Example OF Marketing Essay
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1. Developing Pricing strategies
The pricing decision plays a significant role in the success of a company, because price of a product or the service deliver a message regarding quality of the product or service. Some consumers are price sensitive and others focus on quality. in order to develop the pricing strategies the firms set the price objectives, evaluate the product-price relationship, estimate the cost and other limitations associated with the price, analyze the profit potentials, set the initial structure of price, and change the price when required.
Further, the firms can set various pricing strategies such as economic pricing, market skimming, penetration pricing, and premium pricing. They can also offer value pricing, loss leader, psychological pricing, going rate or price leadership, tender pricing, price discrimination, predatory pricing or destroyer pricing, marginal cost pricing, target pricing, full cost pricing, contribution pricing, and cost-plus pricing. In economic pricing low price and low quality is offered to the customers, in market skimming, high price and low volumes are offered, in penetration pricing, low price is offered in order to secure more volumes, and in premium pricing high price and high quality is offered in order to facilitate the customers (Kotler, and Armstrong). Additionally, there are cost-based price strategy, demand -based price strategy, and a competition-based price strategy. In a cost-based price strategy, the price is set by calculating the cost of production, promotion and overhead cost, and the preferred profit is added. In a demand-based price strategy the price is set after considering the demands of consumers and determining the price range that is acceptable to the targeted audience and market. In a completion-based price strategy the price is set by considering the price offered by the competitors.
2. Direct Marketing
Direct marketing is a method of directly contacting with the prospective as well as existing customers in order to promote the products or services. Direct marketing allows targeting specific people with the help of personalized message. It is considered as effectual for the small businesses because it is cost effective and can help small businesses for generating sales. There are many methods through which direct marketing can be done; these methods include telemarketing, direct mail, sms marketing, email marketing, direct selling, leaflet marketing, and social media marketing. There are several benefits of direct marketing; it helps an organization to directly contact the customers for telling them the latest offers, it helps in testing new products, and experimenting with new markets in order to collect the information. Further, it helps to establish personal connection with the customers, and help in achieving rapid sales. It facilitates focusing on particular groups of the targeted audience in order to achieve better results. It helps in getting direct feedback so that the existing marketing strategy can be reviewed and monitored in an effective manner.
Direct marketing provides quantifiable results that can help in precise estimation of the conversion rate and help to plan the future campaigns in an effective manner. Moreover, direct marketing campaigns having comprehensible call to action can assist a company in increasing the sales by increasing the customer loyalty of the existing customers, re-attracting the old customers, and generating business in a new manner. Additionally, it helps in building the brand loyalty because customers like to get the information in the discounts and deals in order to purchase the product of company at the discounted price.
3. Introducing new products
Increasing pressure from the competitors, the challenges of the price, and increase in the expectations of the customers are compelling the organizations to improve their method of developing and introducing the products to the market. In order to introduce the products the firms should conduct market research, consider timing, capacity, and ensure proper testing, distribution, training, and promotion. Market research is a major tool in order to get the necessary and required information before the introduction of product. market research helps in identifying the needs and wants of market, pricing, features of the product, distribution channels, decision makers, and the buying motivation, all of which play a critical role in the buying decision. The companies should set an effective time frame, and properly follow it. Most of the products require timing to the significant phases in the business cycle. The company should consider its manufacturing capacity and personnel in order to meet the demands of customers, and to ensure success. Before introducing the products in the market, the companies should test the product that it comprises the features that customers need, and the sellers are comfortable in selling it.
The company should test its promotion as well as advertising also. Further, the company should consider its distribution channels, and the sale potential of the product for convincing the retailers, distributors, and agents to accept the new line. Further, training is also a significant step in introducing a new product. The employees, suppliers, and the distribution channels should be trained regarding new product. In case of a complex product, face to face training or multimedia can help in order to train the staff about the product. Moreover, promotion is also required in order to assist the introduction of product. the promotional activities such as advertisement, and provision of free samples, etc., should be timed with the production, training, and the shipment for ensuring the introduction of product in an effective manner.
