Marketing Mix Of Real Good Food 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 Real Good Food Plc

Real Good Food Plc makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix Real Good Food Plc is presented below:

2.1. Product

Product is one of the most important components of the Real Good Food Plc Marketing mix. The distinctive characteristics of the product by Real Good Food Plc are:

2.1.1. Quality

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

2.1.2. Ease of use

• The products manufactured and sold by Real Good Food 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

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

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

• Since Real Good Food 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, Real Good Food Plc also successfully adds more value to its products from the point of view of customers
• Real Good Food Plc also gains higher sales with psychological pricing
• Consumer purchase a higher amount of Real Good Food Plc products because of its use of psychological pricing
• Real Good Food Plc is able to increase its target audience and broaden its target purchaser groups

2.2.3. Geographical pricing

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

2.3. Placement

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

2.3.2. Licensed stores

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

2.3.3. E-commerce

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

2.3.4. Supermarkets and hypermarkets

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

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

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

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

2.6. Process

Real Good Food Plc has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at Real Good Food Plc are clearly defined and communicated to the employees
• Real Good Food 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 Real Good Food Plc

2.6.2. People Management

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

2.6.3. Quality maintenance

• Real Good Food 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

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

2.7.1. Store atmosphere

• The store design and management for Real Good Food 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 Real Good Food Plc at ease
• The store design is also important for Real Good Food 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 Real Good Food 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

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

2.7.3. Website design

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