Marketing Mix Of Joe Smith s Closing Analysis B
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 Joe Smith s Closing Analysis B
Joe Smith s Closing Analysis B makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.
Marketing Mix Joe Smith s Closing Analysis B is presented below:
Product is one of the most important components of the Joe Smith s Closing Analysis B Marketing mix. The distinctive characteristics of the product by Joe Smith s Closing Analysis B are:
- Joe Smith s Closing Analysis B maintains the high quality of products
- High product quality is maintained by adding value during different stages of the value chain
- Joe Smith s Closing Analysis B 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 Joe Smith s Closing Analysis B with a distinctive competitive advantage
2.1.2. Ease of use
- The products manufactured and sold by Joe Smith s Closing Analysis B 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
- Joe Smith s Closing Analysis B has a broad portfolio of products
- The broad portfolio helps Joe Smith s Closing Analysis B in reaching different target groups in the market
- Also, the broad portfolio allows financial strength to Joe Smith s Closing Analysis B
- The broader product portfolio also adds more value for Joe Smith s Closing Analysis B
2.1.4. Benefits of product consumption
- Joe Smith s Closing Analysis B 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 Joe Smith s Closing Analysis B is its delivery of emotional benefits to the consumer
- Products manufactured and sold by Joe Smith s Closing Analysis B promise consumers an ego boost, confidence, and security
- Joe Smith s Closing Analysis B 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 Joe Smith s Closing Analysis B are available in different sizes
- Joe Smith s Closing Analysis B 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, Joe Smith s Closing Analysis B has also increased the trial rate
- Different SKUs have also helped Joe Smith s Closing Analysis B improve its product accessibility
Joe Smith s Closing Analysis B marketing mix focuses on a hybrid strategy for pricing to obtain maximum value for its products. The marketing mix Joe Smith s Closing Analysis B 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, Joe Smith s Closing Analysis B encourages favorable brand and product perceptions in target consumer groups
- Premium pricing for products also encourages a favorable quality perception of Joe Smith s Closing Analysis B products amongst consumers
- With premium prices, Joe Smith s Closing Analysis B 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 Joe Smith s Closing Analysis B products
- Using elements of premium prices in other product ranges has also allowed Joe Smith s Closing Analysis B to maintain significantly high profits and a consistent business growth
2.2.2. Psychological pricing
- Since Joe Smith s Closing Analysis B has a number of different product ranges and product groups, the use of psychological pricing has been beneficial
- With the use of psychological pricing, Joe Smith s Closing Analysis B also successfully adds more value to its products from the point of view of customers
- Joe Smith s Closing Analysis B also gains higher sales with psychological pricing
- Consumer purchase a higher amount of Joe Smith s Closing Analysis B products because of its use of psychological pricing
- Joe Smith s Closing Analysis B is able to increase its target audience and broaden its target purchaser groups
2.2.3. Geographical pricing
- Joe Smith s Closing Analysis B is able to penetrate different regional markets optimally with the use of geographical pricing
- For offshore locations, geographical pricing also allows Joe Smith s Closing Analysis B to cover shipping and customs expenses
- Geographical pricing also allows Joe Smith s Closing Analysis B 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, Joe Smith s Closing Analysis B is also known to use bundle pricing strategy popularly
- Joe Smith s Closing Analysis B also uses bundle pricing during sales
- Bundle pricing increases the trial rate for consumers
- Joe Smith s Closing Analysis B experiences higher return on the cost of gaining a new customer
- With bundle pricing, Joe Smith s Closing Analysis B 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 Joe Smith s Closing Analysis B.
Joe Smith s Closing Analysis B 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 Joe Smith s Closing Analysis B in all markets
- Company-operated stores give Joe Smith s Closing Analysis B higher control over operations as well as store layout and design
- Joe Smith s Closing Analysis B 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 Joe Smith s Closing Analysis B in terms of decisions regarding the stocking of different product items
2.3.2. Licensed stores
- Joe Smith s Closing Analysis B 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 Joe Smith s Closing Analysis B in unstable markets
- Licensed stores have also given Joe Smith s Closing Analysis B high business growth, and a boost for rapid market expansion and penetration
- Through licensed stores, Joe Smith s Closing Analysis B has also learned about local consumers and cultures
- Licensed stores and shops encourage sales of products by Joe Smith s Closing Analysis B by aligning it with local cultural values
- Licensed stores also help Joe Smith s Closing Analysis B in localizing its product offerings to enhance brand equity and band image
- Joe Smith s Closing Analysis B has developed a successfully operational website for online order placement and order tracking
- Joe Smith s Closing Analysis B 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 Joe Smith s Closing Analysis B and has also increased the accessibility of its products for consumers.
