Marketing Mix Of Identifying the Next High-Growth Economies

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 Identifying the Next High-Growth Economies

Identifying the Next High-Growth Economies makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Identifying the Next High-Growth Economies is presented below:

2.1. Product

Product is one of the most important components of the Identifying the Next High-Growth Economies Marketing mix. The distinctive characteristics of the product by Identifying the Next High-Growth Economies are:

2.1.1. Quality

• Identifying the Next High-Growth Economies maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Identifying the Next High-Growth Economies 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 Identifying the Next High-Growth Economies with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Identifying the Next High-Growth Economies 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

• Identifying the Next High-Growth Economies has a broad portfolio of products
• The broad portfolio helps Identifying the Next High-Growth Economies in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Identifying the Next High-Growth Economies
• The broader product portfolio also adds more value for Identifying the Next High-Growth Economies

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

Identifying the Next High-Growth Economies 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 Identifying the Next High-Growth Economies in all markets
• Company-operated stores give Identifying the Next High-Growth Economies higher control over operations as well as store layout and design
• Identifying the Next High-Growth Economies 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 Identifying the Next High-Growth Economies in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Identifying the Next High-Growth Economies has developed a successfully operational website for online order placement and order tracking
• Identifying the Next High-Growth Economies 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 Identifying the Next High-Growth Economies and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Identifying the Next High-Growth Economies also places its products in supermarkets and hypermarkets across the country
• A large number of Identifying the Next High-Growth Economies target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Identifying the Next High-Growth Economies

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

• Identifying the Next High-Growth Economies 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 Identifying the Next High-Growth Economies and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Identifying the Next High-Growth Economies on high valued purchases
• Frequent usage and purchase of products by Identifying the Next High-Growth Economies also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of Identifying the Next High-Growth Economies also places an essential focus on people development and people building. This is because Identifying the Next High-Growth Economies realizes the importance of employees in building strong customer relationships. Identifying the Next High-Growth Economies develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

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

• Identifying the Next High-Growth Economies employees are the face of the organization
• Identifying the Next High-Growth Economies are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Identifying the Next High-Growth Economies 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

• Identifying the Next High-Growth Economies remains one of the leading players in the industry also because of its focus on succession planning
• Identifying the Next High-Growth Economies 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 Identifying the Next High-Growth Economies
• Strategic succession planning has allowed Identifying the Next High-Growth Economies to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Identifying the Next High-Growth Economies has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Identifying the Next High-Growth Economies are clearly defined and communicated to the employees
• Identifying the Next High-Growth Economies 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 Identifying the Next High-Growth Economies

2.6.2. People Management

• Identifying the Next High-Growth Economies has also defined clear processes for people management through streamlining its human resource management department
• Identifying the Next High-Growth Economies 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 Identifying the Next High-Growth Economies to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Identifying the Next High-Growth Economies 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

• Identifying the Next High-Growth Economies 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 Identifying the Next High-Growth Economies 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 Identifying the Next High-Growth Economies as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Identifying the Next High-Growth Economies include:

2.7.1. Store atmosphere

• The store design and management for Identifying the Next High-Growth Economies 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 Identifying the Next High-Growth Economies at ease
• The store design is also important for Identifying the Next High-Growth Economies 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 Identifying the Next High-Growth Economies 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

• Identifying the Next High-Growth Economies has unique packaging, which is different from other players in the industry
• Identifying the Next High-Growth Economies 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 Identifying the Next High-Growth Economies
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Identifying the Next High-Growth Economies

2.7.3. Website design

• The website design is simple and easy to use
• Identifying the Next High-Growth Economies has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Identifying the Next High-Growth Economies 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