Marketing Exam 4 - Nethery
Zone Pricing
Flat rates charges based on zones
Most Effective Promotions
Free merch, sweepstakes, free shipping
Location-Based Social Networking
Fun of social networking with GPS tech
5th P?
Participation (socially)
Below Market Pricing
Penetration Pricing
Review Sites
TripAdvisor, Yelp
Collectors
Use RSS to collect info and vote for websites
Virtual Worlds, Online Gaming
Using mobile ads to generate revenue for game-makers
Blog
a public internet journal of a person's thoughts, feelings, and activities
Corporate Blog
a website created by a company and often used to educate customers
Non-Corporate Blog
independent blogs that are not associated with the marketing efforts of any particular company or brand
Status Quo Pricing Objectives
maintains prices, passive, sub-optimal pricing
Large Customer Demands
make pricing demands supplier must agree to
Pricing Strategy
new product = freedoms, similar product = less freedom
Interest
number of "likes" etc
Build relationships / awareness
open dialogues with stakeholders
Maturity Stage
price decrease
Competition
price matching, loyalty apps/programs are key
Creators
produce/share content
Market Share
product sales as a percentage of total sales for industry
Improve Customer service
seek out displeased customers and engage them directly to solve issues
Profit Maximization
setting prices so total revenue is as large as possible relative to total costs
Establishing Price Goals
specific, measurable, attainable
Sentiment Analysis
trends and volume of sentiment
Buzz
word-of-mouth communication that customers view as authentic
Influence
Media mentions, influences of consumers
Return on Investment
Net EBITDA / total assets
Freight Absorption Pricing
Seller Pays for all freight charges (used in intensely competitive industries)
Uniformed Delivered Pricing
Seller pays freight and bills buyer for the same flat rate
Satisfactory Profits
Setting prices to achieve good profits (stakeholders/management)
Sales Promotion
Short-term incentives, incentive to buy
Online Sales Promotions
Social Media, email, website
Social Commerce
Social media to assist e-commerce
Growth stage
Stable prices
At Market Pricing
Status Quo Pricing
Social Network/Sharing Sites
connect with friends, peers, organizations (linkedin, facebook, pinterest)
Sales Maximization
determine price/quantity relationship to generate most sales, ignores competition if sales are rising
Estimate Demand, Costs, Profits
estimate revenue, costs, profit (if any), market share at each price
Listening System
first step in social media campaign
Decline stage
further price decrease
Promote products / services
get customers talking about products and services
Introductory Stage
high price - recover costs
Cost and Pricing
ignore or minimize demand, price based on cost
SE Rankings
increase / decrease searches and changes in key words
Price Fixing
Agreement between two or more firms on the price of a product (illegal under FTCA)
Digital Marketing
All efforts using a device to connect with customers
Mobile Marketing Popularity
Attractive 5 forces
FOB Origin Pricing
BUYER pays shipping costs, further from seller, pays more
Sales Oriented
Based on market share (dollars/units)
Microblog
Blog-like system which limited post length (such as Twitter)
Manage reputation
Build better reputation Minimize harm for reputation
Price Skimming
Charging high introductory price with heavy promotion
Penetration Pricing
Charging low price for product to reach mass market
Status Quo Pricing
Charging prices similar to competition's
Predatory Pricing
Charging very low price, drive others out of business, drive back up
Distribution Strategy
Consumers buy at higher price if seen as convenient at retail
Social News Sites
Content promoted up or down, save and share (ex. reddit)
3 Defenses of Price Discrimination
Cost - reflected quantity / discounts Market - fluid product / market (seasonal, perishable, etc) Competition - reduction to stay even
Price Discrimination
Different prices for the same product
Inactives
Do nothing
Experiential Marketing
Engages directly with customers
Consumer Wants of Social Media
Exchange information, collaborate with others, have conversations
Company Websites
Information on all company happenings
Choose a Price Strategy
Initial price for product, competitive price in specific segment
Joiners
Maintain social networking profiles
Critics
Post comments, ratings, reviews
Above Market Pricing
Price Skimming
Base Price/Fine Tune
Price company expects to sell a good/service
Demand and Pricing
Price depends on demand/cost to seller
Pricing Objectives
Profit, Sales, Status Quo oriented
Unfair Trade Practices Acts
Prohibit retailers from selling below certain costs (minimum % markup)
Point of Purchase
Promotional displays at retailers (traffic, ads, impluse buying)
Market Research
Questions to ask (what price, highest price, expensive, too expensive)
Spectators
Read, listen, watch, consume
Dynamic Pricing
ability to change prices quickly in real time
Global Social Media
changed how people communicate
Website Metrics
clicks, traffic
Participation
comments, ratings, subscribes, views, etc
Target ROI
common profit objective, profits put into perspective (higher the better)
