Marketing Mix Of Where Experts Get It Wrong Independence vs Leadership in Corporate Governance

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 Where Experts Get It Wrong Independence vs Leadership in Corporate Governance

Where Experts Get It Wrong Independence vs Leadership in Corporate Governance makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Where Experts Get It Wrong Independence vs Leadership in Corporate Governance is presented below:

2.1. Product

Product is one of the most important components of the Where Experts Get It Wrong Independence vs Leadership in Corporate Governance Marketing mix. The distinctive characteristics of the product by Where Experts Get It Wrong Independence vs Leadership in Corporate Governance are:

2.1.1. Quality

Where Experts Get It Wrong Independence vs Leadership in Corporate Governance maintains the high quality of products
High product quality is maintained by adding value during different stages of the value chain
Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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 Where Experts Get It Wrong Independence vs Leadership in Corporate Governance with a distinctive competitive advantage

2.1.2. Ease of use

The products manufactured and sold by Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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

Where Experts Get It Wrong Independence vs Leadership in Corporate Governance has a broad portfolio of products
The broad portfolio helps Where Experts Get It Wrong Independence vs Leadership in Corporate Governance in reaching different target groups in the market
Also, the broad portfolio allows financial strength to Where Experts Get It Wrong Independence vs Leadership in Corporate Governance
The broader product portfolio also adds more value for Where Experts Get It Wrong Independence vs Leadership in Corporate Governance

2.1.4. Benefits of product consumption

Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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 Where Experts Get It Wrong Independence vs Leadership in Corporate Governance is its delivery of emotional benefits to the consumer
Products manufactured and sold by Where Experts Get It Wrong Independence vs Leadership in Corporate Governance promise consumers an ego boost, confidence, and security
Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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 Where Experts Get It Wrong Independence vs Leadership in Corporate Governance are available in different sizes
Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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, Where Experts Get It Wrong Independence vs Leadership in Corporate Governance has also increased the trial rate
Different SKUs have also helped Where Experts Get It Wrong Independence vs Leadership in Corporate Governance improve its product accessibility

2.2. Price

Where Experts Get It Wrong Independence vs Leadership in Corporate Governance marketing mix focuses on a hybrid strategy for pricing to obtain maximum value for its products. The marketing mix Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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, Where Experts Get It Wrong Independence vs Leadership in Corporate Governance encourages favorable brand and product perceptions in target consumer groups
Premium pricing for products also encourages a favorable quality perception of Where Experts Get It Wrong Independence vs Leadership in Corporate Governance products amongst consumers
With premium prices, Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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 Where Experts Get It Wrong Independence vs Leadership in Corporate Governance products
Using elements of premium prices in other product ranges has also allowed Where Experts Get It Wrong Independence vs Leadership in Corporate Governance to maintain significantly high profits and a consistent business growth

2.2.2. Psychological pricing

Since Where Experts Get It Wrong Independence vs Leadership in Corporate Governance has a number of different product ranges and product groups, the use of psychological pricing has been beneficial
With the use of psychological pricing, Where Experts Get It Wrong Independence vs Leadership in Corporate Governance also successfully adds more value to its products from the point of view of customers
Where Experts Get It Wrong Independence vs Leadership in Corporate Governance also gains higher sales with psychological pricing
Consumer purchase a higher amount of Where Experts Get It Wrong Independence vs Leadership in Corporate Governance products because of its use of psychological pricing
Where Experts Get It Wrong Independence vs Leadership in Corporate Governance is able to increase its target audience and broaden its target purchaser groups

2.2.3. Geographical pricing

Where Experts Get It Wrong Independence vs Leadership in Corporate Governance is able to penetrate different regional markets optimally with the use of geographical pricing
For offshore locations, geographical pricing also allows Where Experts Get It Wrong Independence vs Leadership in Corporate Governance to cover shipping and customs expenses
Geographical pricing also allows Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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, Where Experts Get It Wrong Independence vs Leadership in Corporate Governance is also known to use bundle pricing strategy popularly
Where Experts Get It Wrong Independence vs Leadership in Corporate Governance also uses bundle pricing during sales
Bundle pricing increases the trial rate for consumers
Where Experts Get It Wrong Independence vs Leadership in Corporate Governance experiences higher return on the cost of gaining a new customer
With bundle pricing, Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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 Where Experts Get It Wrong Independence vs Leadership in Corporate Governance.

