Quantzig’s Marketing Mix Optimization Helped an Electrical Appliances Dealer Improve Business Efficiency by 30%
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.
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.
About the Client
The client is an American household electrical appliances manufacturer and supplier, headquartered in Texas, United States. The company employs 44,000 people, working in 108 local subsidiaries worldwide.
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