Marketing Mix Of Taking Stock of Corporate Risk-Taking

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 Taking Stock of Corporate Risk-Taking

Taking Stock of Corporate Risk-Taking makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Taking Stock of Corporate Risk-Taking is presented below:

2.1. Product

Product is one of the most important components of the Taking Stock of Corporate Risk-Taking Marketing mix. The distinctive characteristics of the product by Taking Stock of Corporate Risk-Taking are:

2.1.1. Quality

• Taking Stock of Corporate Risk-Taking maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Taking Stock of Corporate Risk-Taking 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 Taking Stock of Corporate Risk-Taking with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Taking Stock of Corporate Risk-Taking 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

• Taking Stock of Corporate Risk-Taking has a broad portfolio of products
• The broad portfolio helps Taking Stock of Corporate Risk-Taking in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Taking Stock of Corporate Risk-Taking
• The broader product portfolio also adds more value for Taking Stock of Corporate Risk-Taking

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

Taking Stock of Corporate Risk-Taking 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 Taking Stock of Corporate Risk-Taking in all markets
• Company-operated stores give Taking Stock of Corporate Risk-Taking higher control over operations as well as store layout and design
• Taking Stock of Corporate Risk-Taking 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 Taking Stock of Corporate Risk-Taking in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Taking Stock of Corporate Risk-Taking has developed a successfully operational website for online order placement and order tracking
• Taking Stock of Corporate Risk-Taking 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 Taking Stock of Corporate Risk-Taking and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Taking Stock of Corporate Risk-Taking also places its products in supermarkets and hypermarkets across the country
• A large number of Taking Stock of Corporate Risk-Taking target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Taking Stock of Corporate Risk-Taking

2.3.5. Partner agents

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

2.4.1. Digital marketing

• Taking Stock of Corporate Risk-Taking has corporate profiles on all social media websites and portals
• Taking Stock of Corporate Risk-Taking uses its social media presence to directly, engage with consumers
• This direct engagement and interaction allows Taking Stock of Corporate Risk-Taking to understand the customers, their needs and demands
• Taking Stock of Corporate Risk-Taking uses this feedback and incorporates it in its broader marketing and organizational strategy
• Taking Stock of Corporate Risk-Taking 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

• Taking Stock of Corporate Risk-Taking 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 Taking Stock of Corporate Risk-Taking and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Taking Stock of Corporate Risk-Taking on high valued purchases
• Frequent usage and purchase of products by Taking Stock of Corporate Risk-Taking also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of Taking Stock of Corporate Risk-Taking also places an essential focus on people development and people building. This is because Taking Stock of Corporate Risk-Taking realizes the importance of employees in building strong customer relationships. Taking Stock of Corporate Risk-Taking develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

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

• Taking Stock of Corporate Risk-Taking employees are the face of the organization
• Taking Stock of Corporate Risk-Taking are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Taking Stock of Corporate Risk-Taking 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

• Taking Stock of Corporate Risk-Taking remains one of the leading players in the industry also because of its focus on succession planning
• Taking Stock of Corporate Risk-Taking 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 Taking Stock of Corporate Risk-Taking
• Strategic succession planning has allowed Taking Stock of Corporate Risk-Taking to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Taking Stock of Corporate Risk-Taking has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Taking Stock of Corporate Risk-Taking are clearly defined and communicated to the employees
• Taking Stock of Corporate Risk-Taking 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 Taking Stock of Corporate Risk-Taking

2.6.2. People Management

• Taking Stock of Corporate Risk-Taking has also defined clear processes for people management through streamlining its human resource management department
• Taking Stock of Corporate Risk-Taking 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 Taking Stock of Corporate Risk-Taking to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Taking Stock of Corporate Risk-Taking 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

• Taking Stock of Corporate Risk-Taking 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 Taking Stock of Corporate Risk-Taking 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 Taking Stock of Corporate Risk-Taking as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Taking Stock of Corporate Risk-Taking include:

2.7.1. Store atmosphere

• The store design and management for Taking Stock of Corporate Risk-Taking 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 Taking Stock of Corporate Risk-Taking at ease
• The store design is also important for Taking Stock of Corporate Risk-Taking 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 Taking Stock of Corporate Risk-Taking 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

• Taking Stock of Corporate Risk-Taking has unique packaging, which is different from other players in the industry
• Taking Stock of Corporate Risk-Taking 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 Taking Stock of Corporate Risk-Taking
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Taking Stock of Corporate Risk-Taking

2.7.3. Website design

• The website design is simple and easy to use
• Taking Stock of Corporate Risk-Taking has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Taking Stock of Corporate Risk-Taking 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