Marketing Mix Of EASTERN BANK LIMITED A

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 EASTERN BANK LIMITED A

EASTERN BANK LIMITED A makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix EASTERN BANK LIMITED A is presented below:

2.1. Product

Product is one of the most important components of the EASTERN BANK LIMITED A Marketing mix. The distinctive characteristics of the product by EASTERN BANK LIMITED A are:

2.1.1. Quality

• EASTERN BANK LIMITED A maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• EASTERN BANK LIMITED A 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 EASTERN BANK LIMITED A with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by EASTERN BANK LIMITED A 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

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

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

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

2.3.2. Licensed stores

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

2.3.3. E-commerce

• EASTERN BANK LIMITED A has developed a successfully operational website for online order placement and order tracking
• EASTERN BANK LIMITED A 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 EASTERN BANK LIMITED A and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

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

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

• EASTERN BANK LIMITED A employees are the face of the organization
• EASTERN BANK LIMITED A are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that EASTERN BANK LIMITED A 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

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

2.6. Process

EASTERN BANK LIMITED A has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at EASTERN BANK LIMITED A are clearly defined and communicated to the employees
• EASTERN BANK LIMITED A 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 EASTERN BANK LIMITED A

2.6.2. People Management

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

2.6.3. Quality maintenance

• EASTERN BANK LIMITED A 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

• EASTERN BANK LIMITED A 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 EASTERN BANK LIMITED A 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 EASTERN BANK LIMITED A as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for EASTERN BANK LIMITED A include:

2.7.1. Store atmosphere

• The store design and management for EASTERN BANK LIMITED A 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 EASTERN BANK LIMITED A at ease
• The store design is also important for EASTERN BANK LIMITED A 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 EASTERN BANK LIMITED A 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

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

2.7.3. Website design

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