Marketing Mix Of TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM

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 TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM

TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM is presented below:

2.1. Product

Product is one of the most important components of the TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM Marketing mix. The distinctive characteristics of the product by TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM are:

2.1.1. Quality

  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM maintains the high quality of products
  • High product quality is maintained by adding value during different stages of the value chain
  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM 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 TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM with a distinctive competitive advantage

2.1.2. Ease of use

  • The products manufactured and sold by TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM 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

  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM has a broad portfolio of products
  • The broad portfolio helps TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM in reaching different target groups in the market
  • Also, the broad portfolio allows financial strength to TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM
  • The broader product portfolio also adds more value for TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM

2.1.4. Benefits of product consumption

  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM 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 TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM is its delivery of emotional benefits to the consumer
  • Products manufactured and sold by TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM promise consumers an ego boost, confidence, and security
  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM 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 TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM are available in different sizes
  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM 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, TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM has also increased the trial rate
  • Different SKUs have also helped TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM improve its product accessibility

2.2. Price

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

2.2.2. Psychological pricing

  • Since TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM has a number of different product ranges and product groups, the use of psychological pricing has been beneficial
  • With the use of psychological pricing, TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM also successfully adds more value to its products from the point of view of customers
  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM also gains higher sales with psychological pricing
  • Consumer purchase a higher amount of TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM products because of its use of psychological pricing
  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM is able to increase its target audience and broaden its target purchaser groups

2.2.3. Geographical pricing

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

2.3. Placement

TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM 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 TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM in all markets
  • Company-operated stores give TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM higher control over operations as well as store layout and design
  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM 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 TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM has developed a successfully operational website for online order placement and order tracking
  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM 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 TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM also places its products in supermarkets and hypermarkets across the country
  • A large number of TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM target groups shop from supermarkets and hypermarkets
  • Placement in supermarkets and hypermarkets also improve cost efficiency for TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM

2.3.5. Partner agents

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

2.4.1. Digital marketing

  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM has corporate profiles on all social media websites and portals
  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM uses its social media presence to directly, engage with consumers
  • This direct engagement and interaction allows TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM to understand the customers, their needs and demands
  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM uses this feedback and incorporates it in its broader marketing and organizational strategy
  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM 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

  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM 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 TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM and is valued for points against the products’ monetary value
  • The loyalty card can be purchased or is given complementary by TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM on high valued purchases
  • Frequent usage and purchase of products by TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM also places an essential focus on people development and people building. This is because TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM realizes the importance of employees in building strong customer relationships. TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM works on strengthening the organizational commitment in its employees
  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM builds employee loyalty so that people can reflect their optimal best at work
  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM also understands that satisfied employees will lead to happy and satisfied customers
  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM regularly shares different reward programs for employees, including stock sharing, so that their organizational commitment and ownership is enhanced
  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM 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

  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM employees are the face of the organization
  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM are motivated through the exciting and creative organizational culture
  • Employees are also motivated through different reward programs and bonuses that TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM 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

  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM remains one of the leading players in the industry also because of its focus on succession planning
  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM 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 TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM
  • Strategic succession planning has allowed TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

  • All operations at TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM are clearly defined and communicated to the employees
  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM 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 TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM

2.6.2. People Management

  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM has also defined clear processes for people management through streamlining its human resource management department
  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM 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 TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM 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

  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM 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 TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM 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 TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM include:

2.7.1. Store atmosphere

  • The store design and management for TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM 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 TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM at ease
  • The store design is also important for TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM 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 TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM 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

  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM has unique packaging, which is different from other players in the industry
  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM 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 TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM
  • The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM

2.7.3. Website design

  • The website design is simple and easy to use
  • TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
  • The corporate website of TRIZEC PROPERTIES LIMITED - THE TRIZEC ADVANTAGE PROGRAM 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

3. References

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Schmitt, B., 1999. Experiential marketing. Journal of Marketing Management, p. 57.

Teilmann, V., 2010. Market Entry Strategies: International Marketing Management. Berlin: GRIN Verlag.

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