Marketing Mix Of Oak Valley Bancorp CA

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 Oak Valley Bancorp CA

Oak Valley Bancorp CA makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Oak Valley Bancorp CA is presented below:

2.1. Product

Product is one of the most important components of the Oak Valley Bancorp CA Marketing mix. The distinctive characteristics of the product by Oak Valley Bancorp CA are:

2.1.1. Quality

• Oak Valley Bancorp CA maintains the high quality of products
• High product quality is maintained by adding value during different stages of the value chain
• Oak Valley Bancorp CA 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 Oak Valley Bancorp CA with a distinctive competitive advantage

2.1.2. Ease of use

• The products manufactured and sold by Oak Valley Bancorp CA 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

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

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

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

2.3.2. Licensed stores

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

2.3.3. E-commerce

• Oak Valley Bancorp CA has developed a successfully operational website for online order placement and order tracking
• Oak Valley Bancorp CA 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 Oak Valley Bancorp CA and has also increased the accessibility of its products for consumers.

2.3.4. Supermarkets and hypermarkets

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

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

• Oak Valley Bancorp CA employees are the face of the organization
• Oak Valley Bancorp CA are motivated through the exciting and creative organizational culture
• Employees are also motivated through different reward programs and bonuses that Oak Valley Bancorp CA 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

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

2.6. Process

Oak Valley Bancorp CA has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Oak Valley Bancorp CA are clearly defined and communicated to the employees
• Oak Valley Bancorp CA 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 Oak Valley Bancorp CA

2.6.2. People Management

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

2.6.3. Quality maintenance

• Oak Valley Bancorp CA 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

• Oak Valley Bancorp CA 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 Oak Valley Bancorp CA 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 Oak Valley Bancorp CA as it works towards influencing the consumers in favor of the brand and its offerings. The physical evidence for Oak Valley Bancorp CA include:

2.7.1. Store atmosphere

• The store design and management for Oak Valley Bancorp CA 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 Oak Valley Bancorp CA at ease
• The store design is also important for Oak Valley Bancorp CA 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 Oak Valley Bancorp CA 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

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

2.7.3. Website design

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