Marketing Mix Of GoodBelly Using Statistics to Justify the Marketing Expense

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 GoodBelly Using Statistics to Justify the Marketing Expense

GoodBelly Using Statistics to Justify the Marketing Expense makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix GoodBelly Using Statistics to Justify the Marketing Expense is presented below:

2.1. Product

Product is one of the most important components of the GoodBelly Using Statistics to Justify the Marketing Expense Marketing mix. The distinctive characteristics of the product by GoodBelly Using Statistics to Justify the Marketing Expense are:

2.1.1. Quality

• GoodBelly Using Statistics to Justify the Marketing Expense maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• GoodBelly Using Statistics to Justify the Marketing Expense 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 GoodBelly Using Statistics to Justify the Marketing Expense with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by GoodBelly Using Statistics to Justify the Marketing Expense 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

• GoodBelly Using Statistics to Justify the Marketing Expense has a broad portfolio of products
• The broad portfolio helps GoodBelly Using Statistics to Justify the Marketing Expense in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to GoodBelly Using Statistics to Justify the Marketing Expense
• The broader product portfolio also adds more value for GoodBelly Using Statistics to Justify the Marketing Expense

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

GoodBelly Using Statistics to Justify the Marketing Expense 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 GoodBelly Using Statistics to Justify the Marketing Expense in all markets
• Company-operated stores give GoodBelly Using Statistics to Justify the Marketing Expense higher control over operations as well as store layout and design
• GoodBelly Using Statistics to Justify the Marketing Expense 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 GoodBelly Using Statistics to Justify the Marketing Expense in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• GoodBelly Using Statistics to Justify the Marketing Expense has developed a successfully operational website for online order placement and order tracking
• GoodBelly Using Statistics to Justify the Marketing Expense 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 GoodBelly Using Statistics to Justify the Marketing Expense and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• GoodBelly Using Statistics to Justify the Marketing Expense also places its products in supermarkets and hypermarkets across the country
• A large number of GoodBelly Using Statistics to Justify the Marketing Expense target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for GoodBelly Using Statistics to Justify the Marketing Expense

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

• GoodBelly Using Statistics to Justify the Marketing Expense 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 GoodBelly Using Statistics to Justify the Marketing Expense and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by GoodBelly Using Statistics to Justify the Marketing Expense on high valued purchases
• Frequent usage and purchase of products by GoodBelly Using Statistics to Justify the Marketing Expense also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of GoodBelly Using Statistics to Justify the Marketing Expense also places an essential focus on people development and people building. This is because GoodBelly Using Statistics to Justify the Marketing Expense realizes the importance of employees in building strong customer relationships. GoodBelly Using Statistics to Justify the Marketing Expense develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

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

• GoodBelly Using Statistics to Justify the Marketing Expense employees are the face of the organization
• GoodBelly Using Statistics to Justify the Marketing Expense are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that GoodBelly Using Statistics to Justify the Marketing Expense 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

• GoodBelly Using Statistics to Justify the Marketing Expense remains one of the leading players in the industry also because of its focus on succession planning
• GoodBelly Using Statistics to Justify the Marketing Expense 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 GoodBelly Using Statistics to Justify the Marketing Expense
• Strategic succession planning has allowed GoodBelly Using Statistics to Justify the Marketing Expense to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

GoodBelly Using Statistics to Justify the Marketing Expense has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at GoodBelly Using Statistics to Justify the Marketing Expense are clearly defined and communicated to the employees
• GoodBelly Using Statistics to Justify the Marketing Expense 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 GoodBelly Using Statistics to Justify the Marketing Expense

2.6.2. People Management

• GoodBelly Using Statistics to Justify the Marketing Expense has also defined clear processes for people management through streamlining its human resource management department
• GoodBelly Using Statistics to Justify the Marketing Expense 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 GoodBelly Using Statistics to Justify the Marketing Expense to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• GoodBelly Using Statistics to Justify the Marketing Expense 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

• GoodBelly Using Statistics to Justify the Marketing Expense 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 GoodBelly Using Statistics to Justify the Marketing Expense 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 GoodBelly Using Statistics to Justify the Marketing Expense as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for GoodBelly Using Statistics to Justify the Marketing Expense include:

2.7.1. Store atmosphere

• The store design and management for GoodBelly Using Statistics to Justify the Marketing Expense 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 GoodBelly Using Statistics to Justify the Marketing Expense at ease
• The store design is also important for GoodBelly Using Statistics to Justify the Marketing Expense 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 GoodBelly Using Statistics to Justify the Marketing Expense 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

• GoodBelly Using Statistics to Justify the Marketing Expense has unique packaging, which is different from other players in the industry
• GoodBelly Using Statistics to Justify the Marketing Expense 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 GoodBelly Using Statistics to Justify the Marketing Expense
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by GoodBelly Using Statistics to Justify the Marketing Expense

2.7.3. Website design

• The website design is simple and easy to use
• GoodBelly Using Statistics to Justify the Marketing Expense has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of GoodBelly Using Statistics to Justify the Marketing Expense 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