Future Marketing Concept

Future Marketing Concept
Introduction
In the changing world marketing is becoming more challenging and marketers are striving to find out new ways to keep pace with the more demanding
markets. Future marketing will lead by the big ideas and innovations. Consumer will become knowledgeable about the products and their rights. It will
change the consumer behavior and their patterns of consumption. Thousands of researches are conducting by marketing researchers to predict future
market and develop the new ways of marketing. In this assignment we tried to forecast the future marketing strategies and few ideas based on our
perception.
Intelligent and Communicating Packaging
Most important tasks of packages will be protection of the product and maintenance of...show more content...
Dramatic change will be happen in future marketing advertisement and promotion by the big ideas that will innovated by the marketers.
Here the graph shows in year 2050 which areas of media will get how much spending.
This chart shows the future marketing advertising will focus on events and sponsors because in this way the companies will get maximum exposure of
their products and create strong position in the consumers mind. Marketers will spend 40% of total advertising expenditure in this area. Second largest
spending media will be the Internet because of its two way interactive communication facility. The marketers will spend 35% of total advertising budget
on Internet.
Television will get less priority but it will remain the third important way of reaching the target consumers. Advertisers will spend 10% of their huge
budget. Print media, Radio stations and others medium will get 5% each from the total advertising budget.
E–mail advertising:
In the future marketing e–mail will remain the most convenient way of communication. E–mail advertising will be the highest sector of spending. We
are not talking about the junk mail. There will be a new way of email advertising. Every e–mail will carry a personal message by any normal user for
there own purpose and at the same time it will carry a

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Marketing Strategies Essay example
Price, product, place and promotion, the four Ps of marketing, are fundamental for successful marketing communication. One of its goals is building
and reinforcing relationships with clientele, retailers and other people who the company markets their products to. But the main objective is to reach a
target market and affect their behavior through informing, convincing and reminding. They must reach out to new consumers and persuade then them
to purchase their product, while at the same time they must preserve their current customers. But the no matter how good the promotion, it can never
substitute for quality, enormously high prices or inadequate retail distrabution....show more content...
(http://media.wiley.com/product_data/excerpt/48/04713472/0471347248.pdf)
Environmental scanning, understanding the businesses target market and examining the external environment, also, is integral to determine business
opportunities and threats. To remain in existence, a business must be prepared to change their business strategies. This external environment includes
market trends and the social, political and economic environment.
(http://media.wiley.com/product_data/excerpt/48/04713472/0471347248.pdf)
A product typically has a four stage life cycle, with includes the introduction, the growth, the maturity and the declining stages of the product.
Technology generally has a shorter lifespan. Therefore, new product must be introduced earlier in the product's life span. (http://www.udel.edu/alex
/chapt12.html#life)
The introductory stage is when a new product is introduced to the market. A new product includes new models of an item that has already been in the
market. During the introductory stage of a product there is a very high failure rate. It varies from 60%–90%, depending on the trade. (http:/
/www.udel.edu/alex/chapt12.html#life) During this stage the company's marketing objective is to let the target market know of its existence. Push and
pull strategies, with ads and coupons, must be used. (http://www.learnmarketing.net/promotion.htm)
The product enters the growth stage next. As the product starts to be accepted by the target

Mccarthy's 4 The Principles Of Persuasion
Relevant Topics: Below are the topics relevant to the project: Branding & Marketing: Marketing is the process of creating, communicating and
delivering benefits that have value for customers (Johnston, 2015). Branding is the process of creating a unique name and image for the product in
consumers' mind (BusinessDictionary.com). A good marketing and branding strategy helps the organizations to create products and services with best
chances of making profits, set apart from your competitors, customer satisfaction, and greater sales motivates the employees to achieve more. Principles
of branding are differentiation, focus, simplicity, consistency, and visual appeal. The two main theories/principles used in marketing are McCarthy's 4
Ps and Porter's 5 forces. Persuasion: Persuasion is the process of changing a person's attitude or behavior towards an idea, event, person, or an object.
Persuasion specifically applies to the promotions, and builds on customer behavior to lead them to purchase. Persuasion is used to convince consumers
to purchase the products over competing brands, companies usually focus on differentiating their products, building brand awareness and loyalty, and
providing consumer education. The six main principles of persuasion are authority, likeability, reciprocity, consistency, consensus, and scarcity
(Cialdini, 2006). Some of the theories used to persuade consumers are amplification hypothesis, conversion theory, priming, scarcity principle, social

