Marketing Mix Of Edgcomb Metals The Troy Plant A HANDOUT

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 Edgcomb Metals The Troy Plant A HANDOUT

Edgcomb Metals The Troy Plant A HANDOUT makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Edgcomb Metals The Troy Plant A HANDOUT is presented below:

2.1. Product

Product is one of the most important components of the Edgcomb Metals The Troy Plant A HANDOUT Marketing mix. The distinctive characteristics of the product by Edgcomb Metals The Troy Plant A HANDOUT are:

2.1.1. Quality

• Edgcomb Metals The Troy Plant A HANDOUT maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Edgcomb Metals The Troy Plant A HANDOUT 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 Edgcomb Metals The Troy Plant A HANDOUT with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Edgcomb Metals The Troy Plant A HANDOUT 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

• Edgcomb Metals The Troy Plant A HANDOUT has a broad portfolio of products
• The broad portfolio helps Edgcomb Metals The Troy Plant A HANDOUT in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Edgcomb Metals The Troy Plant A HANDOUT
• The broader product portfolio also adds more value for Edgcomb Metals The Troy Plant A HANDOUT

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

Edgcomb Metals The Troy Plant A HANDOUT 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 Edgcomb Metals The Troy Plant A HANDOUT in all markets
• Company-operated stores give Edgcomb Metals The Troy Plant A HANDOUT higher control over operations as well as store layout and design
• Edgcomb Metals The Troy Plant A HANDOUT 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 Edgcomb Metals The Troy Plant A HANDOUT in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Edgcomb Metals The Troy Plant A HANDOUT has developed a successfully operational website for online order placement and order tracking
• Edgcomb Metals The Troy Plant A HANDOUT 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 Edgcomb Metals The Troy Plant A HANDOUT and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Edgcomb Metals The Troy Plant A HANDOUT also places its products in supermarkets and hypermarkets across the country
• A large number of Edgcomb Metals The Troy Plant A HANDOUT target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Edgcomb Metals The Troy Plant A HANDOUT

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

• Edgcomb Metals The Troy Plant A HANDOUT employees are the face of the organization
• Edgcomb Metals The Troy Plant A HANDOUT are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Edgcomb Metals The Troy Plant A HANDOUT 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

• Edgcomb Metals The Troy Plant A HANDOUT remains one of the leading players in the industry also because of its focus on succession planning
• Edgcomb Metals The Troy Plant A HANDOUT 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 Edgcomb Metals The Troy Plant A HANDOUT
• Strategic succession planning has allowed Edgcomb Metals The Troy Plant A HANDOUT to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Edgcomb Metals The Troy Plant A HANDOUT has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Edgcomb Metals The Troy Plant A HANDOUT are clearly defined and communicated to the employees
• Edgcomb Metals The Troy Plant A HANDOUT 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 Edgcomb Metals The Troy Plant A HANDOUT

2.6.2. People Management

• Edgcomb Metals The Troy Plant A HANDOUT has also defined clear processes for people management through streamlining its human resource management department
• Edgcomb Metals The Troy Plant A HANDOUT 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 Edgcomb Metals The Troy Plant A HANDOUT to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Edgcomb Metals The Troy Plant A HANDOUT 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

• Edgcomb Metals The Troy Plant A HANDOUT 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 Edgcomb Metals The Troy Plant A HANDOUT 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 Edgcomb Metals The Troy Plant A HANDOUT as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Edgcomb Metals The Troy Plant A HANDOUT include:

2.7.1. Store atmosphere

• The store design and management for Edgcomb Metals The Troy Plant A HANDOUT 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 Edgcomb Metals The Troy Plant A HANDOUT at ease
• The store design is also important for Edgcomb Metals The Troy Plant A HANDOUT 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 Edgcomb Metals The Troy Plant A HANDOUT 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

• Edgcomb Metals The Troy Plant A HANDOUT has unique packaging, which is different from other players in the industry
• Edgcomb Metals The Troy Plant A HANDOUT 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 Edgcomb Metals The Troy Plant A HANDOUT
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Edgcomb Metals The Troy Plant A HANDOUT

2.7.3. Website design

• The website design is simple and easy to use
• Edgcomb Metals The Troy Plant A HANDOUT has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Edgcomb Metals The Troy Plant A HANDOUT 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