Collaborative marketing is a new, more social friendly marketing strategy that focuses on building long-term mutual benefit relationship between company and its customers. Different from the traditional marketing strategy that utilizing “push” approach, which using advertising and promotion to interrupt customers, collaborative marketing centered on attracting customers by providing more personalized customer service that fulfill their needs. It involves strategies that are customer tailored and all aimed at maximizing and adding customer value before, during and after they have purchased the products or service.
Customers participate in pricing strategy is a way to add customer value before purchasing the products or service. Price, as a cue to assess the relative value across the array of products and services found in the marketplace, is a key element of marketing strategy. There are lots of pricing strategies utilize by different companies , including price-quality strategy, reference pricing strategy, bundle pricing strategy, overpricing strategy, price guarantee strategy and participative pricing strategy, etc. Among these strategies , participative pricing strategy is the one that involves customers in the price setting process. A firm that would like to apply the collaborative marketing in their pricing should consider different forms of participative pricing strategy. There are various forms of participative strategy, including classic auction, reverse auction, exchange, negotiation, PWYW( pay what you want ) and NYOP ( name your own price). These forms of participative pricing strategy on one hand adding customer value in controlling the price, one the other hand increasing a firm’s sales by the greater intent for custo...
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... passing through additional steps as it moves from the manufacturing business via distributors to wholesalers and then retail stores. In this case, the firm should cooperate with the suppliers and channel members, building trust, stable and long – term mutual benefit relationship with them. This integration and collaboration with the channel partners can achieve greater efficiency in making goods available to target markets, offers the firm more than it can achieve on its own. Similar to channel- structure strategy, a firm should apply collaborative marketing concept in distribution-scope strategy in terms of increase the cooperation with channel partners, suppliers. Distribution-scope strategy is about how many channel members you do business with. Without knowing , connecting and having good relationship with them, a firm cannot effectively reach their customers.
As we learned from Chapter 12, price must be carefully determined and match with firm’s product, distribution, and communication strategies. (Hutt & Speh, 2012, p. 300) Therefore, there should be a strong market perspective in pricing. In order to build an effective pricing policy, marketers should focus on the value a customer places on a product or service. One of the most effective ways to do so is differentiating through value creation.
“Our greatest fear is not in never falling, but in getting up every time we do.” – Confucius
Intro Deciding what you want to study during your college career can be a difficult and tedious task. This is due to fact that many young adults coming out of high school are unsure of what they want to do or what path to take career wise. It is also tedious because this requires that these individuals have to constantly try and explore new avenues so that they can find their passion in life. The path I chose to take when coming out of high school was entering the business school at Howard University.
“Supply Chain Management encompasses the planning and management of all activities involved in sourcing and procurement, conversion and all logistic activities. Importantly, it also includes coordination and collaboration with channel partners, which can be suppliers, intermediaries, third parties service providers and customers. In essence, Supply Chain Management integrates supply and demand management within and across companies.’
‘Supply chain management integrates supply and demand management within and across companies. It encompasses the planning and management of all activities involved in sourcing and procurement, conversion, and all logistics management activities. Importantly, it also includes coordination and collaboration with channel partners, which can be suppliers, intermediaries, thir- party service providers, and customers’. (Web: Council for Supply Chain Management Pr...
...urselfers. The distribution strategy identifies the major channels through which the product will delivered and pushed through to the consumers.
Marketing through Social Media (Exploratory Essay) Throughout the ages there have been many intriguing ways that businesses have portrayed their product or services for accessibility. Recently, businesses have been researching how to market the businesses product through the World Wide Web. With websites such as Facebook, Twitter, Instagram, it started becoming popular within the past 20 Years. People have started to rely heavily on the internet over the past decade, whether it be for searching for information on products or people.
Consumers can purchase the goods through diverse channels and this will raise consciousness in the customers’ mind and make the loyalty. The higher the channel, the lower the price, it is going to occur all kinds of customers. Thus, enterprises have to consider their distribution channel architecture. They need to decide that channel must be applied an identical to their brand
Collaborative customer relationship can be defined as a relationship-building strategies which is target on strong and lasting commitment, are especially appropriate for customers.
Before taking this course, marketing was all about product and the promotion of that product. I took a marketing course during my undergrad about 7 years ago that emphasized the 4 P’s. Building a strategy around promoting a product and/or service seemed to be the most fundamental concept of marketing to me. My narrow thinking soon changed after going into the workforce and after taking this course. Marketing is more than just telling potential and current consumers about your products and why they should buy it. Marketing truly encompasses all areas of business. A great marketing strategy needs to focus on all the new strategic marketing elements of positioning, product, logistics, price, integrated marketing communications, and service. It’s
Distribution channel deals with the delivery of the product to the customer. How good the distribution channel is, depends how effectively the channel fulfils the customers need of time utility and place utility as well as keeping the channel structure under manageable levels.
In all reality, all businesses will, in some way shape or form, complete all of the marketing activities, even if completing these activities is not their main goal. (Dlabay 2006.) These marketing activities are product, place, price, and promotion. A business tool called that marketing mix takes all of these activities and puts them together in a way that can be used to help improve a business’s marketing strategy. Product is what the company is selling; Place is where the consumer will obtain this product; Price is what the consumer will pay for the product; Promotion is any type of communication that is intended to remind, inform, or persuade. (Dlabay 2006.) The marketing mix and the four P’s describe very well what business marketing is all about.
"Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others." (Kotler et al, 2003:13). Marketing is a key aspect within a business and has several different functions. Some of these functions include, research, analysis, promotion, pricing and distribution. These functions lead into the evolution of the five alternative concepts under which organisations conduct marketing activities. The concepts include the production concept, the product concept, the selling concept, the marketing concept and the societal marketing concept.
Although many companies have entered social media marketing, they still have to keep customers to stay loyal to them. With many competitors, how companies can keep their customers close to them through social media and stay on track promoting their business?
Social marketing is the systematic application of marketing, along with other concepts and techniques, to achieve specific behavioral goals for a social good.1 Social marketing is the design, implementation, and control of programs calculated to affect the acceptability of social ideas and involving considerations of product planning, pricing, communication, distribution, and marketing research. Basically, a social marketing campaign or programme contains a consumer orientation, an exchange and a long-term planning outlook. Consumer orientation is probably the key element of all forms of marketing. Different from the sales orientation, the marketing concept seeks to change the organisation’s aim to fit one or more particular groups of customers who have almost the same needs. At this point, it is useful to distinguish between customers and consumers. Customers are the people who buy the product and consumers are those who consume it. Moreover, customers could be called consumers as well. A parent buying toys for a child is a typical example that the parent is not only a customer, but also a consumer. Exchange is a fundamental and universal aspect of human behaviour. The basic concept of marketing is an exchange of resource or values b...