2.3.4. Supermarkets and hypermarkets
- Joe Smith s Closing Analysis B also places its products in supermarkets and hypermarkets across the country
- A large number of Joe Smith s Closing Analysis B target groups shop from supermarkets and hypermarkets
- Placement in supermarkets and hypermarkets also improve cost efficiency for Joe Smith s Closing Analysis B
2.3.5. Partner agents
- In offshore locations, Joe Smith s Closing Analysis B also makes use of partner agents for its products’ placement
- These partner agents are assessed and evaluated on strategic compatibility and reliance
- Joe Smith s Closing Analysis B contracts with partner agents in other countries and markets for its product placement to ensure quality control and terms of negotiation
The marketing strategy for Joe Smith s Closing Analysis B also places high importance on the promotional tactics and strategies used. The promotional strategies allow the Joe Smith s Closing Analysis B to interact with the consumers and influence them directly. Joe Smith s Closing Analysis B uses a 360-degree approach in its promotional activities, and makes use of the following means of promotion:
2.4.1. Digital marketing
- Joe Smith s Closing Analysis B has corporate profiles on all social media websites and portals
- Joe Smith s Closing Analysis B uses its social media presence to directly, engage with consumers
- This direct engagement and interaction allows Joe Smith s Closing Analysis B to understand the customers, their needs and demands
- Joe Smith s Closing Analysis B uses this feedback and incorporates it in its broader marketing and organizational strategy
- Joe Smith s Closing Analysis B 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
- Joe Smith s Closing Analysis B 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 Joe Smith s Closing Analysis B and is valued for points against the products’ monetary value
- The loyalty card can be purchased or is given complementary by Joe Smith s Closing Analysis B on high valued purchases
- Frequent usage and purchase of products by Joe Smith s Closing Analysis B also has rewards against the loyalty card
2.4.3. Community Influencers
- Joe Smith s Closing Analysis B makes use of community influencers as its on-ground promotional efforts
- Joe Smith s Closing Analysis B identifies strong and confident individuals to be brand ambassadors in their communities
- Joe Smith s Closing Analysis B 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, Joe Smith s Closing Analysis B also makes use of out of house hoardings
- Hoardings increase visibility for Joe Smith s Closing Analysis B and also work towards building stronger brand recall
- Joe Smith s Closing Analysis B also produces TV advertisements
- All TV advertisements have an emotional appeal to them
- TV advertisements by Joe Smith s Closing Analysis B have progressed to include a slice of life elements and characteristics
- TV advertisements by Joe Smith s Closing Analysis B also highlight the functional benefits of the product
The marketing mix of Joe Smith s Closing Analysis B also places an essential focus on people development and people building. This is because Joe Smith s Closing Analysis B realizes the importance of employees in building strong customer relationships. Joe Smith s Closing Analysis B develops its employee and people by focusing on the following aspects:
- Joe Smith s Closing Analysis B makes sure that all employees undergo regular training sessions for skill development and enhancement
- Trainings at Joe Smith s Closing Analysis B are not the only field related, but also focus on essential management and organizational skills
- Training sessions and activities at Joe Smith s Closing Analysis B also identify with the employee's own needs of progression, development and growth
- All training sessions and activities designed and carried out by Joe Smith s Closing Analysis B take into consideration business goals and objectives, as well as employee's personal goals and aspirations
- Joe Smith s Closing Analysis B, 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
- Joe Smith s Closing Analysis B works on strengthening the organizational commitment in its employees
- Joe Smith s Closing Analysis B builds employee loyalty so that people can reflect their optimal best at work
- Joe Smith s Closing Analysis B also understands that satisfied employees will lead to happy and satisfied customers
- Joe Smith s Closing Analysis B regularly shares different reward programs for employees, including stock sharing, so that their organizational commitment and ownership is enhanced
- Joe Smith s Closing Analysis B 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
- Joe Smith s Closing Analysis B employees are the face of the organization
- Joe Smith s Closing Analysis B are motivated through the exciting and creative organizational culture
- Employees are also motivated through different reward programs and bonuses that Joe Smith s Closing Analysis B 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
- Joe Smith s Closing Analysis B remains one of the leading players in the industry also because of its focus on succession planning
- Joe Smith s Closing Analysis B 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 Joe Smith s Closing Analysis B
- Strategic succession planning has allowed Joe Smith s Closing Analysis B to be prepared for different challenges, and also be resourceful enough to deflect them
Joe Smith s Closing Analysis B has organized and systematic processes in place to make sure that the business experiences consistent growth.
