Marketing Mix Of Strategies to Prevent Economic Recessions from Causing Business Failure

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 Strategies to Prevent Economic Recessions from Causing Business Failure

Strategies to Prevent Economic Recessions from Causing Business Failure makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Strategies to Prevent Economic Recessions from Causing Business Failure is presented below:

2.1. Product

Product is one of the most important components of the Strategies to Prevent Economic Recessions from Causing Business Failure Marketing mix. The distinctive characteristics of the product by Strategies to Prevent Economic Recessions from Causing Business Failure are:

2.1.1. Quality

• Strategies to Prevent Economic Recessions from Causing Business Failure maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Strategies to Prevent Economic Recessions from Causing Business Failure 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 Strategies to Prevent Economic Recessions from Causing Business Failure with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Strategies to Prevent Economic Recessions from Causing Business Failure 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

• Strategies to Prevent Economic Recessions from Causing Business Failure has a broad portfolio of products
• The broad portfolio helps Strategies to Prevent Economic Recessions from Causing Business Failure in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Strategies to Prevent Economic Recessions from Causing Business Failure
• The broader product portfolio also adds more value for Strategies to Prevent Economic Recessions from Causing Business Failure

2.1.4. Benefits of product consumption

• Strategies to Prevent Economic Recessions from Causing Business Failure 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 Strategies to Prevent Economic Recessions from Causing Business Failure is its delivery of emotional benefits to the consumer
• Products manufactured and sold by Strategies to Prevent Economic Recessions from Causing Business Failure promise consumers an ego boost, confidence, and security
• Strategies to Prevent Economic Recessions from Causing Business Failure 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 Strategies to Prevent Economic Recessions from Causing Business Failure are available in different sizes
• Strategies to Prevent Economic Recessions from Causing Business Failure 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, Strategies to Prevent Economic Recessions from Causing Business Failure has also increased the trial rate
• Different SKUs have also helped Strategies to Prevent Economic Recessions from Causing Business Failure improve its product accessibility

2.2. Price

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

2.2.2. Psychological pricing

• Since Strategies to Prevent Economic Recessions from Causing Business Failure has a number of different product ranges and product groups, the use of psychological pricing has been beneficial
• With the use of psychological pricing, Strategies to Prevent Economic Recessions from Causing Business Failure also successfully adds more value to its products from the point of view of customers
• Strategies to Prevent Economic Recessions from Causing Business Failure also gains higher sales with psychological pricing
• Consumer purchase a higher amount of Strategies to Prevent Economic Recessions from Causing Business Failure products because of its use of psychological pricing
• Strategies to Prevent Economic Recessions from Causing Business Failure is able to increase its target audience and broaden its target purchaser groups

2.2.3. Geographical pricing

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

2.3. Placement

Strategies to Prevent Economic Recessions from Causing Business Failure 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 Strategies to Prevent Economic Recessions from Causing Business Failure in all markets
• Company-operated stores give Strategies to Prevent Economic Recessions from Causing Business Failure higher control over operations as well as store layout and design
• Strategies to Prevent Economic Recessions from Causing Business Failure 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 Strategies to Prevent Economic Recessions from Causing Business Failure in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Strategies to Prevent Economic Recessions from Causing Business Failure has developed a successfully operational website for online order placement and order tracking
• Strategies to Prevent Economic Recessions from Causing Business Failure 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 Strategies to Prevent Economic Recessions from Causing Business Failure and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Strategies to Prevent Economic Recessions from Causing Business Failure also places its products in supermarkets and hypermarkets across the country
• A large number of Strategies to Prevent Economic Recessions from Causing Business Failure target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Strategies to Prevent Economic Recessions from Causing Business Failure

