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Pricing Concepts in Marketing
Importance of pricing in marketing
The impact of pricing strategies on the marketing of consumer goods
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Recommended: Pricing Concepts in Marketing
Kotler and lee have divided the development of social marketing campaign step by step in the following way (Cheng, Kotler, & Lee, 2011)
1. Define the problem, purpose and focus: Social marketing campaign must first begin with clearly determining public health problem which can include a severe epidemic (severe acute respiratory syndrome), an evolving issue (increase in alcohol consumption and teen smoking), or a justifiable need (public education on the prevention of AIDS). AT this stage, it is critical to identify and summarize the factors that led to the motivation and decision for developing such a campaign. This is followed by evolving a purpose statement which will indicate the impacts and benefits this campaign will generate when successful.
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Develop marketing mix strategies: The 4Ps:
• Product strategy: It includes clear description of the product at core, actual and augmented levels. A core product includes benefits the audience will experience for performing the targeted behavior. An actual product is the desired behavior and an augmented product refers to any additional tangible object and services that will be accompanied in the offer and promoted to the target market.
• Price strategy: This strategy includes the total costs that the audience will pay for adopting the desired behavior which will lead to potential
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It refers to when and where the audience that are targeted will be encouraged to perform the desired behavior.
Promotion strategy: Information on product benefits and features, price and easy accessibility is communicated effectively and efficiently to the target audience. It involves determination of key messages and delivering these messages through communication channels such as advertising, public relations, events and word of mouth.
8. Outline a plan for monitoring and evaluation: Monitoring is achieved to determine if midcourse corrections are needed to ensure that marketing goals of the program will be reached. Evaluation refers to measurement and a final report on what has happened throughout the campaign.
9. Establish budgets and find funding sources: The budget includes the costs for developing and implementing the campaign, those associated with marketing mix strategies as well as additional cost anticipated for monitoring and evaluation.
10. Complete the plan for campaign implementation and management: This step involves assigning work to the people associated with the campaign, i.e. who will do what, how much and
Promotion is advertising to potential customers in and effort to create an awareness of your business. It is reasonable to believe that without the ability to advertise a company would have a difficult time generating new customers.
Once the target market has been identified it is important to develop a marketing strategy. In today's fast paced, information overloaded society; conveying a message about a product seems to be more difficult than ever. The consumer is bombarded with advertising everywhere they look. Today advertising not only exists on television, radio, magazines, and newspapers, it can be found on billboards, park benches, in our mailboxes, on buses, taxis, at sporting events, and on clothing.
for market size, trends, company goals, spending, return on investment, capital expenditures, and funding required.
Promotion - This is activities that communicate to the target market of the product, and convinces them to purchase.
Marketing strategies are based on the 4 P’s or Product, Price, Promotion and Place or Distribution Channel. This section will briefly look into the Product and Pricing strategy of Apple and will illustrate various factors how it has been capable of sustaining competitive advantages in times of extreme competition.
Promotion. Finally comes promotion - informing the customer on the qualities and advantages of the product so that the potential buyer learns about the product, prefers it to those of the competitors, and has an opportunity to buy it at some place.
As a part of the marketing mix, promotion is the method, or combination of methods used to convey the value of the product to consumers. Below are the four of the common forms of promotion and how GrainGoat could potentially utilize each. • Advertising: Some forms of advertising are already being utilized. These efforts are best directed towards farm specific publications and websites. • Personal Selling: This is currently being done at great lengths and will continue to be most effective in the early stages of the GrainGoat.
Assist with the development of monitoring plans for short, mid, and long-term outcomes of the strategies outlined in the Strategic Plan and in the evaluation of the program’s developed for effectiveness and efficiency.
Monitoring, Review and Revision of Plan - ensures that it remains current. In addition, the monitoring process is backed up by full managerial accountability for the success of the plan.
This strategy is very much about the business which is carried out as usual. In this strategy the marketer is focusing on both the product and the market opportunity.
It surpasses the traditional means of business, businesses can now be heard and visible and given a platform to communicate with customers like never before. Marketing is a management process that identifies, supplies, and presumes customers needs, requirements, and wants. Social media marketing is a platform that helps regenerate an organization marketing techniques. It helps create a new perception about the company’s product and the vital marketing programs and create a method to gain an edge in the online business world.
An organisation strategies that combine all of its marketing goals into one comprehensive plan. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and the business. marketing strategy is one way to achieve the goal of a company. The destination marketing is the first and best in class in meeting the needs and aspirations of consumers. Besides that, being a key partner for our customers, consumers and communities. Eliminating non-value added activities of the process. However, the aims to increase the target profitable growth and provides benefits above average employees and shareholders. There is an example of marketing strategies that used in Rejoice company. The 4P’s are influence the marketing strategies.
The term “direct marketing” excludes the "middle man" from promotion, as a company's message is provided directly to a potential customer. (Investopedia, 2010) Direct marketing is an advertising campaign that aims to gain an action (such as an order, a visit to a store or Web site, or a request for further information) from a group of consumers in response specific communication from a marketer. The communication may take many forms such as mail, telemarketing, direct e-mail marketing, and point-of-sale (POS) interactions. (searchcrm.techtarget.com, 2014).
Advertising lies in the Promotion part of Marketing Mix, but it applies to all the other P's as well. Promoting one’s business is the key ingredient to making one’s business successful. Promotion, along with a great product, key placement, and a reasonable price, will help a marketer work his way to the top. Promoting does not mean leaving his advertising up to the word of mouth of his current customer.
In spite of those different views, they all concentrated on social marketing as an crucial approach to behaviour change of consumers. It is evident that the field of social marketing has gone through a long journey and evolved into the certain level of maturity. However, the world around is changing consistently so the social marketing has to adjust itself into dynamic and constantly changing environment by adapting attributes completely or partially from another closely related disciplines, This idea is supported by Mick (2006) who states that originality and creativity of social marketers are rooted in transformative market research. Lefebvre (2012) argues that the aspect of “social” in social marketing is brought by “out of box” approach in creating ideas and proactive thinking within “markets of behaviours”. McKenzie-Mohr (2013) addressed the inefficiency of knowledge extension and attitude alteration in promoting the behavioural change and therefore he prompts to more pragmatic approach involving the exact type of behaviour to be promoted, identifying