This document discusses marketing communications and pricing strategies for services. It defines marketing communications as messages used to promote the marketing mix of product, price, place and promotion. It then discusses objectives of various communication targets, including consumers, intermediaries and competition. The promotional mix tools of advertising, sales promotion, personal selling, public relations and publicity are defined. Approaches to pricing services are also covered, including cost-based pricing, demand-oriented pricing and competition-oriented pricing. Specific methods under each approach are listed. Finally, various pricing strategies like odd pricing, psychological pricing and negotiated pricing are defined.
Retailing as a sector includes subordinated services, such as delivery. The term "retailer" is also applied where a service provider services the small orders of a large number of individuals, rather than large orders of a small number ofย wholesale, corporate or government clientele. Shops may be on residential streets, streets with few or no houses, or in aย shopping mall.
Retailing as a sector includes subordinated services, such as delivery. The term "retailer" is also applied where a service provider services the small orders of a large number of individuals, rather than large orders of a small number ofย wholesale, corporate or government clientele. Shops may be on residential streets, streets with few or no houses, or in aย shopping mall.
What is pricing and promotion strategies?
Promotional pricing strategy aims towards increasing brand awareness and attracting customers by offering massive discounts and deals. The market strategy creates a perception of time-based scarcity in the minds of the consumer
Students will get the knowledge of the following-
meaning of the pricing, its importance, objectives, methods of pricing, factors affecting the price of products, An overview of DPCO (Drug Price Control Order) and NPPA (National Pharmaceutical Pricing Authority)
"๐ฉ๐ฌ๐ฎ๐ผ๐ต ๐พ๐ฐ๐ป๐ฏ ๐ป๐ฑ ๐ฐ๐บ ๐ฏ๐จ๐ณ๐ญ ๐ซ๐ถ๐ต๐ฌ"
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
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Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
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Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
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Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
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3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
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A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
2. Marketing Communications
Marketing communications are the messages and related media used to
communicate with a market. It is the promotion part of the marketing
mix or the four Ps โ Price, Promotion, Place and Product.
Communication and the Service Marketing Triangle
โข Internal Marketing Communication
โข External Marketing Communication
โข Interactive Marketing Communication
3. Service Communication
1) Objectives of Consumer Protection for Services
a) Objectives targeted at customers.
๏
๏
๏
๏
Creating & increasing an awareness of a new or existing service.
Encouraging customers to try the service.
Changing the timing of customer demand for the service.
Communicating the unique features of service and its distinct
services.
4. b) Objectives targeted at Intermediaries.
๏ Convincing intermediaries to deliver a new or a redesigned service
๏ Convincing existing intermediaries to push the promotion service
including display of prices, point of sales merchandising, etc.
๏ Protecting intermediaries against price negotiation by customers at
the point of purchase.
c) Objectives targeted at competition.
Changing competition, communication must create an offensive or
defensive impact based on the situation.
2) Developing the Promotional Mix
The marketing communication mix communicates information to
customers about product & services. It uses a combination of
strategies to influence the customers to buy the services.
5. Promotion Mix
Promotion mix refers to the type, combination and proportion of various
promotional elements used to promote sales. The promotion mix is also
known as marketing communication mix or promotional blend, Which
consists of five major tools- Advertising, Sales promotion, Personal
selling, Public relations and Publicity.
Definition
According to Masson and Ruth โpromotion consists of those activities
that are designed to bring a companyโs goods and services to the
favorable attention of customer.โ
6. Elements of Promotional Mix
โข
Advertising
Advertising is a paid form of non-personal mass communication
by an identified sponsor. They aim to promote the product, service or
idea to the target audience. The mass media used include print
media, direct mail, audio visual media, bill boards etc.
โข
Sales Promotion
Sales promotion includes activities that seek to directly induce or
indirectly serve as incentives to motivate, a desired response on the
part of the target customers, company sales people and middle men
and their sales force. These activities add value to the product,
includes discounts, gifts, contests, premiums, displays and coupons
etc.
7. โข Personal Selling
Personal selling involves oral presentation in a conversation with
one or more prospective buyers for the purpose of making sales. It
creates product awareness, stimulates interest, develops brand
preferences, negotiates price etc
โข Public Relations
Public relation is a process of creating and maintaining successful
relations with public. Public relations tools are Speeches, News, Events,
Written materials etc.
โข Publicity
Publicity is news carried in the mass media about a firm and its
products, policies, personnel or actions. Organizations frequently provide
the material for publicity through news releases, photographs and press
conferences.
8. Pricing in Services
Price
Price is the amount we pay for goods, services or ideas.
Pricing
Pricing is equivalent to the total service offering. It includes brand
name, delivery and other benefits. Pricing involves establishing pricing
objectives, identifying the factors governing the price, determining the
methods of pricing and formulation of pricing strategies and policies.
9. Approaches to Pricing Services
1) Cost Based Pricing
This policy assures that no product is sold at a loss, since price
covers the full cost incurred. The selling price is equal to cost of
production plus expected profit. This policy ignores competition or
demand, which are the chief determinants of price.
Methods of cost based pricing
โข
โข
โข
Cost Plus Pricing
Targeting Pricing
Break-Even Pricing
10. 2) Demand Oriented Pricing Policy
This policy, the demand is the pivotal factor. The firm does not fix a
price but charges what a buyer can pay. Price is fixed by simply
adjusting it to the market condition. A high price is charged when
demand is high and a low price is fixed when the demand is low.
Price determination is usually adopted under such market situations
Methods Demand Oriented Pricing Policy
โข
โข
Skimming Pricing
Penetration Pricing
11. 3) Competition Oriented Pricing Policy
Most companies set prices after a careful consideration of the
competitive price structure. Deliberate policies may be set for selling
above, below or generally in line with competition. Depending upon
the changes in the competitive prices, the price of the products of the
firm will vary.
Methods of Competition Oriented Pricing Policy
โข
โข
โข
Premium Pricing
Discount Pricing
Going Rate Pricing
12. Kinds of Pricing (Pricing Strategies)
โข Odd Pricing (Charm pricing)
A pricing ending in an odd number is known as odd pricing.
โข Psychological Pricing
When a firm fixes the price of its products at a full number, it is
known as psychological pricing
โข Dual Pricing (Discriminatory Pricing)
When a producer sells the same products at two or more different
prices, it is called dual pricing. It is possible only when different brands
are marketed in the same market and it adopted in Railways.
13. โข Negotiated Pricing
This method is followed by industrial suppliers. The price is not fixed.
The price to be paid depends on bargaining.
โข Promotional Pricing
Promotional pricing takes into consideration the fact that price is an
important ingredient in the marketing mix. Under this practice selling
price is fixed to increase the volume of sales.
โข Expected Pricing
Under this method, the price acceptable by the consumers is found out.
The price range is fixed by conducting surveys with the consumers and
the price is fixed considering the response of the consumers.