The effectiveness of any marketing/distribution channel depends on the success of the intermediaries. Selecting these intermediaries is often the result of a 4-step process. Create Partner Criteria An intermediary must compliment a manufacturer’s goals, objectives, and strategies. For example, to maintain their prestige status, Ferrari may demand that potential dealerships meet eligibility requirements including minimum […]
Manufacturers typically follow a 5-step process in the creation and management of distribution strategies. Develop the Strategy As with any strategic decision, the company’s goals and mission statement have to be taken into account. Then go back to the target market and think about how to effectively reach that market. Select Distribution Partners Create specific […]
Marketing Channels or Distribution Channels include everyone who has a part in getting finished goods to the consumer. They are comprised of Intermediaries or Distribution Partners who work in concert to get the right amount of product to the right place for consumers to buy it. A given distribution channel may include a Manufacturer, a […]
The basic process for developing a price strategy involves 6 steps. Develop Pricing Objectives Objectives should be clear. Are we appealing to a small market segment who expect to pay premium dollar? Are we attempting to enter a new market and quickly generate more demand? Your objective should say so. Identify Target Market and Potential […]
Price is often the most difficult portion of the marketing mix to get right. The final price can affect the design, the production, the profit, and your brand image. In deciding how to manage pricing, there are 6 considerations: Company Objectives Try not to ignore your company’s mission statement when establishing pricing strategies. For Example, […]
Strategies Whichever pricing policy is in place, it should be the result of a strategy that is in tune with your marketing objectives. Pricing generally falls into one of 4 categories: Psychological Ever wonder why some things are just expensive and most things on those “only on TV” ads are $19.95? The perception of quality […]
As a company’s goals and mission statements change and develop over time, products evolve through their life cycle, and external market forces create new treats and opportunities, the price of a particular product must change. Although there are legal limitations to how flexible prices may be, price flexibility is still possible. There are generally 4 […]
The price of an item is more than just a sequence of numbers and a decimal point. In actuality, the Price is any value exchanged for a good or service. A variety of terms can be used in place of price, including wage, salary, commission, interest, tuition, and rent. The price is whatever you exchange […]
In response to our 6 stages of product development, the collective consumer will typically go through 5 stages of his/her own. Awareness We (you do it too) become aware of the product’s existence. Generally, we have little to no information about it. Interest We display an interest. We go looking for more info. Assessment We […]
It’s the development and introduction of new products that keeps any company competitive. After all, something had to go in the box we designed before we slapped that cool label on it. New products are new opportunities to generate new and exciting sources of new and exciting volumes of revenue. Commerce is our goal. To […]
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