Marketing Mix Of Focus on Diamond Retailing Blue Nile Zales and Tiffany

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 Focus on Diamond Retailing Blue Nile Zales and Tiffany

Focus on Diamond Retailing Blue Nile Zales and Tiffany makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Focus on Diamond Retailing Blue Nile Zales and Tiffany is presented below:

2.1. Product

Product is one of the most important components of the Focus on Diamond Retailing Blue Nile Zales and Tiffany Marketing mix. The distinctive characteristics of the product by Focus on Diamond Retailing Blue Nile Zales and Tiffany are:

2.1.1. Quality

• Focus on Diamond Retailing Blue Nile Zales and Tiffany maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Focus on Diamond Retailing Blue Nile Zales and Tiffany 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 Focus on Diamond Retailing Blue Nile Zales and Tiffany with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Focus on Diamond Retailing Blue Nile Zales and Tiffany 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

• Focus on Diamond Retailing Blue Nile Zales and Tiffany has a broad portfolio of products
• The broad portfolio helps Focus on Diamond Retailing Blue Nile Zales and Tiffany in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Focus on Diamond Retailing Blue Nile Zales and Tiffany
• The broader product portfolio also adds more value for Focus on Diamond Retailing Blue Nile Zales and Tiffany

2.1.4. Benefits of product consumption

• Focus on Diamond Retailing Blue Nile Zales and Tiffany 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 Focus on Diamond Retailing Blue Nile Zales and Tiffany is its delivery of emotional benefits to the consumer
• Products manufactured and sold by Focus on Diamond Retailing Blue Nile Zales and Tiffany promise consumers an ego boost, confidence, and security
• Focus on Diamond Retailing Blue Nile Zales and Tiffany 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 Focus on Diamond Retailing Blue Nile Zales and Tiffany are available in different sizes
• Focus on Diamond Retailing Blue Nile Zales and Tiffany 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, Focus on Diamond Retailing Blue Nile Zales and Tiffany has also increased the trial rate
• Different SKUs have also helped Focus on Diamond Retailing Blue Nile Zales and Tiffany improve its product accessibility

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

Focus on Diamond Retailing Blue Nile Zales and Tiffany 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 Focus on Diamond Retailing Blue Nile Zales and Tiffany in all markets
• Company-operated stores give Focus on Diamond Retailing Blue Nile Zales and Tiffany higher control over operations as well as store layout and design
• Focus on Diamond Retailing Blue Nile Zales and Tiffany 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 Focus on Diamond Retailing Blue Nile Zales and Tiffany in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Focus on Diamond Retailing Blue Nile Zales and Tiffany has developed a successfully operational website for online order placement and order tracking
• Focus on Diamond Retailing Blue Nile Zales and Tiffany 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 Focus on Diamond Retailing Blue Nile Zales and Tiffany and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Focus on Diamond Retailing Blue Nile Zales and Tiffany also places its products in supermarkets and hypermarkets across the country
• A large number of Focus on Diamond Retailing Blue Nile Zales and Tiffany target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Focus on Diamond Retailing Blue Nile Zales and Tiffany

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

• Focus on Diamond Retailing Blue Nile Zales and Tiffany 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 Focus on Diamond Retailing Blue Nile Zales and Tiffany and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Focus on Diamond Retailing Blue Nile Zales and Tiffany on high valued purchases
• Frequent usage and purchase of products by Focus on Diamond Retailing Blue Nile Zales and Tiffany also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of Focus on Diamond Retailing Blue Nile Zales and Tiffany also places an essential focus on people development and people building. This is because Focus on Diamond Retailing Blue Nile Zales and Tiffany realizes the importance of employees in building strong customer relationships. Focus on Diamond Retailing Blue Nile Zales and Tiffany develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

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

• Focus on Diamond Retailing Blue Nile Zales and Tiffany employees are the face of the organization
• Focus on Diamond Retailing Blue Nile Zales and Tiffany are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Focus on Diamond Retailing Blue Nile Zales and Tiffany 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

• Focus on Diamond Retailing Blue Nile Zales and Tiffany remains one of the leading players in the industry also because of its focus on succession planning
• Focus on Diamond Retailing Blue Nile Zales and Tiffany 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 Focus on Diamond Retailing Blue Nile Zales and Tiffany
• Strategic succession planning has allowed Focus on Diamond Retailing Blue Nile Zales and Tiffany to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Focus on Diamond Retailing Blue Nile Zales and Tiffany has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Focus on Diamond Retailing Blue Nile Zales and Tiffany are clearly defined and communicated to the employees
• Focus on Diamond Retailing Blue Nile Zales and Tiffany 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 Focus on Diamond Retailing Blue Nile Zales and Tiffany

2.6.2. People Management

• Focus on Diamond Retailing Blue Nile Zales and Tiffany has also defined clear processes for people management through streamlining its human resource management department
• Focus on Diamond Retailing Blue Nile Zales and Tiffany 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 Focus on Diamond Retailing Blue Nile Zales and Tiffany to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Focus on Diamond Retailing Blue Nile Zales and Tiffany 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

• Focus on Diamond Retailing Blue Nile Zales and Tiffany 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 Focus on Diamond Retailing Blue Nile Zales and Tiffany 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 Focus on Diamond Retailing Blue Nile Zales and Tiffany as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Focus on Diamond Retailing Blue Nile Zales and Tiffany include:

2.7.1. Store atmosphere

• The store design and management for Focus on Diamond Retailing Blue Nile Zales and Tiffany 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 Focus on Diamond Retailing Blue Nile Zales and Tiffany at ease
• The store design is also important for Focus on Diamond Retailing Blue Nile Zales and Tiffany 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 Focus on Diamond Retailing Blue Nile Zales and Tiffany 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

• Focus on Diamond Retailing Blue Nile Zales and Tiffany has unique packaging, which is different from other players in the industry
• Focus on Diamond Retailing Blue Nile Zales and Tiffany 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 Focus on Diamond Retailing Blue Nile Zales and Tiffany
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Focus on Diamond Retailing Blue Nile Zales and Tiffany

2.7.3. Website design

• The website design is simple and easy to use
• Focus on Diamond Retailing Blue Nile Zales and Tiffany has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Focus on Diamond Retailing Blue Nile Zales and Tiffany 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