Video revision(2)

MARKET STRATEGY

Objectives: what you want to achieve.

1. Specific—increase the sales
2. Measurable—10percent
3. Within a time frame—in 3 years
   

Strategy: how you achieve.

Niche market: focus on a specific segment of the market.
Mass market: much bigger market.

Introduction:

1. Create awareness
2. Encourage sales
3. Develop an image

Decline :( Product start to fall)

• Withdraw product
• Wait for other competitors to withdraw products
• Extension strategy

MARKET PLANNING

4PS:

• Product
• Price

1. new product pricing strategies
2. existing product pricing strategies
3. pricing methods
4. pricing tactics

• Place
• Promotion

1.above the line(advertising):TV,RADIO MAGAZINE

2.below the line:

a.sales promotion:BOGOF,25%extra free

b.personal selling:face-to-face selling

c.direct marketing:mailshots

pricing strategies:

• price leader strategy(a firm sets market prices then follows other competitors)
• price taker strategy(a firm follows market prices sets by the leader)
• predator strategy(a firm undercuts the competitors to force them out of the market)

pricing:

cost-plus:a amount of profit is added on the unit cost

contribution

discrimination:setting different prices for the same product/service at different times

loss leaders:very low prices to attract customers

psychological:3.99