Marketing Mix Of Daewoo Shipbuilding and Marine Engineering

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 Daewoo Shipbuilding and Marine Engineering

Daewoo Shipbuilding and Marine Engineering makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Daewoo Shipbuilding and Marine Engineering is presented below:

2.1. Product

Product is one of the most important components of the Daewoo Shipbuilding and Marine Engineering Marketing mix. The distinctive characteristics of the product by Daewoo Shipbuilding and Marine Engineering are:

2.1.1. Quality

• Daewoo Shipbuilding and Marine Engineering maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Daewoo Shipbuilding and Marine Engineering 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 Daewoo Shipbuilding and Marine Engineering with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Daewoo Shipbuilding and Marine Engineering 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

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

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

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

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Daewoo Shipbuilding and Marine Engineering has developed a successfully operational website for online order placement and order tracking
• Daewoo Shipbuilding and Marine Engineering 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 Daewoo Shipbuilding and Marine Engineering and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

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

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

• Daewoo Shipbuilding and Marine Engineering employees are the face of the organization
• Daewoo Shipbuilding and Marine Engineering are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Daewoo Shipbuilding and Marine Engineering 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

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

2.6. Process

Daewoo Shipbuilding and Marine Engineering has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Daewoo Shipbuilding and Marine Engineering are clearly defined and communicated to the employees
• Daewoo Shipbuilding and Marine Engineering 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 Daewoo Shipbuilding and Marine Engineering

2.6.2. People Management

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

2.6.3. Quality maintenance

• Daewoo Shipbuilding and Marine Engineering 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

• Daewoo Shipbuilding and Marine Engineering 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 Daewoo Shipbuilding and Marine Engineering 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 Daewoo Shipbuilding and Marine Engineering as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Daewoo Shipbuilding and Marine Engineering include:

2.7.1. Store atmosphere

• The store design and management for Daewoo Shipbuilding and Marine Engineering 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 Daewoo Shipbuilding and Marine Engineering at ease
• The store design is also important for Daewoo Shipbuilding and Marine Engineering 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 Daewoo Shipbuilding and Marine Engineering 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

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

2.7.3. Website design

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