Mkt 100 021 - week 11 - price & promo management
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The document discusses various aspects of price management and promotion strategies in marketing, including determining price sensitivity based on factors like competitors' pricing, recessions, and search costs. It also outlines the process for setting prices, such as estimating demand and costs, analyzing competitors, and selecting a pricing method. Different price adaptation strategies are presented, along with examples of push and pull promotion tactics.
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This document contains 30 multiple choice questions about marketing concepts and strategies. The questions cover topics like the marketing mix, target marketing, market segmentation, marketing research methods, channels of distribution, and the product life cycle. Sample questions ask about decisions regarding new product packaging and branding, sources of secondary data, stages in the product life cycle, and using incentives to encourage retailers.
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This document appears to be a list of questions for a marketing exam. It covers various topics in marketing including the marketing mix, target marketing, market segmentation, marketing research methods like focus groups, the product life cycle, distribution channels, and global marketing strategies. The questions would require understanding of these fundamental marketing concepts and the ability to apply them to various business scenarios and decisions.
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Understand and distinguish between productive and allocative efficiency
Know that the minimum point on the average total cost is the most productively efficient point and that allocative efficiency occurs where price is equal to marginal cost
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Global Marketing and R&D
©McGraw-Hill Education. All rights reserved. Authorized only for instructor use in the classroom. No reproduction or further distribution permitted without the prior written consent of McGraw-Hill Education.
1
Learning Objectives 1 of 2
LO 18-1 Explain why it might make sense to vary the attributes of a product from country to country.
LO 18-2 Recognize why and how a firm’s distribution strategy might vary among countries.
LO 18-3 Identify why and how advertising and promotional strategies might vary among countries.
LO 18-4 Explain why and how a firm’s pricing strategy might vary among countries.
©McGraw-Hill Education.
2
Learning Objectives 2 of 2
LO 18-5 Understand how to configure the marketing mix globally.
LO 18-6 Understand the importance of international market research.
LO 18-7 Describe how globalization is affecting product development.
©McGraw-Hill Education.
3
Introduction
Mass producing a standardized output:
Allows a firm to realize substantial unit cost reductions from experience curve effects and other economies of scale
However:
Ignoring country differences in consumer tastes and preferences can lead to failure
There is a link between marketing and R&D
Marketing mix – product, price, promotion, and place
©McGraw-Hill Education.
Marketing mix is the choices about product attributes, distribution strategy, communication strategy, and pricing strategy that a firm offers to its targeted markets.
4
Globalization of Markets and Brands
Theodore Levitt’s HBR article
Importance of technology in globalization
Fewer differences in national and regional preferences
Global corporations sell the same things the same way.
Leads to standardization of products, manufacturing, trade and commerce
Is Levitt right?
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5
Market Segmentation 1 of 2
Markets are segmented by:
Geography
Demography
Sociocultural factors
Psychological factors
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Market segmentation involves identifying groups of consumers whose purchasing behavior differs from others in important ways.
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Market Segmentation 2 of 2
Issues for marketing managers:
Differences between countries in the structure of market segments
Existence of segments that transcend national borders
Intermarket segment
Enhances the ability of an international business to view the global marketplace as a single entity and pursue a global strategy
©McGraw-Hill Education.
Intermarket segment is a segment of customers that spans multiple countries, transcending national borders.
7
Product Attributes 1 of 3
Learning Objective 18-1 Explain why it might make sense to vary the attributes of a product from country to country.
Cultural Differences
Social structure, language, religion, education, others
Tastes and preferences are becoming more cosmopolitan.