4. Product life-cycle marketing
Product life cycle represents the course of sakes and the profits of product over time. It explains the product’s life in the market in association with the sales measures, business and commercial costs. The product life cycle is an effective marketing tool in order to evaluate the product. Product comprises of life cycle means that the life of a product is limited, the sale if product pass through different stages with each stage posing different problems, threats, opportunities, and challenges to the seller. The profit, however, increases and decreases at various stages of the life cycle of product. Moreover, the product requires various financial, marketing, purchasing, HRM, and manufacturing strategies in every step of the life cycle. There are four stages in the product life cycle which are:
In the introduction phase new product is introduced into the market. In the growth phase, the sale of product increases as the market has showed consent for the product. In the maturity phase, sales reach to their maximum, and in the decline phase sales begin to decrease because the product attains its saturation point. As a matter of fact, there is no definite schedule regarding the stages of life cycle of the product. Differences can occur in accordance with the type of product, the response it gets from the market, fierceness of the competition, and the company’s promotional mix.
In a nutshell, after the development of the product, it is launched/introduced into the market, where it grows by gaining acceptance from a large number of customers, ultimately its becomes mature with the stabilization of the market, afterwards it is outshines by the introduction of more attractive product by the competitors, and finally it declines as its sale is affected.
5. Supply Chain management
Supply chain management represents effectual management of the activities associated with the supply chain in order to maximize the customer value, and to attain sustainable and maintained competitive advantage. Further, supply chain management is a conscious attempt by the supply chain organizations to run and develop the supply chain in most efficient manner. The activities of the supply chain cover all the aspects such as development of the product, production, sourcing, and effective use of the information system in order to coordinate all the activities in the best possible manner. Supply chain management focuses on streamlining and organizing the supply side activities of the business for maximizing the customer value, and for gaining the competitive advantage in the market. It represents the efforts of supplier in developing and implementing the economical and effectual supply chains.
The major objectives of supply chain management are to reduce the inventory, improve the transaction speed with synchronized data exchange, and enhance the profits by fulfilling the demand of customers. The flows of supply chain management can be divided into
The Information Flow
The Product Flow
The finances Flow
The information flow consists of transmitting the orders and keeping informed about the delivery status. The product flow comprises of the moving the goods form the supplier to the customer, and the financial flow comprises of the payment schedules, the terms regarding credit, ownership provision of title, and consignment. The organizations constituting supply chains are associated via information flow and physical flows. The physical flows include movement, alteration, and storage of the materials and goods. The information flows facilitate the partners of the supply chain to manage their plans as well as daily flow of the materials and goods in the supply chain.
6. Consumer Behavior
The consumer behavior represents the buying behavior of ultimate individuals, buyers, and household who purchase the goods and services for their personal use or consumption. In the consumer behavior, the marketing stimuli include product, price, place, promotion, people, and processes, and other stimuli includes economical, technological, political, and cultural. In the consumer behavior, the responses of the buyer depend on the product and services, selection of the brand, and choice of dealer. The consumer purchases are affected by the internal and external factors. The internal factors include psychological and personal, while the external factors include cultural and social. The adoption of the new product involves awareness, interest, evaluation, trial, and the adoption. Moreover, there are differences in the adoption at the individual level; these individual differences involve innovators, early adopters, early majority, late majority, and laggards. The innovators try a new product and accept the novel idea, early adopters follow the opinion leaders, early majority adopts the novel idea before an average individual, late majority includes those individuals that adopt new idea after the adoption by many people, and laggards adopt new idea only when it becomes a custom or tradition. The decision process of buyer includes:
Evaluation of alternatives
Post purchase behavior
In the need recognition, the consumer recognizes the need or problem. in the information search, the consumer search in order to get information about the product; the information can be obtained from the personal sources such as friends, and family, commercial sources such as sales people, advertisements, and dealers etc., public sources such as mass media, and experimental sources such as from the use of product. The consumer uses the information in order to evaluate the brand in the preference set. The consumer finally makes a purchase in the phase of the purchase decision, and in the posy purchase behavior phase, the consumer take action on the basis of the satisfaction or dissatisfaction (Davis).
7. Relationship Marketing
Relationship management is a strategy that is designed for managing the relations with customers in order to build lasting as well as strong relationship of the customer with the brand. The objective of the relationship marketing is to generate the sales on repetitive basis, encouraging promotion, and getting the information about the customers. Relationship marketing allows the firm to think for cooperation, collaboration, and interdependence, instead of just focusing on the conflict and competition. It considers the significance of suppliers, distributors, retailers, employees, and dealers, and collaborates with them in order to deliver the best product and value to the customers. The relationship marketing emphasizes in the customers and partners instead of the products of the company, it focuses on the customer retention, and increasing the customers instead of focusing on the customer acquisition. Further, it considers cross-functional teams instead of focusing on the work performed at the departmental level. It gives importance to listening rather than talking.
