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Marketing Mix (4Ps) Analysis of Alphatec Electronics Pcl
Posted by Addison on Jul-19-2022
About 4Ps Model
The 4p model of marketing comprises elements of the product, price, promotion, and place (Chernev, 2018; Kucuk, 2017). The model is commonly referred to as the marketing mix. The marketing mix of the Alphatec Electronics Pcl allows and facilitates it in achieving its marketing objectives as well as in positively influencing the target audience (Baines, Fill, & Rosengren, 2017). The elements identified in the marketing mix are typically used by the Alphatec Electronics Pcl for marketing its product and service, and for brand development and building activities. These elements are critically fundamental for the development and creation of marketing plans and marketing strategies by the Alphatec Electronics Pcl – especially for developing and sustaining competitive advantage (Chernev, 2018; Stead & Hastings, 2018; Grewal & Levy, 2021). Alphatec Electronics Pcl ensures that the elements identified for the marketing mix model work together cohesively, and complement each other in all its marketing strategies and plans (Abratt & Bendixen, 2018; Deepak & Jeyakumar, 2019).
Product
The product refers to the actual good or service that is being marketed to the consumers by Alphatec Electronics Pcl, and which will be consumed by the target audience of the Alphatec Electronics Pcl (Groucutt & Hopkins, 2015). The product or the service being offered by Alphatec Electronics Pcl largely aims to fulfill a market need and demand, as well as works to create demand by providing a unique and fulfilling customer experience (Stead & Hastings, 2018; Sahaf, 2019).
Quality
Product quality for Alphatec Electronics Pcl largely refers to how well the company is able to satisfy the customers’ needs and demands through its product and service offerings (Baines, Fill, & Rosengren, 2017; Deepak & Jeyakumar, 2019). In addition to this, the product quality for Alphatec Electronics Pcl further includes the adherence of the company and its product and service offerings to industry standards and benchmarks as well as the ability of the same to serve its meaning and purpose comprehensively (Iacobucci, 2021; Groucutt & Hopkins, 2015; Chernev, 2018).
Customer demand fulfillment
The ability of the product and service to fulfill customer demands as well as its purpose, and to work efficiently and effectively are important facets of product quality for Alphatec Electronics Pcl (Iacobucci, 2021; Deepak & Jeyakumar, 2019). Alphatec Electronics Pcl ensures that its products are available for customers at affordable prices by controlling internal costs (Wu & Li, 2018).
Warranty
The warranty extended by Alphatec Electronics Pcl includes the guarantee that the company to its customers regarding the functioning and the quality of the purchased food and service (Abratt & Bendixen, 2018). In addition, Alphatec Electronics Pcl’s warranty also includes any compensation that the company has promised to give the customers in case the product and service fall short of the marketed benefits and functionalities (Išoraitė, 2016; Grewal & Levy, 2021; Kucuk, 2017).
Packaging
Alphatec Electronics Pcl focuses thoroughly on the packaging and makes sure it includes the process of designing, evaluating, and developing a container for the products and services being manufactured and marketed (Deepak & Jeyakumar, 2019; Baines, Fill, & Rosengren, 2017). The packaging of the product and the service allows Alphatec Electronics Pcl to highlight the product's purpose, as well as provides ease in transportation, gives room for more prolonged shelf life, and creates a unique and delightful customer experience (Kareh, 2018; Park, 2020).
Brand
The Alphatec Electronics Pcl invests in developing brands out of its products and service offerings. This means that the Alphatec Electronics Pcl engages in brand-building activities for its offerings i.e. associating specific designs and communications with its products to ensure differentiation, and easier communication with the target audience (Gillespie & Swan, 2021).
Building the brand
The branding-building activities undertaken by the Alphatec Electronics Pcl ensure that its target audience is better able to relate to the offerings (Abratt & Bendixen, 2018). Through this, the Alphatec Electronics Pcl ensures higher loyalty and repeat purchases, as well as positive perception creation for its offerings (Khan, 2014; Kareh, 2018).
Features
Product features or characteristics refer to the product traits and attributes present in the offerings of Alphatec Electronics Pcl that allow the company to successfully deliver unique value to customers through the products and services manufactured and offered (Varadarajan, 2015; Kotler & Keller, 2021). The product traits and features also allow Alphatec Electronics Pcl to create points of differentiation from the competition for its offering (Kotler & Keller, 2021; Park, 2020).
Product style
Alphatec Electronics Pcl makes sure to focus on the design and the look of the product, and the ability of the same to meet the expectations and lifestyle of the target audience (Groucutt & Hopkins, 2015). The Alphatec Electronics Pcl ensures that the product style and design complement its features and purpose.
