Marketing Mix Of Wikitribune Promoting Evidence-based Journalism

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 Wikitribune Promoting Evidence-based Journalism

Wikitribune Promoting Evidence-based Journalism makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Wikitribune Promoting Evidence-based Journalism is presented below:

2.1. Product

Product is one of the most important components of the Wikitribune Promoting Evidence-based Journalism Marketing mix. The distinctive characteristics of the product by Wikitribune Promoting Evidence-based Journalism are:

2.1.1. Quality

• Wikitribune Promoting Evidence-based Journalism maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Wikitribune Promoting Evidence-based Journalism 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 Wikitribune Promoting Evidence-based Journalism with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Wikitribune Promoting Evidence-based Journalism 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

• Wikitribune Promoting Evidence-based Journalism has a broad portfolio of products
• The broad portfolio helps Wikitribune Promoting Evidence-based Journalism in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Wikitribune Promoting Evidence-based Journalism
• The broader product portfolio also adds more value for Wikitribune Promoting Evidence-based Journalism

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

Wikitribune Promoting Evidence-based Journalism 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 Wikitribune Promoting Evidence-based Journalism in all markets
• Company-operated stores give Wikitribune Promoting Evidence-based Journalism higher control over operations as well as store layout and design
• Wikitribune Promoting Evidence-based Journalism 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 Wikitribune Promoting Evidence-based Journalism in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Wikitribune Promoting Evidence-based Journalism has developed a successfully operational website for online order placement and order tracking
• Wikitribune Promoting Evidence-based Journalism 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 Wikitribune Promoting Evidence-based Journalism and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Wikitribune Promoting Evidence-based Journalism also places its products in supermarkets and hypermarkets across the country
• A large number of Wikitribune Promoting Evidence-based Journalism target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Wikitribune Promoting Evidence-based Journalism

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

• Wikitribune Promoting Evidence-based Journalism employees are the face of the organization
• Wikitribune Promoting Evidence-based Journalism are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Wikitribune Promoting Evidence-based Journalism 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

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

2.6. Process

Wikitribune Promoting Evidence-based Journalism has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Wikitribune Promoting Evidence-based Journalism are clearly defined and communicated to the employees
• Wikitribune Promoting Evidence-based Journalism 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 Wikitribune Promoting Evidence-based Journalism

2.6.2. People Management

• Wikitribune Promoting Evidence-based Journalism has also defined clear processes for people management through streamlining its human resource management department
• Wikitribune Promoting Evidence-based Journalism 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 Wikitribune Promoting Evidence-based Journalism to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Wikitribune Promoting Evidence-based Journalism 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

• Wikitribune Promoting Evidence-based Journalism 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 Wikitribune Promoting Evidence-based Journalism 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 Wikitribune Promoting Evidence-based Journalism as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Wikitribune Promoting Evidence-based Journalism include:

2.7.1. Store atmosphere

• The store design and management for Wikitribune Promoting Evidence-based Journalism 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 Wikitribune Promoting Evidence-based Journalism at ease
• The store design is also important for Wikitribune Promoting Evidence-based Journalism 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 Wikitribune Promoting Evidence-based Journalism 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

• Wikitribune Promoting Evidence-based Journalism has unique packaging, which is different from other players in the industry
• Wikitribune Promoting Evidence-based Journalism 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 Wikitribune Promoting Evidence-based Journalism
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Wikitribune Promoting Evidence-based Journalism

2.7.3. Website design

• The website design is simple and easy to use
• Wikitribune Promoting Evidence-based Journalism has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Wikitribune Promoting Evidence-based Journalism 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