Marketing Mix Of Convocation at the National Institute of Management s Central India Campus 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 Convocation at the National Institute of Management s Central India Campus B

Convocation at the National Institute of Management s Central India Campus B makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Convocation at the National Institute of Management s Central India Campus B is presented below:

2.1. Product

Product is one of the most important components of the Convocation at the National Institute of Management s Central India Campus B Marketing mix. The distinctive characteristics of the product by Convocation at the National Institute of Management s Central India Campus B are:

2.1.1. Quality

• Convocation at the National Institute of Management s Central India Campus B maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Convocation at the National Institute of Management s Central India Campus 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 Convocation at the National Institute of Management s Central India Campus B with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Convocation at the National Institute of Management s Central India Campus 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

• Convocation at the National Institute of Management s Central India Campus B has a broad portfolio of products
• The broad portfolio helps Convocation at the National Institute of Management s Central India Campus B in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Convocation at the National Institute of Management s Central India Campus B
• The broader product portfolio also adds more value for Convocation at the National Institute of Management s Central India Campus B

2.1.4. Benefits of product consumption

• Convocation at the National Institute of Management s Central India Campus 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 Convocation at the National Institute of Management s Central India Campus B is its delivery of emotional benefits to the consumer
• Products manufactured and sold by Convocation at the National Institute of Management s Central India Campus B promise consumers an ego boost, confidence, and security
• Convocation at the National Institute of Management s Central India Campus 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 Convocation at the National Institute of Management s Central India Campus B are available in different sizes
• Convocation at the National Institute of Management s Central India Campus 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, Convocation at the National Institute of Management s Central India Campus B has also increased the trial rate
• Different SKUs have also helped Convocation at the National Institute of Management s Central India Campus B improve its product accessibility

2.2. Price

Convocation at the National Institute of Management s Central India Campus B marketing mix focuses on a hybrid strategy for pricing to obtain maximum value for its products. The marketing mix Convocation at the National Institute of Management s Central India Campus 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, Convocation at the National Institute of Management s Central India Campus B encourages favorable brand and product perceptions in target consumer groups
• Premium pricing for products also encourages a favorable quality perception of Convocation at the National Institute of Management s Central India Campus B products amongst consumers
• With premium prices, Convocation at the National Institute of Management s Central India Campus 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 Convocation at the National Institute of Management s Central India Campus B products
• Using elements of premium prices in other product ranges has also allowed Convocation at the National Institute of Management s Central India Campus B to maintain significantly high profits and a consistent business growth

2.2.2. Psychological pricing

• Since Convocation at the National Institute of Management s Central India Campus 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, Convocation at the National Institute of Management s Central India Campus B also successfully adds more value to its products from the point of view of customers
• Convocation at the National Institute of Management s Central India Campus B also gains higher sales with psychological pricing
• Consumer purchase a higher amount of Convocation at the National Institute of Management s Central India Campus B products because of its use of psychological pricing
• Convocation at the National Institute of Management s Central India Campus B is able to increase its target audience and broaden its target purchaser groups

2.2.3. Geographical pricing

• Convocation at the National Institute of Management s Central India Campus B is able to penetrate different regional markets optimally with the use of geographical pricing
• For offshore locations, geographical pricing also allows Convocation at the National Institute of Management s Central India Campus B to cover shipping and customs expenses
• Geographical pricing also allows Convocation at the National Institute of Management s Central India Campus 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, Convocation at the National Institute of Management s Central India Campus B is also known to use bundle pricing strategy popularly
• Convocation at the National Institute of Management s Central India Campus B also uses bundle pricing during sales
• Bundle pricing increases the trial rate for consumers
• Convocation at the National Institute of Management s Central India Campus B experiences higher return on the cost of gaining a new customer
• With bundle pricing, Convocation at the National Institute of Management s Central India Campus 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 Convocation at the National Institute of Management s Central India Campus B.

2.3. Placement

Convocation at the National Institute of Management s Central India Campus 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 Convocation at the National Institute of Management s Central India Campus B in all markets
• Company-operated stores give Convocation at the National Institute of Management s Central India Campus B higher control over operations as well as store layout and design
• Convocation at the National Institute of Management s Central India Campus 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 Convocation at the National Institute of Management s Central India Campus B in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

