Megaimage case study
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The document summarizes an anti-promotional campaign run by Mega Image from July to December 2010. The campaign's objectives were to increase Mega Image's perception as a low-price store, increase traffic and sales at existing stores, and increase the average basket value. All objectives were successfully achieved or exceeded, with brand equity and targeted product sales increasing significantly compared to previous periods. The always low price message was communicated through out-of-home advertising near stores and supported by television, radio, and print ads.
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The document outlines three marketing campaigns:
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2) A benefits campaign for American Express that introduced additional cashback for essential services and foreign payments to support customers during COVID. This helped retain pre-COVID engagement levels and grew transactions by 7%.
3) An educational quiz campaign for a new Singapore trading app, moomoo, that increased brand awareness and app usage. It broke daily user records, achieving 30% higher daily users than past performance.
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According to a given a product, its attributes and market sector, our research will provide the effectiveness of each pricing method for that sector
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All of these questions are answered I just need you to read the an.docx
All of these questions are answered I just need you to read the answers, understand them and paraphrase them in your own way with keeping the same idea. Just rewrite it with the same idea but in a different phrase than these.
Essay Questions:
1. Identify and discuss reasons why firms become so infatuated with pricing. Why is pricing given a great deal of attention?
Answer/ ANS:
There is no other component of the marketing program that firms become more infatuated with than pricing. There are at least four reasons for the attention given to pricing. First, the revenue equation is pretty simple: Revenue equals the price times quantity sold. There are only two ways for a firm to grow revenue: increase prices or increase the volume of product sold. Rarely can a firm do both simultaneously. Although there are literally hundreds of ways to increase profit by controlling costs and operating expenses, the revenue side has only two variables—one being price and the other being heavily influenced by price.
A second reason that firms become enamored with pricing is that it is the easiest of all marketing variables to change. Although changing the product and its distribution or promotion can take months or even years, changes in pricing can be executed immediately in real time. Likewise, product, distribution, or promotion changes can also be quite expensive, especially if research and development (R&D) or production must be rescheduled. Conversely, changing prices is a very low-cost option.
The third reason for the importance of pricing is that firms take considerable pains to discover and anticipate the pricing strategies and tactics of other firms. Salespeople learn to read a competitor’s price sheet upside down at a buyer’s desk. Retailers send “secret shoppers” into competitors’ stores to learn what they charge for the same merchandise. In this age of e-commerce, tracking what competitors charge for their goods and services has become so daunting that an entire price-tracking industry has emerged.
Finally, pricing is given a great deal of attention because it is considered to be the only real means of differentiation in mature markets plagued by commoditization. When customers see all competing products as offering the same features and benefits, their buying decisions are primarily driven by price.
Having a solid understanding of these issues is important because far too many firms and their managers use a seat-of-the-pants approach to pricing by guessing the best price for their goods and services. Guessing is never a good strategy in marketing; it can be downright deadly when it comes to setting prices.
2. In many (if not most) circumstances, cutting prices to increase sales volume is not a good idea. Explain why this is so. What are some alternatives that are preferable to cutting prices?
Answer/ ANS: All marketers understand the relationship between price and revenue. However, firms cannot charge high prices without goo.
Mbs mkt 1
1. The document provides an overview of marketing management and concepts. It discusses the meaning of marketing, definitions from various scholars, and characteristics of marketing such as satisfying customer needs and achieving organizational objectives.
2. Conceptual developments in marketing are explored, from early production and product concepts to more modern concepts like marketing, customer, and societal marketing. Comparisons are made between the different concepts.
3. Current trends in marketing in the era of globalization are mentioned, including relationship marketing, e-marketing, and ethical marketing. The holistic marketing concept is introduced as taking an integrated approach.
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This presentation summarizes a marketing campaign for Superstar Lighting. It introduces the company and its mission/vision. A SWOT analysis is provided, identifying strengths like price/efficiency but also weaknesses like lack of market research. Competitors are analyzed and past communication strategies discussed. Target markets are identified demographically and psychographically. Objectives are to increase awareness, market share and profits. A budget is estimated and tactics proposed, including billboards, digital ads and direct marketing. Media planning and creative execution in a slice-of-life style are outlined. Evaluation metrics proposed are return on investment, customer response and competitor response.
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