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Developing Effective Market Strategies: Insights on Marketing Concepts and Research

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This chapter explores key elements in developing marketing strategies, emphasizing customer orientation, market research, and the marketing mix (product, place, promotion, price). It delves into the importance of understanding customer needs, setting clear objectives, and selecting appropriate distribution channels. Key highlights include the significance of packaging, pricing strategies, and the differences between marketing services and goods. It emphasizes the need for businesses to stay aware of market trends, consumer behavior, and effective communication to build customer loyalty.

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Developing Effective Market Strategies: Insights on Marketing Concepts and Research

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  1. 7 Chapter DevelopingMarket Strategies Marketing Concept Market Research Marketing Strategy Product Life Cycle Packaging And Pricing Services Vs. Goods USDA/ARS, Photo by Scott Bauer

  2. Superior Marketing • Moves Quickly • Pricing Differential • Attention to Packaging • Build Customer Loyalty • Samples/Demonstrations • Educate Customers Ryan McVay/Getty Images McGraw-Hill/Irwin © 2006 The McGraw-Hill Companies, Inc. All rights reserved.

  3. Marketing Concept “…Giving Special Consideration To The Needs, Desires, And Wishes Of Present And Prospective Customers.”

  4. Jack Star/PhotoLink/Getty Images Elements Of Marketing Concept • Customer Orientation • Goal Orientation • Systems Approach

  5. C. Borland/PhotoLink/Getty Images Application Of Marketing Concept • Conscious Of Image • Product Benefits • Company “Fit” • Offer Research • Unique Expertise • Not Pushy • Speak With Integrity • Practice Consumerism • Aware Of Danger Signals

  6. E-Commerce “…Technology-Mediated Exchanges Between Parties As Well As The Electronically Based Intra- Or Interorganizational Activities That Facilitate Such Exchanges.”

  7. PhotoLink/Getty Images Marketing Research Areas • Identify Customers • Determine Needs • Evaluate Sales Potential • Select Appropriate Channel Of Distribution • Evaluate Advertising & Promotion

  8. Steps In Marketing Research Define Problem Gather/Evaluate Information

  9. Keith Brofsky/Getty Images Sources Of Information • Existing Information • Primary Research • Specialized Techniques • Web • Computerized Databases

  10. Marketing ResearchOn The Internet

  11. Checkout Automation

  12. Jason Reed/Getty Images Marketing Strategy • Set Objectives • Choose Target Market • Market Segmentation • Shifting Target Markets • Regional Purchasing Differences

  13. Shifting Markets-Population/Household Source: U.S. Census Bureau

  14. Shifting Markets-Older Consumers

  15. Shifting Markets-Senior Spenders

  16. Marketing Mix (4 Ps) Product Place Promotion Price

  17. Product Life Cycle

  18. Packaging • Product • Promotes • Protects • Identification • Improves Product Convenience • Promotes Brand Recognition • Influences Buying Decision

  19. Rob Melnychuk/Getty Images Pricing (4 Cs) Customer Company Competition Constraints

  20. Stage Of Product Life Cycle Competition Cost-Oriented Flexibility Suggested Retail Price List Price Prestige Pricing Leader Pricing Bait Pricing Odd Pricing Psychological Pricing Price Lining Demand-Oriented Pricing Influences OnPricing Policies

  21. Markup Markup As Percentage Of Cost $ Amount Of Markup Cost Of The Item =

  22. Artvilee/Getty Images Discounts And Allowances • Discount- Reduction On List Price As Incentive To Buy • Allowance- Given When Accepting Quality/Quantity Reduction

  23. BUY ONE GET ONE FREE Joshua Ets-Hokin/Getty Images Types Of Discounts/Allowances • Cash • Functional/Trade • Quantity • Promotional • Trade-Ins • Push/Prize Money

  24. PhotoLink/Getty Images Small Business Price Setting • Service Firms • Retailers • Customary Price • Unit Price • Loss Leader • Wholesalers • Producers • Building Contractors- Cost-Plus

  25. Adam Crowley/Getty Images Marketing Services • Nature Of Service • Personal • Business • Differentiating Services

  26. Rob Melnychuk/Getty Images Marketing Service Strategy • Level Of Customer Contact • Primacy • Pricing • Quality • Degree Of Expertise/Specialty • Value To Buyer • Promotion

  27. Ryan McVay/Getty Images Strategy Implementation- Introductory Stage • Analyze Situation • Present • Future • Fit Product To Market • Evaluate Resources

  28. C. Borland/PhotoLink/Getty Images Strategy Implementation- Growth Stage • New Classes Of Customers • Penetration Of Existing Market • Maintain Market Share By Design & Manufacturing Innovation

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