Marketing Mix Of Jardine Matheson Holdings Ld

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 Jardine Matheson Holdings Ld

Jardine Matheson Holdings Ld makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Jardine Matheson Holdings Ld is presented below:

2.1. Product

Product is one of the most important components of the Jardine Matheson Holdings Ld Marketing mix. The distinctive characteristics of the product by Jardine Matheson Holdings Ld are:

2.1.1. Quality

• Jardine Matheson Holdings Ld maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Jardine Matheson Holdings Ld 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 Jardine Matheson Holdings Ld with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Jardine Matheson Holdings Ld 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

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

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

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

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Jardine Matheson Holdings Ld has developed a successfully operational website for online order placement and order tracking
• Jardine Matheson Holdings Ld 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 Jardine Matheson Holdings Ld and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

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

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

• Jardine Matheson Holdings Ld employees are the face of the organization
• Jardine Matheson Holdings Ld are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Jardine Matheson Holdings Ld 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

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

2.6. Process

Jardine Matheson Holdings Ld has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Jardine Matheson Holdings Ld are clearly defined and communicated to the employees
• Jardine Matheson Holdings Ld 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 Jardine Matheson Holdings Ld

2.6.2. People Management

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

2.6.3. Quality maintenance

• Jardine Matheson Holdings Ld 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

• Jardine Matheson Holdings Ld 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 Jardine Matheson Holdings Ld 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 Jardine Matheson Holdings Ld as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Jardine Matheson Holdings Ld include:

2.7.1. Store atmosphere

• The store design and management for Jardine Matheson Holdings Ld 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 Jardine Matheson Holdings Ld at ease
• The store design is also important for Jardine Matheson Holdings Ld 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 Jardine Matheson Holdings Ld 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

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

2.7.3. Website design

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