Marketing Essay
Marketing
Marketing is about understanding the customer needs and making sure that the products fit the customer's needs as well as finding ways to influence
the customer's behaviour.
Aims and objectives
An aim is a statement of purpose that outlines what the business wants to achieve, it is a general goal e.g. to gain profit.
An objective is a statement of how the business will achieve their aims it contains specific numbers and dates, they are SMART. For example achieve
4% profit by the end of 2006
Businesses need to have aims and objectives in order to have a direction to follow and gain the best they can out of their business.
Objectives of a business need to be SMART, this means:
* Specific...They need to relate...show more content...
The costs of marketing is an internal constraint, it relates to the fact that when a company grows it needs to have more finance to be able to fill the
customers needs. When the business wants to develop new products and services it needs more financial resources, if they don't have enough resources
it limits how well they can expand. Businesses may also need to bring in skills form outside of the organisation to help with their marketing strategies;
this also costs in the financial resources.
External – outside of the business there are also many constraints.
These include
– Consumers (they will not be interested in the business if it is not consumer–focused)

– Competitors (if a competitor in the same market already has an advantage then it is very difficult for a new business to market a product.)
– Economy (If there is a period of economic recession when customers have falling incomes marketing a luxury product will be difficult)
– Law (There are many laws that restrict the way a product can be marketed by a business.)
Functional areas
Businesses need to be broken down into different functional areas. The functional areas in a business all support the marketing department.
They are:
* Finance – The marketing department have to work within a budget that will support their TV advertisements, direct mail, PR, and
other

Marketing Essay
Chapter 1 Marketing Creating and Capturing Customer Value 1) According to the five–step model of the marketing process, the first step in marketing
is ________. A) capturing value from customers to create profits and customer equity B) constructing an integrated marketing program that delivers
superior value C) building profitable relationships and creating customer delight D) understanding the marketplace and customer needs and wants E)
designing a customer–driven marketing strategy Answer D Difficulty Moderate Chapter LO 1 Course LO Discuss the fundamental concepts of
marketing 2) ________ are defined as states of felt deprivation. A) Needs B) Ideas C) Demands D) Values E) Exchanges Answer A Difficulty Easy
Chapter LO 2 Course...show more content...
A) societal marketing B) marketing C) selling D) production E) product Answer E Difficulty Moderate Chapter LO 3 Course LO Discuss the
fundamental concepts of marketing 15) Voize, a leading mobile phone manufacturer, focuses on low labor costs and mass distribution to ensure the
continuous availability of its products at reasonable prices. Voize most likely follows the ________. A) customer–driving marketing concept B)
marketing concept C) societal marketing concept D) production concept E) selling concept Answer D Difficulty Difficult Chapter LO 3 Course LO
Discuss the fundamental concepts of marketing AACSB Analytic thinking 16) According to the product concept, a company should ________. A)
make products that

Questions On Online Internet Marketing Essay
a.Rivalry (Among Competing Sellers)
CyberGold, NetCentives, and MyPoints are the three main online Internet marketing firm. All the competitors offer similar services and products.
Competition is based on a non–price dimension like marketing, brand, and search technology. Competitive rivalry is high as the cost of switching firm
is low. Because this is relatively new business, there are growth opportunities for economic of scale in advertising. (Gamble & Thompson, 2013)
b.Threat of New Entrance
Online Internet marketing has a low barrier to entry. Since the barrier is low, new entries should be able to offer more incentives, lower marketing cost,
and innovative new ideas to market the advertiser products and service. The threat of new entrants is high because online advertising is relative at its
early stages and few online Internet marketing firm has set itself apart from its competitor. (Gamble & Thompson, 2013)
c.Threat of Substitute Products
The threat of substitute in the industry is weak. In term of mass marketing, the Internet can reach far more people in every corner of the world. The
market is still growing as more users are coming online and new and improve technologies are improving the median we utilize to access the net.
Online advertising allows marketers to tailor the company's product and services to a select market vice mass marketing. It provides benefits, cost
saving, and flexibility that you can't get from television, radio, or newspaper. (Gamble &

