Effective marketing involves strategic concepts. Some of which include how companies use marketing to Place, Promote, and Price their Products. More importantly, an understanding of the marketing concept, the marketing strategy, and the marketing plan is required for a company’s marketing efforts to be successful. The purpose of marketing is to identify customers’ needs, and meet those needs so well that the product almost sells itself (Perreault et al., 2014). When the marketing process performs well, the customer will be satisfied and buy again.
(Kotler & Keller, 2009) Concerning the actual product, traditional marketers have developed product categories, which are durability, tangibility, and (consumer or industrial). Each product and its category contain a marketing strategy mix that marketers use to advertise and sell. (Kotler & Keller, 2009) within these categories, products are divided and a s... ... middle of paper ... ...hind their product's quality and that they are confident their product will meet consumers' expectations. Marketers must use the power of offering guaranties and warrantees to improve consumers' product confidence. (Kotler & Keller, 2009) Works Cited Chin-Feng, L. & Hsin-Chung, H. (2009).
The planning phase consists of a SWOT analysis as well as organizing specific marketing strategies and tactics for each marketing mix element. The implementation phase puts the marketing plan into action by obtaining resources, designing the organization and executing the marketing program (Logman, 1997).The control phase compares implemented program with the plan's goals to decide if the plan is effectiveness or needs adjustment. The marketing mix helps a company define the marketing elements for successfully positioning a market offer. The four P’s model, one of the best-known models, helps a company define its product marketing options in terms, place, price and promotion (MindTools.com, 2010). To enhance their impact with their target market, companies often use this model when you are planning a new venture, or evaluating an existing offer.
2014. Promotion & Packages. [ONLINE] Available at: http://www.squarehospital.com/?q=content/promotion-packages. [Accessed 03 May 14]. squarehospital.
In Marketing strategy (4th ed.). Florence, KY: Cengage Learning. Retrieved from http://academic.cengage.com/resource_uploads/downloads/0324362722_79321.doc Proctor, T. (2000). Strategic marketing: An introduction. London, England: Routledge.
Marketing Research Tools Before launching or expanding a business venture, there needs to be an understanding of the industry, its competitors, and its customers. Market research is vital in assisting companies in the decision-making process and their marketing direction. Data from marketing research is important because it provides companies with ways to identify opportunities, identify market potential, minimize chances of loss, devise effective marketing strategies, gauge customer satisfaction, and serve as an evaluation tool. A wide-range of marketing research tools is available to market researchers and organizational decision makers. The following focuses specifically on data collection methods for conducting both primary and secondary research and provides an examination of the differences in primary and secondary research when using qualitative and quantitative approaches.
Motivational theory in practice at TescoMotivational theory in practice at Tesco. Available: http://businesscasestudies.co.uk/tesco/motivational-theory-in-practice-at-tesco/the-mayo-effect.html#axzz2w9F1K4er. Last accessed 16th March 2014. Tesco PLC. (2003).
It is an element of the marketing intelligence process. Key information is acquired, analyzed, and preserved by allowing the organization to make decisions utilizing statistical information found by primary and secondary research. It is also used as key tool in search of innovative ways to enter and remain within a specific target market. When an organization makes the analytical decision to aim and reach for its target market, it uses both qualitative and quantitative research methods, to analyze the similar interests, beliefs, and preferences of the consumer group. Primary vs.
Optimize - Having already made a transaction with the provider, the buyer is trying to optimize their decision and gain additional value. To help the buyer, the provider’s account manager should formulate a plan that positions the provider as a trusted partner. Scale - At the far left end of the continuum, the provider is trying to open the access net as wide as possible to address researching buyers in their markets. Relevancy - At the far right of the continuum, the provider is trying to drill down into the specific needs of the buyer to deliver value that is unique to that buyer. The efforts are to increase the trust between the provider and buyer.
Price is one of the key components of the classic “four Ps: product, price, place, and promotion” grouping of the marketing mix (McCarthy 1960) The marketing mix is defined as the set of controllable marketing variables that marketers employ to “obtain the desired responses from their target markets” (Kotler and Armstrong 1991). Factors influencing Pricing strategy Pricing decisions can be “difficult and often speculative due to the uncertainties” prevailing in the market. (Burley & Kortge 1994).The factors that affect the pricing strategy can be broadly divided into Internal and external Factors. Internal Factors Capacity Utilization: “Excess capacity increases production and lower prices” (Cavusgill, 1996) Internal cost structure: The fact that most firms use cost plus pricing strategies suggests that “cost advantages are translated into advantages in price levels” (Govindarajan & Anthony, 1983; Monroe, 1990). Market contribution rate: It is defined as the “percentage of total firm profits” represented by one particular product (Forman, 1998).