Marketing Mix Of Guaranty Trust Bank PLC Nigeria D

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 Guaranty Trust Bank PLC Nigeria D

Guaranty Trust Bank PLC Nigeria D makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Guaranty Trust Bank PLC Nigeria D is presented below:

2.1. Product

Product is one of the most important components of the Guaranty Trust Bank PLC Nigeria D Marketing mix. The distinctive characteristics of the product by Guaranty Trust Bank PLC Nigeria D are:

2.1.1. Quality

• Guaranty Trust Bank PLC Nigeria D maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Guaranty Trust Bank PLC Nigeria D 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 Guaranty Trust Bank PLC Nigeria D with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Guaranty Trust Bank PLC Nigeria D 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

• Guaranty Trust Bank PLC Nigeria D has a broad portfolio of products
• The broad portfolio helps Guaranty Trust Bank PLC Nigeria D in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Guaranty Trust Bank PLC Nigeria D
• The broader product portfolio also adds more value for Guaranty Trust Bank PLC Nigeria D

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

Guaranty Trust Bank PLC Nigeria D 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 Guaranty Trust Bank PLC Nigeria D in all markets
• Company-operated stores give Guaranty Trust Bank PLC Nigeria D higher control over operations as well as store layout and design
• Guaranty Trust Bank PLC Nigeria D 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 Guaranty Trust Bank PLC Nigeria D in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Guaranty Trust Bank PLC Nigeria D has developed a successfully operational website for online order placement and order tracking
• Guaranty Trust Bank PLC Nigeria D 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 Guaranty Trust Bank PLC Nigeria D and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Guaranty Trust Bank PLC Nigeria D also places its products in supermarkets and hypermarkets across the country
• A large number of Guaranty Trust Bank PLC Nigeria D target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Guaranty Trust Bank PLC Nigeria D

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

• Guaranty Trust Bank PLC Nigeria D 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 Guaranty Trust Bank PLC Nigeria D and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Guaranty Trust Bank PLC Nigeria D on high valued purchases
• Frequent usage and purchase of products by Guaranty Trust Bank PLC Nigeria D also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of Guaranty Trust Bank PLC Nigeria D also places an essential focus on people development and people building. This is because Guaranty Trust Bank PLC Nigeria D realizes the importance of employees in building strong customer relationships. Guaranty Trust Bank PLC Nigeria D develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

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

• Guaranty Trust Bank PLC Nigeria D employees are the face of the organization
• Guaranty Trust Bank PLC Nigeria D are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Guaranty Trust Bank PLC Nigeria D 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

• Guaranty Trust Bank PLC Nigeria D remains one of the leading players in the industry also because of its focus on succession planning
• Guaranty Trust Bank PLC Nigeria D 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 Guaranty Trust Bank PLC Nigeria D
• Strategic succession planning has allowed Guaranty Trust Bank PLC Nigeria D to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Guaranty Trust Bank PLC Nigeria D has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Guaranty Trust Bank PLC Nigeria D are clearly defined and communicated to the employees
• Guaranty Trust Bank PLC Nigeria D 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 Guaranty Trust Bank PLC Nigeria D

2.6.2. People Management

• Guaranty Trust Bank PLC Nigeria D has also defined clear processes for people management through streamlining its human resource management department
• Guaranty Trust Bank PLC Nigeria D 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 Guaranty Trust Bank PLC Nigeria D to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Guaranty Trust Bank PLC Nigeria D 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

• Guaranty Trust Bank PLC Nigeria D 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 Guaranty Trust Bank PLC Nigeria D 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 Guaranty Trust Bank PLC Nigeria D as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Guaranty Trust Bank PLC Nigeria D include:

2.7.1. Store atmosphere

• The store design and management for Guaranty Trust Bank PLC Nigeria D 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 Guaranty Trust Bank PLC Nigeria D at ease
• The store design is also important for Guaranty Trust Bank PLC Nigeria D 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 Guaranty Trust Bank PLC Nigeria D 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

• Guaranty Trust Bank PLC Nigeria D has unique packaging, which is different from other players in the industry
• Guaranty Trust Bank PLC Nigeria D 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 Guaranty Trust Bank PLC Nigeria D
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Guaranty Trust Bank PLC Nigeria D

2.7.3. Website design

• The website design is simple and easy to use
• Guaranty Trust Bank PLC Nigeria D has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Guaranty Trust Bank PLC Nigeria D 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