Marketing Mix Of SCOTIABANK COLLABORATION ACROSS BUSINESS LINES

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 SCOTIABANK COLLABORATION ACROSS BUSINESS LINES

SCOTIABANK COLLABORATION ACROSS BUSINESS LINES makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix SCOTIABANK COLLABORATION ACROSS BUSINESS LINES is presented below:

2.1. Product

Product is one of the most important components of the SCOTIABANK COLLABORATION ACROSS BUSINESS LINES Marketing mix. The distinctive characteristics of the product by SCOTIABANK COLLABORATION ACROSS BUSINESS LINES are:

2.1.1. Quality

• SCOTIABANK COLLABORATION ACROSS BUSINESS LINES maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• SCOTIABANK COLLABORATION ACROSS BUSINESS LINES 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 SCOTIABANK COLLABORATION ACROSS BUSINESS LINES with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by SCOTIABANK COLLABORATION ACROSS BUSINESS LINES 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

• SCOTIABANK COLLABORATION ACROSS BUSINESS LINES has a broad portfolio of products
• The broad portfolio helps SCOTIABANK COLLABORATION ACROSS BUSINESS LINES in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to SCOTIABANK COLLABORATION ACROSS BUSINESS LINES
• The broader product portfolio also adds more value for SCOTIABANK COLLABORATION ACROSS BUSINESS LINES

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

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

2.3.2. Licensed stores

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

2.3.3. E-commerce

• SCOTIABANK COLLABORATION ACROSS BUSINESS LINES has developed a successfully operational website for online order placement and order tracking
• SCOTIABANK COLLABORATION ACROSS BUSINESS LINES 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 SCOTIABANK COLLABORATION ACROSS BUSINESS LINES and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• SCOTIABANK COLLABORATION ACROSS BUSINESS LINES also places its products in supermarkets and hypermarkets across the country
• A large number of SCOTIABANK COLLABORATION ACROSS BUSINESS LINES target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for SCOTIABANK COLLABORATION ACROSS BUSINESS LINES

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

• SCOTIABANK COLLABORATION ACROSS BUSINESS LINES employees are the face of the organization
• SCOTIABANK COLLABORATION ACROSS BUSINESS LINES are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that SCOTIABANK COLLABORATION ACROSS BUSINESS LINES 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

• SCOTIABANK COLLABORATION ACROSS BUSINESS LINES remains one of the leading players in the industry also because of its focus on succession planning
• SCOTIABANK COLLABORATION ACROSS BUSINESS LINES 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 SCOTIABANK COLLABORATION ACROSS BUSINESS LINES
• Strategic succession planning has allowed SCOTIABANK COLLABORATION ACROSS BUSINESS LINES to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

SCOTIABANK COLLABORATION ACROSS BUSINESS LINES has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at SCOTIABANK COLLABORATION ACROSS BUSINESS LINES are clearly defined and communicated to the employees
• SCOTIABANK COLLABORATION ACROSS BUSINESS LINES 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 SCOTIABANK COLLABORATION ACROSS BUSINESS LINES

2.6.2. People Management

• SCOTIABANK COLLABORATION ACROSS BUSINESS LINES has also defined clear processes for people management through streamlining its human resource management department
• SCOTIABANK COLLABORATION ACROSS BUSINESS LINES 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 SCOTIABANK COLLABORATION ACROSS BUSINESS LINES to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• SCOTIABANK COLLABORATION ACROSS BUSINESS LINES 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

• SCOTIABANK COLLABORATION ACROSS BUSINESS LINES 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 SCOTIABANK COLLABORATION ACROSS BUSINESS LINES 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 SCOTIABANK COLLABORATION ACROSS BUSINESS LINES as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for SCOTIABANK COLLABORATION ACROSS BUSINESS LINES include:

2.7.1. Store atmosphere

• The store design and management for SCOTIABANK COLLABORATION ACROSS BUSINESS LINES 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 SCOTIABANK COLLABORATION ACROSS BUSINESS LINES at ease
• The store design is also important for SCOTIABANK COLLABORATION ACROSS BUSINESS LINES 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 SCOTIABANK COLLABORATION ACROSS BUSINESS LINES 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

• SCOTIABANK COLLABORATION ACROSS BUSINESS LINES has unique packaging, which is different from other players in the industry
• SCOTIABANK COLLABORATION ACROSS BUSINESS LINES 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 SCOTIABANK COLLABORATION ACROSS BUSINESS LINES
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by SCOTIABANK COLLABORATION ACROSS BUSINESS LINES

2.7.3. Website design

• The website design is simple and easy to use
• SCOTIABANK COLLABORATION ACROSS BUSINESS LINES has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of SCOTIABANK COLLABORATION ACROSS BUSINESS LINES 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