Marketing Mix Of Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance

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 Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance

Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance is presented below:

2.1. Product

Product is one of the most important components of the Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance Marketing mix. The distinctive characteristics of the product by Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance are:

2.1.1. Quality

• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance 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 Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance 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

• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance has a broad portfolio of products
• The broad portfolio helps Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance
• The broader product portfolio also adds more value for Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance

2.1.4. Benefits of product consumption

• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance 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 Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance is its delivery of emotional benefits to the consumer
• Products manufactured and sold by Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance promise consumers an ego boost, confidence, and security
• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance 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 Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance are available in different sizes
• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance 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, Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance has also increased the trial rate
• Different SKUs have also helped Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance improve its product accessibility

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance 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 Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance in all markets
• Company-operated stores give Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance higher control over operations as well as store layout and design
• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance 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 Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance has developed a successfully operational website for online order placement and order tracking
• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance 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 Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance also places its products in supermarkets and hypermarkets across the country
• A large number of Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance

2.3.5. Partner agents

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

2.4.1. Digital marketing

• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance has corporate profiles on all social media websites and portals
• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance uses its social media presence to directly, engage with consumers
• This direct engagement and interaction allows Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance to understand the customers, their needs and demands
• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance uses this feedback and incorporates it in its broader marketing and organizational strategy
• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance 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

• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance 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 Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance on high valued purchases
• Frequent usage and purchase of products by Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance also places an essential focus on people development and people building. This is because Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance realizes the importance of employees in building strong customer relationships. Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

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

• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance employees are the face of the organization
• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance 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

• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance remains one of the leading players in the industry also because of its focus on succession planning
• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance 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 Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance
• Strategic succession planning has allowed Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance are clearly defined and communicated to the employees
• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance 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 Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance

2.6.2. People Management

• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance has also defined clear processes for people management through streamlining its human resource management department
• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance 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 Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance 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

• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance 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 Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance 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 Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance include:

2.7.1. Store atmosphere

• The store design and management for Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance 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 Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance at ease
• The store design is also important for Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance 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 Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance 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

• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance has unique packaging, which is different from other players in the industry
• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance 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 Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance

2.7.3. Website design

• The website design is simple and easy to use
• Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Dow Chemical Polyolefins and Elastomers R D Sustaining High Performance 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