Why Incorporate a Marketing Mix Strategy?
Marketing is the action taken by businesses to sell the products or services that make a contribution to their turnover. It’s important for every business, small or big, to analyze the marketing mix elements and implement the right strategy, which can help them in the sales of the items they make or sell. A marketing mix strategy is basically a marketing plan that is designed to meet the marketing goals of an organization by analyzing marketing mix elements.
Marketing mix elements are instrumental in securing a strong brand position in the global landscape. The marketing mix elements that form a marketing mix strategy are interrelated and when brought together, help in establishing the position of a product within the target market. Furthermore, analyzing the marketing mix elements; product, price, promotion, and place, plays an important role in your overall marketing approach.
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Wireless Telecommunication Industry Analysis
The wireless telecommunication services industry’s growth is directly linked to the popularity of mobile phones and other modern connected devices. Over the past few years, the wireless telecommunication industry has proven to be effective for the sustenance of businesses as it aids in effective communication with end-users across the globe. Besides, the rapid growth of the wireless telecommunication market can be accredited to the growing internet penetration, ease of access to smart mobile devices, and advancements in wireless technology. However, with rapid technological advancements, competition has grown fierce as wireless telecommunications service providers fight to attract subscribers from other carriers to sustain revenue growth. Moreover, unlimited access to data can make them vulnerable to potential threats. As a result, companies in the wireless telecommunication space should look to ensure better security in terms of maintaining and handling data.
About the Client
The client is an American telecommunications firm, offering a wide range of services to cater to the needs of its global customer base.
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The client, a renowned wireless telecommunication services provider with branches spread worldwide, wanted to measure the impact of advertising, packaging, distribution channels, and media expenditure on the sales revenue. The wireless telecommunication industry client’s primary aim was to refine the existing marketing models to improve overall market share. Moreover, to deal with the issue of increasing market competition and rising budget concerns, the wireless telecommunication services provider wanted to analyze marketing mix elements to understand the relationship between marketing spend and business performance, identify the potential sales drivers, and estimate the ROI on their marketing investments.
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With the help of Quantzig’s marketing mix strategy, the wireless telecommunication industry client was able to gain accurate insights into their marketing investments. The solution offered helped the client gain a more accurate picture of their ROIs and provided strategic insights on how to improve their customer retention capabilities. The marketing mix elements; 4Ps analysis also helped the wireless telecommunication services provider to assess the impact of their marketing activities on sales performance and offered real-time insights into the future spend to maximize returns.
Additionally, the wireless telecom services provider was able to streamline their marketing efforts and adequately allocate their marketing budget across various marketing channels. The solution offered also helped them to assess the impact of internal and external factors on the services rendered and further improved their sales margin by 10%.