Groupon Marketing Mix: Groupon is a publicly traded business with American roots. It’s a marketing platform and is associated with the internet business. The company was founded in 2008, the month of November, by founders Brad Keywell, Eric Lefkofsky, and Andrew Mason. Groupon appears to be an excellent benefit for internet users who appreciate discount shopping and discounts because it offers discount coupons for various products and services. Merchandise.
Marketing Mix Of Groupon
Marketing Mix Of Groupon is brand-based. In Marketing Mix Of Groupon, We will Learn About the four key elements of Marketing Mix: products, place, price, and Promotions. By paying attention to the following four components of the marketing mix, a business can maximize its chances of a product being recognized and bought by customers. We will be discussing Groupon Marketing Mix. Below is the detailed Marketing Mix Of Groupon.
Let’s talk about Groupon Marketing Mix.
Groupon Main Competitors
- RetailMeNot, Inc
- PennyGrab, Inc
Groupon official website: www.groupon.com
Product in the Groupon Marketing Mix:
Groupon is a part of online shopping and acts as a connection platform between local merchants and their customers. For its millions of customers, Groupon offers discounts online through coupon codes for goods, services, products, activities, and travel. The mobile app of Groupon is accessible on Windows Phone, Blackberry, Android, and IOS. The product portfolio comprises:
- Groupon Now Application- It was a program that was developed in 2011 and was targeted at the users of smartphones and tablets. It comes with two buttons, “I’m Bored, and I’m hungry. When the user presses one of these buttons, the app searches for the best and most affordable deals for entertainment or food through geolocation.
- Groupon Promise- It guarantees customers’ satisfaction even in the event of any disappointment; it attempts to resolve the issue or give the possibility of a full refund.
- Groupon VIP- An elite membership program launched in 2012 on February 20, with an annual membership fee. This app grants access to new deals for at least 12 hours prior to non-members and expired deals.
- Groupon MerchantOS- It is a set of tools and products designed for merchants who are affiliated with Groupon and also includes
A) Groupon Payments- It was established in September 2012. It was able to provide the infrastructure for accepting payments made by credit cards for a nominal cost to its merchants
B) Groupon Scheduler – It was a booking tool that could be booked online and let users book appointments before the start of the Groupon Deal
C) Groupon Rewards – It was a reward program offered by merchants to its customers in exchange for ensuring that they continue to use their services
MerchantOS has ceased to be part of the Groupon division as of 2015, which ended in December.
Place in the Groupon Marketing Mix:
Groupon can be described as an international marketplace for online businesses which has expanded its reach to various parts of the globe. Groupon is a brand that provides its products and services to more than 28 countries worldwide and is headquartered in Chicago in the United States. Groupon began its operations in Chicago and was later joined by Boston, Toronto, and New York.
In October, 2010it was in use in more than 150 cities across North America and Europe, South America, and Asia; it was available in 100 cities. In 2013, the month of November, its official website was on an overhauling spree, and a variety of options were added. The site now functions as a marketplace, whereas the initiative was designed to offer daily offers.
In the fiscal year 2014-15, It was operating in 500 global cities in 48 countries, with 425,000 deals in operation and 48.1 million customers in its portfolio. Geo market comprised Thailand, South Africa, Russia, China, Malaysia, Singapore, UAE, Argentina, South Korea, Chile, Italy, Mexico, Japan, Ireland, Spain, India, United Kingdom, France, Greece, Germany, and Brazil.
Price in the Marketing Mix Of Groupon:
At the close of 2014. Groupon reported an estimated profit in the range of 3.2 billion US dollars. Price is an evaluative factor, and customers make their choice about purchases after viewing the coupons. Signing up for the Groupon coupon is a must and is free; however, the buying prices vary based on the item. The typical Groupon discount is 50% to 90% discount. The company has implemented a reasonable price procedure for merchants and an economic policy for its customers since it intends to offer its services and products affordable. The company is faced with fierce competition from its competitors and has enacted competitive and penetration policies to succeed in the online marketplace.
Promotions in the Groupon Marketing Mix:
Groupon is heavily dependent on social media platforms for its marketing campaigns. It has recruited different platforms, such as Twitter and Facebook, to act as advertisement agents and has displayed various deals and discounts to its customers. The online blogs have proved to be popular with Groupon since it has assisted in the visibility of its brand and helped to create positive awareness of its services and products. Groupon has placed various banner ads on multiple websites to let users learn about the company’s incentives.
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