abhishreshthaa
Abhijeet S
Marketing Mix of World Wrestling Entertainment, Inc. (WWE) : World Wrestling Entertainment, Inc. (WWE) (NYSE: WWE) (previously known as Capitol Wrestling Corporation Ltd, Titan Sports Inc. and World Wrestling Federation Entertainment, Inc.) is a publicly traded, privately controlled sports entertainment company dealing primarily in professional wrestling, with major revenue sources also coming from film, music, product licensing, and direct product sales. It is currently the largest professional wrestling company in the world, reaching 14.4 million viewers in the U.S. and broadcasting its shows in 30 languages to more than 145 countries.[4] It promotes under two brands, known as Raw and SmackDown.
Vince McMahon is the majority owner, chairman and chief executive officer (CEO) of the company. Together with his wife Linda McMahon, and their children, Shane McMahon and Executive Vice President of Talent and Creative Writing, Stephanie McMahon-Levesque, the McMahons hold approximately 70% of WWE's economic interest and 96% of the voting power in the company. The company's headquarters are located in Stamford, Connecticut with offices in Los Angeles, New York City, London, Tokyo, Toronto, and Sydney.[5] WWE holds an extensive library of videos, representing a significant portion of the visual history of professional wrestling.
The company began as the Capitol Wrestling Corporation Ltd in 1953, which promoted under the banner of the World Wide Wrestling Federation (WWWF) and later the World Wrestling Federation (WWF). In 1982 it was sold to the same family's Titan Sports Inc. company, which later changed its name to World Wrestling Federation Entertainment, Inc., before finally becoming World Wrestling Entertainment, Inc. in 2002.
The 4ps meant that marketers sought to produce products that were desired by consumers at a price that would be attractive, the marketers want to use promotion to indicate the advantages they offered over the competition, and make them available at a place of the customers’ choosing (Yudelson 1999). Marketers have to understand cultural values in all aspects of implementing the marketing concept and managing the marketing mix (Proctor 2000). The marketing mix uses the 4P’s to describe the marketing position of a product in a certain marketplace. The P's of marketing is a way to conceptualize the business, define strategy, format competitive analysis and benchmarking (Collier 1991). Marketing mix helps the company to analyze itself and determine how to market its product to the clients at a limited time and limited cost. The marketing mix categorizes different aspects of the company. Through the marketing mix each aspect of the company can be checked and given consideration with regards to its ability to attract clients. The next part will use the marketing mix to further analyze the company and its products.
Product
Introducing new products is a very good way of achieving differentiation and enhancing a retail identity in an over-subscribed retail market, but without corporate support new products may fail or go unnoticed (Gillooley & Varley 2001). Although most of the buying decisions are centered on the ability of a product to satisfy a customer need at a price the customer is willing to pay, a business has to ensure that it meets its legal obligations with regard to the products it sells. It also has to consider its long term image in the eyes of the public. It is therefore necessary to ensure that a product conforms to legal standards and provides value for money (Gillooley & Varley 2001). Product innovation is becoming increasingly necessary for businesses to keep customers interested in their product range (Gillooley & Varley 2001). MIX products include whole meal bakery and pastries with added vitamins, minerals and fiber. MIX makes sure that every one of their Healing Juices, Smoothees, Wrapps and Rainforest Salads is as pure as can be. The company assures its clients that their product has no artificial preservatives, flavorings or sweeteners. The materials and components used for production of products came from reliable and trustworthy suppliers. The company also has consumer response team that can be contacted anytime. This response team provides assistance to clients who have issues with some of the products. The company’s products are one of the main reasons for the company’s success and it contributes to the rise of the company’s profits. The company’s products sets them self apart from the competitors in the region.
Price
The market pricing approach is used when the environmental improvement under consideration causes an increase or decrease in real outputs and/or inputs (Hussen 2000). A variety of motivations explain the adoption of a new customer approach by global companies. A major reason is the cost of conducting personal visits or customer sales call continues to increase. Firms cannot afford to allow their sales force to make unproductive sales calls. Firms have come to believe that a more efficient method of marketing is to establish and maintain long-term relationships with their customers. When a long-term relationship is established and nurtured, it is less necessary to spend significant amounts of money advertising to make customers aware of the product offering and then employing a sales force to stimulate demand for unwanted products/services to potential customers (Ford Honeycutt & Simintiras 2003). Global customers expect low manufacturing costs, excellent design, and having their needs met (Ford Honeycutt & Simintiras 2003). The company’s pricing is valued according to the quality of the products. For the clients of the company, the pricing approach for them concentrates on providing them the best product for the equivalent amount of price they pay. The company makes sure that it maintains well made products that will have the same value as what the client pays for it. The price of the product is considered through determining the cost of making the product, the salaries of people producing the product, the cost of operation and the other expenses made in the creation of the product. With such price the company maintains the product to be of high quality and durability.
