Marketing Mix Of Schlumberger 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 Schlumberger Ld

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

Marketing Mix Schlumberger Ld is presented below:

2.1. Product

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

2.1.1. Quality

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

2.1.2. Ease of use

• The products manufactured and sold by Schlumberger 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

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

2.1.4. Benefits of product consumption

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

2.2. Price

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

2.2.2. Psychological pricing

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

2.2.3. Geographical pricing

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

2.3. Placement

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

2.3.2. Licensed stores

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

2.3.3. E-commerce

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

2.3.4. Supermarkets and hypermarkets

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

2.3.5. Partner agents

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

2.4.1. Digital marketing

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

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

2.4.3. Community Influencers

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

2.5. People

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

2.5.1. Training

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

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

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

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

2.6. Process

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

2.6.1. Operations

• All operations at Schlumberger Ld are clearly defined and communicated to the employees
• Schlumberger 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 Schlumberger Ld

2.6.2. People Management

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

2.6.3. Quality maintenance

• Schlumberger 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

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

2.7.1. Store atmosphere

• The store design and management for Schlumberger 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 Schlumberger Ld at ease
• The store design is also important for Schlumberger 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 Schlumberger 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

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

2.7.3. Website design

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