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Product Attributes 2 of 3
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Mkt 100 021 - week 11 - price & promo management
- 1. Welcome to MKT 100-021Week 11– PRICE Mgmt & Promo Part 1 Anthony Francescucci Assistant Professor, Marketing Please ensure all electronic devices are in “silent mode”, “vibrate mode” or “turned off” 1
- 2. Agenda 2
- 3. 4 P’s… 3
- 4. MKT100 Understanding Price - Price needs to;
- 5. The Laws of Market Forces
- 6. Price Sensitivity 6 Elasticity of Demand $5 $5 5 unit 100 unit 50% in PRICE 5% in VOLUME 43% in REVENUE 50% in PRICE 67% in VOLUME 50% in REVENUE
- 7. Price Elasticity and Demand
- 8. In developing countries 20% increase in rice means family cannot eat in developing country Price Sensitivity is Higher
- 10. ElectronicsPrice Sensitivity is High
- 11. When new seller enters the market at a low price Canada’s newest cell phone company “SeaBoard Group found that heavy cellphone users in Canada pay about 56 per cent more than their U.S. counterparts, while average users shell out about 33 per cent more.” CBC Nov 20, 2007 http://www.cbc.ca/news/background/tech/cellphones/economy.html Price Sensitivity is High
- 12. Price Sensitivity is High When there is a recession
- 13. MKT100 Price Sensitivity is High When cost of searching lower price decreases
- 14. Setting Price Process 13
- 15. Steps in Setting Price Select the price objective Select the price objective Determine demand Estimate costs Analyze competitor price mix Select pricing method Select final price 14
- 16. Selecting the Pricing Objective Select the price objective 15
- 17. Estimating demand curves 16 Determine demand
- 18. Cost Terms and Production 17 Revenues TotalCosts (VC Stacked onto FC = Total Costs) Break-even Point Profit Fixed Costs Estimate Costs Loss
- 19. Analyze closest competitor More features Nearest competitor product offer Competitor has… Our product offer Analyze competitor price mix Nearest competitor product offer Fewer features 18
- 20. Selecting a Pricing Method Select pricing method 19
- 23. Impact of price on other partiesSelecting the Final Price Select final price 20
- 24. Adapting price One price doesn’t fit all 21
- 25. Price-Adaptation Strategies Geographical Pricing Discounts/Allowances Promotional Pricing Differentiated Pricing 22
- 29. Used when you cannot inventory the product such as for airline flights, hotels and concerts. Tickets.com adjusts concert seat prices day-to-day depending on supply and demand. This has enabled it to increase revenues as much as 45%. Yield Management Pricing
- 30. Airline yield Pricing Example Saturday Sunday Friday Monday
- 31. Common Pricing Mistakes 28
- 32. Promotion ManagementPart 1 Personal Selling 29
- 33. 4 P’s… 30 Marketing Communications
- 34. Promotion Strategies Promotion Mix
- 35. Integrated marketing communications IMC recognizes the role of a variety of promotion strategies that are combined to provide clarity, consistency and maximum impact through the seamless integration of messages
- 36. Company using IMC BECAUSE OWNERS CARE
- 37. Push vs. Pull Promotion Strategy 34 Manufacturer uses promotion tactics to persuade the distribution channel to carry, promote, and sell their product to end-users Manufacturer uses promotion tactics to persuade the end-users to demand the product from the distribution channel
- 38. Manufacturer Manufacturer Manufacturer Advertising Manufacturer selling effort Wholesaler Wholesaler Retailer Retailer Consumer Consumer Demand is pushed down the channel by sales effort. Demand is pulled through the channel by advertising. Selling is push Marketing
- 39. Marketing is a lot of Selling
- 40. Personal Selling Personal Selling Planned presentation to one or more prospective buyers for the purpose of making a sale.
- 42. Types of Salespeople Order Takers vs Makers 39
- 43. Fitting Function to Buyer Behavior
- 44. Fitting Function to Buyer Behavior
- 46. Independent Manufacturer Sales Reps
- 47. Independent Manufacturer Sales Reps
- 48. Independent Manufacturer Sales Reps
- 49. Any Questions 46
- 50. Reminders for next week 47
- 51. Before you leave today Hand In: 48
- 52. See you next Week 49