Marketing Mix Of YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT

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 YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT

YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT is presented below:

2.1. Product

Product is one of the most important components of the YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT Marketing mix. The distinctive characteristics of the product by YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT are:

2.1.1. Quality

• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT 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 YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT 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

• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT has a broad portfolio of products
• The broad portfolio helps YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT
• The broader product portfolio also adds more value for YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT

2.1.4. Benefits of product consumption

• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT 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 YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT is its delivery of emotional benefits to the consumer
• Products manufactured and sold by YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT promise consumers an ego boost, confidence, and security
• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT 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 YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT are available in different sizes
• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT 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, YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT has also increased the trial rate
• Different SKUs have also helped YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT improve its product accessibility

2.2. Price

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

2.2.2. Psychological pricing

• Since YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT has a number of different product ranges and product groups, the use of psychological pricing has been beneficial
• With the use of psychological pricing, YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT also successfully adds more value to its products from the point of view of customers
• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT also gains higher sales with psychological pricing
• Consumer purchase a higher amount of YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT products because of its use of psychological pricing
• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT is able to increase its target audience and broaden its target purchaser groups

2.2.3. Geographical pricing

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

2.3. Placement

YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT 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 YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT in all markets
• Company-operated stores give YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT higher control over operations as well as store layout and design
• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT 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 YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT has developed a successfully operational website for online order placement and order tracking
• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT 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 YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT also places its products in supermarkets and hypermarkets across the country
• A large number of YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT

2.3.5. Partner agents

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

2.4.1. Digital marketing

• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT has corporate profiles on all social media websites and portals
• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT uses its social media presence to directly, engage with consumers
• This direct engagement and interaction allows YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT to understand the customers, their needs and demands
• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT uses this feedback and incorporates it in its broader marketing and organizational strategy
• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT 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

• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT 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 YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT on high valued purchases
• Frequent usage and purchase of products by YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT also places an essential focus on people development and people building. This is because YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT realizes the importance of employees in building strong customer relationships. YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT works on strengthening the organizational commitment in its employees
• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT builds employee loyalty so that people can reflect their optimal best at work
• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT also understands that satisfied employees will lead to happy and satisfied customers
• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT regularly shares different reward programs for employees, including stock sharing, so that their organizational commitment and ownership is enhanced
• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT 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

• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT employees are the face of the organization
• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT 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

• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT remains one of the leading players in the industry also because of its focus on succession planning
• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT 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 YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT
• Strategic succession planning has allowed YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT are clearly defined and communicated to the employees
• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT 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 YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT

2.6.2. People Management

• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT has also defined clear processes for people management through streamlining its human resource management department
• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT 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 YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT 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

• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT 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 YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT 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 YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT include:

2.7.1. Store atmosphere

• The store design and management for YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT 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 YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT at ease
• The store design is also important for YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT 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 YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT 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

• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT has unique packaging, which is different from other players in the industry
• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT 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 YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT

2.7.3. Website design

• The website design is simple and easy to use
• YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of YOUNG INDIA DEVELOPING ENGAGING AND RETAINING GEN Y TALENT 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