Marketing Mix Strategies

ABSTRACT

In today’s scenario, marketing plays a very important role in increasing and uplifting the
turnover rates of any product or service of a business concern. In a highly competitive
market, it is very essential to persuade the customer and the target market that the our
product is better that that of the competitor’s. If the marketing strategy of the competitor
is more persuasive then that would lead to a declining market share. So in order to
increase the same various marketing strategies involving the product, price , place and
promotion can be used. In this changing scenario, it is important to study how marketing
uplifts or declines a product’s market share.

INTRODUCTION

Marketing is the action taken by businesses to sell the products or services that make a
contribution to their turnover. So, it is very necessary and evident for every business
concern to employ the correct marketing strategy and use the appropriate marketing tools
so as to increase the demand for their product or service. The marketing mix is the set of
controllable, tactical marketing tools that a company uses to produce a desired response
from its target market. A target market is that sector of the population that would be most
interested to buy the particular good or service. For example, Whisper, i.e. a sanitary
napkin making company would attract the attention of female customers in the market.
Marketing mix consists of everything that a company can do to influence demand for its
product. It is also a tool to help marketing planning and execution in order to ensure the
highest possible response from the target market.

PRODUCT:

Product may be defined as anything that can be offered to a market to satisfy a want or
need. From the customers point of view, a product is a bundle of utilities, which is
purchased because of its capability to provide satisfaction of certain need. There can be
both consumer and industrial products. On the basis of durability, a product can be non-
durable, durable or a service. On the basis of shopping efforts involved, there are
convenience products, shopping products or speciality products. One of the most
important decisions that a marketer has to take in the area of product is In respect of
branding and labelling. Recently, it has been observed that packaging plays a very
important role in the marketing success or failure of many products, particularly the
consumer non durable products.
Price:

It can be defined as the amount of money paid by a buyer or received by a seller in

consideration of purchase of a product or a service. It is considered to be an effective
competitive weapon and the most important factor affecting the revenue and profits of the
firm. There are many factors that affect fixation of the price of a product by the concern.
Some of which are product cost, the utility and demand, extent of competition in the
market, government and the legal regulation, pricing objectives, and the marketing
methods used. Pricing occupies an importer place in the marketing of goods and the
services by the firm. No product can be launched without a price or at least some
guidelines for pricing. Pricing is often used as regulator of the demand of a product.
generally, it the price of the product is increased, its demand comes down, and vice a vis.

Place:

The fourth important element of marketing mix is the physical distribution of products
and services. There are two important decisions relating to this aspect, one regarding
physical movement of good from producers to consumers or users and to regarding the
channels or using intermediaries in the distribution process. It includes order processing,
transportation, warehousing and inventory control. There can be both direct and indirect
channels in order to move goods from the point of production to the point of
consumption. Choice of appropriate channel of distribution is a very important marketing
decision which affects the performance of an organisation. It is a strategic decision which
depends upon product related factors, company characteristics, competitive, market and
environmental factors.

Promotion:

Promotion refers to the use of communication with the twin objective of informing
potential customers about a product and persuading them to buy it. Promotion mix refers
to combination of promotional tools used by an organisation to achieve its
communication objectives. Various tools of communication includes advertising,
personal selling, sakes promotion and publicity. What combination of these elements is
used by a firm will depend upon various factors such as nature of market, nature of
product, promotions budget, objectives of promotion etc. sales promotion refers to short
term incentives which are designed to encourage the buyers to make immediate purchases
of a product or services. These include all promotional efforts other than advertising,
personal selling and publicity, used by a company to boost its sales,"

Dominos
Founded in 1960, Domino’s is the leading Pizza Company of the world with more than
10,800 Company owned & franchised outlets. With its presence across 5 continents
covering more than 70 countries it has garnered a market leader position specifically in
the Pizza market. Its low cost infrastructure investment & franchisee owned business
model is making their business more viable than the competitors.

Segmentation, targeting, positioning in the Marketing strategy of DOMINOS

When Consumers hear the name Domino’s they are able to associate it with “30 minutes
delivery guarantee”. This is one of the most popular campaign of Domino’s highlighting
what Domino’s stand for – Fast delivery with excellent taste.

It segment its offerings based on demographic and geographic factors, for e.g.- it has
localised its menu when it entered in India. Domino’s understands that cow is sacred here
so Dominos replaced pepperoni, beef based toppings with spicy chicken sausage topping.

It uses differentiated targeting strategy to serve the market based on the taste &
preferences. Dominos have been successful so far in positioning itself as a Pizza brand
having competitive pricing and varied options to choose from.

Marketing mix – Here is the Marketing mix of Domino’s

Competitive advantage in the Marketing strategy of DOMINOS

Supply chain – Vertical integration across the supply chain has helped the company in
aligning its resources and controlling the cost structure so as to be competitive in the
market & at the same time emerge as most preferred Pizza provider.

Fast Delivery – Whether you have the mouth-watering Pizza at their outlets or get it
delivered at your place, one can always count on Dominos for its quick delivery services
which have helped the company in improving its value delivery process. It even brought
in packaging to prove that its pizza is delivered Hot.

Low-cost outlets – It is one of the major cost components making their business viable
as compared to the rival Yum brand’s outlets. There is no outlet of Domino’s which is
premium designed with plush interiors. Instead, the outlets promote faster consumption
so that people can order, eat and move on. Pizza is promoted exactly for

Brand equity in the Marketing strategy of DOMINOS

Dominos have been successful in being top of the mind brand in the Fast food industry.
In year 2009 it has released its video under “Oh yes we did” campaign claiming it as a
turnaround strategy where different stakeholders explained how they handled the critics.
Company also communicated through it the innovating strategies they are following to
cater the customers changing needs.

“30 minutes guaranteed delivery or free” is all-time popular campaign that helped the
company increase its awareness across the geographies & demographics. Currently, in
2016, the brands ranking is 301 in the global brand ranking of Forbes. Pizza hut is also
close with a ranking of 355.

Market analysis in the Marketing strategy of DOMINOS

Due to the presence of various fast food options, it is difficult for the Pizza companies to
increase the customer base whereas at the same time increase its market share. In
developing nations it is tough for the companies like Dominos to increase the market size
due to several factors like Low per capita income, poverty level, literacy level & standard
of living.

Dominos stores are strategically located to cater the needs of the large areas of nearby
localities so as to keep the infrastructure cost low. Also promoting online sales channel
through offering discounts is helping the company to

1. Increase the customer satisfaction level by offering convenience.

2. Cost control

Customer analysis in the Marketing strategy of DOMINOS

Customer of Dominos varies geographically across the world. In developed nations like
US, UK etc. consumers are of all age groups whereas in developing nations like India
majority of customers are younger generations in the age group of 20-40 years.

Further more, health consciousness is definitely affecting the consumer psyche as people
are looking for healthier options such as Subway or others which are lesser in calories as
compared to a complete pizza.