Marketing Mix Of Alliant Energy

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 Alliant Energy

Alliant Energy makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Alliant Energy is presented below:

2.1. Product

Product is one of the most important components of the Alliant Energy Marketing mix. The distinctive characteristics of the product by Alliant Energy are:

2.1.1. Quality

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

2.1.2. Ease of use

• The products manufactured and sold by Alliant Energy 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

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

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

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

2.3.2. Licensed stores

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

2.3.3. E-commerce

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

2.3.4. Supermarkets and hypermarkets

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

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

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

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

2.6. Process

Alliant Energy has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Alliant Energy are clearly defined and communicated to the employees
• Alliant Energy 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 Alliant Energy

2.6.2. People Management

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

2.6.3. Quality maintenance

• Alliant Energy 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

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

2.7.1. Store atmosphere

• The store design and management for Alliant Energy 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 Alliant Energy at ease
• The store design is also important for Alliant Energy 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 Alliant Energy 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

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

2.7.3. Website design

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