How to Market
Splitting your market based on age, culture, gender, lifestyle, etc.
Market Segmentation
What you want to be
vision
S means...
specific
Set a high price and reduce over time
Market skimming
Give an example of an expense
utilities, wages, taxes, etc.
the layout and organization of a store
Place
what you want to do
mission
T means
time bound
set prices based on competitor decisions
Competition-based pricing
Give an example of long term debt
mortgage, car loan, student loan, etc.
Give an example of marketing based on lifestyle choices
Example: Shoes for athlete
SMART goals
objectives
What is an example of a strategy?
New products, new location, etc.
set low prices to meet sales goals
Penetration pricing
Give an example of a depreciated asset
land, building, large machinery
Give an example of marketing based on culture
Long term plans to support goals
strategy
What is an example of a tactic?
New staff, discounts, social media campaign, etc.
What kind of product needs price skimming?
Why?
technology (computers, phones, tablets)
R&D costs, new technology, early adopters
Give an example of COGS
anything to do with business
Give an example of a marketing failure
New Coke, Chevy Nova
short term plans to support goals
tactics
Create a plan with SMART goals
example: Boost sales by 10% within 12 months
What prodicts usually have penetration pricing?
Why?
subscriptions (netflix, disney+), services like uber/foodpanda
Meet sales goals, some customers stay after prices are raised
Give an example of a utlility
water, electricity, garbage