Marketing Mix Analysis of Evergy, Inc. (EVRG).

Evergy, Inc. (EVRG) is a utility holding company that operates in the Midwestern and Southern regions of the United States. As of 2022, the company has a market capitalization of approximately $13.6 billion and generated annual revenue of $5.3 billion.

When analyzing Evergy's marketing mix, its product offerings include electric and natural gas utilities, while its pricing strategy is based on cost-plus pricing. The company's extensive network of infrastructure allows it to reach customers across its service area, making place an important factor in its marketing strategy. Lastly, Evergy's promotion efforts include advertising, public relations, and social media campaigns.

As of 2023, Evergy is focusing on sustainability and reducing its carbon footprint. The company has committed to a goal of achieving net-zero carbon emissions by 2045, as well as investing in renewable energy sources such as wind and solar. This shift towards sustainability is likely to impact Evergy's marketing mix, with its product offering and promotion efforts changing to highlight these efforts.

If you're interested in learning more about how Evergy's marketing mix is evolving, stay tuned for updates on the company's sustainability goals and initiatives. With a focus on providing reliable and sustainable energy solutions, Evergy is set to remain a key player in the utility industry for years to come.

Product

The marketing mix framework is a crucial tool for businesses when developing and promoting products or services. Companies use this tool to analyze and implement the right combination of elements, including product, price, promotion, and place, to achieve their desired outcome. In this analysis, we will focus on Evergy, Inc. and its product element within the marketing mix.

Product

Evergy, Inc. provides electricity services to over 1.6 million customers in Kansas and Missouri. In 2023, the company's total revenue reached USD 5.68 billion, with a net income of USD 443 million. When we take a closer look at their product element, we can see that Evergy's primary product is electricity generation and distribution. The company aims to provide reliable and affordable electricity services to its customers.

One way that Evergy differentiates itself from competitors is by offering programs and services that promote energy efficiency. In 2022, Evergy launched its Smart Energy Plan, which aims to meet 50% of customers' energy needs through renewable energy sources by 2040. This program includes working with customers to increase energy efficiency and investment in renewable energy sources.

Moreover, Evergy provides complementary products and services to its customers, such as home energy management systems. These systems use smart technology to analyze energy usage and provide recommendations to increase efficiency.

In conclusion, the product element within the marketing mix plays a crucial role in determining the success of a business. By understanding customer needs and creating products that meet those needs, companies like Evergy can generate revenue and differentiate themselves from competitors. Evergy's commitment to energy efficiency and investment in renewable energy sources has positioned them as a leader in the industry.

• Total revenue (2023): USD 5.68 billion
• Net income (2023): USD 443 million

Place

Marketing Mix Analysis of Evergy, Inc. (EVRG) in 2023

The marketing mix concept includes four key elements: product, price, promotion, and place. Among these elements, place is crucial for distributing and selling products effectively. Based on the product type, location selection and distribution strategy can vary. In the case of Evergy, Inc. (EVRG), place plays a vital role in achieving a competitive advantage.

Place and Location Strategy for EVRG in 2023

EVRG operates as an electric utility company in Missouri and Kansas, providing energy-related products and services. As of 2022, its total assets amounted to $24.8 billion, with revenues of $4.34 billion. EVRG's primary location strategy is to distribute its services throughout its service areas. The company serves more than 1.6 million customers in the Midwest region.

Place Selection for Different EVRG Products

The type of product is an essential factor in determining the business location. EVRG offers various products and services related to electricity and energy. For instance, the company provides solar energy solutions, smart home technology products, and energy-saving services. EVRG sells its products through various channels, including its website, physical stores, and authorized dealers.

• For essential consumer products such as electricity and other necessities, EVRG uses convenience stores as the primary distribution channel. This ensures that these products are readily available to customers.
• In the case of premium consumer products such as solar energy solutions, authorized dealers and select stores are the primary distribution channels. These types of products cost 20% more than average category prices, and thus, the company has to place them strategically.
• For energy-related services, EVRG mainly uses its website and customer service channels as the primary distribution channels. This strategy allows the company to reach out to customers more effectively.

Distribution Strategy for EVRG

EVRG uses a combination of physical and online distribution channels to sell its products and services. The company has more than 35 customer service centers in its service areas, allowing customers to pay their bills and get information about their accounts in person. Additionally, EVRG's website offers customers the ability to manage their accounts, report outages, and obtain information about its products and services.

Conclusion

Overall, place and location selection are crucial elements in EVRG's marketing mix strategy. By distributing its products and services strategically, the company can improve its competitive advantage and reach out to customers more effectively.

