Marketing Mix Of Vancouver 2010 Olympics

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 Vancouver 2010 Olympics

Vancouver 2010 Olympics makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Vancouver 2010 Olympics is presented below:

2.1. Product

Product is one of the most important components of the Vancouver 2010 Olympics Marketing mix. The distinctive characteristics of the product by Vancouver 2010 Olympics are:

2.1.1. Quality

• Vancouver 2010 Olympics maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Vancouver 2010 Olympics 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 Vancouver 2010 Olympics with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Vancouver 2010 Olympics 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

• Vancouver 2010 Olympics has a broad portfolio of products
• The broad portfolio helps Vancouver 2010 Olympics in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Vancouver 2010 Olympics
• The broader product portfolio also adds more value for Vancouver 2010 Olympics

2.1.4. Benefits of product consumption

• Vancouver 2010 Olympics 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 Vancouver 2010 Olympics is its delivery of emotional benefits to the consumer
• Products manufactured and sold by Vancouver 2010 Olympics promise consumers an ego boost, confidence, and security
• Vancouver 2010 Olympics 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 Vancouver 2010 Olympics are available in different sizes
• Vancouver 2010 Olympics 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, Vancouver 2010 Olympics has also increased the trial rate
• Different SKUs have also helped Vancouver 2010 Olympics improve its product accessibility

2.2. Price

Vancouver 2010 Olympics marketing mix focuses on a hybrid strategy for pricing to obtain maximum value for its products. The marketing mix Vancouver 2010 Olympics 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, Vancouver 2010 Olympics encourages favorable brand and product perceptions in target consumer groups
• Premium pricing for products also encourages a favorable quality perception of Vancouver 2010 Olympics products amongst consumers
• With premium prices, Vancouver 2010 Olympics 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 Vancouver 2010 Olympics products
• Using elements of premium prices in other product ranges has also allowed Vancouver 2010 Olympics to maintain significantly high profits and a consistent business growth

2.2.2. Psychological pricing

• Since Vancouver 2010 Olympics has a number of different product ranges and product groups, the use of psychological pricing has been beneficial
• With the use of psychological pricing, Vancouver 2010 Olympics also successfully adds more value to its products from the point of view of customers
• Vancouver 2010 Olympics also gains higher sales with psychological pricing
• Consumer purchase a higher amount of Vancouver 2010 Olympics products because of its use of psychological pricing
• Vancouver 2010 Olympics is able to increase its target audience and broaden its target purchaser groups

2.2.3. Geographical pricing

• Vancouver 2010 Olympics is able to penetrate different regional markets optimally with the use of geographical pricing
• For offshore locations, geographical pricing also allows Vancouver 2010 Olympics to cover shipping and customs expenses
• Geographical pricing also allows Vancouver 2010 Olympics 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, Vancouver 2010 Olympics is also known to use bundle pricing strategy popularly
• Vancouver 2010 Olympics also uses bundle pricing during sales
• Bundle pricing increases the trial rate for consumers
• Vancouver 2010 Olympics experiences higher return on the cost of gaining a new customer
• With bundle pricing, Vancouver 2010 Olympics 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 Vancouver 2010 Olympics.

2.3. Placement

Vancouver 2010 Olympics 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 Vancouver 2010 Olympics in all markets
• Company-operated stores give Vancouver 2010 Olympics higher control over operations as well as store layout and design
• Vancouver 2010 Olympics 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 Vancouver 2010 Olympics in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

• Vancouver 2010 Olympics 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 Vancouver 2010 Olympics in unstable markets
• Licensed stores have also given Vancouver 2010 Olympics high business growth, and a boost for rapid market expansion and penetration
• Through licensed stores, Vancouver 2010 Olympics has also learned about local consumers and cultures
• Licensed stores and shops encourage sales of products by Vancouver 2010 Olympics by aligning it with local cultural values
• Licensed stores also help Vancouver 2010 Olympics in localizing its product offerings to enhance brand equity and band image

2.3.3. E-commerce

• Vancouver 2010 Olympics has developed a successfully operational website for online order placement and order tracking
• Vancouver 2010 Olympics 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 Vancouver 2010 Olympics and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Vancouver 2010 Olympics also places its products in supermarkets and hypermarkets across the country
• A large number of Vancouver 2010 Olympics target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Vancouver 2010 Olympics

