Marketing Mix Of LIVESTRONG Cycling Around Lance Armstrong

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 LIVESTRONG Cycling Around Lance Armstrong

LIVESTRONG Cycling Around Lance Armstrong makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix LIVESTRONG Cycling Around Lance Armstrong is presented below:

2.1. Product

Product is one of the most important components of the LIVESTRONG Cycling Around Lance Armstrong Marketing mix. The distinctive characteristics of the product by LIVESTRONG Cycling Around Lance Armstrong are:

2.1.1. Quality

• LIVESTRONG Cycling Around Lance Armstrong maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• LIVESTRONG Cycling Around Lance Armstrong 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 LIVESTRONG Cycling Around Lance Armstrong with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by LIVESTRONG Cycling Around Lance Armstrong 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

• LIVESTRONG Cycling Around Lance Armstrong has a broad portfolio of products
• The broad portfolio helps LIVESTRONG Cycling Around Lance Armstrong in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to LIVESTRONG Cycling Around Lance Armstrong
• The broader product portfolio also adds more value for LIVESTRONG Cycling Around Lance Armstrong

2.1.4. Benefits of product consumption

• LIVESTRONG Cycling Around Lance Armstrong 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 LIVESTRONG Cycling Around Lance Armstrong is its delivery of emotional benefits to the consumer
• Products manufactured and sold by LIVESTRONG Cycling Around Lance Armstrong promise consumers an ego boost, confidence, and security
• LIVESTRONG Cycling Around Lance Armstrong 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 LIVESTRONG Cycling Around Lance Armstrong are available in different sizes
• LIVESTRONG Cycling Around Lance Armstrong 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, LIVESTRONG Cycling Around Lance Armstrong has also increased the trial rate
• Different SKUs have also helped LIVESTRONG Cycling Around Lance Armstrong improve its product accessibility

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

LIVESTRONG Cycling Around Lance Armstrong 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 LIVESTRONG Cycling Around Lance Armstrong in all markets
• Company-operated stores give LIVESTRONG Cycling Around Lance Armstrong higher control over operations as well as store layout and design
• LIVESTRONG Cycling Around Lance Armstrong 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 LIVESTRONG Cycling Around Lance Armstrong in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• LIVESTRONG Cycling Around Lance Armstrong has developed a successfully operational website for online order placement and order tracking
• LIVESTRONG Cycling Around Lance Armstrong 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 LIVESTRONG Cycling Around Lance Armstrong and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• LIVESTRONG Cycling Around Lance Armstrong also places its products in supermarkets and hypermarkets across the country
• A large number of LIVESTRONG Cycling Around Lance Armstrong target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for LIVESTRONG Cycling Around Lance Armstrong

2.3.5. Partner agents

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

2.4.1. Digital marketing

• LIVESTRONG Cycling Around Lance Armstrong has corporate profiles on all social media websites and portals
• LIVESTRONG Cycling Around Lance Armstrong uses its social media presence to directly, engage with consumers
• This direct engagement and interaction allows LIVESTRONG Cycling Around Lance Armstrong to understand the customers, their needs and demands
• LIVESTRONG Cycling Around Lance Armstrong uses this feedback and incorporates it in its broader marketing and organizational strategy
• LIVESTRONG Cycling Around Lance Armstrong 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

• LIVESTRONG Cycling Around Lance Armstrong 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 LIVESTRONG Cycling Around Lance Armstrong and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by LIVESTRONG Cycling Around Lance Armstrong on high valued purchases
• Frequent usage and purchase of products by LIVESTRONG Cycling Around Lance Armstrong also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of LIVESTRONG Cycling Around Lance Armstrong also places an essential focus on people development and people building. This is because LIVESTRONG Cycling Around Lance Armstrong realizes the importance of employees in building strong customer relationships. LIVESTRONG Cycling Around Lance Armstrong develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

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

• LIVESTRONG Cycling Around Lance Armstrong employees are the face of the organization
• LIVESTRONG Cycling Around Lance Armstrong are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that LIVESTRONG Cycling Around Lance Armstrong 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

• LIVESTRONG Cycling Around Lance Armstrong remains one of the leading players in the industry also because of its focus on succession planning
• LIVESTRONG Cycling Around Lance Armstrong 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 LIVESTRONG Cycling Around Lance Armstrong
• Strategic succession planning has allowed LIVESTRONG Cycling Around Lance Armstrong to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

LIVESTRONG Cycling Around Lance Armstrong has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at LIVESTRONG Cycling Around Lance Armstrong are clearly defined and communicated to the employees
• LIVESTRONG Cycling Around Lance Armstrong 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 LIVESTRONG Cycling Around Lance Armstrong

2.6.2. People Management

• LIVESTRONG Cycling Around Lance Armstrong has also defined clear processes for people management through streamlining its human resource management department
• LIVESTRONG Cycling Around Lance Armstrong 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 LIVESTRONG Cycling Around Lance Armstrong to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• LIVESTRONG Cycling Around Lance Armstrong 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

• LIVESTRONG Cycling Around Lance Armstrong 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 LIVESTRONG Cycling Around Lance Armstrong 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 LIVESTRONG Cycling Around Lance Armstrong as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for LIVESTRONG Cycling Around Lance Armstrong include:

2.7.1. Store atmosphere

• The store design and management for LIVESTRONG Cycling Around Lance Armstrong 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 LIVESTRONG Cycling Around Lance Armstrong at ease
• The store design is also important for LIVESTRONG Cycling Around Lance Armstrong 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 LIVESTRONG Cycling Around Lance Armstrong 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

• LIVESTRONG Cycling Around Lance Armstrong has unique packaging, which is different from other players in the industry
• LIVESTRONG Cycling Around Lance Armstrong 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 LIVESTRONG Cycling Around Lance Armstrong
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by LIVESTRONG Cycling Around Lance Armstrong

2.7.3. Website design

• The website design is simple and easy to use
• LIVESTRONG Cycling Around Lance Armstrong has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of LIVESTRONG Cycling Around Lance Armstrong 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