Marketing Mix Of Cronin Group Plc

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 Cronin Group Plc

Cronin Group Plc makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Cronin Group Plc is presented below:

2.1. Product

Product is one of the most important components of the Cronin Group Plc Marketing mix. The distinctive characteristics of the product by Cronin Group Plc are:

2.1.1. Quality

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

2.1.2. Ease of use

• The products manufactured and sold by Cronin Group Plc 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

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

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

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

2.3.2. Licensed stores

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

2.3.3. E-commerce

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

2.3.4. Supermarkets and hypermarkets

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

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

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

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

2.6. Process

Cronin Group Plc has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Cronin Group Plc are clearly defined and communicated to the employees
• Cronin Group Plc 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 Cronin Group Plc

2.6.2. People Management

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

2.6.3. Quality maintenance

• Cronin Group Plc 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

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

2.7.1. Store atmosphere

• The store design and management for Cronin Group Plc 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 Cronin Group Plc at ease
• The store design is also important for Cronin Group Plc 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 Cronin Group Plc 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

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

2.7.3. Website design

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