• Convocation at the National Institute of Management s Central India Campus 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 Convocation at the National Institute of Management s Central India Campus B in unstable markets
• Licensed stores have also given Convocation at the National Institute of Management s Central India Campus B high business growth, and a boost for rapid market expansion and penetration
• Through licensed stores, Convocation at the National Institute of Management s Central India Campus B has also learned about local consumers and cultures
• Licensed stores and shops encourage sales of products by Convocation at the National Institute of Management s Central India Campus B by aligning it with local cultural values
• Licensed stores also help Convocation at the National Institute of Management s Central India Campus B in localizing its product offerings to enhance brand equity and band image

2.3.3. E-commerce

• Convocation at the National Institute of Management s Central India Campus B has developed a successfully operational website for online order placement and order tracking
• Convocation at the National Institute of Management s Central India Campus 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 Convocation at the National Institute of Management s Central India Campus B and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Convocation at the National Institute of Management s Central India Campus B also places its products in supermarkets and hypermarkets across the country
• A large number of Convocation at the National Institute of Management s Central India Campus B target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Convocation at the National Institute of Management s Central India Campus B

2.3.5. Partner agents

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

2.4.1. Digital marketing

• Convocation at the National Institute of Management s Central India Campus B has corporate profiles on all social media websites and portals
• Convocation at the National Institute of Management s Central India Campus B uses its social media presence to directly, engage with consumers
• This direct engagement and interaction allows Convocation at the National Institute of Management s Central India Campus B to understand the customers, their needs and demands
• Convocation at the National Institute of Management s Central India Campus B uses this feedback and incorporates it in its broader marketing and organizational strategy
• Convocation at the National Institute of Management s Central India Campus 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

• Convocation at the National Institute of Management s Central India Campus 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 Convocation at the National Institute of Management s Central India Campus B and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Convocation at the National Institute of Management s Central India Campus B on high valued purchases
• Frequent usage and purchase of products by Convocation at the National Institute of Management s Central India Campus B also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of Convocation at the National Institute of Management s Central India Campus B also places an essential focus on people development and people building. This is because Convocation at the National Institute of Management s Central India Campus B realizes the importance of employees in building strong customer relationships. Convocation at the National Institute of Management s Central India Campus B develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

• Convocation at the National Institute of Management s Central India Campus B works on strengthening the organizational commitment in its employees
• Convocation at the National Institute of Management s Central India Campus B builds employee loyalty so that people can reflect their optimal best at work
• Convocation at the National Institute of Management s Central India Campus B also understands that satisfied employees will lead to happy and satisfied customers
• Convocation at the National Institute of Management s Central India Campus B regularly shares different reward programs for employees, including stock sharing, so that their organizational commitment and ownership is enhanced
• Convocation at the National Institute of Management s Central India Campus 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

• Convocation at the National Institute of Management s Central India Campus B employees are the face of the organization
• Convocation at the National Institute of Management s Central India Campus B are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Convocation at the National Institute of Management s Central India Campus 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

• Convocation at the National Institute of Management s Central India Campus B remains one of the leading players in the industry also because of its focus on succession planning
• Convocation at the National Institute of Management s Central India Campus 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 Convocation at the National Institute of Management s Central India Campus B
• Strategic succession planning has allowed Convocation at the National Institute of Management s Central India Campus B to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Convocation at the National Institute of Management s Central India Campus B has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Convocation at the National Institute of Management s Central India Campus B are clearly defined and communicated to the employees
• Convocation at the National Institute of Management s Central India Campus 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 Convocation at the National Institute of Management s Central India Campus B

2.6.2. People Management

• Convocation at the National Institute of Management s Central India Campus B has also defined clear processes for people management through streamlining its human resource management department
• Convocation at the National Institute of Management s Central India Campus 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 Convocation at the National Institute of Management s Central India Campus B to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Convocation at the National Institute of Management s Central India Campus 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

• Convocation at the National Institute of Management s Central India Campus 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 Convocation at the National Institute of Management s Central India Campus 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 Convocation at the National Institute of Management s Central India Campus B as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Convocation at the National Institute of Management s Central India Campus B include:

2.7.1. Store atmosphere

• The store design and management for Convocation at the National Institute of Management s Central India Campus 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 Convocation at the National Institute of Management s Central India Campus B at ease
• The store design is also important for Convocation at the National Institute of Management s Central India Campus 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 Convocation at the National Institute of Management s Central India Campus 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

• Convocation at the National Institute of Management s Central India Campus B has unique packaging, which is different from other players in the industry
• Convocation at the National Institute of Management s Central India Campus 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 Convocation at the National Institute of Management s Central India Campus B
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Convocation at the National Institute of Management s Central India Campus B

2.7.3. Website design

• The website design is simple and easy to use
• Convocation at the National Institute of Management s Central India Campus B has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Convocation at the National Institute of Management s Central India Campus 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