Place
The factors which determine choice of a channel, or channels, of distribution are both external and internal to the organization. These factors show how the options open to organizations are restricted. For example, small companies may not have the resource or expertise to become involved in foreign direct investment; markets with low break-even sales volumes favor low-cost channels such as licensing or exporting. Traditional decision-making techniques can be applied to such decisions. Market size is a primary consideration, together with trends in the market like segmentation and the estimated share of the market that can be achieved in view of the competition. The existing distribution methods will determine whether single or multiple channels are developed. Host country policies are important since any special standards, import quotas or duties will increase the cost to the consumer and disadvantage foreign suppliers in relation to domestic ones (Mccall & Stone2000).
Place elements of the marketing mix have been changing rapidly over recent decades, and these changes impact in many ways on the marketing operations of the Business (Dennis & Harris 2002).To attain sales, profitability, and customer-satisfaction goals, the products must be available for customers to purchase. The portion of a firm’s marketing strategy that assures customers have access to the firm’s products is known as distribution strategy, and the institutions that take part in product distribution comprise the marketing or distribution channels for those products (Reddy 1997). The different channels of distribution help in strengthening the relationship of the company with the clients. It also establishes some relationship with non competitors. The main channel of distribution for the company is its branches. The company has eleven branches in strategic locations in Hong Kong. The company has branches in its Airport, malls, roads, and other business districts. Mix also has a delivery system wherein clients or companies who want to have products be catered to them can make formal requests. MIX’s website features a printable menu that can be used to select the product that a company or an individual would like to have. The individual or a company can then call a certain number wherein they can place their order and discuss some details about the delivery.
Promotion
Effective marketing communications with the customers are essential for business success. Advertising forms the central plan of most communications programs. The information conveyed in advertisements may be in the form of words or symbols. It can work to educate, persuade or simply to inform. An image can be supported or created, enquiries can be elicited and the functions of a product can be demonstrated. Advertising is far more likely to reinforce rather than create a good image (Ruskin-Brown 1999). A strong image is a function of the positive experiences which people have with a product or company. Attempts to create a positive image, while providing poor products or services, are likely to make customers cynical. A common mistake made in advertising is the tendency to over promise. While a creative advertisement may make a consumer buy a product once to try it, it cannot force them to repurchase. Thus, if a product does not deliver on the promise made in the advertisement this too will create resentment and negative feelings (Ruskin-Brown 1999). The company promotes their products through various means. One is through the internet wherein the website helps in promoting the products. The website gives different kinds of information about the products and its composition. The website provides a description of the products. Another advertisement is through TV commercials wherein the product is given a visual presentation for clients to see the features of the company’s products and its benefits; other promotion techniques used by the company includes print advertisements. The different promotional techniques used by the company helps in increasing the number of clients of the company.
Vince McMahon is the majority owner, chairman and chief executive officer (CEO) of the company. Together with his wife Linda McMahon, and their children, Shane McMahon and Executive Vice President of Talent and Creative Writing, Stephanie McMahon-Levesque, the McMahons hold approximately 70% of WWE's economic interest and 96% of the voting power in the company. The company's headquarters are located in Stamford, Connecticut with offices in Los Angeles, New York City, London, Tokyo, Toronto, and Sydney.[5] WWE holds an extensive library of videos, representing a significant portion of the visual history of professional wrestling.
The company began as the Capitol Wrestling Corporation Ltd in 1953, which promoted under the banner of the World Wide Wrestling Federation (WWWF) and later the World Wrestling Federation (WWF). In 1982 it was sold to the same family's Titan Sports Inc. company, which later changed its name to World Wrestling Federation Entertainment, Inc., before finally becoming World Wrestling Entertainment, Inc. in 2002.
The 4ps meant that marketers sought to produce products that were desired by consumers at a price that would be attractive, the marketers want to use promotion to indicate the advantages they offered over the competition, and make them available at a place of the customers’ choosing (Yudelson 1999). Marketers have to understand cultural values in all aspects of implementing the marketing concept and managing the marketing mix (Proctor 2000). The marketing mix uses the 4P’s to describe the marketing position of a product in a certain marketplace. The P's of marketing is a way to conceptualize the business, define strategy, format competitive analysis and benchmarking (Collier 1991). Marketing mix helps the company to analyze itself and determine how to market its product to the clients at a limited time and limited cost. The marketing mix categorizes different aspects of the company. Through the marketing mix each aspect of the company can be checked and given consideration with regards to its ability to attract clients. The next part will use the marketing mix to further analyze the company and its products.
