Marketing Mix Of List Testing Exercise Economic Selection SIMULATION

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 List Testing Exercise Economic Selection SIMULATION

List Testing Exercise Economic Selection SIMULATION makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix List Testing Exercise Economic Selection SIMULATION is presented below:

2.1. Product

Product is one of the most important components of the List Testing Exercise Economic Selection SIMULATION Marketing mix. The distinctive characteristics of the product by List Testing Exercise Economic Selection SIMULATION are:

2.1.1. Quality

• List Testing Exercise Economic Selection SIMULATION maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• List Testing Exercise Economic Selection SIMULATION 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 List Testing Exercise Economic Selection SIMULATION with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by List Testing Exercise Economic Selection SIMULATION 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

• List Testing Exercise Economic Selection SIMULATION has a broad portfolio of products
• The broad portfolio helps List Testing Exercise Economic Selection SIMULATION in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to List Testing Exercise Economic Selection SIMULATION
• The broader product portfolio also adds more value for List Testing Exercise Economic Selection SIMULATION

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

List Testing Exercise Economic Selection SIMULATION 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 List Testing Exercise Economic Selection SIMULATION in all markets
• Company-operated stores give List Testing Exercise Economic Selection SIMULATION higher control over operations as well as store layout and design
• List Testing Exercise Economic Selection SIMULATION 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 List Testing Exercise Economic Selection SIMULATION in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• List Testing Exercise Economic Selection SIMULATION has developed a successfully operational website for online order placement and order tracking
• List Testing Exercise Economic Selection SIMULATION 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 List Testing Exercise Economic Selection SIMULATION and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• List Testing Exercise Economic Selection SIMULATION also places its products in supermarkets and hypermarkets across the country
• A large number of List Testing Exercise Economic Selection SIMULATION target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for List Testing Exercise Economic Selection SIMULATION

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

• List Testing Exercise Economic Selection SIMULATION 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 List Testing Exercise Economic Selection SIMULATION and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by List Testing Exercise Economic Selection SIMULATION on high valued purchases
• Frequent usage and purchase of products by List Testing Exercise Economic Selection SIMULATION also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of List Testing Exercise Economic Selection SIMULATION also places an essential focus on people development and people building. This is because List Testing Exercise Economic Selection SIMULATION realizes the importance of employees in building strong customer relationships. List Testing Exercise Economic Selection SIMULATION develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

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

• List Testing Exercise Economic Selection SIMULATION employees are the face of the organization
• List Testing Exercise Economic Selection SIMULATION are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that List Testing Exercise Economic Selection SIMULATION 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

• List Testing Exercise Economic Selection SIMULATION remains one of the leading players in the industry also because of its focus on succession planning
• List Testing Exercise Economic Selection SIMULATION 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 List Testing Exercise Economic Selection SIMULATION
• Strategic succession planning has allowed List Testing Exercise Economic Selection SIMULATION to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

List Testing Exercise Economic Selection SIMULATION has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at List Testing Exercise Economic Selection SIMULATION are clearly defined and communicated to the employees
• List Testing Exercise Economic Selection SIMULATION 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 List Testing Exercise Economic Selection SIMULATION

2.6.2. People Management

• List Testing Exercise Economic Selection SIMULATION has also defined clear processes for people management through streamlining its human resource management department
• List Testing Exercise Economic Selection SIMULATION 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 List Testing Exercise Economic Selection SIMULATION to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• List Testing Exercise Economic Selection SIMULATION 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

• List Testing Exercise Economic Selection SIMULATION 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 List Testing Exercise Economic Selection SIMULATION 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 List Testing Exercise Economic Selection SIMULATION as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for List Testing Exercise Economic Selection SIMULATION include:

2.7.1. Store atmosphere

• The store design and management for List Testing Exercise Economic Selection SIMULATION 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 List Testing Exercise Economic Selection SIMULATION at ease
• The store design is also important for List Testing Exercise Economic Selection SIMULATION 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 List Testing Exercise Economic Selection SIMULATION 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

• List Testing Exercise Economic Selection SIMULATION has unique packaging, which is different from other players in the industry
• List Testing Exercise Economic Selection SIMULATION 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 List Testing Exercise Economic Selection SIMULATION
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by List Testing Exercise Economic Selection SIMULATION

2.7.3. Website design

• The website design is simple and easy to use
• List Testing Exercise Economic Selection SIMULATION has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of List Testing Exercise Economic Selection SIMULATION 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