Marketing mix strategy: Can it help businesses to establish a niche in the market?
Every business organization, whether big or small, should understand and implement the right marketing mix strategy to increase their annual turnover. The four key factors that play a major role in developing the right marketing mix strategy include – Pricing, Product, Place, and Promotion. Each of these factors has their own variables, and when implemented strategically, they give rise to a robust marketing mix strategy, which plays an indispensable role in brand development.
Importance of marketing mix elements in brand development
Every marketing mix consists of a well-balanced amalgamation of the four key factors also known as the 4P’s, which help develop a precise 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.
Marketing mix elements are instrumental in securing a strong brand position in the global landscape and the four marketing elements play a key role in doing so. Hence, players must focus on all key aspects while developing a marketing mix strategy that supports brand development. A deep understanding of these factors will help achieve a good revenue growth, thereby, aiding in brand development.
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The client is a leading player in the US steel industry. They are well-known for implementing new techniques and manufacturing processes to enhance brand value while maintaining a low production cost.
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Project Background and Solution Offered
The steel industry client is well-known for maintaining a low production cost by balancing their manufacturing expenses. To improve their business processes, the steel industry client recently undertook an initiative which involved making major changes to their manufacturing process, including the implementation of advanced technology. Such transformations greatly impacted the pricing of their finished end-products, which, in turn, drastically affected their brand growth. Subsequently, the steel industry player realized the potential of implementing a precise marketing strategy to overcome their challenges. To do so, they approached Quantzig to leverage its advanced analytic capabilities and develop a perfect marketing mix strategy.
Value Delivered to the Client
Quantzig’s marketing analytics experts worked with the steel industry client to identify the key reasons affecting their brand value. The initial phase of this engagement revolved around the identification of key marketing mix elements for which our experts adopted a quantitative analytic approach for analyzing the collected data.
To be a competent supplier in the international market, a detailed understanding of the marketing mix elements was required. Through this engagement, the client was able to gain in-depth insights into the key elements that were greatly affected by the industrial developments undertaken by them.
As a result of our solutions and recommendations, the client was able to identify the following:
- ‘Price’ was the key marketing mix element that had the highest influence on their developmental processes.
- Assess and analyze the influence of each factor on the prices of the finished steel products.