Marketing Mix Of Pack-iTS

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 Pack-iTS

Pack-iTS makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Pack-iTS is presented below:

2.1. Product

Product is one of the most important components of the Pack-iTS Marketing mix. The distinctive characteristics of the product by Pack-iTS are:

2.1.1. Quality

• Pack-iTS maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Pack-iTS 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 Pack-iTS with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Pack-iTS 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

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

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

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

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Pack-iTS has developed a successfully operational website for online order placement and order tracking
• Pack-iTS 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 Pack-iTS and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Pack-iTS also places its products in supermarkets and hypermarkets across the country
• A large number of Pack-iTS target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Pack-iTS

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

• Pack-iTS employees are the face of the organization
• Pack-iTS are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Pack-iTS 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

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

2.6. Process

Pack-iTS has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Pack-iTS are clearly defined and communicated to the employees
• Pack-iTS 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 Pack-iTS

2.6.2. People Management

• Pack-iTS has also defined clear processes for people management through streamlining its human resource management department
• Pack-iTS 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 Pack-iTS to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Pack-iTS 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

• Pack-iTS 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 Pack-iTS 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 Pack-iTS as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Pack-iTS include:

2.7.1. Store atmosphere

• The store design and management for Pack-iTS 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 Pack-iTS at ease
• The store design is also important for Pack-iTS 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 Pack-iTS 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

• Pack-iTS has unique packaging, which is different from other players in the industry
• Pack-iTS 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 Pack-iTS
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Pack-iTS

2.7.3. Website design

• The website design is simple and easy to use
• Pack-iTS has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Pack-iTS 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