Marketing Mix Of Zurich Insurance Fostering Key People Management Practices

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 Zurich Insurance Fostering Key People Management Practices

Zurich Insurance Fostering Key People Management Practices makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Zurich Insurance Fostering Key People Management Practices is presented below:

2.1. Product

Product is one of the most important components of the Zurich Insurance Fostering Key People Management Practices Marketing mix. The distinctive characteristics of the product by Zurich Insurance Fostering Key People Management Practices are:

2.1.1. Quality

• Zurich Insurance Fostering Key People Management Practices maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Zurich Insurance Fostering Key People Management Practices 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 Zurich Insurance Fostering Key People Management Practices with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Zurich Insurance Fostering Key People Management Practices 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

• Zurich Insurance Fostering Key People Management Practices has a broad portfolio of products
• The broad portfolio helps Zurich Insurance Fostering Key People Management Practices in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Zurich Insurance Fostering Key People Management Practices
• The broader product portfolio also adds more value for Zurich Insurance Fostering Key People Management Practices

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

Zurich Insurance Fostering Key People Management Practices 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 Zurich Insurance Fostering Key People Management Practices in all markets
• Company-operated stores give Zurich Insurance Fostering Key People Management Practices higher control over operations as well as store layout and design
• Zurich Insurance Fostering Key People Management Practices 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 Zurich Insurance Fostering Key People Management Practices in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Zurich Insurance Fostering Key People Management Practices has developed a successfully operational website for online order placement and order tracking
• Zurich Insurance Fostering Key People Management Practices 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 Zurich Insurance Fostering Key People Management Practices and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Zurich Insurance Fostering Key People Management Practices also places its products in supermarkets and hypermarkets across the country
• A large number of Zurich Insurance Fostering Key People Management Practices target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Zurich Insurance Fostering Key People Management Practices

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

• Zurich Insurance Fostering Key People Management Practices 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 Zurich Insurance Fostering Key People Management Practices and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Zurich Insurance Fostering Key People Management Practices on high valued purchases
• Frequent usage and purchase of products by Zurich Insurance Fostering Key People Management Practices also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of Zurich Insurance Fostering Key People Management Practices also places an essential focus on people development and people building. This is because Zurich Insurance Fostering Key People Management Practices realizes the importance of employees in building strong customer relationships. Zurich Insurance Fostering Key People Management Practices develops its employee and people by focusing on the following aspects:

2.5.1. Training

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

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

• Zurich Insurance Fostering Key People Management Practices employees are the face of the organization
• Zurich Insurance Fostering Key People Management Practices are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Zurich Insurance Fostering Key People Management Practices 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

• Zurich Insurance Fostering Key People Management Practices remains one of the leading players in the industry also because of its focus on succession planning
• Zurich Insurance Fostering Key People Management Practices 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 Zurich Insurance Fostering Key People Management Practices
• Strategic succession planning has allowed Zurich Insurance Fostering Key People Management Practices to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Zurich Insurance Fostering Key People Management Practices has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Zurich Insurance Fostering Key People Management Practices are clearly defined and communicated to the employees
• Zurich Insurance Fostering Key People Management Practices 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 Zurich Insurance Fostering Key People Management Practices

2.6.2. People Management

• Zurich Insurance Fostering Key People Management Practices has also defined clear processes for people management through streamlining its human resource management department
• Zurich Insurance Fostering Key People Management Practices 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 Zurich Insurance Fostering Key People Management Practices to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Zurich Insurance Fostering Key People Management Practices 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

• Zurich Insurance Fostering Key People Management Practices 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 Zurich Insurance Fostering Key People Management Practices 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 Zurich Insurance Fostering Key People Management Practices as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Zurich Insurance Fostering Key People Management Practices include:

2.7.1. Store atmosphere

• The store design and management for Zurich Insurance Fostering Key People Management Practices 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 Zurich Insurance Fostering Key People Management Practices at ease
• The store design is also important for Zurich Insurance Fostering Key People Management Practices 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 Zurich Insurance Fostering Key People Management Practices 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

• Zurich Insurance Fostering Key People Management Practices has unique packaging, which is different from other players in the industry
• Zurich Insurance Fostering Key People Management Practices 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 Zurich Insurance Fostering Key People Management Practices
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Zurich Insurance Fostering Key People Management Practices

2.7.3. Website design

• The website design is simple and easy to use
• Zurich Insurance Fostering Key People Management Practices has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Zurich Insurance Fostering Key People Management Practices 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