Marketing Mix Of Wonder Kidz Franchise

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 Wonder Kidz Franchise

Wonder Kidz Franchise makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Wonder Kidz Franchise is presented below:

2.1. Product

Product is one of the most important components of the Wonder Kidz Franchise Marketing mix. The distinctive characteristics of the product by Wonder Kidz Franchise are:

2.1.1. Quality

• Wonder Kidz Franchise maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Wonder Kidz Franchise 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 Wonder Kidz Franchise with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Wonder Kidz Franchise 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

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

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

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

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Wonder Kidz Franchise has developed a successfully operational website for online order placement and order tracking
• Wonder Kidz Franchise 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 Wonder Kidz Franchise and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

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

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

• Wonder Kidz Franchise employees are the face of the organization
• Wonder Kidz Franchise are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Wonder Kidz Franchise 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

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

2.6. Process

Wonder Kidz Franchise has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Wonder Kidz Franchise are clearly defined and communicated to the employees
• Wonder Kidz Franchise 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 Wonder Kidz Franchise

2.6.2. People Management

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

2.6.3. Quality maintenance

• Wonder Kidz Franchise 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

• Wonder Kidz Franchise 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 Wonder Kidz Franchise 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 Wonder Kidz Franchise as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Wonder Kidz Franchise include:

2.7.1. Store atmosphere

• The store design and management for Wonder Kidz Franchise 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 Wonder Kidz Franchise at ease
• The store design is also important for Wonder Kidz Franchise 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 Wonder Kidz Franchise 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

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

2.7.3. Website design

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