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UNO / Business Administration / BA 3710 / What is the proper approach to a pricing strategy?

What is the proper approach to a pricing strategy?

What is the proper approach to a pricing strategy?

Description

School: University of Nebraska at Omaha
Department: Business Administration
Course: Entrepreneurial Founations
Professor: Xiaoming yang
Term: Fall 2016
Tags: Entrepreneurship, Entrepreneurship class, Foundations, business, businessminor, Marketing, challenges, ch.10, Book, Lecture, and notes
Cost: Free
Name: Sept. 13th (week 4) - Ch. 10: Marketing Challenges
Description: Here are the ch.10 book and lecture notes.
Uploaded: 09/14/2016
8 Pages 226 Views 1 Unlocks
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Ch 10: Marketing Challenges We also discuss several other topics like math 124 msu

New Marketing Concept

  • Change from 4Ps (Product Promotion Price Place) to 4Cs (concealed, communities, customizable, choice)
  • Knowing what a market consists of
  • Understanding of market research
  • Development of marketing plan
  • Proper understanding and application of Social media marketing
  • Proper approach to a pricing strategy
  • Market: group of customers/potential customers who have purchasing power and unsatisfied needs

We also discuss several other topics like encompasses the behavior patterns and beliefs that are passed from generation to generation.

Marketing Research

  • marketing research: gathering of info about a particular market w analysis of info
  • Defining the Research Purpose and objectives
  • Precisely define info requirements of the decision
  • Gathering Secondary Data
  • Secondary Data: Info that has already been complied
  • less expensive to gather
  • internal - In Venture
  • external - numerous periodicals
  • can be problems though
  • Data could be outdated
  • units of measure may not fit problem
  • Questioning of validitet

  • Gathering primary Data
  • Primary Data: Search for new info
  • Observation method
  • avoid contact with respondents
  • oldest form of research
  • avoid potential bias
  • used very economically
  • Limited to descriptive Studies

  • Questioning methods
  • involve respondents in varying degrees
  • use Surveys + Experimentation

  • Developing an Information-Gathering Instrument (questionnaire)
  • Each question should pertain to objective that is in line w/ study
  • Simple questions 1st difficult questions later
  • Avoid leading and biased questions
  • Reward questions to reduce or eliminate misunderstanding
  • Give Concise but complete directions
  • use sealed questions

If you want to learn more check out What is the process by which a cell ingests and disposes of foreign material?

Quantitative vs. Qualitative

  • Quantitative research: empirical assessments that work from numerical measurements and analytical approaches
  • Qualitative research: involves researcher into process dive deeper into questions
  • Can be considered “subjective”

We also discuss several other topics like which of the following differentiates job costing from process costing

Inhibitors to marketing Research

  • Cost
  • Complexity
  • Strategic Decisions
  • Irrelevancy

We also discuss several other topics like How do you name binary compound?

Social media marketing

  • Social media marketing: use online communities, blogs, wikis, and other online collaborative media for marketing

3 aspects:

  • Create something of value with an event, video, tweet, or blog entry that attracts attention and becomes viral
  • Enable customers to promote a message themselves w/ social media
  • Encourage user participation

  • Key Distinctions:
  • Control vs Contributions
  • Social media emphasizes audience contribution and relinquishes control over large parts
  • trust building
  • venture must develop trust relationships with customer audience
  • Two-way communication
  • creates an ongoing conversation

We also discuss several other topics like What refers to the making and breaking of chemical bonds leading to changes in the composition of matter?

Developing a plan

  • Listen
  • what people are saying about a company enables the organization to determine current social media presence
  • Identify
  • marketing Strategies can be organized to efficiently reach those most receptive customers

  • Categorize
  • Company should focus its effects on social media sites where target audience is the greatest

  • Appraise
  • Location behavior tastes & needs of target and competition

  • Implement
  • Choosing the right tools is best when focusing on where target is and focus effects there

  • Collaborate
  • establish mutual beneficial relationship with platform participants

  • Contribute
  • build reputation and become a valued member to improve community (build positive equity)

  • Convert
  • Switch Strategist execution to desired outcomes.(i.e. brand building increase customer satisfaction, generating leads)

  • Monitor
  • Evaluate the organization's social media marketing initiatives

Mobile Marketing

  • use the "4Is”
  • Integrate: offer incentives, prizes, or discounts to user of application
  • Individualize: higher level of individualized customer to company communication by using customized messages for Location preferences and shopping habits
  • Involve: mobile campaigns involve users interactively with the type of a story or game.
  • Initiate need to initiate the creation of user-generated content in order to start conversation with different customers online.

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