Marketing Mix Of Toro Industrial Flavors

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 Toro Industrial Flavors

Toro Industrial Flavors makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Toro Industrial Flavors is presented below:

2.1. Product

Product is one of the most important components of the Toro Industrial Flavors Marketing mix. The distinctive characteristics of the product by Toro Industrial Flavors are:

2.1.1. Quality

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

2.1.2. Ease of use

  • The products manufactured and sold by Toro Industrial Flavors 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

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

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

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

2.3.2. Licensed stores

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

2.3.3. E-commerce

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

2.3.4. Supermarkets and hypermarkets

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

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

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

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

2.6. Process

Toro Industrial Flavors has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

  • All operations at Toro Industrial Flavors are clearly defined and communicated to the employees
  • Toro Industrial Flavors 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 Toro Industrial Flavors

2.6.2. People Management

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

2.6.3. Quality maintenance

  • Toro Industrial Flavors 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

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

2.7.1. Store atmosphere

  • The store design and management for Toro Industrial Flavors 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 Toro Industrial Flavors at ease
  • The store design is also important for Toro Industrial Flavors 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 Toro Industrial Flavors 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

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

2.7.3. Website design

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