Marketing Mix Of Understanding Richie Rich

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 Understanding Richie Rich

Understanding Richie Rich makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Understanding Richie Rich is presented below:

2.1. Product

Product is one of the most important components of the Understanding Richie Rich Marketing mix. The distinctive characteristics of the product by Understanding Richie Rich are:

2.1.1. Quality

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

2.1.2. Ease of use

• The products manufactured and sold by Understanding Richie Rich 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

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

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

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

2.3.2. Licensed stores

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

2.3.3. E-commerce

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

2.3.4. Supermarkets and hypermarkets

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

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

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

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

2.6. Process

Understanding Richie Rich has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Understanding Richie Rich are clearly defined and communicated to the employees
• Understanding Richie Rich 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 Understanding Richie Rich

2.6.2. People Management

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

2.6.3. Quality maintenance

• Understanding Richie Rich 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

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

2.7.1. Store atmosphere

• The store design and management for Understanding Richie Rich 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 Understanding Richie Rich at ease
• The store design is also important for Understanding Richie Rich 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 Understanding Richie Rich 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

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

2.7.3. Website design

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