Integrated Marketing Communications Integrated Marketing Communications (IMC) is a simple concept that helps to ensure that the communications
between the promotional implementations are interconnected properly so that they all work together harmoniously. This concept is also something
that is not new in the world of marketing. "IMC is the coordination of the promotional mix elements (advertising, public relations, sales promotion,
personal selling, direct marketing, and online marketing/social media) with each other and with the other elements of the brand's marketing mix
(product, place, price) such that all elements speak with one voice."(Shimp, 12). The objective of marketing is to produce bottom–line results by
increasing sales and high investment returns. Marketing campaigns establish long–term goals in pursuance of increasing the value of a brand over time
while sales promotions set short–term goals as a means to sway consumers toward a particular brand. In order for a marketing strategy to be
successful, awareness of the brand needs increasing as well as changing potential consumer's attitude about a product, a company or services that are
being offered. "Increased brand awareness is not only one of the most common marketing communication objectives; it is also typically the first for a
new company." (Kokemuller, 1). When advertising, identifying the target audience is one of the first things that need to be done. Identify the target
audience through a channel of

Marketing Essay
POSITIVES OF MARKETING CONCEPT OVER NEGATIVES OF TODAY'S MARKETING PRACTICES
By Student's Name
Institution
Professor
Course Code
Date
Marketing is one of the fields in business management. The field involves business organizations and their customers as the key players. Marketing
involves an organization or a company identifying and anticipating their customer's needs and satisfying them in a profitable way. Marketing is a broad
field and it encompasses marketing concept and marketing practices. Marketing concept is a marketing philosophy that advocates for selling products
or services that are benefit oriented instead of product oriented. Benefit oriented products and services seek to satisfy the needs of customers while
product oriented...show more content...
Customer orientation is one of the keys to successful marketing. Marketing concept has the positivity of facilitating customer orientation. Customer
orientation oversees that the needs, wants and desires of the customers receive top consideration in all business activities (Kumar& Sharma1998).
A business organization must have the needs of the customers at heart in conducting its activities. A good illustration can be when a company is
making its decisions in various activities such as product development, advertisement and sales promotion. The company has to consider the needs of
their customers and the impacts that the activities shall have on their customers. Company will have to answer some questions such as; what are the
needs of our customers? How can we best meet their wants? Are the customers going to be satisfied with our services? These questions shall help the
company streamline its activities and decisions towards satisfying the needs of its customers.
The marketing concept also promotes product planning and development. Product development refers to the continuous improvement of a product to
meet the changing needs of the customers. Customer needs is the prime focus of the concept and therefore, a company strives to meet these needs. The
needs change with time hence the company can meet them by either developing their products or producing other new ones. Designing and producing
new products is expensive and risky as the new

Essay on Global Marketing
"Global Marketing Management"
"Bridgestone: European Marketing Strategy"
CONTENTS
1.0: Make an assessment of the competitive strategies that Michelin, Continental and Goodyear respectively may pursue to strengthen their European
Market position. Page 4–6
2.0 Make an assessment of the alternative competitive strategies that Bridgestone can pursue to strengthen its European Market position. Page 7–8
3.0 Give a well–reasoned proposal for the criteria to be used by Bridgestone when choosing market (country) that requires a larger marketing effort (you
can also include central and eastern Europe). Page 9–10
4.0...show more content...
They hope to continue to maintain their market position, with innovative advertising and promotion schemes which will add to the development of
their already high brand awareness within the tyre market.
In relation to Porters Generic Strategy it is thought that Michelin has a strategy based on differentiation as their product range and amount of services
are second to none throughout the world. The ability to provide tyres to different countries that have entirely different needs is efficient. For example,
providing tyres for the American market where there is a fashionable status around their cars. Another example would be how Michelin provide tyres
for the Asian market, where the cars that they drive and the environment that they drive in require different tyres which encourages Michelin to adapt to
all of these markets.
Differentiation is a key factor and is used to provide Michelin with a competitive edge over their rivals.

