Marketing Mix Of Risky Business Taking a Stand on Social Issues

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 Risky Business Taking a Stand on Social Issues

Risky Business Taking a Stand on Social Issues makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Risky Business Taking a Stand on Social Issues is presented below:

2.1. Product

Product is one of the most important components of the Risky Business Taking a Stand on Social Issues Marketing mix. The distinctive characteristics of the product by Risky Business Taking a Stand on Social Issues are:

2.1.1. Quality

• Risky Business Taking a Stand on Social Issues maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Risky Business Taking a Stand on Social Issues 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 Risky Business Taking a Stand on Social Issues with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Risky Business Taking a Stand on Social Issues 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

• Risky Business Taking a Stand on Social Issues has a broad portfolio of products
• The broad portfolio helps Risky Business Taking a Stand on Social Issues in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Risky Business Taking a Stand on Social Issues
• The broader product portfolio also adds more value for Risky Business Taking a Stand on Social Issues

2.1.4. Benefits of product consumption

• Risky Business Taking a Stand on Social Issues 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 Risky Business Taking a Stand on Social Issues is its delivery of emotional benefits to the consumer
• Products manufactured and sold by Risky Business Taking a Stand on Social Issues promise consumers an ego boost, confidence, and security
• Risky Business Taking a Stand on Social Issues 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 Risky Business Taking a Stand on Social Issues are available in different sizes
• Risky Business Taking a Stand on Social Issues 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, Risky Business Taking a Stand on Social Issues has also increased the trial rate
• Different SKUs have also helped Risky Business Taking a Stand on Social Issues improve its product accessibility

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

Risky Business Taking a Stand on Social Issues 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 Risky Business Taking a Stand on Social Issues in all markets
• Company-operated stores give Risky Business Taking a Stand on Social Issues higher control over operations as well as store layout and design
• Risky Business Taking a Stand on Social Issues 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 Risky Business Taking a Stand on Social Issues in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Risky Business Taking a Stand on Social Issues has developed a successfully operational website for online order placement and order tracking
• Risky Business Taking a Stand on Social Issues 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 Risky Business Taking a Stand on Social Issues and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Risky Business Taking a Stand on Social Issues also places its products in supermarkets and hypermarkets across the country
• A large number of Risky Business Taking a Stand on Social Issues target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Risky Business Taking a Stand on Social Issues

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

• Risky Business Taking a Stand on Social Issues 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 Risky Business Taking a Stand on Social Issues and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Risky Business Taking a Stand on Social Issues on high valued purchases
• Frequent usage and purchase of products by Risky Business Taking a Stand on Social Issues also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of Risky Business Taking a Stand on Social Issues also places an essential focus on people development and people building. This is because Risky Business Taking a Stand on Social Issues realizes the importance of employees in building strong customer relationships. Risky Business Taking a Stand on Social Issues develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

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

• Risky Business Taking a Stand on Social Issues employees are the face of the organization
• Risky Business Taking a Stand on Social Issues are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Risky Business Taking a Stand on Social Issues 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

• Risky Business Taking a Stand on Social Issues remains one of the leading players in the industry also because of its focus on succession planning
• Risky Business Taking a Stand on Social Issues 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 Risky Business Taking a Stand on Social Issues
• Strategic succession planning has allowed Risky Business Taking a Stand on Social Issues to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Risky Business Taking a Stand on Social Issues has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Risky Business Taking a Stand on Social Issues are clearly defined and communicated to the employees
• Risky Business Taking a Stand on Social Issues 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 Risky Business Taking a Stand on Social Issues

2.6.2. People Management

• Risky Business Taking a Stand on Social Issues has also defined clear processes for people management through streamlining its human resource management department
• Risky Business Taking a Stand on Social Issues 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 Risky Business Taking a Stand on Social Issues to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Risky Business Taking a Stand on Social Issues 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

• Risky Business Taking a Stand on Social Issues 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 Risky Business Taking a Stand on Social Issues 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 Risky Business Taking a Stand on Social Issues as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Risky Business Taking a Stand on Social Issues include:

2.7.1. Store atmosphere

• The store design and management for Risky Business Taking a Stand on Social Issues 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 Risky Business Taking a Stand on Social Issues at ease
• The store design is also important for Risky Business Taking a Stand on Social Issues 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 Risky Business Taking a Stand on Social Issues 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

• Risky Business Taking a Stand on Social Issues has unique packaging, which is different from other players in the industry
• Risky Business Taking a Stand on Social Issues 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 Risky Business Taking a Stand on Social Issues
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Risky Business Taking a Stand on Social Issues

2.7.3. Website design

• The website design is simple and easy to use
• Risky Business Taking a Stand on Social Issues has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Risky Business Taking a Stand on Social Issues 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