Marketing Mix Of Molycorp Financing the Production of Rare Earth Minerals 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 Molycorp Financing the Production of Rare Earth Minerals A

Molycorp Financing the Production of Rare Earth Minerals A makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Molycorp Financing the Production of Rare Earth Minerals A is presented below:

2.1. Product

Product is one of the most important components of the Molycorp Financing the Production of Rare Earth Minerals A Marketing mix. The distinctive characteristics of the product by Molycorp Financing the Production of Rare Earth Minerals A are:

2.1.1. Quality

• Molycorp Financing the Production of Rare Earth Minerals A maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Molycorp Financing the Production of Rare Earth Minerals 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 Molycorp Financing the Production of Rare Earth Minerals A with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Molycorp Financing the Production of Rare Earth Minerals 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

• Molycorp Financing the Production of Rare Earth Minerals A has a broad portfolio of products
• The broad portfolio helps Molycorp Financing the Production of Rare Earth Minerals A in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Molycorp Financing the Production of Rare Earth Minerals A
• The broader product portfolio also adds more value for Molycorp Financing the Production of Rare Earth Minerals A

2.1.4. Benefits of product consumption

• Molycorp Financing the Production of Rare Earth Minerals 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 Molycorp Financing the Production of Rare Earth Minerals A is its delivery of emotional benefits to the consumer
• Products manufactured and sold by Molycorp Financing the Production of Rare Earth Minerals A promise consumers an ego boost, confidence, and security
• Molycorp Financing the Production of Rare Earth Minerals 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 Molycorp Financing the Production of Rare Earth Minerals A are available in different sizes
• Molycorp Financing the Production of Rare Earth Minerals 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, Molycorp Financing the Production of Rare Earth Minerals A has also increased the trial rate
• Different SKUs have also helped Molycorp Financing the Production of Rare Earth Minerals A improve its product accessibility

2.2. Price

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

2.2.2. Psychological pricing

• Since Molycorp Financing the Production of Rare Earth Minerals 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, Molycorp Financing the Production of Rare Earth Minerals A also successfully adds more value to its products from the point of view of customers
• Molycorp Financing the Production of Rare Earth Minerals A also gains higher sales with psychological pricing
• Consumer purchase a higher amount of Molycorp Financing the Production of Rare Earth Minerals A products because of its use of psychological pricing
• Molycorp Financing the Production of Rare Earth Minerals A is able to increase its target audience and broaden its target purchaser groups

2.2.3. Geographical pricing

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

2.3. Placement

Molycorp Financing the Production of Rare Earth Minerals 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 Molycorp Financing the Production of Rare Earth Minerals A in all markets
• Company-operated stores give Molycorp Financing the Production of Rare Earth Minerals A higher control over operations as well as store layout and design
• Molycorp Financing the Production of Rare Earth Minerals 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 Molycorp Financing the Production of Rare Earth Minerals A in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Molycorp Financing the Production of Rare Earth Minerals A has developed a successfully operational website for online order placement and order tracking
• Molycorp Financing the Production of Rare Earth Minerals 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 Molycorp Financing the Production of Rare Earth Minerals A and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Molycorp Financing the Production of Rare Earth Minerals A also places its products in supermarkets and hypermarkets across the country
• A large number of Molycorp Financing the Production of Rare Earth Minerals A target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Molycorp Financing the Production of Rare Earth Minerals A

2.3.5. Partner agents

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

2.4.1. Digital marketing

• Molycorp Financing the Production of Rare Earth Minerals A has corporate profiles on all social media websites and portals
• Molycorp Financing the Production of Rare Earth Minerals A uses its social media presence to directly, engage with consumers
• This direct engagement and interaction allows Molycorp Financing the Production of Rare Earth Minerals A to understand the customers, their needs and demands
• Molycorp Financing the Production of Rare Earth Minerals A uses this feedback and incorporates it in its broader marketing and organizational strategy
• Molycorp Financing the Production of Rare Earth Minerals 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

• Molycorp Financing the Production of Rare Earth Minerals 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 Molycorp Financing the Production of Rare Earth Minerals A and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Molycorp Financing the Production of Rare Earth Minerals A on high valued purchases
• Frequent usage and purchase of products by Molycorp Financing the Production of Rare Earth Minerals A also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of Molycorp Financing the Production of Rare Earth Minerals A also places an essential focus on people development and people building. This is because Molycorp Financing the Production of Rare Earth Minerals A realizes the importance of employees in building strong customer relationships. Molycorp Financing the Production of Rare Earth Minerals A develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

• Molycorp Financing the Production of Rare Earth Minerals A works on strengthening the organizational commitment in its employees
• Molycorp Financing the Production of Rare Earth Minerals A builds employee loyalty so that people can reflect their optimal best at work
• Molycorp Financing the Production of Rare Earth Minerals A also understands that satisfied employees will lead to happy and satisfied customers
• Molycorp Financing the Production of Rare Earth Minerals A regularly shares different reward programs for employees, including stock sharing, so that their organizational commitment and ownership is enhanced
• Molycorp Financing the Production of Rare Earth Minerals 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

• Molycorp Financing the Production of Rare Earth Minerals A employees are the face of the organization
• Molycorp Financing the Production of Rare Earth Minerals A are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Molycorp Financing the Production of Rare Earth Minerals 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

• Molycorp Financing the Production of Rare Earth Minerals A remains one of the leading players in the industry also because of its focus on succession planning
• Molycorp Financing the Production of Rare Earth Minerals 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 Molycorp Financing the Production of Rare Earth Minerals A
• Strategic succession planning has allowed Molycorp Financing the Production of Rare Earth Minerals A to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Molycorp Financing the Production of Rare Earth Minerals A has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Molycorp Financing the Production of Rare Earth Minerals A are clearly defined and communicated to the employees
• Molycorp Financing the Production of Rare Earth Minerals 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 Molycorp Financing the Production of Rare Earth Minerals A

2.6.2. People Management

• Molycorp Financing the Production of Rare Earth Minerals A has also defined clear processes for people management through streamlining its human resource management department
• Molycorp Financing the Production of Rare Earth Minerals 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 Molycorp Financing the Production of Rare Earth Minerals A to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Molycorp Financing the Production of Rare Earth Minerals 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

• Molycorp Financing the Production of Rare Earth Minerals 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 Molycorp Financing the Production of Rare Earth Minerals 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 Molycorp Financing the Production of Rare Earth Minerals A as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Molycorp Financing the Production of Rare Earth Minerals A include:

2.7.1. Store atmosphere

• The store design and management for Molycorp Financing the Production of Rare Earth Minerals 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 Molycorp Financing the Production of Rare Earth Minerals A at ease
• The store design is also important for Molycorp Financing the Production of Rare Earth Minerals 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 Molycorp Financing the Production of Rare Earth Minerals 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

• Molycorp Financing the Production of Rare Earth Minerals A has unique packaging, which is different from other players in the industry
• Molycorp Financing the Production of Rare Earth Minerals 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 Molycorp Financing the Production of Rare Earth Minerals A
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Molycorp Financing the Production of Rare Earth Minerals A

2.7.3. Website design

• The website design is simple and easy to use
• Molycorp Financing the Production of Rare Earth Minerals A has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Molycorp Financing the Production of Rare Earth Minerals 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