Marketing Mix Of Elan and Royalty Pharma

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 Elan and Royalty Pharma

Elan and Royalty Pharma makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Elan and Royalty Pharma is presented below:

2.1. Product

Product is one of the most important components of the Elan and Royalty Pharma Marketing mix. The distinctive characteristics of the product by Elan and Royalty Pharma are:

2.1.1. Quality

• Elan and Royalty Pharma maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Elan and Royalty Pharma 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 Elan and Royalty Pharma with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Elan and Royalty Pharma 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

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

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

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

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Elan and Royalty Pharma has developed a successfully operational website for online order placement and order tracking
• Elan and Royalty Pharma 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 Elan and Royalty Pharma and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

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

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

• Elan and Royalty Pharma employees are the face of the organization
• Elan and Royalty Pharma are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Elan and Royalty Pharma 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

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

2.6. Process

Elan and Royalty Pharma has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Elan and Royalty Pharma are clearly defined and communicated to the employees
• Elan and Royalty Pharma 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 Elan and Royalty Pharma

2.6.2. People Management

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

2.6.3. Quality maintenance

• Elan and Royalty Pharma 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

• Elan and Royalty Pharma 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 Elan and Royalty Pharma 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 Elan and Royalty Pharma as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Elan and Royalty Pharma include:

2.7.1. Store atmosphere

• The store design and management for Elan and Royalty Pharma 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 Elan and Royalty Pharma at ease
• The store design is also important for Elan and Royalty Pharma 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 Elan and Royalty Pharma 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

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

2.7.3. Website design

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