Marketing Mix Of Humana Hospital - Lexington Chaos in IS

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 Humana Hospital - Lexington Chaos in IS

Humana Hospital - Lexington Chaos in IS makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Humana Hospital - Lexington Chaos in IS is presented below:

2.1. Product

Product is one of the most important components of the Humana Hospital - Lexington Chaos in IS Marketing mix. The distinctive characteristics of the product by Humana Hospital - Lexington Chaos in IS are:

2.1.1. Quality

• Humana Hospital - Lexington Chaos in IS maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Humana Hospital - Lexington Chaos in IS 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 Humana Hospital - Lexington Chaos in IS with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Humana Hospital - Lexington Chaos in IS 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

• Humana Hospital - Lexington Chaos in IS has a broad portfolio of products
• The broad portfolio helps Humana Hospital - Lexington Chaos in IS in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Humana Hospital - Lexington Chaos in IS
• The broader product portfolio also adds more value for Humana Hospital - Lexington Chaos in IS

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

Humana Hospital - Lexington Chaos in IS 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 Humana Hospital - Lexington Chaos in IS in all markets
• Company-operated stores give Humana Hospital - Lexington Chaos in IS higher control over operations as well as store layout and design
• Humana Hospital - Lexington Chaos in IS 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 Humana Hospital - Lexington Chaos in IS in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Humana Hospital - Lexington Chaos in IS has developed a successfully operational website for online order placement and order tracking
• Humana Hospital - Lexington Chaos in IS 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 Humana Hospital - Lexington Chaos in IS and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Humana Hospital - Lexington Chaos in IS also places its products in supermarkets and hypermarkets across the country
• A large number of Humana Hospital - Lexington Chaos in IS target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Humana Hospital - Lexington Chaos in IS

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

• Humana Hospital - Lexington Chaos in IS 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 Humana Hospital - Lexington Chaos in IS and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Humana Hospital - Lexington Chaos in IS on high valued purchases
• Frequent usage and purchase of products by Humana Hospital - Lexington Chaos in IS also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of Humana Hospital - Lexington Chaos in IS also places an essential focus on people development and people building. This is because Humana Hospital - Lexington Chaos in IS realizes the importance of employees in building strong customer relationships. Humana Hospital - Lexington Chaos in IS develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

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

• Humana Hospital - Lexington Chaos in IS employees are the face of the organization
• Humana Hospital - Lexington Chaos in IS are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Humana Hospital - Lexington Chaos in IS 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

• Humana Hospital - Lexington Chaos in IS remains one of the leading players in the industry also because of its focus on succession planning
• Humana Hospital - Lexington Chaos in IS 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 Humana Hospital - Lexington Chaos in IS
• Strategic succession planning has allowed Humana Hospital - Lexington Chaos in IS to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Humana Hospital - Lexington Chaos in IS has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Humana Hospital - Lexington Chaos in IS are clearly defined and communicated to the employees
• Humana Hospital - Lexington Chaos in IS 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 Humana Hospital - Lexington Chaos in IS

2.6.2. People Management

• Humana Hospital - Lexington Chaos in IS has also defined clear processes for people management through streamlining its human resource management department
• Humana Hospital - Lexington Chaos in IS 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 Humana Hospital - Lexington Chaos in IS to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Humana Hospital - Lexington Chaos in IS 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

• Humana Hospital - Lexington Chaos in IS 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 Humana Hospital - Lexington Chaos in IS 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 Humana Hospital - Lexington Chaos in IS as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Humana Hospital - Lexington Chaos in IS include:

2.7.1. Store atmosphere

• The store design and management for Humana Hospital - Lexington Chaos in IS 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 Humana Hospital - Lexington Chaos in IS at ease
• The store design is also important for Humana Hospital - Lexington Chaos in IS 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 Humana Hospital - Lexington Chaos in IS 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

• Humana Hospital - Lexington Chaos in IS has unique packaging, which is different from other players in the industry
• Humana Hospital - Lexington Chaos in IS 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 Humana Hospital - Lexington Chaos in IS
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Humana Hospital - Lexington Chaos in IS

2.7.3. Website design

• The website design is simple and easy to use
• Humana Hospital - Lexington Chaos in IS has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Humana Hospital - Lexington Chaos in IS 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