- All operations at Joe Smith s Closing Analysis B are clearly defined and communicated to the employees
- Joe Smith s Closing Analysis B 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 Joe Smith s Closing Analysis B
2.6.2. People Management
- Joe Smith s Closing Analysis B has also defined clear processes for people management through streamlining its human resource management department
- Joe Smith s Closing Analysis B 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 Joe Smith s Closing Analysis B to keep its workforce motivated and happy – which reflects in satisfied customers
2.6.3. Quality maintenance
- Joe Smith s Closing Analysis B 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
- Joe Smith s Closing Analysis B 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 Joe Smith s Closing Analysis B 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 Joe Smith s Closing Analysis B as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Joe Smith s Closing Analysis B include:
2.7.1. Store atmosphere
- The store design and management for Joe Smith s Closing Analysis B 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 Joe Smith s Closing Analysis B at ease
- The store design is also important for Joe Smith s Closing Analysis B 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 Joe Smith s Closing Analysis B to control and manage the store atmosphere to be able to positively influence customers and to be able to appeal to them emotionally
- Joe Smith s Closing Analysis B has unique packaging, which is different from other players in the industry
- Joe Smith s Closing Analysis B 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 Joe Smith s Closing Analysis B
- The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Joe Smith s Closing Analysis B
2.7.3. Website design
- The website design is simple and easy to use
- Joe Smith s Closing Analysis B has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
- The corporate website of Joe Smith s Closing Analysis B 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
Dahlén, M., Lange, F. & Smith, T., 2010. Marketing communications: A brand narrative approach. Chichester: John Wiley & Sons.
De Chernatony, L., 1999. Brand Management through Narrowing the Gap between Brand Identity and Brand Reputation. Journal of Marketing Management, 15(1–3), p. 157–79.
Harish, R., 2008. Brand Architecture and its Applications in Strategic Marketing:The Example of L’Oréal. The Icfai Journal of Marketing Management, 7(2), pp. 39-51.
Išoraitė, M., 2009. Theoretical aspects of marketing strategy. Ekonomika ir vadyba: aktualijos ir perspektyvos: mokslo darbai, Volume 1, pp. 114-125.
Keller, K., 2001. Mastering the marketing communications mix : Micro and macro perspectives on integrated marketing communication programs. Journal of Marketing Management, Volume 17, p. 819–847.
Kotler , P., 2003. Marketing Management. New Jersey: Pearson Education Inc.
Kotler, P., 1997. Marketing management: Analysis, planning, implementation and control. New Jersey: Prentice-Hall.
Kotler, P., 211. Reinventing marketing to manage the environmental imperative. Journal of Marketing, 75(4), pp. 132-135.
Kotler, P. & Keller, K., 2007. Marketing Management. Praha: Grada Publishing.
Lamb, C., Hair, J. & McDaniel, C., 2011. Essentials of marketing. s.l.:Cengage Learning.
Rafiee, V. & Sarabdeen , J., 2013. Social Media Marketing: The Unavoidable Marketing Management Tool. Dubai, University of Wollongong, pp. 933-942.
Rao, K., 2011. Services Marketing. New Delhi: Pearson Education India.
Richards, K. & Jones, E., 2008. Customer relationship management: Finding value drivers. Industrial marketing management, 37(2), pp. 120-130.
Schmitt, B., 1999. Experiential marketing. Journal of Marketing Management, p. 57.
Teilmann, V., 2010. Market Entry Strategies: International Marketing Management. Berlin: GRIN Verlag.
Zahay, D. & Griffin, A., 2010. Marketing strategy selection, marketing metrics, and firm performance. Journal of Business & Industrial Marketing, 25(2), pp. 84-93.
Warning! This article is only an example and cannot be used for research or reference purposes. If you need help with something similar, please submit your details here.
Be a great writer or hire a greater one!
Academic writing has no room for errors and mistakes. If you have BIG dreams to score BIG, think out of the box and hire Case48 with BIG enough reputation.
Most recent surveys suggest that around 76 % students try professional academic writing services at least once in their lifetime!