Outline and describe the 8 marketing mix concepts theoretically and apply the components to one of your products offerings. As part of your application be sure to explain and evaluate all of the 8ps’ of marketing (product, prices, promotion, distribution, partnerships, people, processes and physical evidence). Given your evaluation of your overall marketing strategies, the competition and broader contemporary issues facing marketers today, provide recommendations for your organisation. Your recommendations should focus on each of the 8ps and illustrate how contemporary issues may impact on your organisation and its marketing strategy.
Marketing of a product is a crucial step that is undertaken by the organizations to promote the product in the target market and make use of the different elements of the mix to make the product available to the customers in the market. The different key elements of the marketing mix help in ensuring the proper marketing functions undertaken by the organizations while operating in the international markets. Pandora manufactures hand-finished jewellery from high-quality materials and the best part is that the company delivers the products at an affordable range, which has helped in the expansion of the business in more than 100 countries through 7,800 points of sale. Pandora’s total revenue for the year 2017 was around US$ 3.65, which reflects the smooth functioning of the processes of the business in the market (Pandoragroup., 2018). The report aims at discussing the marketing mix elements that is considered by the jewelry manufacturing company Pandora and thereby makes recommendation by which the company can bring in improvements in the marketing functions. The report on the marketing mix will be aimed at a single product, the charms bracelet for women.
The purpose of the report is to determine the different marketing mix elements of the organization Pandora and thereby make recommendations to bring in improvements in the marketing mix elements of the products that are manufactured by the organization. The identification of the different flaws in the marketing mix elements will be helping the organization to make its products more widely acceptable in the contemporary market through the utilization of proper promotional techniques (Kozlenkova, Samaha & Palmatier, 2014). The differences in the functions of the organization will be helping the organization to bring in changes in the systems and the performance of the business while operating in the international market.
The target market of the company, Pandora, is generally women whose age ranges from 18- 49 years. The male candidates of the society seldom buy the products that are manufactured by the organization (Pandoragroup., 2018). The company undertook a survey and it was found during the sampling that maximum customers that are experienced by the organization are from high and medium income families with moderate or high educational levels respectively.
Product strategy
The product strategy of the organization is dependent on the manner in which the product can be made more attractive to seek the attention of the customers. The different strategies that are utilized by Pandora adhere to the interests and the preferences of the female customers in the market (Christopher, Payne & Ballantyne, 2013). The personalization strategy that is applied by the organization for the products has helped the organization in maintaining a steady balance in the product offerings and the fashion based needs of the female customers. On the other hand, the personalization of the products has helped the organization in providing an option to the customers of creating their fantasies in form of charm bracelets. The company offers the female customers with a choice of personalizing their bracelet through utilizing sterling silver, 14K gold or leather as per the preferences of the customers (Camisón & Villar-López, 2014). The company also offers the customers with a range of charms that can be attached separately with the bracelets. It helped the organization to provide the customers with a greater scope to buy the product as per their preferences. The customization of the bracelets criteria has helped the organization to adhere to the needs of the larger customer base while operating in the different countries (Mulhern, 2013). The attractive covers and application of safe packaging techniques has helped the organization to ensure the safe delivery of the product in the distant countries. Branding, on the other hand, helps in maintaining the corporate communications while undertaking the previously mentioned functions of the organization as per the identification of the preferences of the customers in the market. The proper functioning of the business is dependent on the functions related to branding and the management of the different aspects of the change as per the needs of the market. The key elements of the change in the structure and the performance of the business is dependent on the proper functioning of the different attributes of branding and packaging of the products. Therefore, the physical evidence plays a major role in convincing the customers of the brand image or the quality of the products and the services that they might receive from the organization (Pride et al., 2012).