Functionality
Alphatec Electronics Pcl makes sure that the product manufactured fulfills its purpose, and meets customer expectations (Abratt & Bendixen, 2018). Alphatec Electronics Pcl focuses on the product design, and how well it is able to fulfill the demands of the customers, as well as fill in the market gap (Baines, Fill, & Rosengren, 2017)
Experience
Alphatec Electronics Pcl products provide the customers with an exceptional and unique experience upon consumption (Kotler & Keller, 2021). This experience includes interaction with the products that leads to different unique and positive customer feelings and helps the Alphatec Electronics Pcl maintain differentiation from the competition (Varadarajan, 2015; Kotabe & Helsen, 2020).
Availability
Alphatec Electronics Pcl ensures that its product and service offerings are available for its target consumers at various retail setups. The easy availability ensures that consumers are able to purchase the offerings of Alphatec Electronics Pcl from various locations, allowing the Alphatec Electronics Pcl to create an advantage over competing players (Kotler & Keller, 2021; Chernev, 2018).
Convenience
One point of focus for Alphatec Electronics Pcl in its product offering is convenience. The Alphatec Electronics Pcl ensures that its products and service are easy and convenient to use. The factor of convenience allows Alphatec Electronics Pcl to enjoy a higher consumption rate, as well as increased sales and trials (Kotabe & Helsen, 2020; Kucuk, 2017).
After-sales service
Alphatec Electronics Pcl caters to after-sales queries and demands of customers, which also includes processes of returns as well as exchanges. The after-sales service of company Alphatec Electronics Pcl is detrimental and critical in determining customer satisfaction with its offerings (Iacobucci, 2021; Chernev, 2018).
Sizes
Alphatec Electronics Pcl has different SKUs in the product available. Alphatec Electronics Pcl has its products available in various SKU sizes which helps the company boost its sales, as different customer groups have different demands for the product quantity – depending on their usage, income as well as lifestyle (Grewal & Levy, 2021; Deepak & Jeyakumar, 2019).
Price
The element of price in the marketing mix refers to the value that customers pay for the service or the product offered by Alphatec Electronics Pcl. The pricing strategy and the price of the offerings are critical because it determines three success for Alphatec Electronics Pcl by directly influencing the profit levels and revenue for the company (Kotabe & Helsen, 2020; Kotler & Keller, 2021; Deepak & Jeyakumar, 2019).
Discounts
One of the ways through which the Alphatec Electronics Pcl influences its pricing strategies is through offering discounts on its product and service offerings. Discounted pricing for the Alphatec Electronics Pcl means that Alphatec Electronics Pcl decreases the price of the product and service in order to generate interest, or even unload excessive inventory and stock; as well as for boosting sales (Baines, Fill, & Rosengren, 2017).
Margins
Alphatec Electronics Pcl makes room for margins through the additional value charged in price over the cost – which allows the Alphatec Electronics Pcl to build profit for its offerings (Kucuk, 2017). The margins available to the Alphatec Electronics Pcl largely depend on the offering and its quality itself, in addition to the brand equity and brand value of the company.
Payment method
A significant factor of the pricing element of the marketing mix for the Alphatec Electronics Pcl includes the payment methods that the company offers (Kotler & Keller, 2021; Abratt & Bendixen, 2018). Since the Alphatec Electronics Pcl largely operates distribution to retail via agents and retailers, it ensures the inclusion of different payment methods. This includes digital payment, cash payment, as well as credit allowances (Grewal & Levy, 2021; Groucutt & Hopkins, 2015).
Pricing strategy
Penetrative pricing strategy
For Alphatec Electronics Pcl, the penetrative pricing strategy is adopted as it allows the company higher trial generation of its products and services in the desired target market, as well as allows the building of a broader reach for its product offerings by ensuring easier affordability (Baines, Fill, & Rosengren, 2017).
Introductory pricing strategy
For new products that the company launches, Alphatec Electronics Pcl ensures to adopt an introductory pricing strategy. This means that the company prices its products and service offerings at relatively lower prices than the competition. This introductory pricing strategy allows the company to increase trial generation, achieve higher penetration, as well as lead to the generation of increased brand awareness and recall (Kucuk, 2017).
Aggressive/competitive pricing strategy
For existing products, Alphatec Electronics Pcl uses a competitive and aggressive pricing strategy. This ensures that the products are available readily at competitive prices. Aggressive and competitive pricing strategies allow the Alphatec Electronics Pcl to experience high rates of growth and experience by allowing the buildup of consumer loyalty and following based largely on product attributes and quality instead of price– leading to the generation of higher brand equity and value for Alphatec Electronics Pcl (Deepak & Jeyakumar, 2019).
