Marketing Mix Of SandRidge Permian Trust

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 SandRidge Permian Trust

SandRidge Permian Trust makes use of the marketing mix strategically to achieve not only the marketing objectives but also the broader organizational objectives.

Marketing Mix SandRidge Permian Trust is presented below:

2.1. Product

Product is one of the most important components of the SandRidge Permian Trust Marketing mix. The distinctive characteristics of the product by SandRidge Permian Trust are:

2.1.1. Quality

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

2.1.2. Ease of use

• The products manufactured and sold by SandRidge Permian Trust 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

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

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

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

2.3.2. Licensed stores

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

2.3.3. E-commerce

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

2.3.4. Supermarkets and hypermarkets

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

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

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

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

2.6. Process

SandRidge Permian Trust has organized and systematic processes in place to make sure that the business experiences consistent growth.

2.6.1. Operations

• All operations at SandRidge Permian Trust are clearly defined and communicated to the employees
• SandRidge Permian Trust 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 SandRidge Permian Trust

2.6.2. People Management

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

2.6.3. Quality maintenance

• SandRidge Permian Trust 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

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

2.7.1. Store atmosphere

• The store design and management for SandRidge Permian Trust 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 SandRidge Permian Trust at ease
• The store design is also important for SandRidge Permian Trust 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 SandRidge Permian Trust 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

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

2.7.3. Website design

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