Essential Marketing Concepts: Pricing, Promotion, and Strategy
Understanding Pricing Structures and Strategies
Companies do not set a single price but utilize a pricing structure.
A pricing structure means a company sets different prices for different segments, products, regions, seasons, channels, or customer groups instead of one uniform price.
Reasons for Structured Pricing
- Market Segmentation: Different customers have different willingness to pay (e.g., students, premium buyers, rural/urban consumers).
- Product Line Pricing: Different versions of a product require
Essential Marketing Management Principles and Concepts
1. Meaning of Marketing Management
Marketing Management refers to the process of planning, organizing, directing, and controlling the marketing activities of a business to satisfy customer needs profitably. It involves analyzing the market environment, understanding consumer behavior, designing effective marketing strategies, and implementing them through the proper use of resources.
👉 In simple words: Marketing management is about getting the right product, at the right price, in the right place,
Read MoreUnderstanding External Influences on Consumer Behavior
1. Explain What External Influences on Consumer Behavior Are
External influences are factors outside an individual that shape their buying decisions. These include:
- Cultural Factors: Values, beliefs, and customs that define acceptable behavior.
- Social Class: Income, occupation, and education influencing preferences and purchasing power.
- Reference Groups: Friends, family, or celebrities who affect attitudes and product choices.
- Situational Factors: Physical environment, time, and occasion of purchase.
Business Model Canvas: Defining Customers and Value
The Business Model Canvas (BMC)
A business model describes the rationale of how an organization creates, delivers, and captures value.
Customer Segments
Customers comprise the heart of any business model. Without profitable customers, no company can survive for long. In order to better satisfy customers, a company may group them into distinct segments with common needs, common behaviors, or other attributes.
Bases for Market Segmentation
Gender
Gender is one of the most simple yet important bases of market
Marketing Fundamentals: Segmentation, Brand Equity, and Key KPIs
Market Segmentation Criteria
- Location: Geographical area.
- Behavior: Seek balance between indulgence and wellness. Enjoy beer as a sensory, slow-paced experience with meals. Consume beer to relax after work or socialize casually.
- Preferences: What do they like? Preferences for low-calorie, organic, or alcohol-free beers.
- Demographic: Ages, occupation, and lifestyle.
- Psychographic: Value heritage, craftsmanship, and deep flavors. Social, laid-back, lifestyle-focused. Health-focused, modern, trend-aware.
Customer Relationship Management (CRM): Types, Models, and Strategy
Customer Relationship Management (CRM) Defined
Customer Relationship Management (CRM) is an integrated information system used to plan, schedule, and control pre-sales and post-sales activities within an organization. CRM embraces all aspects of dealing with prospects and customers, including the call center, sales force, marketing, technical support, and field service.
The primary goal of CRM is to improve long-term growth and profitability through a better understanding of customer behavior. CRM
Read More