Businesses also need to persuade prospective clients to select their products or services, instead of those offered by its competitors. If a business wants to grow and reach a broader audience with its products and services, it will have to take some kind of action to help that audience find it. Price is the prime mover of the wheels of the economy namely, production, consumption, distribution and exchange. Price is often used to off-set the weaknesses in other elements of the marketing-mix. Figure 3 depicts four elements of marketing mix. Ultimately, companies use promotions to build a loyal customer base, which leads to greater sales and profits. 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.
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. New companies particularly have to advertise to apprise consumers who they are and what they offer. With nearly three quarters of Americans claiming to be price sensitive when shopping, have become an increasingly popular way to promote a brand or service. Successful marketing campaigns incorporate and utilize all of the strengths at hand while downplaying or containing the weaknesses. The market segments we are seeking to attract. Strategic decisions related to distribution activities vi. Slide 28: This slide presents Icons for Marketing Mix.
Each segment has 4 sub-sections to present the series of consumer-focused questions. Important and long-term marketing decisions on product may be termed as product strategies. Slide 2: This slide showcases Agenda. The airline, railways, taxi and bus companies charge you a fare; the local utilities call their price a rate; and the local bank charges you interest for the money you borrow. When it comes to rebates, each state has separate guidelines for escheatment reporting.
Price is all around us. Studying geographical concentration of customers ii. The business needs to determine what its customers are willing to pay, which can often be difficult if the product or service is unique or significantly different than what is currently being offered. Analyzing various relevant factors affecting channel decisions iv. In addition to risk and compliance, a good rebate, sweepstake or contest should be highly orchestrated in terms of its logistics, quality standards and supporting documentation to ensure the promotion is executed at the highest possible level and offers a solid paper trail in the event of an audit. The handouts that are frequently used at meetings can be printed in excellent quality. Identify the different methods available for pricing products and services.
Why would you do this? New customers also may be attracted to the promotion if they hear about it. As an instrument, it is a big gun and it should be triggered exclusively by those who are familiar with its possibilities and the dangers involved. Slide 15: This slide showcases Price Skimming vs. Studying types of distribution channels and channel members iii. Slide 5: This slide presents The Marketing Mix Promotion, Place, Product, Price.
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. Coordinating advertising efforts with other tools of market promotion Personal Selling: It is also known as salesmanship and management relating to personal selling is sales force management. Marketing Mix PowerPoint slides come in 4 color combinations — blue, green, orange and gray. Price reflects corporate objectives and policies and it is an important ingredient of marketing mix. This has the advantage of giving the firm the opportunity to increase sales or market share. Identifying and analyzing of various relevant factors influencing pricing decisions 8. You will become a favorite of the connoisseurs.
The pricing strategy tends to be one of the more critical components of the marketing mix and is focused on generating revenue and ultimately profit for the company. A common strategy for beginning small businesses is creating a bargain pricing impression by pricing their product lower than their competitors. Preparing the report or analyzing the product, this slide will let you present data and information received clearly, make your report coherent. Slide 27: This slide showcases Extended Marketing Mix which also explain some steps- Extended Marketing Mix, Process, People, Physical Evidence. Product-related strategies including branding, packaging, labeling, colour, weight, grading, etc. Price can be defined as the economic value of product normally expressed in form of money.
Price is competitive weapon: Price as a competitive weapon is of paramount importance. Brands and their partners have also made the rebate redemption process easier for consumers by offering them the choice of mobile, and mail-in options. You can use as per your requirement. State your important goals here. Knowing your budget constraints will also help define the scope of the project. This strategy is combined with the other marketing principles known as the four P's product, place, price, and promotion , market demand, product characteristics, competition, and economic patterns.
The diagram resembles a pie chart divided into quadrants with concentric circles representing different ideas. The user has the ability to repurpose the template design. Slide 58: This slide shows a Line Chart for two product comparison. Penetration Pricing with these of the parameters- Penetration price, Price, Quantity. Secondly, price does not stand alone as a device for achieving a competitive advantage.
Recruitment, selection, training, transfer, and promotion of salesmen iv. You can use this template to present the 4 elements of marketing mix — product, promotion, price and placement. Identify the key determinants for pricing policy decision making. This is often done when software companies create home and business versions of their products, for example, with the business version having a higher price point. A good example is a discount coupon. Price is the amount of money that your customers have to pay in exchange for your product or service.