2.3.5. Partner agents

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

2.4.1. Digital marketing

• Strategies to Prevent Economic Recessions from Causing Business Failure has corporate profiles on all social media websites and portals
• Strategies to Prevent Economic Recessions from Causing Business Failure uses its social media presence to directly, engage with consumers
• This direct engagement and interaction allows Strategies to Prevent Economic Recessions from Causing Business Failure to understand the customers, their needs and demands
• Strategies to Prevent Economic Recessions from Causing Business Failure uses this feedback and incorporates it in its broader marketing and organizational strategy
• Strategies to Prevent Economic Recessions from Causing Business Failure 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

• Strategies to Prevent Economic Recessions from Causing Business Failure 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 Strategies to Prevent Economic Recessions from Causing Business Failure and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Strategies to Prevent Economic Recessions from Causing Business Failure on high valued purchases
• Frequent usage and purchase of products by Strategies to Prevent Economic Recessions from Causing Business Failure also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of Strategies to Prevent Economic Recessions from Causing Business Failure also places an essential focus on people development and people building. This is because Strategies to Prevent Economic Recessions from Causing Business Failure realizes the importance of employees in building strong customer relationships. Strategies to Prevent Economic Recessions from Causing Business Failure develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

• Strategies to Prevent Economic Recessions from Causing Business Failure works on strengthening the organizational commitment in its employees
• Strategies to Prevent Economic Recessions from Causing Business Failure builds employee loyalty so that people can reflect their optimal best at work
• Strategies to Prevent Economic Recessions from Causing Business Failure also understands that satisfied employees will lead to happy and satisfied customers
• Strategies to Prevent Economic Recessions from Causing Business Failure regularly shares different reward programs for employees, including stock sharing, so that their organizational commitment and ownership is enhanced
• Strategies to Prevent Economic Recessions from Causing Business Failure 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

• Strategies to Prevent Economic Recessions from Causing Business Failure employees are the face of the organization
• Strategies to Prevent Economic Recessions from Causing Business Failure are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Strategies to Prevent Economic Recessions from Causing Business Failure 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

• Strategies to Prevent Economic Recessions from Causing Business Failure remains one of the leading players in the industry also because of its focus on succession planning
• Strategies to Prevent Economic Recessions from Causing Business Failure 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 Strategies to Prevent Economic Recessions from Causing Business Failure
• Strategic succession planning has allowed Strategies to Prevent Economic Recessions from Causing Business Failure to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Strategies to Prevent Economic Recessions from Causing Business Failure has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Strategies to Prevent Economic Recessions from Causing Business Failure are clearly defined and communicated to the employees
• Strategies to Prevent Economic Recessions from Causing Business Failure 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 Strategies to Prevent Economic Recessions from Causing Business Failure

2.6.2. People Management

• Strategies to Prevent Economic Recessions from Causing Business Failure has also defined clear processes for people management through streamlining its human resource management department
• Strategies to Prevent Economic Recessions from Causing Business Failure 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 Strategies to Prevent Economic Recessions from Causing Business Failure to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Strategies to Prevent Economic Recessions from Causing Business Failure 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

• Strategies to Prevent Economic Recessions from Causing Business Failure 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 Strategies to Prevent Economic Recessions from Causing Business Failure 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 Strategies to Prevent Economic Recessions from Causing Business Failure as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Strategies to Prevent Economic Recessions from Causing Business Failure include:

2.7.1. Store atmosphere

• The store design and management for Strategies to Prevent Economic Recessions from Causing Business Failure 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 Strategies to Prevent Economic Recessions from Causing Business Failure at ease
• The store design is also important for Strategies to Prevent Economic Recessions from Causing Business Failure 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 Strategies to Prevent Economic Recessions from Causing Business Failure 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

• Strategies to Prevent Economic Recessions from Causing Business Failure has unique packaging, which is different from other players in the industry
• Strategies to Prevent Economic Recessions from Causing Business Failure 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 Strategies to Prevent Economic Recessions from Causing Business Failure
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Strategies to Prevent Economic Recessions from Causing Business Failure

2.7.3. Website design

• The website design is simple and easy to use
• Strategies to Prevent Economic Recessions from Causing Business Failure has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Strategies to Prevent Economic Recessions from Causing Business Failure 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