Medtronic s Health Insurance Options is also known to use bundle pricing strategy popularly
• Consumer-Driven Health Care Medtronic s Health Insurance Options also uses bundle pricing during sales
• Bundle pricing increases the trial rate for consumers
• Consumer-Driven Health Care Medtronic s Health Insurance Options experiences higher return on the cost of gaining a new customer
• With bundle pricing, Consumer-Driven Health Care Medtronic s Health Insurance Options 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 Consumer-Driven Health Care Medtronic s Health Insurance Options.

2.3. Placement

Consumer-Driven Health Care Medtronic s Health Insurance Options 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 Consumer-Driven Health Care Medtronic s Health Insurance Options in all markets
• Company-operated stores give Consumer-Driven Health Care Medtronic s Health Insurance Options higher control over operations as well as store layout and design
• Consumer-Driven Health Care Medtronic s Health Insurance Options 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 Consumer-Driven Health Care Medtronic s Health Insurance Options in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Consumer-Driven Health Care Medtronic s Health Insurance Options has developed a successfully operational website for online order placement and order tracking
• Consumer-Driven Health Care Medtronic s Health Insurance Options 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 Consumer-Driven Health Care Medtronic s Health Insurance Options and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Consumer-Driven Health Care Medtronic s Health Insurance Options also places its products in supermarkets and hypermarkets across the country
• A large number of Consumer-Driven Health Care Medtronic s Health Insurance Options target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Consumer-Driven Health Care Medtronic s Health Insurance Options

2.3.5. Partner agents

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

2.4.1. Digital marketing

• Consumer-Driven Health Care Medtronic s Health Insurance Options has corporate profiles on all social media websites and portals
• Consumer-Driven Health Care Medtronic s Health Insurance Options uses its social media presence to directly, engage with consumers
• This direct engagement and interaction allows Consumer-Driven Health Care Medtronic s Health Insurance Options to understand the customers, their needs and demands
• Consumer-Driven Health Care Medtronic s Health Insurance Options uses this feedback and incorporates it in its broader marketing and organizational strategy
• Consumer-Driven Health Care Medtronic s Health Insurance Options 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

• Consumer-Driven Health Care Medtronic s Health Insurance Options 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 Consumer-Driven Health Care Medtronic s Health Insurance Options and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Consumer-Driven Health Care Medtronic s Health Insurance Options on high valued purchases
• Frequent usage and purchase of products by Consumer-Driven Health Care Medtronic s Health Insurance Options also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of Consumer-Driven Health Care Medtronic s Health Insurance Options also places an essential focus on people development and people building. This is because Consumer-Driven Health Care Medtronic s Health Insurance Options realizes the importance of employees in building strong customer relationships. Consumer-Driven Health Care Medtronic s Health Insurance Options develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

• Consumer-Driven Health Care Medtronic s Health Insurance Options works on strengthening the organizational commitment in its employees
• Consumer-Driven Health Care Medtronic s Health Insurance Options builds employee loyalty so that people can reflect their optimal best at work
• Consumer-Driven Health Care Medtronic s Health Insurance Options also understands that satisfied employees will lead to happy and satisfied customers
• Consumer-Driven Health Care Medtronic s Health Insurance Options regularly shares different reward programs for employees, including stock sharing, so that their organizational commitment and ownership is enhanced
• Consumer-Driven Health Care Medtronic s Health Insurance Options 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

• Consumer-Driven Health Care Medtronic s Health Insurance Options employees are the face of the organization
• Consumer-Driven Health Care Medtronic s Health Insurance Options are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Consumer-Driven Health Care Medtronic s Health Insurance Options 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

• Consumer-Driven Health Care Medtronic s Health Insurance Options remains one of the leading players in the industry also because of its focus on succession planning
• Consumer-Driven Health Care Medtronic s Health Insurance Options 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 Consumer-Driven Health Care Medtronic s Health Insurance Options
• Strategic succession planning has allowed Consumer-Driven Health Care Medtronic s Health Insurance Options to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Consumer-Driven Health Care Medtronic s Health Insurance Options has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Consumer-Driven Health Care Medtronic s Health Insurance Options are clearly defined and communicated to the employees
• Consumer-Driven Health Care Medtronic s Health Insurance Options 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 Consumer-Driven Health Care Medtronic s Health Insurance Options

2.6.2. People Management

• Consumer-Driven Health Care Medtronic s Health Insurance Options has also defined clear processes for people management through streamlining its human resource management department
• Consumer-Driven Health Care Medtronic s Health Insurance Options 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 Consumer-Driven Health Care Medtronic s Health Insurance Options to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Consumer-Driven Health Care Medtronic s Health Insurance Options 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

• Consumer-Driven Health Care Medtronic s Health Insurance Options 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 Consumer-Driven Health Care Medtronic s Health Insurance Options 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 Consumer-Driven Health Care Medtronic s Health Insurance Options as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Consumer-Driven Health Care Medtronic s Health Insurance Options include:

2.7.1. Store atmosphere

• The store design and management for Consumer-Driven Health Care Medtronic s Health Insurance Options 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 Consumer-Driven Health Care Medtronic s Health Insurance Options at ease
• The store design is also important for Consumer-Driven Health Care Medtronic s Health Insurance Options 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 Consumer-Driven Health Care Medtronic s Health Insurance Options 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

• Consumer-Driven Health Care Medtronic s Health Insurance Options has unique packaging, which is different from other players in the industry
• Consumer-Driven Health Care Medtronic s Health Insurance Options 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 Consumer-Driven Health Care Medtronic s Health Insurance Options
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Consumer-Driven Health Care Medtronic s Health Insurance Options

2.7.3. Website design

• The website design is simple and easy to use
• Consumer-Driven Health Care Medtronic s Health Insurance Options has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Consumer-Driven Health Care Medtronic s Health Insurance Options 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