2.3. Placement

Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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 Where Experts Get It Wrong Independence vs Leadership in Corporate Governance in all markets
Company-operated stores give Where Experts Get It Wrong Independence vs Leadership in Corporate Governance higher control over operations as well as store layout and design
Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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 Where Experts Get It Wrong Independence vs Leadership in Corporate Governance in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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 Where Experts Get It Wrong Independence vs Leadership in Corporate Governance in unstable markets
Licensed stores have also given Where Experts Get It Wrong Independence vs Leadership in Corporate Governance high business growth, and a boost for rapid market expansion and penetration
Through licensed stores, Where Experts Get It Wrong Independence vs Leadership in Corporate Governance has also learned about local consumers and cultures
Licensed stores and shops encourage sales of products by Where Experts Get It Wrong Independence vs Leadership in Corporate Governance by aligning it with local cultural values
Licensed stores also help Where Experts Get It Wrong Independence vs Leadership in Corporate Governance in localizing its product offerings to enhance brand equity and band image

2.3.3. E-commerce

Where Experts Get It Wrong Independence vs Leadership in Corporate Governance has developed a successfully operational website for online order placement and order tracking
Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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 Where Experts Get It Wrong Independence vs Leadership in Corporate Governance and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

Where Experts Get It Wrong Independence vs Leadership in Corporate Governance also places its products in supermarkets and hypermarkets across the country
A large number of Where Experts Get It Wrong Independence vs Leadership in Corporate Governance target groups shop from supermarkets and hypermarkets
Placement in supermarkets and hypermarkets also improve cost efficiency for Where Experts Get It Wrong Independence vs Leadership in Corporate Governance

2.3.5. Partner agents

In offshore locations, Where Experts Get It Wrong Independence vs Leadership in Corporate Governance also makes use of partner agents for its products’ placement
These partner agents are assessed and evaluated on strategic compatibility and reliance
Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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 Where Experts Get It Wrong Independence vs Leadership in Corporate Governance also places high importance on the promotional tactics and strategies used. The promotional strategies allow the Where Experts Get It Wrong Independence vs Leadership in Corporate Governance to interact with the consumers and influence them directly. Where Experts Get It Wrong Independence vs Leadership in Corporate Governance uses a 360-degree approach in its promotional activities, and makes use of the following means of promotion:

2.4.1. Digital marketing

Where Experts Get It Wrong Independence vs Leadership in Corporate Governance has corporate profiles on all social media websites and portals
Where Experts Get It Wrong Independence vs Leadership in Corporate Governance uses its social media presence to directly, engage with consumers
This direct engagement and interaction allows Where Experts Get It Wrong Independence vs Leadership in Corporate Governance to understand the customers, their needs and demands
Where Experts Get It Wrong Independence vs Leadership in Corporate Governance uses this feedback and incorporates it in its broader marketing and organizational strategy
Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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

Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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 Where Experts Get It Wrong Independence vs Leadership in Corporate Governance and is valued for points against the products’ monetary value
The loyalty card can be purchased or is given complementary by Where Experts Get It Wrong Independence vs Leadership in Corporate Governance on high valued purchases
Frequent usage and purchase of products by Where Experts Get It Wrong Independence vs Leadership in Corporate Governance also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of Where Experts Get It Wrong Independence vs Leadership in Corporate Governance also places an essential focus on people development and people building. This is because Where Experts Get It Wrong Independence vs Leadership in Corporate Governance realizes the importance of employees in building strong customer relationships. Where Experts Get It Wrong Independence vs Leadership in Corporate Governance develops its employee and people by focusing on the following aspects:

2.5.1. Training

Where Experts Get It Wrong Independence vs Leadership in Corporate Governance makes sure that all employees undergo regular training sessions for skill development and enhancement
Trainings at Where Experts Get It Wrong Independence vs Leadership in Corporate Governance are not the only field related, but also focus on essential management and organizational skills
Training sessions and activities at Where Experts Get It Wrong Independence vs Leadership in Corporate Governance also identify with the employee's own needs of progression, development and growth
All training sessions and activities designed and carried out by Where Experts Get It Wrong Independence vs Leadership in Corporate Governance take into consideration business goals and objectives, as well as employee's personal goals and aspirations
Where Experts Get It Wrong Independence vs Leadership in Corporate Governance, 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

Where Experts Get It Wrong Independence vs Leadership in Corporate Governance works on strengthening the organizational commitment in its employees
Where Experts Get It Wrong Independence vs Leadership in Corporate Governance builds employee loyalty so that people can reflect their optimal best at work
Where Experts Get It Wrong Independence vs Leadership in Corporate Governance also understands that satisfied employees will lead to happy and satisfied customers
Where Experts Get It Wrong Independence vs Leadership in Corporate Governance regularly shares different reward programs for employees, including stock sharing, so that their organizational commitment and ownership is enhanced
Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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