Goodyear
Goodyear currently maintains an 18.2% market share, behind Michelin and Bridgestone. Although the company is the second largest tyre maker in
Europe, in order to maintain and strengthen this position, in 1998 Goodyear pursued an alliance with Sunitomo Rubber Industries. This was a good
strategy, as it allowed Goodyear to take control of the Dunlop brand in both Europe and North America. This may provide Goodyear with the
advantage of eventually taking complete ownership of Dunlop's tyre activities, a move which would

International Marketing Essay examples
INTERNATIONAL MARKETING
92% of the world's consumers live outside the U.S. Thus, international marketing is very important. When selling to foreign markets, one must realize
that there are major differences between other countries & the U.S. Aside from political and legal differences, there are economic, technological,
social (family, religion, education, health ...) & cultural differences.
Each 1 billion in trade deficit yields a loss of 25,000 jobs. [See text for how international trade is measured and protectionism vs. free trade.]
Gray Goods – Goods imported from unauthorized dealer; problem = no manufacturer's warranty.
Dumping = Sale of export goods at less than...show more content...
2 Adapt Only The Promotion – e.g., in most of the world, bicycles are promoted as transportation; in U.S. as leisure.
3 Adapt Only The Product – e.g., Canadians prefer a more bitter beer; Barbie looks Asian in Japan.
4 Adapt Promotion & Product – e.g., American cereals in Asia = snack food; therefore, need different flavors (e.g., tofu).
5 Backward Invention – Simplify product & use less technology. This makes the product more affordable & usable in certain foreign markets.
Some Ways To Operate In Foreign Markets
1 Exporting – A company sells what it produces to foreign markets via export merchants (e.g., export trading companies) or export agents (e.g., export
management companies) or a firm's own sales branches. [Risk of tariff & devaluation.]
2 Direct Investment & Ownership – Investment in production and or distribution facilities can occur either through a wholly–owned foreign
subsidiary or a joint venture with a foreign company. [Risk of nationalization.]
Joint Ventures– domestic & foreign firms become partners.

The Marketing Concept Essay
The Marketing Concept The marketing concept has evolved over the last years, marketing reflects to a key approach to doing business. An
organisations objective is to make profit, to do this they have to consider the marketing concept, in order to satisfy customers. For an organisation to be
successful should divert its attention away from particular products and towards the interest of the customers. Customers changing their needs and
wants influence an organisations strategies and plans. Meeting customer's needs is the main key in marketing.
The chartered institute of marketing used the following definition:...show more content...
For Nokia to stay in the business they need to meet these basic requirement of the customer. If Nokia does not meet the customer requirements, then the
customers will walk away and will use another brand such as Samsung, Erickson etc. Nokia was successful because they met the needs of the customers.
"The Marketing concept holds that the key to achieving the organisational goals lies in determining the needs and wants of target markets and
delivering the desired satisfaction more efficiently and effectively than the competition"[3]. For an organisation to provide products that satisfy
customers needs through a co–ordinated set of activities that also allows the organisation to achieve its goals, because customer satisfaction is the
major aim of marketing concept.[4]
Organisations need to communicate effectively with their customers, outlining the benefits of its service and how they can be used to

