Marketing Mix Of Medium Term Budgetary Framework MTBF Case A

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 Medium Term Budgetary Framework MTBF Case A

Medium Term Budgetary Framework MTBF Case A makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Medium Term Budgetary Framework MTBF Case A is presented below:

2.1. Product

Product is one of the most important components of the Medium Term Budgetary Framework MTBF Case A Marketing mix. The distinctive characteristics of the product by Medium Term Budgetary Framework MTBF Case A are:

2.1.1. Quality

• Medium Term Budgetary Framework MTBF Case A maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Medium Term Budgetary Framework MTBF Case A 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 Medium Term Budgetary Framework MTBF Case A with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Medium Term Budgetary Framework MTBF Case A 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

• Medium Term Budgetary Framework MTBF Case A has a broad portfolio of products
• The broad portfolio helps Medium Term Budgetary Framework MTBF Case A in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Medium Term Budgetary Framework MTBF Case A
• The broader product portfolio also adds more value for Medium Term Budgetary Framework MTBF Case A

2.1.4. Benefits of product consumption

• Medium Term Budgetary Framework MTBF Case A 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 Medium Term Budgetary Framework MTBF Case A is its delivery of emotional benefits to the consumer
• Products manufactured and sold by Medium Term Budgetary Framework MTBF Case A promise consumers an ego boost, confidence, and security
• Medium Term Budgetary Framework MTBF Case A 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 Medium Term Budgetary Framework MTBF Case A are available in different sizes
• Medium Term Budgetary Framework MTBF Case A 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, Medium Term Budgetary Framework MTBF Case A has also increased the trial rate
• Different SKUs have also helped Medium Term Budgetary Framework MTBF Case A improve its product accessibility

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

Medium Term Budgetary Framework MTBF Case A 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 Medium Term Budgetary Framework MTBF Case A in all markets
• Company-operated stores give Medium Term Budgetary Framework MTBF Case A higher control over operations as well as store layout and design
• Medium Term Budgetary Framework MTBF Case A 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 Medium Term Budgetary Framework MTBF Case A in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Medium Term Budgetary Framework MTBF Case A has developed a successfully operational website for online order placement and order tracking
• Medium Term Budgetary Framework MTBF Case A 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 Medium Term Budgetary Framework MTBF Case A and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Medium Term Budgetary Framework MTBF Case A also places its products in supermarkets and hypermarkets across the country
• A large number of Medium Term Budgetary Framework MTBF Case A target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Medium Term Budgetary Framework MTBF Case A

2.3.5. Partner agents

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

2.4.1. Digital marketing

• Medium Term Budgetary Framework MTBF Case A has corporate profiles on all social media websites and portals
• Medium Term Budgetary Framework MTBF Case A uses its social media presence to directly, engage with consumers
• This direct engagement and interaction allows Medium Term Budgetary Framework MTBF Case A to understand the customers, their needs and demands
• Medium Term Budgetary Framework MTBF Case A uses this feedback and incorporates it in its broader marketing and organizational strategy
• Medium Term Budgetary Framework MTBF Case A 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

• Medium Term Budgetary Framework MTBF Case A 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 Medium Term Budgetary Framework MTBF Case A and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Medium Term Budgetary Framework MTBF Case A on high valued purchases
• Frequent usage and purchase of products by Medium Term Budgetary Framework MTBF Case A also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of Medium Term Budgetary Framework MTBF Case A also places an essential focus on people development and people building. This is because Medium Term Budgetary Framework MTBF Case A realizes the importance of employees in building strong customer relationships. Medium Term Budgetary Framework MTBF Case A develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

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

• Medium Term Budgetary Framework MTBF Case A employees are the face of the organization
• Medium Term Budgetary Framework MTBF Case A are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Medium Term Budgetary Framework MTBF Case A 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

• Medium Term Budgetary Framework MTBF Case A remains one of the leading players in the industry also because of its focus on succession planning
• Medium Term Budgetary Framework MTBF Case A 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 Medium Term Budgetary Framework MTBF Case A
• Strategic succession planning has allowed Medium Term Budgetary Framework MTBF Case A to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Medium Term Budgetary Framework MTBF Case A has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Medium Term Budgetary Framework MTBF Case A are clearly defined and communicated to the employees
• Medium Term Budgetary Framework MTBF Case A 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 Medium Term Budgetary Framework MTBF Case A

2.6.2. People Management

• Medium Term Budgetary Framework MTBF Case A has also defined clear processes for people management through streamlining its human resource management department
• Medium Term Budgetary Framework MTBF Case A 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 Medium Term Budgetary Framework MTBF Case A to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Medium Term Budgetary Framework MTBF Case A 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

• Medium Term Budgetary Framework MTBF Case A 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 Medium Term Budgetary Framework MTBF Case A 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 Medium Term Budgetary Framework MTBF Case A as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Medium Term Budgetary Framework MTBF Case A include:

2.7.1. Store atmosphere

• The store design and management for Medium Term Budgetary Framework MTBF Case A 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 Medium Term Budgetary Framework MTBF Case A at ease
• The store design is also important for Medium Term Budgetary Framework MTBF Case A 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 Medium Term Budgetary Framework MTBF Case A 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

• Medium Term Budgetary Framework MTBF Case A has unique packaging, which is different from other players in the industry
• Medium Term Budgetary Framework MTBF Case A 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 Medium Term Budgetary Framework MTBF Case A
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Medium Term Budgetary Framework MTBF Case A

2.7.3. Website design

• The website design is simple and easy to use
• Medium Term Budgetary Framework MTBF Case A has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Medium Term Budgetary Framework MTBF Case A 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