Marketing Strategy: Product Pricing and Target Market

Determining Product Pricing

• Metro Corporation developed an aromatherapy shampoo because it fit a gap in the market.

Marketing Strategies

• The target market for the aromatherapy shampoo is likely teenagers who prioritize fragrance.
• Marketing strategies are designed to achieve increased brand awareness, higher product sales, and greater profit margins.

Marketing Mix

• The 4Ps of the marketing mix refer to Product, Price, Promotion, and Place.

Marketing Programs

• Action plans are often based on customer feedback, the marketing mix, and SWOT analysis results.
• Social media marketing is an example of digital marketing.

SWOT Analysis

• SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.
• A weakness identified in a SWOT analysis is a weak distribution network.

Marketing Mix and Promotion

• Billboard advertising falls under the category of Promotion.
• The key metric used in marketing expense-to-sales analysis is marketing expenses as a percentage of sales.

Profitability Control and Marketing

• Profitability control involves identifying the most effective marketing channels.
• Macroenvironmental factors are uncontrollable external influences.

New Product Idea Evaluation

• When evaluating a new product idea, factors to consider include availability of raw materials, technical expertise, public perception of the company, and economic conditions.

Marketing Process

• The marketing process involves identifying customer needs, designing marketing campaigns, and creating new products.

Marketing Mix and Product

• The marketing mix is a framework used for implementing marketing strategies.
• An example of a product variable in the marketing mix is the brand name.

SWOT Analysis and Strengths

• A strength identified in a SWOT analysis is a strong brand reputation, access to a large customer base, and innovative product development team.
• Dependence on a single supplier is not a strength.

Market Penetration

• Market penetration is a strategy that focuses on selling more products to existing customers.

Marketing Implementation and Control

• The primary purpose of marketing implementation is to turn a marketing plan into action.
• Marketing control involves monitoring and evaluating marketing activities.

Marketing Plan

• Ideally, a marketing plan should be fewer than 15 pages.
• Before creating a marketing plan, the target audience, completion date, responsible parties, and budget should be established.

Vision Statement and SMART Objectives

• A vision statement is a long-term goal for the business.
• SMART objectives are specific, measurable, attainable, relevant, and time-bound.

Market Research

• The purpose of conducting market research is to understand the competition, develop a brand message, identify the target market, and identify customer needs.

Product Life Cycle

• A company can potentially extend the life cycle of a product through re-packaging, discounting, re-branding, or a combination of these strategies.

Product Lines

• The total number of product lines a company offers is referred to as the product mix.