Place
The element of place within the 4Ps model of the marketing mix largely refers to the locations where company Alphatec Electronics Pcl stocks its product and service offerings for consumers' accessibility and purchase. Alphatec Electronics Pcl ensures to include all possible placements which are easily accessible to and available for the company's target audience (Iacobucci, 2021; Išoraitė, 2016). With the advancement of technology, Alphatec Electronics Pcl has expanded the placement of its products beyond the traditional brick-and-mortar retail spaces, to include modern Omni channel retail platforms as well (Iacobucci, 2021).
Physical stores/retail
The physical retail and stores i.e. the traditional brick and mortar spaces continue to be the prioritized locations for product placement by Alphatec Electronics Pcl (Iacobucci, 2021; Groucutt & Hopkins, 2015; Abratt & Bendixen, 2018).
Retail types
These include hypermarkets, upper markets, and smaller grocery stores - all of which allow increased accessibility and availability of Alphatec Electronics Pcl’s products and services to its target audience. Physical retail has a higher footfall and allows direct interaction of the Alphatec Electronics Pcl brand and its product offerings with the consumers (Groucutt & Hopkins, 2015; Groucutt & Hopkins, 2015; Chernev, 2018).
E-commerce
E-tailers
The Alphatec Electronics Pcl also stocks its products on e-commerce retail shops – such as amazon. This allows the Alphatec Electronics Pcl higher access and penetration in other markets, as well as in secondary consumer groups. Moreover, e-commerce retailing is more cost-effective for the Alphatec Electronics Pcl (Wu & Li, 2018; Chernev, 2018; Baines, Fill, & Rosengren, 2017).
Company-owned website
In addition to stocking products with other e-trailers, the Alphatec Electronics Pcl also manages orders through its own website, where consumers can place orders for Alphatec Electronics Pcl’s products directly. This allows the Alphatec Electronics Pcl greater control over stock and inventory management, as well as distribution networks – allowing the buildup of stronger relations with consumers.
Lastly, the Alphatec Electronics Pcl also takes limited orders through social media pages and platforms (Wu & Li, 2018; Baines, Fill, & Rosengren, 2017).
Aggregators
Another way through which Alphatec Electronics Pcl uses e-commerce is by stocking its offerings with aggregators (Kucuk, 2017). This allows the Alphatec Electronics Pcl to maximize its reach and increase penetration. At the same time, it also allows increased trial generation and repeats purchases for the Alphatec Electronics Pcl product offerings (Išoraitė, 2016; Groucutt & Hopkins, 2015).
Specialty stores
Interestingly, the Alphatec Electronics Pcl also stocks its products with specialty stores (Grewal & Levy, 2021). This gives the company direct exposure to its target market and audience and allows the consumers to directly interact with the brand and its offerings- without too much clutter (Kotler & Keller, 2021; Gillespie & Swan, 2021). The specialty stores are located in prime locations, and allow Alphatec Electronics Pcl higher penetration and reach, leading to increased brand awareness for its product offerings (Groucutt & Hopkins, 2015; Išoraitė, 2016).
Direct sales
The Alphatec Electronics Pcl also has a trained sales team for making direct sales (Kotler & Keller, 2021). Alphatec Electronics Pcl targets not only B2C consumers but also B2-B consumers (Chernev, 2018; Grewal & Levy, 2021). Both these categories, also make use of direct marketing whereby the sales agents and teams visit the target audience and business directly and detail the product features and benefits (Kotler & Keller, 2021; Groucutt & Hopkins, 2015).
B2B and direct sales
Alphatec Electronics Pcl’s team makes sales instantly during field visits for the company (Sahaf, 2019; Stead & Hastings, 2018). The target audience is carefully profiled and selected by the Alphatec Electronics Pcl so that the sales representatives are able to filter out the clutter (Gillespie & Swan, 2021; Išoraitė, 2016). Alphatec Electronics Pcl is able to easily contact and communicate with the desired business groups only (Groucutt & Hopkins, 2015; Abratt & Bendixen, 2018).
Inventory management
Alphatec Electronics Pcl effectively manages its inventory and fulfills the retailer's demand in time to ensure that it manages customer relations efficiently – and does not lose any customers. Alphatec Electronics Pcl has also introduced automation in inventory management which allows it to improve efficiency and speed, and reduce error rates (Park, 2020; Gillespie & Swan, 2021; Kucuk, 2017).
Transportation
For Alphatec Electronics Pcl, this includes choosing cos effective transportation means for inventory handling, as well as order deliveries to customers, as well as retailers. The company uses third-party transportation, as well as manages its own in-house transportation networks for ensuring on-time order deliveries (Abratt & Bendixen, 2018; Chernev, 2018; Grewal & Levy, 2021).