Successful Marketing Strategies Essay
Marketing is a vital component in the success of businesses. Smaller businesses rely on business advertising, expenses, knowing if the business is
networking with the right people, or joining the best organisations which lead to success (EStartup business blog, 2010). Marketing concentrates on
customers and what the customers want. Customers are the source of sales and profits. Many small businesses are faced with remarkable hardships due
to not developing the right marketing plan (EStartup business blog, 2010). To help these businesses a more appropriate or better marketing plan needs
to be designed. Small business internet marketing services can help businesses develop and thrive in a highly competitive market. For the highest quality
...show more content...
As the economy and social attitudes change, so do buying patterns (EStartup business blog, 2010). Businesses need to identify whether the number of
target customers is growing or shrinking and whether their buying habits will change in the future (EStartup business blog, 2010).
Subway is a franchise business that has been using many strategies of marketing and is now a successful business in Australia. Subway started as a
single outlet in the city of Perth, Australia in 1987. Hard work has seen Subway become one of the most successful fast food franchises in Australia
(Subway–target market, 2007). Its target market is people who like to eat fresh and healthy food, most importantly young Australians who prefer
healthy fast food instead of burgers and fries (Subway–target market, 2007).
Also, Subway's advertising tagline is "Subway – eat fresh". This tagline is the most important part of marketing while advertising the business. This
targets the people who are looking for fresh food and also for people who don't want to eat junk food but want fast food (Subway–target market, 2007).
Another example of business that has been using successful marketing strategies is McDonalds; McDonald's is one of the best known brands
worldwide (McDonald's Corporation, 2008). Successful marketing has been described by McDonalds as identifying customer needs and requirements
and meeting

Topics For Research Essay
Important Topics for Projects in Marketing
Selection of research topic is the basic and important part of research report, thesis or dissertation. It requires a lot of energy, resources and time to
choose an appropriate topic for the research. There are numerous factors which need to be taken into consideration before final selection of the
research topic. For example a research topic should neither be too broad nor should be too narrow. Similarly, the topic should be researchable,
interesting, clear and feasible. In order to have an idea of different types of research topics related to the field of marketing, a list is given:
Topics for Research in Marketing
The effects of pharmaceutical dispensing pattern on consumer...show more content...
sumer purchase behavior in out–of–stock situations at retail outlets
Understanding consumer response towards sales promotion in the fast food industry
Factors influencing customer satisfaction in health care services
Impact of congruity between self–concept and brand image on brand preference in the automobile industry
The impact of brand extension on brand personality
The impact of personal involvement on store brand selection
A four dimension approach to attitude measurement
Sustainable competitive advantages in hospital industry
Customers evaluation of perceived value of service rendered by physician consultant
Studying consumer reactions to the Von Restorff effect
Effect of personal and personality characteristics on sales performance
Effectiveness of utility bill as promotion medium (a comparative study between company and consumer)
The revival of radio advertising in (country name): A comparative study of advertiser and consumer
The effect of corporate characteristic on the choice of CSR
Relationship between organization characteristic and organization response to Gray market
The effect of consumer travel characteristic and billboard characteristics on consumer response to billboard advertising

A study of waste management and recycling in (country name)
The effects of publicity source characteristics on consumer belief
The effects of search engine optimization on marketing performance of the companies
Impact of parent brand image on the brand

Essay about What is Marketing
What is Marketing
1. Introduction
1.1 Purpose
The purpose of this report is to get all of the management employees of Proton in all of the departments outside marketing to familiarize with what
marketing is and also to show its importance in the company.
1.2 Background
Proton is the biggest Malaysian automobile manufacturer. Proton automobiles are available in many countries such as China, Singapore, Australia,
Algeria and United Kingdom. Proton has commanded the local automotive market, and will continuously dominate in the pursuit of being 'Customers'
Number One Choice for Automotive Products and Services'...show more content...
It is crucial in marketing to have a clear knowledge of the needs, wants and demands of the consumers. To achieve this, market research is carried out.
By going through a market research, Proton can find out more information on what consumers think of Proton's product. Upon getting the information,
Proton can make adjustments and improve products to satisfy consumers' needs, wants and demand.
3. Why Marketing is Important
"Marketing management is accomplished by carrying out marketing research, planning, implementation, and control" (Kotler, 2004). Marketing plays a
major role in every business. It is very important as it contributes to the profitability of the company itself. "Relationship marketing involves creating,
maintaining and enhancing strong, value–laden relationship with customers and other stakeholders. "They must build strong economic and social ties
by promising and consistently delivering high quality products, good service and fair prices," (Kotler, Brown, Adam and Armstrong, 2004, p11).
Furthermore, when both customers and producers are mutually beneficial from this relationship, profitable transactions will follow. Knowledge of
marketing strategy and market research is crucial in order to excel in marketing.
3.1 Five key factors to an effective marketing
Forsyth (2004) stated five factors which summarizes the effectiveness of marketing.