Price strategy
The organization utilizes the penetration pricing strategy for the bracelets, which has helped the business to gain grounds in the different international markets. The strategy has helped the organization to make their high quality bracelet available to the customers at an affordable price. This has helped the organization to bring in changes in the situation of the same while operating in the international markets. On the other hand, the introduction of the personalization offers on the bracelets has helped the same in maximizing its benefits as female customers often ordered for a bracelet that consists of additional charms. The company discounted their purchase on the charms. For example, if a female customer ordered for a bracelet, which is worth US$56.97 and the charm costing US$ 7.9, then the company simply rounds off the figure to US$ 60. However, the offers are restricted to certain occasions, as it will be helping the organization to make an increase in the sales of the products (Pandoragroup., 2018). The penetration pricing has helped the organization to reach out to a larger customer base while operating in the different countries with an undisputed quality. It helps in enhancing the sales volume of the organization while operating in the international markets.
strategy
Pandora undertakes direct channels of distribution in most of the markets where the firm itself takes the responsibility of making the products available to the customers in the respective markets (Pandoragroup., 2018). The channels through which the organization undertakes the distribution of goods helps in maintaining the different levels of changes in the performance of the business while operating in the international markets (Grönroos & Gummerus, 2014). The intensity of distribution of the products that are offered by the organization is dependent on the demand of the customers in the specific markets. The organization has undertaken the selective place strategy where the bracelets are made available to different retail outlets that are available in the market through an assessment of the demand faced by the same. Apart from the online distribution of the products, the organization has taken steps to make the bracelets available in different selected retail stores in the operating market to influence the sales of the same (Papasolomou & Melanthiou, 2012). The distributions of the products are dependent on the identification of the demands of the customers and thereby deliver the products at the doorstep of the customers of the organization. The proper functioning of the processes is dependent on the identification of the ne4eds of the customers in the respective markets. The marketing strategy will be helping the organization to focus more on the specialization of the products as per the preferences of the customers and thereby deliver the same to them directly.
Promotion
The organization undertook promotion through the utilization of their web portal (www.pandoragroup.com.) where they exhibited their collections of bangles, bracelets, rings and the like. It offers the customers with a wide range of items from which the customers can make a buy based on the preferences of the same (Christopher, Payne & Ballantyne, 2013). The company has also undertaken steps to promote their range of products through the social media platforms as they experience more traffic on the social media sites. Posting Pandora’s offerings in the social media sites like Facebook and the like in the form of links helps in redirecting the customers to their home page where the customers can come across different items and make a buy on their preferences (Crouch & Housden, 2012).
The persuasive technique that is utilized by the organization has helped the same in bringing forth changes in the systems of the business while operating in the market. The social media platforms help the organization to make the maximum amount of the customers aware of the product offerings (Kolb, 2013). On the other hand, the utilization of the different social media platforms helps the organization in exhibiting their skills of manufacturing the most appropriate jewelry depending on the identification of the preferences of the female customers in the market. The social media integration is an important step that is undertaken by the organization as it helped the same to retrieve feedbacks from the customers relating to the products. It has helped the organization to bring in continuous innovation in the processes that are performed by the business (Leeflang et al., 2014). The reviews that are given by the consumers also help in making the people aware of the quality of the jewelry that is manufactured by the organization in the market (García-Morales, Jiménez-Barrionuevo & Gutiérrez-Gutiérrez, 2012).
Partnership
The chief partnership undertaken by the organization has helped in bringing forth continuous progression in the processes and the product offerings of the business. Activities undertaken by the organization include engagement with the Responsible Jewellery Council (RJC), active membership of the United Nations Global Compact (UNGC), different strategic business partnerships and community engagements (Pandoragroup. 2018). It has helped the organization to function as per the legislative councils of the nations. On the other hand, the company has undertaken steps to undertake strategic alliances with different gold and diamond suppliers in the market. The organization derive the leather for the bracelets from the Thai Oriental Leather Co. LTD. It has helped the organization to provide the customers of the business with high quality tensioned leather as per the requirements of the customers (Pandoragroup. 2018). The strategic alliance helped the organization to deliver quality products to the customers through an assessment of the needs of the same in the market. The diamond that are used by the organization for the bracelets are derived from the B.H.C. Diamonds who are famed for the polishing of the diamonds and their proper cutting technologies which helps in enhancing the dazzling factor. The partnership that are held by the organization has helped the same in sharing the amount of market risks equally with the partners which assists the organization to bring in continuous changes in the processes (Wilson & Gilligan, 2012). The key purpose of Pandora to engage in the partnership is dependent on the identification of the market risk factors and the manner in which they can be mitigated through investments on the processes of the business. On the other hand, apart from the sharing of the risk attributes, Pandora has taken steps to form alliances through which they might be able to enter new markets while expanding their enterprise in the macro levels. The expansion of the organization in the different international markets will be helping the same to bring in sustenance in the processes that are planned by the business (Theodosiou, Kehagias & Katsikea, 2012). On the other hand, the strategic alliances will be helping the organization to cope up with the market competition. The mutual gains of the strategic alliances and partnership with different players in the market will be helping the organization to identify the needs of the concerned market more precisely, which will be helping the enterprise to undertake steps to design its processes (Kotler, 2015).