Moreover, the relationship marketing encourages direct marketing to the targeted audience which decreases the middle-men role. It also provides alternatives so that customers can select the best method for placing an order, for paying, receiving, installing, and repairing the product. it also gives importance to the communication with the customers at individual level, and integrated communications in order to deliver the promised product to the customer. Further, it exchanges the information with the customers with the help of intranets so that customers can be facilitated effectively, and the matters regarding payments, and ordering can be handled properly. However, effectual relationship marketing comprises of the several overlapping strategies as well as technologies, which provide help in developing a long term and deep relationship with the existing and the potential customers.
8. Brand Positioning
Brand positioning is a strategy of creating an offer related to the brand in such a way that it takes an exclusive place as well as value in the mind of the targeted customers (Dibb, and Simkin). For creating a unique place in the market, it is necessary to choose the niche market carefully, and differential benefit should be formed in the mind of customers. However, brand positioning serves as a medium with the help of which a company can represent its achievements, the desired goals and objectives that are meant for facilitating the customers. Brand positioning helps in forming the opinions as well as views of the customers. Brand positioning includes determination and identification of the differences and similarities for ascertaining the brand identity and for creating the adequate brand image. Brand positioning is regarded as the key of the marketing strategy. Further, a strong positioning of the brand guides the marketing strategy by describing the details of the brand, exclusivity of the brand, its similarities with the brands offered by the competitors, and benefits that can be achieved by purchasing and using the particular brand.
Moreover, positioning is considered as the base in order to develop and increase the perception and the information of the customers. Brand positioning indicates the sole feature that helps in setting the service apart from the competitors in an effective manner. Brand positioning should ensure the uniqueness of the product, it should be encouraging and advantageous to the niche market, it should be adequate to the businesses as well as to the global market, it should ensure sustainability, and help an organization in attaining its financial goals, it should be capable of assisting and boosting up the organization.
10. Brand Equity
The brand equity represents tangible as well as intangible value, which a brand gives to a company in a positive or negative manner. It also includes the products, services, and the outcome based on the knowledge, experience, and the perceptions of the customers associated with the brand. Brand equity helps in expanding an organization via brand expansion and brand extensions Brand equity helps in the reduction of costs, and in increasing the revenues. Further, string brand equity helps in positioning a company for the long term success because the customers develop emotional attachment as well as loyalty with the brand. It helps a company to overcome the challenges offered by the changing macro-environment. Moreover, brand equity helps in building customer loyalty by attracting more customers, creating awareness of the brand, reducing the marketing cost, leveraging the trade, and ensuring timely response to the threats. It ensures brand awareness by developing familiarity paving the way to liking, visibility, and commitment. It helps in communicating the information by differentiation, adequate positioning, creating positive felling and attitudes, and providing reason to purchase the product.
In order to build and manage the brand equity, quality product having should be introduced, and a positive assessment by the customer is essential. The brand should be evaluated by making it easy to remember, and by developing repetitive use. The brand should have a consistent image so that its position can be strengthened in the minds of customers, and a special relationship can be developed with the customers. Moreover, the brand extension can further strengthen the image. The brand equity can be best analyzed from the financial perspective, brand extension, and customer based perspective. In the financial terms, the brand equity can be measured by determining the price premiums. Further, a successful and thriving brand can be utilized as a platform for launching the related products. Moreover, a successful and strong brand helps in increasing the strength of the attitude of the customers towards the product that is associated with the brand. The association and awareness of the customers pave the way to the perceived quality, anecdotal characteristics, and ultimately, brand loyalty.
Davis, J.A. Competitive Success, How Branding Adds Value. New Jersey: John Wiley & Sons, 2010
Dibb, Sally, and Lyndon Simkin. Marketing Briefs: A Revision and Study Guide. Oxford: Butterworth-Heinemann, 2001.
Kotler, Philip, and Armstrong, Gary. Principles of Marketing.New Delhi: Pearson Eduction, 2011
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