Where Experts Get It Wrong Independence vs Leadership in Corporate Governance employees are the face of the organization
Where Experts Get It Wrong Independence vs Leadership in Corporate Governance are motivated through the exciting and creative organizational culture
Employees are also motivated through different reward programs and bonuses that Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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

Where Experts Get It Wrong Independence vs Leadership in Corporate Governance remains one of the leading players in the industry also because of its focus on succession planning
Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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 Where Experts Get It Wrong Independence vs Leadership in Corporate Governance
Strategic succession planning has allowed Where Experts Get It Wrong Independence vs Leadership in Corporate Governance to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Where Experts Get It Wrong Independence vs Leadership in Corporate Governance has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

All operations at Where Experts Get It Wrong Independence vs Leadership in Corporate Governance are clearly defined and communicated to the employees
Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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 Where Experts Get It Wrong Independence vs Leadership in Corporate Governance

2.6.2. People Management

Where Experts Get It Wrong Independence vs Leadership in Corporate Governance has also defined clear processes for people management through streamlining its human resource management department
Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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 Where Experts Get It Wrong Independence vs Leadership in Corporate Governance to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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

Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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 Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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 Where Experts Get It Wrong Independence vs Leadership in Corporate Governance as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Where Experts Get It Wrong Independence vs Leadership in Corporate Governance include:

2.7.1. Store atmosphere

The store design and management for Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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 Where Experts Get It Wrong Independence vs Leadership in Corporate Governance at ease
The store design is also important for Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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 Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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

Where Experts Get It Wrong Independence vs Leadership in Corporate Governance has unique packaging, which is different from other players in the industry
Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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 Where Experts Get It Wrong Independence vs Leadership in Corporate Governance
The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Where Experts Get It Wrong Independence vs Leadership in Corporate Governance

2.7.3. Website design

The website design is simple and easy to use
Where Experts Get It Wrong Independence vs Leadership in Corporate Governance has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
The corporate website of Where Experts Get It Wrong Independence vs Leadership in Corporate Governance 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

Dahlén, M., Lange, F. & Smith, T., 2010. Marketing communications: A brand narrative approach. Chichester: John Wiley & Sons.

De Chernatony, L., 1999. Brand Management through Narrowing the Gap between Brand Identity and Brand Reputation. Journal of Marketing Management, 15(1–3), p. 157–79.

Harish, R., 2008. Brand Architecture and its Applications in Strategic Marketing:The Example of L’Oréal. The Icfai Journal of Marketing Management, 7(2), pp. 39-51.

Išoraitė, M., 2009. Theoretical aspects of marketing strategy. Ekonomika ir vadyba: aktualijos ir perspektyvos: mokslo darbai, Volume 1, pp. 114-125.

Keller, K., 2001. Mastering the marketing communications mix : Micro and macro perspectives on integrated marketing communication programs. Journal of Marketing Management, Volume 17, p. 819–847.

Kotler , P., 2003. Marketing Management. New Jersey: Pearson Education Inc.

Kotler, P., 1997. Marketing management: Analysis, planning, implementation and control. New Jersey: Prentice-Hall.

Kotler, P., 211. Reinventing marketing to manage the environmental imperative. Journal of Marketing, 75(4), pp. 132-135.

Kotler, P. & Keller, K., 2007. Marketing Management. Praha: Grada Publishing.

Lamb, C., Hair, J. & McDaniel, C., 2011. Essentials of marketing. s.l.:Cengage Learning.

Rafiee, V. & Sarabdeen , J., 2013. Social Media Marketing: The Unavoidable Marketing Management Tool. Dubai, University of Wollongong, pp. 933-942.

Rao, K., 2011. Services Marketing. New Delhi: Pearson Education India.

Richards, K. & Jones, E., 2008. Customer relationship management: Finding value drivers. Industrial marketing management, 37(2), pp. 120-130.

Schmitt, B., 1999. Experiential marketing. Journal of Marketing Management, p. 57.

Teilmann, V., 2010. Market Entry Strategies: International Marketing Management. Berlin: GRIN Verlag.

Zahay, D. & Griffin, A., 2010. Marketing strategy selection, marketing metrics, and firm performance. Journal of Business & Industrial Marketing, 25(2), pp. 84-93.

Warning! This article is only an example and cannot be used for research or reference purposes. If you need help with something similar, please submit your details here.

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