Marketing Mix Of GPS Vision Express A

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 GPS Vision Express A

GPS Vision Express A makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix GPS Vision Express A is presented below:

2.1. Product

Product is one of the most important components of the GPS Vision Express A Marketing mix. The distinctive characteristics of the product by GPS Vision Express A are:

2.1.1. Quality

• GPS Vision Express A maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• GPS Vision Express A 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 GPS Vision Express A with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by GPS Vision Express A 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

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

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

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

2.3.2. Licensed stores

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

2.3.3. E-commerce

• GPS Vision Express A has developed a successfully operational website for online order placement and order tracking
• GPS Vision Express A 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 GPS Vision Express A and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

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

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

• GPS Vision Express A employees are the face of the organization
• GPS Vision Express A are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that GPS Vision Express A 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

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

2.6. Process

GPS Vision Express A has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at GPS Vision Express A are clearly defined and communicated to the employees
• GPS Vision Express A 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 GPS Vision Express A

2.6.2. People Management

• GPS Vision Express A has also defined clear processes for people management through streamlining its human resource management department
• GPS Vision Express A 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 GPS Vision Express A to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• GPS Vision Express A 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

• GPS Vision Express A 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 GPS Vision Express A 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 GPS Vision Express A as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for GPS Vision Express A include:

2.7.1. Store atmosphere

• The store design and management for GPS Vision Express A 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 GPS Vision Express A at ease
• The store design is also important for GPS Vision Express A 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 GPS Vision Express A 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

• GPS Vision Express A has unique packaging, which is different from other players in the industry
• GPS Vision Express A 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 GPS Vision Express A
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by GPS Vision Express A

2.7.3. Website design

• The website design is simple and easy to use
• GPS Vision Express A has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of GPS Vision Express A 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