a) Customer

Essay on Marketing
Marketing Applications #1
Which environmental forces sociocultural, economic, political, legal, regulatory social ethical, competitive, or technical, might a marketer need to
consider when marketing the following products in the international marketplace and why?
Barbie Dolls
Beer
Financial Services
Televisions
International Marketing involves developing and performing marketing activities across national boundaries. Marketing is the process of creating,
distributing, promoting, and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers and to develop and
maintain favorable relationships with stakeholders in a dynamic environment. Therefore, I believe all the forces sociocultural,...show more content...
Any obstacle that makes it difficult for a business to enter a product into an international market such as slow customs, Government regulations, natural
barriers, bureaucratic inactivity in processing licenses means no productivity for a business.
Socioethics; how a marketer deals with international issues has a considerable impact on the businesses success. A Marketers' standards of conduct and
moral values could make or break a business deal. The marketer should do business and behave ethically. Customer may be concerned about privacy,
truth in pricing and advertizing be concerned how they market their products to children and young adults.
Competitive: In order to be stay on top of international competition a marketer should totally understand why, how, where, and when to do business in
specific international business markets. I believe it is important to know the company's strategic mission, its strengths and its weaknesses too. A
marketer should make the product stand out from the competitor's products by creating competitive pricing and value. The product should also be
difficult to duplicate or substitute and be able to meet differences in the country's tastes and demands. Technology: A marketer

Marketing Definition Essay
Marketing definition
Every company depends on an efficient marketing program to fulfill customers' needs. Marketing is a process of finding out what the customer wants
and meeting those requirements. Within the company, the marketing group has to consider customer values and customer satisfaction before
considering offering a product. Marketing is part of our everyday world, and can be perceived everywhere and every time. At any time, everyone has
been exposed to different kinds of marketing or advertising depending upon personal necessities such as T.V commercials, radio, internet, etc.
Another definition of marketing is the "selling of products or services: the business activity of presenting products or services in such a way as to...show
more content...
This entire process is known as marketing management " the art and science of choosing target markets and getting, keeping, and growing customers
through creating, delivering, and communicating superior customer value" (Kotler & Keller, p.5).
To be successful in business, "a consumer does not buy a whole of physical components of the product but it is usefulness, function, satisfaction of
consumer's needs, solving the problem, etc" (Dubrouski, , p.1). "That is why the product is a whole of tangible and intangible components which
means satisfaction of consumer's needs and desires, solving the problem"(Dubrouski, p.1). Companies and managers must learn to utilize marketing
research, as well as, strategy skills to fulfill customers' satisfaction. Management has to focus on exclusive marketing challenges presented by the new
era of the 21st century. Management has to be able to utilize inventive, dominant, and cost effective marketing techniques that will support the future
success of the organization. Companies must meet,"the increasing importance of services as part of a product (offer, offering package) which cannot
be neglected" (Dubrouski, p.1). Exploring the purpose of market research, as well as, evaluating the importance of such research, facilitates managers in
realizing the importance of marketing to an organization's success and to be globally competitive.
In the article: It is time

Social Marketing Essay
Marketing is defined as follows: Marketing is the process of interesting potential customers and clients in your products or services. In this essay, I
am going to address the concept of "social marketing" and how does social marketing differ from "societal marketing" or "socially responsible
marketing" in the first part, and in the second part, I am going to provide examples of each of the three approaches to marketing and analyse how these
represent a departure from traditional marketing practice.
Social marketing is the systematic application of marketing, along with other concepts and techniques, to achieve specific behavioral goals for a social
good.1 Social marketing is the design, implementation, and control of programs calculated...show more content...
In social marketing, exchange focus on voluntary behaviour. Social marketers have to provide people something that they really want in order to
facilitate voluntary exchanges. As the same as general marketing, social marketing ought to have a long–term planning, which begins with current
status and charts out a path to the projected status, and generally includes short–term operational or tactical plans for achieving interim goals. Exercise
aimed at formulating a long–term planning, to meet future needs estimated usually by extrapolation of present or known needs.2 The social marketing
planning process finishes with research in general, it helps people find out what they really want and informs the development of the strategy. First
marketers need to be clear with the situation to analyse the internal and external environment for defining the target of the plan and consider what
resources and strategies we can use to change the recent situation. The last evaluates the outcome and it is shown the improvement of the panning. The
aim of the relative success is to influence more people, as this is another purpose of social marketing.
Marketing can be describes as a "social process by which individuals and groups obtain what they need and want through creating and exchanging
products and value with others". The societal marketing is enlightened that a company should make good marketing decisions by considering what