Product
Introducing new products is a very good way of achieving differentiation and enhancing a retail identity in an over-subscribed retail market, but without corporate support new products may fail or go unnoticed (Gillooley & Varley 2001). Although most of the buying decisions are centered on the ability of a product to satisfy a customer need at a price the customer is willing to pay, a business has to ensure that it meets its legal obligations with regard to the products it sells. It also has to consider its long term image in the eyes of the public. It is therefore necessary to ensure that a product conforms to legal standards and provides value for money (Gillooley & Varley 2001). Product innovation is becoming increasingly necessary for businesses to keep customers interested in their product range (Gillooley & Varley 2001). MIX products include whole meal bakery and pastries with added vitamins, minerals and fiber. MIX makes sure that every one of their Healing Juices, Smoothees, Wrapps and Rainforest Salads is as pure as can be. The company assures its clients that their product has no artificial preservatives, flavorings or sweeteners. The materials and components used for production of products came from reliable and trustworthy suppliers. The company also has consumer response team that can be contacted anytime. This response team provides assistance to clients who have issues with some of the products. The company’s products are one of the main reasons for the company’s success and it contributes to the rise of the company’s profits. The company’s products sets them self apart from the competitors in the region.
Price
The market pricing approach is used when the environmental improvement under consideration causes an increase or decrease in real outputs and/or inputs (Hussen 2000). A variety of motivations explain the adoption of a new customer approach by global companies. A major reason is the cost of conducting personal visits or customer sales call continues to increase. Firms cannot afford to allow their sales force to make unproductive sales calls. Firms have come to believe that a more efficient method of marketing is to establish and maintain long-term relationships with their customers. When a long-term relationship is established and nurtured, it is less necessary to spend significant amounts of money advertising to make customers aware of the product offering and then employing a sales force to stimulate demand for unwanted products/services to potential customers (Ford Honeycutt & Simintiras 2003). Global customers expect low manufacturing costs, excellent design, and having their needs met (Ford Honeycutt & Simintiras 2003). The company’s pricing is valued according to the quality of the products. For the clients of the company, the pricing approach for them concentrates on providing them the best product for the equivalent amount of price they pay. The company makes sure that it maintains well made products that will have the same value as what the client pays for it. The price of the product is considered through determining the cost of making the product, the salaries of people producing the product, the cost of operation and the other expenses made in the creation of the product. With such price the company maintains the product to be of high quality and durability.
Place
The factors which determine choice of a channel, or channels, of distribution are both external and internal to the organization. These factors show how the options open to organizations are restricted. For example, small companies may not have the resource or expertise to become involved in foreign direct investment; markets with low break-even sales volumes favor low-cost channels such as licensing or exporting. Traditional decision-making techniques can be applied to such decisions. Market size is a primary consideration, together with trends in the market like segmentation and the estimated share of the market that can be achieved in view of the competition. The existing distribution methods will determine whether single or multiple channels are developed. Host country policies are important since any special standards, import quotas or duties will increase the cost to the consumer and disadvantage foreign suppliers in relation to domestic ones (Mccall & Stone2000).
Place elements of the marketing mix have been changing rapidly over recent decades, and these changes impact in many ways on the marketing operations of the Business (Dennis & Harris 2002).To attain sales, profitability, and customer-satisfaction goals, the products must be available for customers to purchase. The portion of a firm’s marketing strategy that assures customers have access to the firm’s products is known as distribution strategy, and the institutions that take part in product distribution comprise the marketing or distribution channels for those products (Reddy 1997). The different channels of distribution help in strengthening the relationship of the company with the clients. It also establishes some relationship with non competitors. The main channel of distribution for the company is its branches. The company has eleven branches in strategic locations in Hong Kong. The company has branches in its Airport, malls, roads, and other business districts. Mix also has a delivery system wherein clients or companies who want to have products be catered to them can make formal requests. MIX’s website features a printable menu that can be used to select the product that a company or an individual would like to have. The individual or a company can then call a certain number wherein they can place their order and discuss some details about the delivery.
Promotion
Effective marketing communications with the customers are essential for business success. Advertising forms the central plan of most communications programs. The information conveyed in advertisements may be in the form of words or symbols. It can work to educate, persuade or simply to inform. An image can be supported or created, enquiries can be elicited and the functions of a product can be demonstrated. Advertising is far more likely to reinforce rather than create a good image (Ruskin-Brown 1999). A strong image is a function of the positive experiences which people have with a product or company. Attempts to create a positive image, while providing poor products or services, are likely to make customers cynical. A common mistake made in advertising is the tendency to over promise. While a creative advertisement may make a consumer buy a product once to try it, it cannot force them to repurchase. Thus, if a product does not deliver on the promise made in the advertisement this too will create resentment and negative feelings (Ruskin-Brown 1999). The company promotes their products through various means. One is through the internet wherein the website helps in promoting the products. The website gives different kinds of information about the products and its composition. The website provides a description of the products. Another advertisement is through TV commercials wherein the product is given a visual presentation for clients to see the features of the company’s products and its benefits; other promotion techniques used by the company includes print advertisements. The different promotional techniques used by the company helps in increasing the number of clients of the company.
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