Need for a Marketing Mix Strategy for Businesses
Developing the right marketing mix strategy is crucial for businesses to succeed in today’s competitive business scenario. This makes recognizing the marketing mix elements and selecting the right steps crucial to business success. There are two basic steps involved in developing a marketing mix strategy:
- Identifying the overall intent of the marketing strategy
- Recognizing the target audience
Every marketing mix element consists of a well-balanced amalgamation of the four key factors, also known as the 4P’s, which help develop a well-defined marketing mix strategy. The key to success, however, lies in determining the perfect balance of these factors, which ultimately depends on fulfilling customer demands while achieving business goals.
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Electrical Appliances Market Analysis
The electrical appliances market is expected to witness significant growth over the next couple of years owing to the rising disposable income and high demand from rural areas. The increasing demand for electrical household appliances such as air conditioners, refrigerators, and washing machines can be attributed to the improving living standards and rising number of households across the globe. Uniform growth is predicted in the developing markets while rural regions are set to outdo the trends due to the developing lifestyles and rising purchasing power.
The increasing pace of change in the global market for electrical appliances stems from a number of trends such as increased consumer power, digitalization, sustainability, consolidation, and growing middle class. Such changes are placing demands on investments and economies of scale, but also open the door of possibilities for companies operating in the electrical appliances industry.
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About the Client
The client is an American household electrical appliances manufacturer and supplier. The company employs 44,000 people, working in 108 local subsidiaries worldwide.
The client, a renowned household electrical appliances manufacturer, and supplier, wanted to develop a precise marketing strategy to assure business growth and expansion. The client’s marketing mix strategy proved to be obsolete in today’s rapidly transforming marketplace. Hence, they wanted to balance out the use of the fundamental marketing elements and devise an effective strategy that meets the needs of the customer while maximizing business value. Hence, they approached the experts at Quantzig to help them develop a robust marketing mix strategy.
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The solutions and recommendations offered by the marketing mix experts at Quantzig helped the client enhance their brand image and popularity across economies. Also, the changes incorporated into their marketing mix element helped them keep track of the key marketing mix elements while strengthening the need for businesses. However, by identifying the key marketing mix elements and by devising the right marketing strategy, the supplier of the electrical appliance was able to prevent the worst crisis and stay ahead of their peers. Furthermore, with our help, the client was able to cut down on their marketing spend by optimizing their campaigns.
Quantzig, with over 15 years of expertise, has supported clients across the globe with end-to-end data modeling capabilities to leverage analytics for sound decision making. We believe that the strength to tackle the actionable data is what drives a company towards success.