Marketing Mix Of Theotis Wiley

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 Theotis Wiley

Theotis Wiley makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Theotis Wiley is presented below:

2.1. Product

Product is one of the most important components of the Theotis Wiley Marketing mix. The distinctive characteristics of the product by Theotis Wiley are:

2.1.1. Quality

• Theotis Wiley maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Theotis Wiley 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 Theotis Wiley with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Theotis Wiley 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

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

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

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

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Theotis Wiley has developed a successfully operational website for online order placement and order tracking
• Theotis Wiley 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 Theotis Wiley and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Theotis Wiley also places its products in supermarkets and hypermarkets across the country
• A large number of Theotis Wiley target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Theotis Wiley

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

• Theotis Wiley employees are the face of the organization
• Theotis Wiley are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Theotis Wiley 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

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

2.6. Process

Theotis Wiley has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Theotis Wiley are clearly defined and communicated to the employees
• Theotis Wiley 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 Theotis Wiley

2.6.2. People Management

• Theotis Wiley has also defined clear processes for people management through streamlining its human resource management department
• Theotis Wiley 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 Theotis Wiley to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Theotis Wiley 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

• Theotis Wiley 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 Theotis Wiley 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 Theotis Wiley as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Theotis Wiley include:

2.7.1. Store atmosphere

• The store design and management for Theotis Wiley 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 Theotis Wiley at ease
• The store design is also important for Theotis Wiley 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 Theotis Wiley 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

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

2.7.3. Website design

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