Marketing Content Essay
[h1] Tailoring Marketing Content to Your Audience
Meta description: Companies can increase the personalization of their marketing efforts through personas, advanced analytics, customer segmentation,
and channel attribution.
The online stylist service Stitch Fix is a dramatic example of how to personalize customer service. Members fill out a survey and receive boxes of
clothes and accessories that are curated to meet their individual tastes. This level of personalization is what consumers expect from your company's
marketing efforts. However, most potential customers aren't willing to give you the amount of personal information required to pull off this kind of
magic.
In a survey conducted by Forbes and PricewaterhouseCoopers, an...show more content...
The data customers leave behind can then be mined for insights to discover what they want from your brand.
Predictive analytics and machine learning are 2 ways of gaining value from customer data. Predictive analytics uses customer histories to forecast future
behaviors so you can be proactive about meeting your audience's needs. According to the beforementioned Forrester study, 42% of companies use
predictive analytics to better understand customers through data.
Machine learning is a great way to understand behavioral and attitudinal data. Social media is a gauge of customer sentiment, but the posts include
unstructured data that is difficult to make sense of. Unlike predictive analytics, machine learning can understand the associations between conversation
threads and develop hypotheses based on them. Machine learning has tons of untapped potential. According to a Digiday Research survey, 72% of
marketers fail to use machine learning to personalize customer experiences.
[h2] 3) Using Segmentation and Attribution
Analytics can be used to better understand, reach, and speak to a targeted audience through segmentation and attribution.
Because understanding and meeting the individual needs of your target audience can be a difficult endeavor, it is recommended, instead, to get to
know smaller groups of customers. Segmentation is the process of grouping customers together according to similar demographics and psychographic

Marketing Communication (Question and Answer)
Question 1
a)Examine and review critically the four areas of marketing communication. Provide examples where necessary.(10 marks)
b)Explain in detail the basic pricing strategies. Give examples to support your answers.(10 marks)
Question 2
Identify and describe the most often used sources of differentiation.
Give examples to support your answers.(20 marks)
Question 3
Ursula is a marketing manager for a bathroom tile company. She is trying to figure out if her firm needs to utilize a push or pull strategy. What are the
differences between a push and pull strategy.(20 marks)
Question 4
Jessica has just been hired as a manager for a new retail store. She is working on creating an effective retail strategy, but...show more content...
These pricing strategies represent the three ways in which a pricing manager or executive could look at pricing. Knowing these strategies and teaching
them to your sales staff, and letting them know which one they should be using, allows for a unity within the company and a defined, company–wide
pricing policy.
i)Promotional Pricing
The objective of promotional pricing is to stimulate short–term increase in sales. This is done by charging a price below the list price or sometimes
even below cost for a specified time period. The examples are as follows;
a)Special event pricing

Prices are reduced to commemorate a certain event to attract customers. For example, " Hari Raya Sale", "Chinese New Year Sale", Christmas Sale"
and "Back To School Sale".
b)Cash rebate
Often used within a limited time period to encourage the purchase of a manufacturer's product. Rebates are also used to move stocks without having to
cut the stated list price. c)Longer payment term
Financial institutions such as banks and credit corporations extend their loan periods to enable lower monthly installments to be paid by their
customers. For example, in recent years it is common for banks/finance companies to offer car financing for up to 7 years or even 9 years.ii)
Geographical Pricing
Variable–pricing method in which a selling price is computed according to the customer's or market's distance or transportation costs incurred.It is also
an evident

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