Process
Figure 1: Customer buying process
(Source: Boone & Kurtz, 2013)
The processes that are undertaken by the consumers while making their buy h4elps the organization to identify the different channels through which the customer involvement in the processes can be maximized. The company, Pandora, has taken steps to integrate their systems with the social media platforms where the company experiences a major traffic of customers visiting their page (Sheth & Sisodia, 2015). The consumers who are visiting the social media sites are made aware of the product offerings of the organization as per the preferences of the customers in the market. The customers who are aware of the quality and the products that are manufactured by the organization visit the company’s website where an array of jewellery is exhibited. The consumer chooses from the line of products based on the preferences and thereby makes a buy through an automated checkout (GUMMESSON, 2012). The whole process of the checkout is kept confidential and it helps in providing the customers to make an online buy from the website of the organization. The customer’s buying process helps the organization in identifying the different needs of the customers and thereby bring in changes in the channels to redirect the attention of the customers to the company’s product offerings. The company also created the online portal to communicate with the customers directly, which will be helping the same to assist the customers and retrieve their feedback on the products and the services to bring forth improvements in the systems of the business.
People
Pandora’s consistent improvements in the global scenario are supported through the engagement of the workforce and their smooth performance as per the objectives of the organization (Pandoragroup., 2018). Therefore, the company has taken steps to undertake relevant sessions and training with the employees to enhance their skill while working in the processes that are designed by the organization in the market (Armstrong et al., 2015). Enhancement of the skills of the employees will be helping the organization to bring forth changes and modification in the systems bad the processes of the business as per the identification of the needs of the female customers in the market. The organization is recently facing issues relating to the resistances of the workforce as the employees stated that the organization is overstuffing them with works that affected their work- life balance mostly (García Medina, Farias Coelho & Bellido-Pérez, 2017). On the other hand, the employees are also facing issues relating to the application of new technologies, which was not installed previously. Training of the employees on the crafting of the jewelry and the manner in which the quality of the products can be enhanced has helped the organization in maintaining the product quality in the market pertaining to the goodwill of the same. On the other hand, the training on the services and assistance to the customers will be helping the organization to undertake systematic after sale services to the customers of the business. It will be helping the organization to bring in continuous improvements in the systems of the business while operating in the market.
Physical evidence
The physical evidence that is being used by the organization is dependent on the different factors of the layout and branding that helps the organization to bring forth changes in making the customers aware of the service quality and the other aspects (Khan, 2014). The layout of the website and the manner in which the commodities are displayed affects the psychological needs of the customers to buy from a renowned brand. On the other hand, the appealing display of the website helps in attracting the attention of the customers to the products and thereby it helps in maintaining the different levels of changes in the systems of the business (Ribeiro, 2015). The organization has also taken steps to distribute the bracelets in the different selected retail outlets in the market. The appealing display of the retail store helps in attracting the attention of the customers. Most of the jewelries are exhibited in the retail store, which will be giving the customers of the business to identify the expertise of the organization while manufacturing the jewelries as per the preferences of the customers. On the other hand, the Physical store will be incorporating members of the organization who will be providing the customers with an overview of the organization’s product offering which will help in boosting the sales through providing the customers with the idea of the offerings apart from the bracelets.
The recommended actions that might be undertaken by the organization, Pandora, are being discussed in this section of the report:
Conclusion
Therefore, from the above analysis it can be stated that Pandora has taken steps to bring in changes in the systems of the business through the involvement of the workforce in the processes and the integrated marketing options. The identification of the 8 Ps of the marketing mix will be helping the organization to bring in changes in the systems of the business to cope up with the needs of the customers in the respective markets. On the other hand, the recommended action that might be undertaken by Pandora will be helping the same to bring in continuous innovation in the processes and improvements in the situating of the business. The technological innovation that is planned by the organization and the strategic alliances will be helping the business to bring n changes in the situation of the business. On the other hand, the continuous innovation process depending on the change in the preferences of the customers in the market will be helping the organization to expand in the international markets.
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