Marketing Mix Of Turnaround of Chris-Craft

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 Turnaround of Chris-Craft

Turnaround of Chris-Craft makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Turnaround of Chris-Craft is presented below:

2.1. Product

Product is one of the most important components of the Turnaround of Chris-Craft Marketing mix. The distinctive characteristics of the product by Turnaround of Chris-Craft are:

2.1.1. Quality

• Turnaround of Chris-Craft maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Turnaround of Chris-Craft 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 Turnaround of Chris-Craft with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Turnaround of Chris-Craft 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

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

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

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

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Turnaround of Chris-Craft has developed a successfully operational website for online order placement and order tracking
• Turnaround of Chris-Craft 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 Turnaround of Chris-Craft and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

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

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

• Turnaround of Chris-Craft employees are the face of the organization
• Turnaround of Chris-Craft are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Turnaround of Chris-Craft 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

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

2.6. Process

Turnaround of Chris-Craft has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Turnaround of Chris-Craft are clearly defined and communicated to the employees
• Turnaround of Chris-Craft 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 Turnaround of Chris-Craft

2.6.2. People Management

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

2.6.3. Quality maintenance

• Turnaround of Chris-Craft 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

• Turnaround of Chris-Craft 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 Turnaround of Chris-Craft 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 Turnaround of Chris-Craft as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Turnaround of Chris-Craft include:

2.7.1. Store atmosphere

• The store design and management for Turnaround of Chris-Craft 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 Turnaround of Chris-Craft at ease
• The store design is also important for Turnaround of Chris-Craft 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 Turnaround of Chris-Craft 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

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

2.7.3. Website design

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