Promotion

You have probably heard of the 4P - Product, Price, Promotion and Place - marketing mix. These four elements are the guiding pillars for successful marketing approaches. Evergy, Inc. (EVRG), a public utility holding company located in the United States, employs this marketing strategy to promote its services.

Product promotion, the third P in the 4P marketing mix, is the backbone of Evergy's marketing activities. To capture and retain customers, Evergy employs various techniques such as sales, public relations, advertising and personal selling.

However, it is crucial to mention that a successful promotion strategy requires a thoughtful budget allocation. This way, the company can leverage the promotional aspect of marketing and create an effective and coordinated message that incorporates details from the last three Ps - Product, Price and Place - that targets potential customers.

When it comes to promoting a product, the business must determine the best medium to pass the message. This decision revolves around factors such as cost and customer preferences. The message's frequency of communication is also a critical aspect to consider. Evergy seeks to ensure that the messages come across without being invasive or overwhelming.

According to the latest financial information, in 2022, Evergy, Inc. recorded revenue of $5.8 billion and employed over 5,000 people.

Key Takeaways:

• Product promotion is integral to Evergy's marketing activities.
• A successful promotion strategy requires a well-thought budget allocation.
• The message's frequency and medium of communication are critical factors in a successful marketing campaign.
• In 2022, Evergy, Inc. recorded revenue of $5.8 billion and employed over 5,000 people.

Price

Marketing Mix Analysis involves analyzing a company's product, price, promotion, and place to develop an effective marketing strategy. Evergy, Inc. (EVRG) is a Kansas City-based electric utility company that operates in a highly regulated industry. As of 2023, the company has shown impressive growth by adapting its marketing mix to meet changing market trends.

Price

Price is a crucial factor in a company's marketing mix, and Evergy, Inc. takes this decision seriously. The company understands that pricing impacts both customers and profitability. As of 2022, Evergy's revenue from sales was a whopping 5.28 billion USD. To determine optimal pricing, Evergy employs the cost-based pricing strategy, which takes into account the cost of development, distribution, research, marketing, and manufacturing costs. Additionally, the company considers value-based pricing, where quality and customer expectations determine prices.

According to Evergy's latest financial report, the company's net income in 2022 was 526 million USD, reflecting a strong and profitable performance. The company's pricing strategy has facilitated this growth in profitability while ensuring customer satisfaction.

Product

Evergy's product mainly consists of electricity supply and distribution services. The company has invested in renewable energy sources, such as wind and solar, to reduce its carbon footprint. This investment has helped Evergy meet the growing demand for clean energy solutions and comply with regulatory frameworks.

• As of 2023, Evergy has 29 wind farm projects in operation, producing a total of 1,600 megawatts of electricity.
• The company has also installed 10 distributed solar arrays across its service regions, generating up to 5 megawatts of electricity.
• Evergy has invested in a more sustainable future by planning to retire around 75% of its coal generation capacity by 2040.

Promotion

Promotion refers to a company's advertising, sales promotions, and public relations activities. Evergy uses a mix of these strategies to enhance its brand image across various platforms. As of 2023, the company's annual advertising expenditure amounted to 35 million USD.

• Evergy leverages social media platforms like Twitter and LinkedIn to connect with its customers and share news regarding clean energy initiatives.
• The company has launched several energy efficiency programs that offer incentives for customers to use less energy.
• Evergy's website features informative articles, webinars, and energy-saving tips for its customers to encourage energy conservation awareness.

Place

Place refers to the distribution channels that a company uses to deliver its products or services. Evergy has an extensive network of power plants, transmission lines, and local electric grids that serve residential and commercial customers in the Midwest.

• The company has 50 substations and approximately 14,000 miles of transmission lines that span across Kansas and Missouri.
• As of 2023, Evergy has 1.5 million customers across its service regions.
• The company has invested in smart grid technology to enhance grid resilience and minimize power outages.

In conclusion, Evergy's marketing mix has contributed to its impressive growth in the past year. The company's approach to price, product, promotion, and place has enabled it to meet the demands of an increasingly dynamic energy market while prioritizing customer satisfaction and environmental stewardship.

Evergy, Inc. (EVRG) is a company that uses a well-rounded marketing mix analysis to drive its business. The company's focus on optimizing its products, setting appropriate pricing strategies, promoting its services innovatively, and selecting the right distribution channels has helped it stay ahead of its competitors. By implementing these four crucial components of the marketing mix, Evergy, Inc. has generated a competitive edge in the energy industry.