Marketing Mix Of WIPHOLD B Institutionalizing

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 WIPHOLD B Institutionalizing

WIPHOLD B Institutionalizing makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix WIPHOLD B Institutionalizing is presented below:

2.1. Product

Product is one of the most important components of the WIPHOLD B Institutionalizing Marketing mix. The distinctive characteristics of the product by WIPHOLD B Institutionalizing are:

2.1.1. Quality

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

2.1.2. Ease of use

• The products manufactured and sold by WIPHOLD B Institutionalizing 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

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

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

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

2.3.2. Licensed stores

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

2.3.3. E-commerce

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

2.3.4. Supermarkets and hypermarkets

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

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

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

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

2.6. Process

WIPHOLD B Institutionalizing has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at WIPHOLD B Institutionalizing are clearly defined and communicated to the employees
• WIPHOLD B Institutionalizing 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 WIPHOLD B Institutionalizing

2.6.2. People Management

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

2.6.3. Quality maintenance

• WIPHOLD B Institutionalizing 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

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

2.7.1. Store atmosphere

• The store design and management for WIPHOLD B Institutionalizing 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 WIPHOLD B Institutionalizing at ease
• The store design is also important for WIPHOLD B Institutionalizing 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 WIPHOLD B Institutionalizing 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

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

2.7.3. Website design

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