Promotional and Pricing Strategies - 1721 Words

Promotion Strategies 1. Explain what you think would be an appropriate promotions strategy for both of them. In doing so compare and contrast the two promotions strategies explaining why you think they would be similar or different. (50%) Fitness/ Exercise Products and Vacations to Black Women Aged 18-30 Pricing Methods 2. Explain what you think would be the most appropriate pricing method and why. In doing so compare and contrast the two pricing methods explaining why you think they would be similar or different. (50%) Fitness Products to Gay Men or Women and Non-lethal Personal Security Products to Handgun Owners Date of Submission Promotional and Pricing Strategies: Promotional strategy can be described as the function of notifying, persuading, and influencing the decisions of a customer regarding a particular product and/or service. Notably, certain promotional strategies are geared towards creating primary demand or desire for a general product category. The most common objectives of the use of promotional strategies across organizations include creating the primary demand for a product, expanding markets, maintaining the current market position, and presenting a corporate view on a public matter. The other important aspect in the marketing mix is developing an appropriate pricing strategy for the product and/or service. The main objective a suitable pricing strategy is to ensure that the product and/or service are provided at reasonable prices while theShow MoreRelatedPricing Objectives, Strategies Promotional Mix of a Company6056 Words   |  25 PagesDISCUSS VARIOUS PRICING OBJECTIVES AND DESCRIBE PRICE SETTING TOOLS AND STRATEGIES (BOTH FOR EXISTING AND NEW PRODUCTS) Pricing is one of the major components of the marketing plan, which is a component of a full business plan. Assigning product prices is a strategic activity. The price you assign will impact how consumers view your product and whether they will purchase it. Price also helps differentiate your product from those of your competitors. However, the price you assign must be in lineRead MorePricing Strategies of Itc1297 Words   |  6 PagesPricing Strategy ITC Foods Business Division (Staples) The FMCG RETAIL Pricing Strategy UNDERSTANDING THE PROCESS FMCG Pricing Strategy is now a critical element of the management mix. Old school management responsibilities of Sales owning the trade spend budget and customer negotiations with marketing owning the Recommend Retail Price do not work in today s information driven age. Retail sales volume is now 80% controlled by 2-3 chains with a scatteringRead MorePricing Strategies And Marketing Strategies1749 Words   |  7 PagesPricing strategies can vary from offering relatively stable prices across a wide range of products, which is known as Everyday Low Pricing (EDLP) or Promotional Pricing (PROMO) which involves emphasising deep and frequent discounts on smaller sets of goods (Ellickson and Misra, 2008). The EDLP store adopts a constant everyday low prices across a wide range of product categories, whereas PROMO or Hi-Lo stores occasionally price a category at the regular price or at a deep discount (Bell and LattinRead MorePricing and Milo784 Words   |  4 Pages2.2 Pricing Strategy 2.2.1 Factors affecting pricing decisions Milo is considered as a product of monopolistic competition market because there are many competitors of Milo in the market. Some of the competitors include Vico, Ovaltine, Horlicks, Dutch Lady and Nutrilite. Secondly, monopolistic competition market has free market entry and exit. This means that new competitors can enter the market easily and Milo may be easily force out of the market by its competitors. Monopolistic competitionRead MoreCase Study : My Company Arimont Is About The Deodorant / Antiperspirant1296 Words   |  6 Pagesa supply that will last a month and it is only $5.00. When we are done marketing this product everyone in the world will be using this and we will have beat all of our competitors the way that we were trying to do for our new company. Place Strategies The channel of distribution is the path or route along which goods move from producers or manufactures to consumers or users. When talking about the channel of distribution there are three parts that you have to go through for it to be considerRead MoreMarketing Objectives Of The Marketing Plan Essay1691 Words   |  7 Pagesthese goals need to be divided into gradual goals for each year and each month in the detailed marketing plan. 3. Marketing strategies 3.1 Porter’s generic strategy (1980) Figure 3.0 Porter’s generic strategy options (source: WordPress.com 2008) Michael E. Porter (1980) in his famous book â€Å"Competitive Strategy† listed out three major generic strategy options for businesses to create and maintain their competitive advantages based on two dimensions: strategic scope (Broad Market VS NarrowRead MoreKodak A New Line Of Printers1417 Words   |  6 Pagesthat Kodak management has to overcome in order to stay successful in business. Identify the problem Kodak main problem is what price strategy they should use in order gain more maximize profit and gain market share in the printing industry. Kodak is entering a market that’s mostly controlled by HP and therefore, Kodak management should be careful in what price strategy they should use in order to make more profit. Kodak might engage in a price war with other competitors since they offer printers andRead MoreMarketing Mix Analysis Of Coke Zero1212 Words   |  5 Pagesregarding pricing, product, place, and promotion which should be carefully considered prior to launching the product in the market. All the four variables included in the marketing mix are important as they help the organization to formulate strategic decisions that are essential to obtain and sustain a competitive edge (Singh, 2012). After identifying the market segments and collecting all necessary information, the next step in the marketing plan is to determine the various strategies and toolsRead MoreMarket ing Plan1270 Words   |  6 Pagesdecide on possible countries for market expansion and methods of market entry. The individual marketing plan will be developed in separate graded segments; Foreign Market Analysis, Market Analysis and Product Strategy, Pricing Strategy, IMC Strategy, and Marketing Channel Strategy. The requirements for each component are outline in Assessment 2, 3, 4, 5, and 6, respectively. The presumption is made that each company is currently operating in the U.S. Students may decide to either selectRead MoreMarketing Plan For The V Fusion + Energy Product Line1269 Words   |  6 Pagesused. Moreover, all visual communication tools and promotional items featuring the brand logo and tagline would be used. Packaging the drink in attractive recyclable cans which are easy to open will also ensure that the brand is environment-conscious, which would translate into market penetration and brand loyalty. The packaging will also be used to provide the much needed stimulus into rolling out the new product into the market. Different promotional platforms, such as content marketing, televisions