Marketing Assignment

Forum Questions

Question 1: Examples of Pricing Strategies

Odd-even pricing: Odd-even pricing is a mental based pricing (Dewhirst, 2012). It works under the assumption that using specific numbers can draw the attention of targeted clients. Instances of this sort of valuing resemble utilizing odd numbers like 3, 5, 7, and 9. Using a cost of $ 29.95 might have a more engaging impact on a client than when the evaluating is $30. Different clients might be attracted by the utilization of even numbers, which includes the use of even numbers like $50 or $75. This pricing has the benefit of spurring impulse purchasers and promoting the sale of expensive products.

Prestige pricing: This sort of pricing is otherwise called premium pricing. In this pricing strategy, an organization puts high prices on an item with the goal that the purchasers of the article can see the item as a top-notch item (Dewhirst, 2012). Clients have the perception that objects with higher prices are of more top quality than items whose cost is low. High rates are related to prestigious companies that are known for the high value of their products. A case of organizations utilizing this pricing is Apple, Nike, and Rolex.

Price bundling: Price bundling is where the organization offers numerous items in a single bundle (Campbell, 2020). The different things in the package are utilized along with the principle item. A genuine case of value packaging is when one buys a cell phone. The phone is bundled along with a charger, a back cover, and earphones. Another example of price bundling is when one orders a lunch package, and it is delivered with a drink and a fruit in the packaging. The additional items in the box make the principle issue worth purchasing.

Captive Pricing Strategy: This pricing technique is one where an organization produces captive items that are used along with the original item (Ellsworth, 2019). The restricted items are vital in the use of the first item being referred to. A good example can be found in organizations that make printers could also make ink cartages.

Question 2: Pricing procedures that I have observed

In my shopping encounters, I have observed several pricing strategies. The pricing I have seen commonly is odd-even pricing. I have noticed this pricing in both on the online shops and non-online business ventures. I was buying a dress online that was costing $99.99. This price was helpful since it made me feel like the dress was less expensive. As a client of the Apple items, I have additionally encountered the prestige pricing. When I was enrolling in college, I required an excellent laptop. I got myself an Apple laptop. The high cost guaranteed me that the PC was of the quality that I was searching for. In my acquisition of the computer, I additionally experienced price bundling. The laptop was wrapped along with a charger, a couple of headphones, and a flash disk for external storage. These extra items in the bundle persuaded me that the laptop merited the cost.

Final Project

Part 1: Promotion Plan

A marketing plan is a way to make your items known by the possible purchasers of the items. This arrangement encourages the business to spread out the means it will follow when showcasing its things. A decent marketing arrangement can bring about the development and extension of an organization. There are a few components that marketing plan ought to have to make it helpful. These components incorporate market surveying, target market, situating, market strategy, financial plan, competitive analysis, and metrics.

Market surveying: A proper marketing plan should perform market research. The market research gives more information about the nature of the targeted market. This information will help the marketing group to make the correct choices of advertising regarding the quality of the market. Market research helps in making an appropriate marketing strategy.

Target Audience: Each promoting effort ought to have an intended interest group. The target group should be a subject of consideration when making a marketing plan. Information about the target group helps in selecting the appropriate channels in reaching them, and the best methodologies that will catch their attention. A right marketing arrangement ought to think about the targeted group.

Market strategies:  Marketing plans ought to think about the correct techniques to utilize. A few variables determine the methods that are appropriate for use. In the wake of placing all the components into thought, the plan ought to demonstrate the most proper way to follow.

Clear objectives and goals: An advertising plan ought to have aspirations and goals. These objectives will be vital later while assessing the viability of the system. On the chance that the strategy accomplishes the vast majority of its objectives, at that point, it will be viewed as valuable. If it doesn’t meet the goals, at that point, it will require modification.

 Budget: A marketing plan ought to have a financial plan. The expenses of the marketing procedure should be written down. A budget will help an organization to adopt a marketing plan that it can afford. A good idea should fit well with the organization’s budget.

Competition: A marketing plan should think about the existing and potential competition in the market. It should center on what the rivals in the market are doing. It additionally sets up what it can do to advance beyond its opposition. This data may assist the association with growing and beat its rivals.

Metrics: This is a way of evaluating and providing feedback about the effectiveness of a business. An advertising plan should have a framework wherein an evaluation of how the company and the marketing plan is performing. This data causes an organization to put in place vital improvements where they are required and to realize how well it is fairing.

Marketing plans are advantageous to an association from multiple points of view. The principal advantage is that they advise an association about the requirements regarding expected purchasers in the market. This data causes organizations to place into thought their client’s needs. The plans help organizations to recognize new market zones. This data is essential for expanding markets for a business. Feedback about the organization’s marketing is additionally primary data that empowers an organization to make significant changes. An advertising plan encourages an organization to meet the costs of promoting by giving a budget. A marketing plan is advantageous to a business.

Part 2: Utilization of Components in marketing

SWOT: SWOT is a strategy that was developed during the 70s. It represents Strengths, weaknesses, opportunities, and threats (Lynch, 2019). SWOT can be helpful concerning marketing. The initial step is in recognizing the strengths of an organization. These strengths of an organization can be profoundly consolidated in the marketing plan for the organization. The promoting procedure can thoroughly concentrate on the qualities of the organization. In cases where the organization’s strength is like the items, the advertising group should focus on these items to draw more clients. An example is in promoting an item by lauding the nature of the item or doing exhibits to demonstrate the adequacy of the thing.

The following stage of SWOT is the weaknesses of an organization. The promoting group can recognize the deficiencies of an organization through measurements. When the shortcomings are identified, the marketing team should take essential measures to guarantee that the weaknesses are provided food for (Lynch, 2019). The next step is in identifying open doors for the association. The marketing group, through market research, should recognize all the opportunities for the business to grow. Finally, the marketing team can realize the dangers of a business. Through examining the potential clients and the competitors, the marketing team can distinguish risks that may influence the business’ performance later on. These dangers can be sorted early in advance.

Objectives/Goals: Objectives and goals apply to the marketing procedures. The marketing group should think about the organization’s objectives. The advertising techniques used should be in a position to meet the goals of an organization. In cases where there is a focus to provide high-quality products to a specific region, then the marketing division should concentrate on that region until the objective is achieved. There should also be objectives that are explicit to the promoting group. The group can target may be to accomplish a specific number of deals by a particular period. Having such purposes will assist the group to stay focused and exceed their expectations at their work.

References

Campbell, P. (2020, June 14). Price Bundling: The simple strategy that can optimize your pricing and boost your sales [Blog post] Retrieved fromhttps://www.profitwell.com/blog/price-bundling/

Dewhirst, T. (2012). Price and tobacco marketing strategy: lessons from ‘dark’ markets and implications for the WHO Framework Convention on Tobacco Control.

Ellsworth, M. (2019, October 8). Captive product pricing explained: Definition and examples [Blog Post] Retrieved fromhttps://blog.wiser.com/captive-product-pricing-explained-definition-and-examples/

Kyle, M. (2020, April 27). 6 Essentials of a business marketing plan [Blog post] Retrieved from https://www.finder.com/essentials-of-business-marketing-plan

Lynch, W. (2019, March 15). Seven powerful strategic analysis toolset for your business [Blog post] Retrieved from https://medium.com/@warren2lynch/7-powerful-strategic-analysis-toolset-for-your-business-89f268ae1055