Promotion
The element of promotion in the marketing mix for Alphatec Electronics Pcl largely refers to the tactics and activities of communication that the company has adopted for promoting its products and services – including the brand, and its offerings, as well as other product features, characteristics, and activities (Varadarajan, 2015; Gillespie & Swan, 2021). The communication is largely targeted toward the Alphatec Electronics Pcl's target audience and is aimed to increase brand awareness, brand loyalty as well as sales of the company (Wu & Li, 2018; Grewal & Levy, 2021).
Direct marketing
For its more specific products and offerings, Alphatec Electronics Pcl uses direct marketing. Alphatec Electronics Pcl directly emails potential customers- especially its B2B consumers for detailing its product offerings and features. Alphatec Electronics Pcl uses personalized messages and captures new clients and customers for the business. In addition to direct emailing, the Alphatec Electronics Pcl also makes use of telemarketing and direct mail for targeting audiences through direct marketing (Chernev, 2018; Sahaf, 2019).
In-store promotion
Alphatec Electronics Pcl also focuses on in-store promotions for appealing to the customers, and boosting sales as well as raising brand awareness and profile of its offerings (Baines, Fill, & Rosengren, 2017). For Alphatec Electronics Pcl, the in-store promotions include offering price discounts, loyalty points, and flash sales for its products. In addition, the company also invests in building up the POS within the store locations (Stead & Hastings, 2018; Groucutt & Hopkins, 2015).
Social media marketing
One of the more contemporary forms of marketing and promotion for Alphatec Electronics Pcl includes social media marketing. The company has an official presence and profiles on social media platforms such as Facebook and Instagram, and regularly uses these platforms to promote its offerings, and product features and characteristics (Stead & Hastings, 2018). In addition, these platforms are also used by Alphatec Electronics Pcl to inform consumers about using sales and discounts to increase in-store footfall.
Traditional advertising
The Alphatec Electronics Pcl continues to use traditional marketing tactics and promotional platforms as well – largely for mass marketing purposes. The company especially focuses on TV advertisements, ad print media advertising for this purpose (Išoraitė, 2016; Iacobucci, 2021).
TV
TV advertisements are generally placed in prime time for higher visibility and reach by Alphatec Electronics Pcl. The TV advertisements use functional as well as emotional appeals to communicate the message of the Alphatec Electronics Pcl to the audiences (Iacobucci, 2021; Stead & Hastings, 2018).
Print media and advertisements are published in newspapers and magazines – both of which are generally consumed in high proportion by the broader target audience of the Alphatec Electronics Pcl (Chernev, 2018; Iacobucci, 2021; Stead & Hastings, 2018).
Radio
The Alphatec Electronics Pcl also places advertisements on the radio to appeal to a segment of the target population. The radio communications by the Alphatec Electronics Pcl are usually shorter and focus on functional appeal only (Park, 2020; Išoraitė, 2016; Groucutt & Hopkins, 2015).
Integrated marketing communications
The advertisement and promotional messages by Alphatec Electronics Pcl for all mediums and channels however are built on an integrated plan, and ensure that they reflect messages and communication that is similar to the overall campaign to void confusion and discrepancies (Gillespie & Swan, 2021; Kotler & Keller, 2021). The use of integrated marketing and integrated media has allowed the Alphatec Electronics Pcl to build strong relations with the consumers through prompting conversations and discussions directly with them (Deepak & Jeyakumar, 2019; Sahaf, 2019; Stead & Hastings, 2018).
Conclusion
The 4p model or the marketing mix is an important aspect of brand building and development for the Alphatec Electronics Pcl and significantly guides the company in the chalking out of its strategic marketing goals and plans. The marketing mix model or the 4P model has helped the Alphatec Electronics Pcl in increasing its products’ and services’ reach and penetration and witness high levels of expansion and growth. The model has also led Alphatec Electronics Pcl towards a better understanding of its target audience and consumers. This understanding, in turn, has fostered strong emotional relations and increased loyalty on part of consumers towards the company – leading to an overall increase in the brand value and brand equity, as well as higher levels of brand affiliation, brand awareness, and brand recall. Together, the marketing mix has helped the company boost its sales and revenue by aligning its offerings with the needs and demands of the consumers, and the market more effectively and efficiently.
References
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Baines, P., Fill, C., & Rosengren, S. (2017). Marketing. New York, United States: Oxford University Press.
Chernev, A. (2018). Strategic marketing management. Berlin/Heidelberg, Germany: Cerebellum Press.
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Gillespie, K., & Swan, K. (2021). Global marketing. New York, United States: Routledge.
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