Slide 35: This is a Financial Score slide to show financial aspects here. It is possible to overprice and underprice in both examples, in the eyes of the customer. New customers also may be attracted to the promotion if they hear about it. Evaluating social aspects and advertising effectiveness iv. It is a tool for mass communication. Each mix contains a set of decisions. Product life cycle, relevant strategies for each of the stages of product life cycle, and consumer adoption process 2.
The idea is to attract your customers to your store where they can be convinced to buy your other products. You are considering a tactical price reduction in an attempt to gain market share. The price that the competition charges. To increase the demand, reduce the price and increase the price to reduce the demand. The cheaper service didn't live up to my expectations.
Pricing decisions for direct and indirect distribution of products 3. The perceived value of a rebate is what drives consumers down the path of purchase. This meant that she had to go without making much money for awhile, but that was okay. Identify the different methods available for pricing products and services. You can use this as your four of the parameters. Increase Brand Awareness Promotions such as television, radio and magazine advertising increase brand awareness. The question then becomes, which type of promotion will deliver the greatest return on investment? Marketer can satisfy needs and wants of consumers by product.
If you know that your target market is struggling nationwide, then you will want to offer a reasonable price. Elements are also referred as decision variables. They can reinforce, extend and enhance brand values, drive customer engagement, foster brand advocates, support in-store and sales strategies as well create high impact with a limited budget. Slide 38: This is a Location slide to show global growth, presence etc. If the company desires a 10% profit, then they will set the price 10% higher than what it costs to produce and market the product.
It is important, however, that you predict the likely outcome of your temporary price reduction. Note that market promotion is concerned not only with raising sales volume, but it is also a tool for establishing long-term relations with the parties involved and is a matter of image, reputation, and goodwill for the company. This means taking into account factors such as age, gender, location as well as socio-economic, psychographic and competitive data. The power of sweepstakes and contests as promotional vehicles lies in their ability to create an emotional connection, drive interest and engagement. Slide 8: This slide presents Stages of Product Life Cycle with these five stages- Growth, Development, Launch, Decline, Maturity. The template helps to save time, work efficiently and qualitatively simplifying responsibilities.
Price is often used to off-set the weaknesses in other elements of the marketing-mix. It includes providing information to customers, inspiring them to buy, and offering incentives. Slide 24: This slide showcases How the Marketing Mix Evolves Over Time which further includes- Financially Driven, Uncertain, One to One, Post-War, Soaring, Turbulent. Ultimately, companies use promotions to build a loyal customer base, which leads to greater sales and profits. Slide 7: This slide shows The Product Life Cycle with these four- Introduction, Growth, Maturity, Decline. You can use as per your requirement. Slide 46: This is a Venn diagram image slide to show information, specifications etc.
Slide 33: This is an Our Goal slide. Marketers designing the promotional marketing plan for these products could take the same analytical approach, using the 4Ps or 7Ps framework to compose that plan. Deciding on sale force size iii. Price can be a better criterion for arriving at cut-off point because; price is the determinant of profit or contribution. Each segment has 4 sub-sections to present the series of consumer-focused questions.
Base your pricing strategy on the methods mentioned above to come up with the proper price for your product. The thing about service based businesses is that once you find someone who does quality work, you don't want to leave them, even if they raise their prices a little. Slide 58: This slide shows a Line Chart for two product comparison. You should also monitor their prices and be able to respond to changes. Penetration Pricing with these of the parameters- Penetration price, Price, Quantity.
There are notable differences in the kinds of pricing strategies that should be used in different stages. Slide 55: This is a Funnel image slide showing: Calls-to-action, Reachability, User Experience, Color Schemes, Engagement, Simplicity. Types of Pricing Companies will lean on discount pricing as part of product promotions, which are generally used for increasing traffic and attracting new customers. Today more than ever, brands have more challenges to connect with consumers and to be relevant. Companies will utilize market research surveys to understand where consumers see their products or services in relation to alternatives to assist in the price setting. Presentations made with this template can be used in lectures and workshops that are organized by marketing professionals. In fact, we must have a specialist in pricing as we do have in other functions of marketing.