Marketing Mix Of Life s Story Assignment

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 Life s Story Assignment

Life s Story Assignment makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Life s Story Assignment is presented below:

2.1. Product

Product is one of the most important components of the Life s Story Assignment Marketing mix. The distinctive characteristics of the product by Life s Story Assignment are:

2.1.1. Quality

• Life s Story Assignment maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Life s Story Assignment 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 Life s Story Assignment with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Life s Story Assignment 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

• Life s Story Assignment has a broad portfolio of products
• The broad portfolio helps Life s Story Assignment in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Life s Story Assignment
• The broader product portfolio also adds more value for Life s Story Assignment

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

Life s Story Assignment 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 Life s Story Assignment in all markets
• Company-operated stores give Life s Story Assignment higher control over operations as well as store layout and design
• Life s Story Assignment 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 Life s Story Assignment in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Life s Story Assignment has developed a successfully operational website for online order placement and order tracking
• Life s Story Assignment 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 Life s Story Assignment and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Life s Story Assignment also places its products in supermarkets and hypermarkets across the country
• A large number of Life s Story Assignment target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Life s Story Assignment

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

• Life s Story Assignment 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 Life s Story Assignment and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Life s Story Assignment on high valued purchases
• Frequent usage and purchase of products by Life s Story Assignment also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of Life s Story Assignment also places an essential focus on people development and people building. This is because Life s Story Assignment realizes the importance of employees in building strong customer relationships. Life s Story Assignment develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

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

• Life s Story Assignment employees are the face of the organization
• Life s Story Assignment are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Life s Story Assignment 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

• Life s Story Assignment remains one of the leading players in the industry also because of its focus on succession planning
• Life s Story Assignment 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 Life s Story Assignment
• Strategic succession planning has allowed Life s Story Assignment to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Life s Story Assignment has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Life s Story Assignment are clearly defined and communicated to the employees
• Life s Story Assignment 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 Life s Story Assignment

2.6.2. People Management

• Life s Story Assignment has also defined clear processes for people management through streamlining its human resource management department
• Life s Story Assignment 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 Life s Story Assignment to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Life s Story Assignment 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

• Life s Story Assignment 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 Life s Story Assignment 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 Life s Story Assignment as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Life s Story Assignment include:

2.7.1. Store atmosphere

• The store design and management for Life s Story Assignment 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 Life s Story Assignment at ease
• The store design is also important for Life s Story Assignment 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 Life s Story Assignment 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

• Life s Story Assignment has unique packaging, which is different from other players in the industry
• Life s Story Assignment 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 Life s Story Assignment
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Life s Story Assignment

2.7.3. Website design

• The website design is simple and easy to use
• Life s Story Assignment has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Life s Story Assignment 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