Marketing Mix Of Rupert Murdoch The Last Tycoon

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 Rupert Murdoch The Last Tycoon

Rupert Murdoch The Last Tycoon makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Rupert Murdoch The Last Tycoon is presented below:

2.1. Product

Product is one of the most important components of the Rupert Murdoch The Last Tycoon Marketing mix. The distinctive characteristics of the product by Rupert Murdoch The Last Tycoon are:

2.1.1. Quality

• Rupert Murdoch The Last Tycoon maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Rupert Murdoch The Last Tycoon 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 Rupert Murdoch The Last Tycoon with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Rupert Murdoch The Last Tycoon 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

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

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

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

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Rupert Murdoch The Last Tycoon has developed a successfully operational website for online order placement and order tracking
• Rupert Murdoch The Last Tycoon 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 Rupert Murdoch The Last Tycoon and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Rupert Murdoch The Last Tycoon also places its products in supermarkets and hypermarkets across the country
• A large number of Rupert Murdoch The Last Tycoon target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Rupert Murdoch The Last Tycoon

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

• Rupert Murdoch The Last Tycoon employees are the face of the organization
• Rupert Murdoch The Last Tycoon are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Rupert Murdoch The Last Tycoon 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

• Rupert Murdoch The Last Tycoon remains one of the leading players in the industry also because of its focus on succession planning
• Rupert Murdoch The Last Tycoon 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 Rupert Murdoch The Last Tycoon
• Strategic succession planning has allowed Rupert Murdoch The Last Tycoon to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Rupert Murdoch The Last Tycoon has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Rupert Murdoch The Last Tycoon are clearly defined and communicated to the employees
• Rupert Murdoch The Last Tycoon 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 Rupert Murdoch The Last Tycoon

2.6.2. People Management

• Rupert Murdoch The Last Tycoon has also defined clear processes for people management through streamlining its human resource management department
• Rupert Murdoch The Last Tycoon 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 Rupert Murdoch The Last Tycoon to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Rupert Murdoch The Last Tycoon 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

• Rupert Murdoch The Last Tycoon 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 Rupert Murdoch The Last Tycoon 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 Rupert Murdoch The Last Tycoon as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Rupert Murdoch The Last Tycoon include:

2.7.1. Store atmosphere

• The store design and management for Rupert Murdoch The Last Tycoon 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 Rupert Murdoch The Last Tycoon at ease
• The store design is also important for Rupert Murdoch The Last Tycoon 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 Rupert Murdoch The Last Tycoon 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

• Rupert Murdoch The Last Tycoon has unique packaging, which is different from other players in the industry
• Rupert Murdoch The Last Tycoon 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 Rupert Murdoch The Last Tycoon
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Rupert Murdoch The Last Tycoon

2.7.3. Website design

• The website design is simple and easy to use
• Rupert Murdoch The Last Tycoon has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Rupert Murdoch The Last Tycoon 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