Marketing Mix Of Corporate Identity

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 Corporate Identity

Corporate Identity makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Corporate Identity is presented below:

2.1. Product

Product is one of the most important components of the Corporate Identity Marketing mix. The distinctive characteristics of the product by Corporate Identity are:

2.1.1. Quality

• Corporate Identity maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Corporate Identity 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 Corporate Identity with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Corporate Identity 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

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

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

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

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Corporate Identity has developed a successfully operational website for online order placement and order tracking
• Corporate Identity 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 Corporate Identity and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Corporate Identity also places its products in supermarkets and hypermarkets across the country
• A large number of Corporate Identity target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Corporate Identity

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

• Corporate Identity 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 Corporate Identity and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Corporate Identity on high valued purchases
• Frequent usage and purchase of products by Corporate Identity also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

• Corporate Identity employees are the face of the organization
• Corporate Identity are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Corporate Identity 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

• Corporate Identity remains one of the leading players in the industry also because of its focus on succession planning
• Corporate Identity 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 Corporate Identity
• Strategic succession planning has allowed Corporate Identity to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Corporate Identity has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Corporate Identity are clearly defined and communicated to the employees
• Corporate Identity 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 Corporate Identity

2.6.2. People Management

• Corporate Identity has also defined clear processes for people management through streamlining its human resource management department
• Corporate Identity 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 Corporate Identity to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Corporate Identity 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

• Corporate Identity 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 Corporate Identity 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 Corporate Identity as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Corporate Identity include:

2.7.1. Store atmosphere

• The store design and management for Corporate Identity 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 Corporate Identity at ease
• The store design is also important for Corporate Identity 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 Corporate Identity 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

• Corporate Identity has unique packaging, which is different from other players in the industry
• Corporate Identity 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 Corporate Identity
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Corporate Identity

2.7.3. Website design

• The website design is simple and easy to use
• Corporate Identity has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Corporate Identity 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