Marketing Mix Of Resources and Performance The Firm s Recovery from Economic Crisis

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 Resources and Performance The Firm s Recovery from Economic Crisis

Resources and Performance The Firm s Recovery from Economic Crisis makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Resources and Performance The Firm s Recovery from Economic Crisis is presented below:

2.1. Product

Product is one of the most important components of the Resources and Performance The Firm s Recovery from Economic Crisis Marketing mix. The distinctive characteristics of the product by Resources and Performance The Firm s Recovery from Economic Crisis are:

2.1.1. Quality

• Resources and Performance The Firm s Recovery from Economic Crisis maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Resources and Performance The Firm s Recovery from Economic Crisis 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 Resources and Performance The Firm s Recovery from Economic Crisis with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Resources and Performance The Firm s Recovery from Economic Crisis 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

• Resources and Performance The Firm s Recovery from Economic Crisis has a broad portfolio of products
• The broad portfolio helps Resources and Performance The Firm s Recovery from Economic Crisis in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Resources and Performance The Firm s Recovery from Economic Crisis
• The broader product portfolio also adds more value for Resources and Performance The Firm s Recovery from Economic Crisis

2.1.4. Benefits of product consumption

• Resources and Performance The Firm s Recovery from Economic Crisis 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 Resources and Performance The Firm s Recovery from Economic Crisis is its delivery of emotional benefits to the consumer
• Products manufactured and sold by Resources and Performance The Firm s Recovery from Economic Crisis promise consumers an ego boost, confidence, and security
• Resources and Performance The Firm s Recovery from Economic Crisis 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 Resources and Performance The Firm s Recovery from Economic Crisis are available in different sizes
• Resources and Performance The Firm s Recovery from Economic Crisis 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, Resources and Performance The Firm s Recovery from Economic Crisis has also increased the trial rate
• Different SKUs have also helped Resources and Performance The Firm s Recovery from Economic Crisis improve its product accessibility

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

Resources and Performance The Firm s Recovery from Economic Crisis 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 Resources and Performance The Firm s Recovery from Economic Crisis in all markets
• Company-operated stores give Resources and Performance The Firm s Recovery from Economic Crisis higher control over operations as well as store layout and design
• Resources and Performance The Firm s Recovery from Economic Crisis 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 Resources and Performance The Firm s Recovery from Economic Crisis in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Resources and Performance The Firm s Recovery from Economic Crisis has developed a successfully operational website for online order placement and order tracking
• Resources and Performance The Firm s Recovery from Economic Crisis 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 Resources and Performance The Firm s Recovery from Economic Crisis and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Resources and Performance The Firm s Recovery from Economic Crisis also places its products in supermarkets and hypermarkets across the country
• A large number of Resources and Performance The Firm s Recovery from Economic Crisis target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Resources and Performance The Firm s Recovery from Economic Crisis

2.3.5. Partner agents

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

2.4.1. Digital marketing

• Resources and Performance The Firm s Recovery from Economic Crisis has corporate profiles on all social media websites and portals
• Resources and Performance The Firm s Recovery from Economic Crisis uses its social media presence to directly, engage with consumers
• This direct engagement and interaction allows Resources and Performance The Firm s Recovery from Economic Crisis to understand the customers, their needs and demands
• Resources and Performance The Firm s Recovery from Economic Crisis uses this feedback and incorporates it in its broader marketing and organizational strategy
• Resources and Performance The Firm s Recovery from Economic Crisis 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

• Resources and Performance The Firm s Recovery from Economic Crisis 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 Resources and Performance The Firm s Recovery from Economic Crisis and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Resources and Performance The Firm s Recovery from Economic Crisis on high valued purchases
• Frequent usage and purchase of products by Resources and Performance The Firm s Recovery from Economic Crisis also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of Resources and Performance The Firm s Recovery from Economic Crisis also places an essential focus on people development and people building. This is because Resources and Performance The Firm s Recovery from Economic Crisis realizes the importance of employees in building strong customer relationships. Resources and Performance The Firm s Recovery from Economic Crisis develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

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

• Resources and Performance The Firm s Recovery from Economic Crisis employees are the face of the organization
• Resources and Performance The Firm s Recovery from Economic Crisis are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Resources and Performance The Firm s Recovery from Economic Crisis 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

• Resources and Performance The Firm s Recovery from Economic Crisis remains one of the leading players in the industry also because of its focus on succession planning
• Resources and Performance The Firm s Recovery from Economic Crisis 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 Resources and Performance The Firm s Recovery from Economic Crisis
• Strategic succession planning has allowed Resources and Performance The Firm s Recovery from Economic Crisis to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Resources and Performance The Firm s Recovery from Economic Crisis has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Resources and Performance The Firm s Recovery from Economic Crisis are clearly defined and communicated to the employees
• Resources and Performance The Firm s Recovery from Economic Crisis 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 Resources and Performance The Firm s Recovery from Economic Crisis

2.6.2. People Management

• Resources and Performance The Firm s Recovery from Economic Crisis has also defined clear processes for people management through streamlining its human resource management department
• Resources and Performance The Firm s Recovery from Economic Crisis 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 Resources and Performance The Firm s Recovery from Economic Crisis to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Resources and Performance The Firm s Recovery from Economic Crisis 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

• Resources and Performance The Firm s Recovery from Economic Crisis 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 Resources and Performance The Firm s Recovery from Economic Crisis 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 Resources and Performance The Firm s Recovery from Economic Crisis as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Resources and Performance The Firm s Recovery from Economic Crisis include:

2.7.1. Store atmosphere

• The store design and management for Resources and Performance The Firm s Recovery from Economic Crisis 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 Resources and Performance The Firm s Recovery from Economic Crisis at ease
• The store design is also important for Resources and Performance The Firm s Recovery from Economic Crisis 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 Resources and Performance The Firm s Recovery from Economic Crisis 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

• Resources and Performance The Firm s Recovery from Economic Crisis has unique packaging, which is different from other players in the industry
• Resources and Performance The Firm s Recovery from Economic Crisis 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 Resources and Performance The Firm s Recovery from Economic Crisis
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Resources and Performance The Firm s Recovery from Economic Crisis

2.7.3. Website design

• The website design is simple and easy to use
• Resources and Performance The Firm s Recovery from Economic Crisis has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Resources and Performance The Firm s Recovery from Economic Crisis 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