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Everyday Low Price (EDLP) vs. High/Low Pricing

Everyday Low Price (EDLP) vs. High/Low Pricing

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Pricing strategies & tactics

Skimming



Launching with a high price when there is little

competition, then reducing the price later. Often

used with technology.



Penetration



Low price charged initially to penetrate the

market and build brand loyalty; price is then

increased e.g. introductory offers on magazines.



Competitive



A similar price is charged to that of competitors’

products.



Psychological



A price is set which customers perceive as lower

than it is e.g. Rs 39 instead of Rs40.



ACTIVITY



How should you

price if your

product is a lifesaving drug?



Marketing Mix

The marketing mix principles are

controllable variables

which have to be carefully managed

and must meet the

needs of the defined target group.

All elements of the mix are Linked

and must support each other.



PRODUCT

Product’ refers to the

functions and features of a

good or service

Should satisfy the needs of

the customer

May have a Unique Selling

Proposition (USP)

‘Product’ also includes a

range of factors such as

packaging, quality,

warranties, after-sales

service and branding



PRICE

The price of a product will

depend on:

The cost to make it

The amount of profit

desired

Other objectives of the

business

The price competitors

charge

The price customers are

willing to pay

Is there a high

demand?

Is demand sensitive

to changes in price?



PLACE

Products

should be

conveniently

available for

customers to

buy



The use of

e-commerce (promoting

and selling on the

internet) has grown

massively over the last

few years



PROMOTION

The aims of

promotion

are to:

Raise

awareness

Encourage

sales

Create or

change a

brand image

Maintain

market share



Extended Marketing Mix

Service industry



Channels of distribution

Manufacturers

Wholesaler

Retailer

Consumer



Promotion Strategy

Above-the-line promotion

This uses advertising media over which a firm

has no direct control e.g. television, radio and

newspapers

Below-the-line promotion

This uses promotional media which the firm can

control e.g. direct mail, sales promotions and

sponsorship



Marketing Communications

• Communication by marketers that informs,

persuades, and reminds potential buyers of a

product in order to influence an opinion or

elicit a response

not only informs, but is also used

Purposes of Marketing

Communications



to differentiate the seller’s

products/services

Informs, persuades and reminds

Is part of the marketing mix

Includes all the means by which a

company communicates directly

with potential customers.

Atempts to influence feelings,

beliefs, or behaviour.



Marketing Communication

Methods

Personal selling: The direct presentation of a product to a prospective customer by a

representative of the selling organization.

Advertising: A paid, impersonal mass communication with a clearly-identified sponsor.

Sales promotion: Demand-stimulating activity designed to supplement advertising

and facilitate personal selling.

Publicity: A special form of public relations that involves news stories about an

organization or its products.

Public relations: A planned communication effort by an organization to contribute to

generally favourable attitudes and opinions toward an organization and its products.



BCG Matrix



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Everyday Low Price (EDLP) vs. High/Low Pricing

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