About the Client
Established in 1998, the client operates two integrated steel mills in South Korea and in California. Major steel products include hot rolled steel, steel plate, wire rod, cold-rolled steel, electrical steel, and stainless steel products. The company employs over 40,000 staff and serves its products worldwide.
The Business Challenge
With the increasing focus on infrastructure and development, the global steel industry in the US is expected to rise in the coming years. Moreover, the constantly fluctuating price of raw materials and weak steel prices have put significant pressure on steel manufacturers. Additionally, the increasingly competitive environment is putting pressure on global steel companies to search for better ways to gain a competitive advantage in the market. Thus, steel manufacturers are investing a considerable amount of capital into R&D and marketing for differentiating their products from other players in the market.
The key to success for steel manufacturers lies in determining the perfect balance of marketing mix elements, which ultimately results on accomplishing customer demands while achieving business goals. Additionally, to be a competent supplier and manufacturer in the international steel market, a detailed understanding of the marketing mix elements is required.
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Top Challenges Faced by the Steel Manufacturers
Problem Statement 1
The client noted that the quality issues with the products they manufacture were affecting the sales rate of their company. Thus, in order to make their products well acceptable in the market, the client realized that they need to be clear about what their products deliver to the consumers’. So, with the aid of a marketing mix strategy, the client wanted to examine the market requirements and their competitors’ products to meet the existing needs of their customers.
Problem Statement 2
The inaccurate pricing strategies for their products resulted in losing their customers to their competitors. With this, the client realized that they must charge a price that is profitable, but also consistent with the market situation. Thus, the client with the help of a marketing mix strategy wanted to make a fair balance on product prices for both parties to ensure their business’ permanence in the market. Additionally, with a marketing mix strategy, the client wanted to evaluate the target customer needs and enhance customer service.
Problem Statement 3
With Quantzig’s marketing mix strategy, the client wanted to effectively leverage the marketing strategy plan to systematically gauge target market regions for product promotion and sale. Moreover, with Quantzig’s marketing mix strategy, the client wanted to widen their target market and promote their products to foreign markets.
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Problem Statement 4
Even though, the client operated a product-based company, they realized that they need to invest in promotion plans for better visibility of their products in the market. Thus, with a marketing mix strategy, they wanted to analyze the promotion channels they need to invest in for better sales and they were also looking to advance social media marketing strategies.
Solutions Offered and Value Delivered
By analyzing the industry challenges and the requirements of the client, the experts at Quantzig developed a marketing mix strategy. The marketing mix strategy revolved around marketing mix 4ps – product, price, place, promotion.
Phase 1: Product Analysis
The initial phase of the marketing mix strategy revolved around product analysis. Product analysis included the design, packaging, quality, features, and positioning of the product. The data obtained from the product analysis helped the client gain a clear concept of what their products stand for, and what differentiates them from the competition. Altogether, this phase of marketing mix strategy helped them make their products better and improve customer service.
Phase 2: Price Analysis
The second phase of the marketing mix strategy was price analysis. As the client was facing difficulties in charging a fair price for their products according to the market requirements, the experts at Quantzig analyzed the production cost and the amount customers are willing to pay for their product. By analyzing these factors, the experts helped the client set a fair price for their products.
Phase 3: Place
In this competitive world, the analysis of the target customer and target market plays a major role in products and services promotion. Thus, the third phase of the marketing mix strategy was channel analysis for promoting their products. This helped the client gain deep insights into the best channels for their product promotion and helped them customize on each channel in order to have positive results.
Phase 4: Promotion
The final phase of the marketing strategy plan was successfully promoting the client’s product to the target customer. This phase of the marketing mix strategy helped the client to find the best channels for their product promotion.
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Quantzig’s marketing mix elements helped the client to improve their effectiveness in the market. The client was able to attain essential insights to upsurge sales, market share, and marketing ROI. Quantzig’s marketing mix strategy also helped the client to devise an adequate strategy that could address the requirements of their consumers apart from enhancing the profits. This subsequently helped them in uncovering alternatives in the market space and deciding the prices for their products and moreover improved customer service. Additionally, with the help of a marketing mix strategy, the client was able to strengthen its hold in the market space and improve its overall marketing effectiveness by 30%.
The marketing mix strategy also helped the client:
- Improve the overall marketing effectiveness by 30%
- Reallocate their spending to evaluate progress and improve top-line revenue
- Optimize their marketing performance for the future
What is a Marketing Mix Strategy?
A marketing mix is a significant tool for designing the right marketing strategy and its implementation through effective tactics. Evaluation of the roles of the four marketing mix Ps plays a vital part in your overall marketing approach. Marketing mix strategy helps communicate the essential benefits and features of a company’s offerings to the end-users. Each of the marketing mix elements has its own variables, and when implemented strategically, they give rise to a robust marketing mix strategy, which plays an indispensable role in brand development and building better social media marketing strategies.
What Are the 7 Elements of Marketing Mix Strategy?
The marketing mix strategy deals with the process in which a business uses price, product, place, and promotion to market and sell their products. Lets’ explore the 7 elements of a marketing mix strategy and benefits of marketing mix strategy:
- Product: The product should satisfy the consumers’ expectations. Thus, you must ensure to have the right type of product that is in demand for your market.
- Price: Pricing your products can be tricky because you need to calculate the value of what you offer along with what it costs you in materials, time, and overhead to produce it. It is also a very important element of a marketing strategy plan as it determines your firm’s profit and survival. Adjusting the price of the product has a big impact on the entire marketing mix strategy as well as greatly affects the sales and demand of the product.
- Place: Placement or distribution is a very important part of the marketing strategies plan. You have to position and distribute the product in a place that is accessible to potential buyers. This is where your business sells its products or services and how it gets those products or services to your customers.
- Promotion: Promotion includes all the ways you tell your customers about your products or services. This is essentially an important element of the marketing mix strategy. Advertising, sales promotion, social media marketing are all key communication tools for an organization. These tools should be used to put across the organization’s message to the correct audiences in the manner they would most like to hear, whether it be informative or appealing to their emotions. These are the methods you use to communicate the features and benefits of your products or services to your target customers.
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- People: Develop the habit of thinking in terms of the people inside and outside of your business who are responsible for every element of your sales, marketing strategies, and activities. Thorough research is important to discover whether there are enough people in your target market that is in demand for certain types of products and services.
- Process: In a marketing mix strategy, process refers to the processes involved in delivering your products and services to the customer.
- Physical Evidence: In a marketing mix strategy, the physical evidence pertains to how business and its products are perceived in the marketplace.