2.3.5. Partner agents

• In offshore locations, Vancouver 2010 Olympics also makes use of partner agents for its products’ placement
• These partner agents are assessed and evaluated on strategic compatibility and reliance
• Vancouver 2010 Olympics 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 Vancouver 2010 Olympics also places high importance on the promotional tactics and strategies used. The promotional strategies allow the Vancouver 2010 Olympics to interact with the consumers and influence them directly. Vancouver 2010 Olympics uses a 360-degree approach in its promotional activities, and makes use of the following means of promotion:

2.4.1. Digital marketing

• Vancouver 2010 Olympics has corporate profiles on all social media websites and portals
• Vancouver 2010 Olympics uses its social media presence to directly, engage with consumers
• This direct engagement and interaction allows Vancouver 2010 Olympics to understand the customers, their needs and demands
• Vancouver 2010 Olympics uses this feedback and incorporates it in its broader marketing and organizational strategy
• Vancouver 2010 Olympics 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

• Vancouver 2010 Olympics 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 Vancouver 2010 Olympics and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Vancouver 2010 Olympics on high valued purchases
• Frequent usage and purchase of products by Vancouver 2010 Olympics also has rewards against the loyalty card

2.4.3. Community Influencers

• Vancouver 2010 Olympics makes use of community influencers as its on-ground promotional efforts
• Vancouver 2010 Olympics identifies strong and confident individuals to be brand ambassadors in their communities
• Vancouver 2010 Olympics 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, Vancouver 2010 Olympics also makes use of out of house hoardings
• Hoardings increase visibility for Vancouver 2010 Olympics and also work towards building stronger brand recall
• Vancouver 2010 Olympics also produces TV advertisements
• All TV advertisements have an emotional appeal to them
• TV advertisements by Vancouver 2010 Olympics have progressed to include a slice of life elements and characteristics
• TV advertisements by Vancouver 2010 Olympics also highlight the functional benefits of the product

2.5. People

The marketing mix of Vancouver 2010 Olympics also places an essential focus on people development and people building. This is because Vancouver 2010 Olympics realizes the importance of employees in building strong customer relationships. Vancouver 2010 Olympics develops its employee and people by focusing on the following aspects:

2.5.1. Training

• Vancouver 2010 Olympics makes sure that all employees undergo regular training sessions for skill development and enhancement
• Trainings at Vancouver 2010 Olympics are not the only field related, but also focus on essential management and organizational skills
• Training sessions and activities at Vancouver 2010 Olympics also identify with the employee's own needs of progression, development and growth
• All training sessions and activities designed and carried out by Vancouver 2010 Olympics take into consideration business goals and objectives, as well as employee's personal goals and aspirations
• Vancouver 2010 Olympics, 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

• Vancouver 2010 Olympics works on strengthening the organizational commitment in its employees
• Vancouver 2010 Olympics builds employee loyalty so that people can reflect their optimal best at work
• Vancouver 2010 Olympics also understands that satisfied employees will lead to happy and satisfied customers
• Vancouver 2010 Olympics regularly shares different reward programs for employees, including stock sharing, so that their organizational commitment and ownership is enhanced
• Vancouver 2010 Olympics 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

• Vancouver 2010 Olympics employees are the face of the organization
• Vancouver 2010 Olympics are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Vancouver 2010 Olympics 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

• Vancouver 2010 Olympics remains one of the leading players in the industry also because of its focus on succession planning
• Vancouver 2010 Olympics 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 Vancouver 2010 Olympics
• Strategic succession planning has allowed Vancouver 2010 Olympics to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Vancouver 2010 Olympics has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Vancouver 2010 Olympics are clearly defined and communicated to the employees
• Vancouver 2010 Olympics 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 Vancouver 2010 Olympics

2.6.2. People Management

• Vancouver 2010 Olympics has also defined clear processes for people management through streamlining its human resource management department
• Vancouver 2010 Olympics 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 Vancouver 2010 Olympics to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Vancouver 2010 Olympics 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

• Vancouver 2010 Olympics 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 Vancouver 2010 Olympics 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 Vancouver 2010 Olympics as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Vancouver 2010 Olympics include:

2.7.1. Store atmosphere

• The store design and management for Vancouver 2010 Olympics 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 Vancouver 2010 Olympics at ease
• The store design is also important for Vancouver 2010 Olympics 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 Vancouver 2010 Olympics 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

• Vancouver 2010 Olympics has unique packaging, which is different from other players in the industry
• Vancouver 2010 Olympics 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 Vancouver 2010 Olympics
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Vancouver 2010 Olympics

2.7.3. Website design

• The website design is simple and easy to use
• Vancouver 2010 Olympics has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Vancouver 2010 Olympics 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