Marketing Mix Of Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP

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 Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP

Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP is presented below:

2.1. Product

Product is one of the most important components of the Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP Marketing mix. The distinctive characteristics of the product by Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP are:

2.1.1. Quality

• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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 Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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

• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP has a broad portfolio of products
• The broad portfolio helps Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP
• The broader product portfolio also adds more value for Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP

2.1.4. Benefits of product consumption

• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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 Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP is its delivery of emotional benefits to the consumer
• Products manufactured and sold by Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP promise consumers an ego boost, confidence, and security
• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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 Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP are available in different sizes
• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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, Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP has also increased the trial rate
• Different SKUs have also helped Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP improve its product accessibility

2.2. Price

Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP marketing mix focuses on a hybrid strategy for pricing to obtain maximum value for its products. The marketing mix Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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, Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP encourages favorable brand and product perceptions in target consumer groups
• Premium pricing for products also encourages a favorable quality perception of Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP products amongst consumers
• With premium prices, Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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 Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP products
• Using elements of premium prices in other product ranges has also allowed Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP to maintain significantly high profits and a consistent business growth

2.2.2. Psychological pricing

• Since Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP has a number of different product ranges and product groups, the use of psychological pricing has been beneficial
• With the use of psychological pricing, Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP also successfully adds more value to its products from the point of view of customers
• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP also gains higher sales with psychological pricing
• Consumer purchase a higher amount of Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP products because of its use of psychological pricing
• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP is able to increase its target audience and broaden its target purchaser groups

2.2.3. Geographical pricing

• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP is able to penetrate different regional markets optimally with the use of geographical pricing
• For offshore locations, geographical pricing also allows Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP to cover shipping and customs expenses
• Geographical pricing also allows Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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, Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP is also known to use bundle pricing strategy popularly
• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP also uses bundle pricing during sales
• Bundle pricing increases the trial rate for consumers
• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP experiences higher return on the cost of gaining a new customer
• With bundle pricing, Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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 Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP.

2.3. Placement

Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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 Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP in all markets
• Company-operated stores give Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP higher control over operations as well as store layout and design
• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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 Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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 Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP in unstable markets
• Licensed stores have also given Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP high business growth, and a boost for rapid market expansion and penetration
• Through licensed stores, Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP has also learned about local consumers and cultures
• Licensed stores and shops encourage sales of products by Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP by aligning it with local cultural values
• Licensed stores also help Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP in localizing its product offerings to enhance brand equity and band image

2.3.3. E-commerce

• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP has developed a successfully operational website for online order placement and order tracking
• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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 Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP also places its products in supermarkets and hypermarkets across the country
• A large number of Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP

2.3.5. Partner agents

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

2.4.1. Digital marketing

• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP has corporate profiles on all social media websites and portals
• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP uses its social media presence to directly, engage with consumers
• This direct engagement and interaction allows Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP to understand the customers, their needs and demands
• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP uses this feedback and incorporates it in its broader marketing and organizational strategy
• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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

• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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 Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP on high valued purchases
• Frequent usage and purchase of products by Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP also places an essential focus on people development and people building. This is because Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP realizes the importance of employees in building strong customer relationships. Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP works on strengthening the organizational commitment in its employees
• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP builds employee loyalty so that people can reflect their optimal best at work
• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP also understands that satisfied employees will lead to happy and satisfied customers
• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP regularly shares different reward programs for employees, including stock sharing, so that their organizational commitment and ownership is enhanced
• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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

• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP employees are the face of the organization
• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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

• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP remains one of the leading players in the industry also because of its focus on succession planning
• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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 Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP
• Strategic succession planning has allowed Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP are clearly defined and communicated to the employees
• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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 Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP

2.6.2. People Management

• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP has also defined clear processes for people management through streamlining its human resource management department
• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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 Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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

• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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 Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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 Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP include:

2.7.1. Store atmosphere

• The store design and management for Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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 Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP at ease
• The store design is also important for Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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 Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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

• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP has unique packaging, which is different from other players in the industry
• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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 Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP

2.7.3. Website design

• The website design is simple and easy to use
• Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Your Strategy--A Strategy Formulation Exercise for the General Management Program GMP 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