Marketing Mix Of Reynolds Metals Co Consumer Products Division

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 Reynolds Metals Co Consumer Products Division

Reynolds Metals Co Consumer Products Division makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Reynolds Metals Co Consumer Products Division is presented below:

2.1. Product

Product is one of the most important components of the Reynolds Metals Co Consumer Products Division Marketing mix. The distinctive characteristics of the product by Reynolds Metals Co Consumer Products Division are:

2.1.1. Quality

• Reynolds Metals Co Consumer Products Division maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Reynolds Metals Co Consumer Products Division 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 Reynolds Metals Co Consumer Products Division with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Reynolds Metals Co Consumer Products Division 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

• Reynolds Metals Co Consumer Products Division has a broad portfolio of products
• The broad portfolio helps Reynolds Metals Co Consumer Products Division in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Reynolds Metals Co Consumer Products Division
• The broader product portfolio also adds more value for Reynolds Metals Co Consumer Products Division

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

Reynolds Metals Co Consumer Products Division 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 Reynolds Metals Co Consumer Products Division in all markets
• Company-operated stores give Reynolds Metals Co Consumer Products Division higher control over operations as well as store layout and design
• Reynolds Metals Co Consumer Products Division 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 Reynolds Metals Co Consumer Products Division in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Reynolds Metals Co Consumer Products Division has developed a successfully operational website for online order placement and order tracking
• Reynolds Metals Co Consumer Products Division 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 Reynolds Metals Co Consumer Products Division and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Reynolds Metals Co Consumer Products Division also places its products in supermarkets and hypermarkets across the country
• A large number of Reynolds Metals Co Consumer Products Division target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Reynolds Metals Co Consumer Products Division

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

• Reynolds Metals Co Consumer Products Division 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 Reynolds Metals Co Consumer Products Division and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Reynolds Metals Co Consumer Products Division on high valued purchases
• Frequent usage and purchase of products by Reynolds Metals Co Consumer Products Division also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of Reynolds Metals Co Consumer Products Division also places an essential focus on people development and people building. This is because Reynolds Metals Co Consumer Products Division realizes the importance of employees in building strong customer relationships. Reynolds Metals Co Consumer Products Division develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

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

• Reynolds Metals Co Consumer Products Division employees are the face of the organization
• Reynolds Metals Co Consumer Products Division are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Reynolds Metals Co Consumer Products Division 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

• Reynolds Metals Co Consumer Products Division remains one of the leading players in the industry also because of its focus on succession planning
• Reynolds Metals Co Consumer Products Division 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 Reynolds Metals Co Consumer Products Division
• Strategic succession planning has allowed Reynolds Metals Co Consumer Products Division to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Reynolds Metals Co Consumer Products Division has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Reynolds Metals Co Consumer Products Division are clearly defined and communicated to the employees
• Reynolds Metals Co Consumer Products Division 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 Reynolds Metals Co Consumer Products Division

2.6.2. People Management

• Reynolds Metals Co Consumer Products Division has also defined clear processes for people management through streamlining its human resource management department
• Reynolds Metals Co Consumer Products Division 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 Reynolds Metals Co Consumer Products Division to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Reynolds Metals Co Consumer Products Division 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

• Reynolds Metals Co Consumer Products Division 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 Reynolds Metals Co Consumer Products Division 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 Reynolds Metals Co Consumer Products Division as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Reynolds Metals Co Consumer Products Division include:

2.7.1. Store atmosphere

• The store design and management for Reynolds Metals Co Consumer Products Division 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 Reynolds Metals Co Consumer Products Division at ease
• The store design is also important for Reynolds Metals Co Consumer Products Division 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 Reynolds Metals Co Consumer Products Division 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

• Reynolds Metals Co Consumer Products Division has unique packaging, which is different from other players in the industry
• Reynolds Metals Co Consumer Products Division 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 Reynolds Metals Co Consumer Products Division
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Reynolds Metals Co Consumer Products Division

2.7.3. Website design

• The website design is simple and easy to use
• Reynolds Metals Co Consumer Products Division has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Reynolds Metals Co Consumer Products Division 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