Marketing Mix Of East West Company

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 East West Company

East West Company makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix East West Company is presented below:

2.1. Product

Product is one of the most important components of the East West Company Marketing mix. The distinctive characteristics of the product by East West Company are:

2.1.1. Quality

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

2.1.2. Ease of use

• The products manufactured and sold by East West Company 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

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

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

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

2.3.2. Licensed stores

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

2.3.3. E-commerce

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

2.3.4. Supermarkets and hypermarkets

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

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

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

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

2.6. Process

East West Company has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at East West Company are clearly defined and communicated to the employees
• East West Company 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 East West Company

2.6.2. People Management

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

2.6.3. Quality maintenance

• East West Company 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

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

2.7.1. Store atmosphere

• The store design and management for East West Company 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 East West Company at ease
• The store design is also important for East West Company 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 East West Company 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

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

2.7.3. Website design

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