Marketing Mix Of GE Healthcare Managing Magnetic Resonance Operations

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 GE Healthcare Managing Magnetic Resonance Operations

GE Healthcare Managing Magnetic Resonance Operations makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix GE Healthcare Managing Magnetic Resonance Operations is presented below:

2.1. Product

Product is one of the most important components of the GE Healthcare Managing Magnetic Resonance Operations Marketing mix. The distinctive characteristics of the product by GE Healthcare Managing Magnetic Resonance Operations are:

2.1.1. Quality

• GE Healthcare Managing Magnetic Resonance Operations maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• GE Healthcare Managing Magnetic Resonance Operations 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 GE Healthcare Managing Magnetic Resonance Operations with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by GE Healthcare Managing Magnetic Resonance Operations 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

• GE Healthcare Managing Magnetic Resonance Operations has a broad portfolio of products
• The broad portfolio helps GE Healthcare Managing Magnetic Resonance Operations in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to GE Healthcare Managing Magnetic Resonance Operations
• The broader product portfolio also adds more value for GE Healthcare Managing Magnetic Resonance Operations

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

GE Healthcare Managing Magnetic Resonance Operations 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 GE Healthcare Managing Magnetic Resonance Operations in all markets
• Company-operated stores give GE Healthcare Managing Magnetic Resonance Operations higher control over operations as well as store layout and design
• GE Healthcare Managing Magnetic Resonance Operations 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 GE Healthcare Managing Magnetic Resonance Operations in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• GE Healthcare Managing Magnetic Resonance Operations has developed a successfully operational website for online order placement and order tracking
• GE Healthcare Managing Magnetic Resonance Operations 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 GE Healthcare Managing Magnetic Resonance Operations and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• GE Healthcare Managing Magnetic Resonance Operations also places its products in supermarkets and hypermarkets across the country
• A large number of GE Healthcare Managing Magnetic Resonance Operations target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for GE Healthcare Managing Magnetic Resonance Operations

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

• GE Healthcare Managing Magnetic Resonance Operations 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 GE Healthcare Managing Magnetic Resonance Operations and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by GE Healthcare Managing Magnetic Resonance Operations on high valued purchases
• Frequent usage and purchase of products by GE Healthcare Managing Magnetic Resonance Operations also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of GE Healthcare Managing Magnetic Resonance Operations also places an essential focus on people development and people building. This is because GE Healthcare Managing Magnetic Resonance Operations realizes the importance of employees in building strong customer relationships. GE Healthcare Managing Magnetic Resonance Operations develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

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

• GE Healthcare Managing Magnetic Resonance Operations employees are the face of the organization
• GE Healthcare Managing Magnetic Resonance Operations are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that GE Healthcare Managing Magnetic Resonance Operations 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

• GE Healthcare Managing Magnetic Resonance Operations remains one of the leading players in the industry also because of its focus on succession planning
• GE Healthcare Managing Magnetic Resonance Operations 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 GE Healthcare Managing Magnetic Resonance Operations
• Strategic succession planning has allowed GE Healthcare Managing Magnetic Resonance Operations to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

GE Healthcare Managing Magnetic Resonance Operations has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at GE Healthcare Managing Magnetic Resonance Operations are clearly defined and communicated to the employees
• GE Healthcare Managing Magnetic Resonance Operations 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 GE Healthcare Managing Magnetic Resonance Operations

2.6.2. People Management

• GE Healthcare Managing Magnetic Resonance Operations has also defined clear processes for people management through streamlining its human resource management department
• GE Healthcare Managing Magnetic Resonance Operations 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 GE Healthcare Managing Magnetic Resonance Operations to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• GE Healthcare Managing Magnetic Resonance Operations 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

• GE Healthcare Managing Magnetic Resonance Operations 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 GE Healthcare Managing Magnetic Resonance Operations 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 GE Healthcare Managing Magnetic Resonance Operations as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for GE Healthcare Managing Magnetic Resonance Operations include:

2.7.1. Store atmosphere

• The store design and management for GE Healthcare Managing Magnetic Resonance Operations 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 GE Healthcare Managing Magnetic Resonance Operations at ease
• The store design is also important for GE Healthcare Managing Magnetic Resonance Operations 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 GE Healthcare Managing Magnetic Resonance Operations 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

• GE Healthcare Managing Magnetic Resonance Operations has unique packaging, which is different from other players in the industry
• GE Healthcare Managing Magnetic Resonance Operations 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 GE Healthcare Managing Magnetic Resonance Operations
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by GE Healthcare Managing Magnetic Resonance Operations

2.7.3. Website design

• The website design is simple and easy to use
• GE Healthcare Managing Magnetic Resonance Operations has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of GE Healthcare Managing Magnetic Resonance Operations 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