World News: 16:33 GMT Monday 11th February 2019. [Quantzig via Businesswire via SPi World News]
A global data analytics and advisory firm, Quantzig, that delivers actionable analytics solutions to resolve complex business problems has announced the completion of their latest marketing mix strategy engagement for a leading steel manufacturer. During the course of this engagement, the analysts at Quantzig helped a leading steel manufacturer to gain a clear concept of what their products stand for and what differentiates them from the competition. Additionally, it offered actionable insights into the best channels for their product promotion and helped them customize each channel to gain positive results.
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Marketing mix strategy for a steel manufacturer. (Graphic: Business Wire)
With the shifting focus on development and infrastructure, the steel industry in the US is expected to rise over the next few years. However, steel manufacturers are under constant pressure to identify continous fluctuations in the price of raw materials. Additionally, the aggravating competition was putting pressure on global steel companies to search for better ways to gain a competitive edge in the market. Thus, steel manufacturers are investing a significant amount of capital into marketing and R&D for differentiating their products from the competitors’ product. The key to success for steel manufacturers lies in identifying the right balance of marketing mix elements, which ultimately helps in accomplishing demands of customer while attaining business goals.
The Business Problem: The client is a leading company that operates two integrated steel mills in South Korea and in California. With the growth in business, the client noted that the quality issues with the products they manufacture were affecting the sales rate of their company. So, they started looking out for appropriate approaches to streamline their marketing mix strategy to examine the market requirements and competitors’ products to meet the existing needs of their customers. The client was also facing issues in gauging target market regions for product promotion and sale. Furthermore, the use of inaccurate pricing strategies for their products resulted in them losing their customers to the competitors.
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“Marketing without analytics is like driving with your eyes closed,” says an expert from Quantzig.
The Solution Offered: Given the complexity of the situation, the experts at Quantzig developed a marketing mix strategy based on 4Ps – product, price, place, promotion. The experts first analyzed the product that included packaging, design, features, quality, and positioning of the product. The data obtained from this analysis helped the steel manufacturer to make their products better and improve customer service. Furthermore, the experts analyzed the production cost and target customers to determine the amount customers are willing to pay for their product. This helped the client to set a fair price for their products. In the final phase of promotion, the client was able to find the best channels for their product promotion.
Gaining data-driven insights to deliver profitable results can be a daunting task. Request a free proposal and know how marketing mix strategy can help you boost your business outcome.
Quantzig's real world evidence analytics studies helped the client to:
Quantzig's real world evidence analytics studies offered predictive insights on:
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal
Business Wire: 16:33 GMT Monday 11th February 2019
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