Marketing Mix Of Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace

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 Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace

Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace is presented below:

2.1. Product

Product is one of the most important components of the Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace Marketing mix. The distinctive characteristics of the product by Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace are:

2.1.1. Quality

• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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 Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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

• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace has a broad portfolio of products
• The broad portfolio helps Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace in reaching different target groups in the market
• Also, the broad portfolio allows financial strength to Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace
• The broader product portfolio also adds more value for Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace

2.1.4. Benefits of product consumption

• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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 Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace is its delivery of emotional benefits to the consumer
• Products manufactured and sold by Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace promise consumers an ego boost, confidence, and security
• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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 Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace are available in different sizes
• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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, Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace has also increased the trial rate
• Different SKUs have also helped Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace improve its product accessibility

2.2. Price

Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace marketing mix focuses on a hybrid strategy for pricing to obtain maximum value for its products. The marketing mix Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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, Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace encourages favorable brand and product perceptions in target consumer groups
• Premium pricing for products also encourages a favorable quality perception of Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace products amongst consumers
• With premium prices, Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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 Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace products
• Using elements of premium prices in other product ranges has also allowed Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace to maintain significantly high profits and a consistent business growth

2.2.2. Psychological pricing

• Since Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace has a number of different product ranges and product groups, the use of psychological pricing has been beneficial
• With the use of psychological pricing, Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace also successfully adds more value to its products from the point of view of customers
• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace also gains higher sales with psychological pricing
• Consumer purchase a higher amount of Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace products because of its use of psychological pricing
• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace is able to increase its target audience and broaden its target purchaser groups

2.2.3. Geographical pricing

• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace is able to penetrate different regional markets optimally with the use of geographical pricing
• For offshore locations, geographical pricing also allows Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace to cover shipping and customs expenses
• Geographical pricing also allows Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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, Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace is also known to use bundle pricing strategy popularly
• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace also uses bundle pricing during sales
• Bundle pricing increases the trial rate for consumers
• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace experiences higher return on the cost of gaining a new customer
• With bundle pricing, Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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 Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace.

2.3. Placement

Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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 Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace in all markets
• Company-operated stores give Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace higher control over operations as well as store layout and design
• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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 Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace in terms of decisions regarding the stocking of different product items

2.3.2. Licensed stores

• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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 Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace in unstable markets
• Licensed stores have also given Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace high business growth, and a boost for rapid market expansion and penetration
• Through licensed stores, Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace has also learned about local consumers and cultures
• Licensed stores and shops encourage sales of products by Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace by aligning it with local cultural values
• Licensed stores also help Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace in localizing its product offerings to enhance brand equity and band image

2.3.3. E-commerce

• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace has developed a successfully operational website for online order placement and order tracking
• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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 Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace also places its products in supermarkets and hypermarkets across the country
• A large number of Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace target groups shop from supermarkets and hypermarkets
• Placement in supermarkets and hypermarkets also improve cost efficiency for Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace

2.3.5. Partner agents

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

2.4.1. Digital marketing

• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace has corporate profiles on all social media websites and portals
• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace uses its social media presence to directly, engage with consumers
• This direct engagement and interaction allows Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace to understand the customers, their needs and demands
• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace uses this feedback and incorporates it in its broader marketing and organizational strategy
• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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

• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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 Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace and is valued for points against the products’ monetary value
• The loyalty card can be purchased or is given complementary by Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace on high valued purchases
• Frequent usage and purchase of products by Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace also has rewards against the loyalty card

2.4.3. Community Influencers

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

2.5. People

The marketing mix of Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace also places an essential focus on people development and people building. This is because Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace realizes the importance of employees in building strong customer relationships. Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace develops its employee and people by focusing on the following aspects:

2.5.1. Training

• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace makes sure that all employees undergo regular training sessions for skill development and enhancement
• Trainings at Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace are not the only field related, but also focus on essential management and organizational skills
• Training sessions and activities at Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace also identify with the employee's own needs of progression, development and growth
• All training sessions and activities designed and carried out by Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace take into consideration business goals and objectives, as well as employee's personal goals and aspirations
• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace, 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

• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace works on strengthening the organizational commitment in its employees
• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace builds employee loyalty so that people can reflect their optimal best at work
• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace also understands that satisfied employees will lead to happy and satisfied customers
• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace regularly shares different reward programs for employees, including stock sharing, so that their organizational commitment and ownership is enhanced
• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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

• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace employees are the face of the organization
• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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

• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace remains one of the leading players in the industry also because of its focus on succession planning
• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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 Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace
• Strategic succession planning has allowed Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace to be prepared for different challenges, and also be resourceful enough to deflect them

2.6. Process

Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace are clearly defined and communicated to the employees
• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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 Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace

2.6.2. People Management

• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace has also defined clear processes for people management through streamlining its human resource management department
• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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 Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace to keep its workforce motivated and happy – which reflects in satisfied customers

2.6.3. Quality maintenance

• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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

• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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 Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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 Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace include:

2.7.1. Store atmosphere

• The store design and management for Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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 Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace at ease
• The store design is also important for Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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 Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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

• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace has unique packaging, which is different from other players in the industry
• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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 Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace
• The packaging of the products is sophisticatedly done and matches the brand image developed and maintained by Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace

2.7.3. Website design

• The website design is simple and easy to use
• Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace has a customer friendly user interface which allows easy navigation and understanding of its various product offerings
• The corporate website of Www pefa com Pan European Fish Auctions - Implementing a Virtual Marketplace 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