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Marketing communications Harmony when communicating - Coggle Diagram
Marketing communications
Harmony when communicating
Promotion mix
Personal selling
Sales verbally
Sales promotion
Purchase incentives
Advertising
Other related sales such as subsidiary products
Public relations / product publicity
Direct marketing
Digital marketing
Sponsorship
Communication process
Transmit a market message
(encompassed with humour or emotions
to appeal against a certain audience
Receiver
Captive audience
Macro-level model of communications
Audience experience
Service experience-based comms
Product experience-based comms
Planned marketing comms
Unplanned marketing comms
Engagement of consumers
Relational
Feeling connected
Behavioural
Feeling involved and joining in activities
Cognitive
Being absorbed and intellectually immersed
Pricing
Competitor-based pricing
Pricing set relating to competitors
How strong are competitors?
What is their pricing strategies?
How does it compare?
Customer-based pricing
Demand pricing
Setting a price based on customers professed willingness to buy
Good-value pricing
Setting a fair price based on balance of quality against price
Possible use of budgeting lower price versions
Value-added procing
Adding features or services to increase the value of an offering
Psychological-based pricing
Involving a price to elicit a emotional response, example;
Prestige pricing signalling quality
Cost-based pricing
Break-even cost analysis
Factors that affect pricing decisions
Marketing strategy
Who in the organisation sets prices
Market demand
The economy
Social concerns
Costs
Competition
Value perceptions
Buyers price perceptions
Legal & regulatory issues
Marketing objectives
Marketing mix
Price-quality relationships
Channel member effects / expectations
Organisational objectives
Pricing objectives
Negotiating margins.
Product line pricing
Political factors
Explicability
Product mix pricing
Optional-product pricing
Pricing that offers optional products or accessories alongside the principal product such as purchasing a mobile phone, screen protectors and cases
Captive-product pricing
Pricing associated products needed to use the principal product, example being ink cartridges for printers and supply of filters for coffee machines
Product line pricing
Pricing different products in a range based on the level of value each offers to buyers (Example, Ford Fiesta range offering 12 x variants of the model)
By-product pricing
Process of offsetting the cost of a principal product by finding a way to sell by-products incurred in the principal products production, such as spent grains from beer brewers
Product bundle pricing
Involves selling a set of related products in a bundle at a price lower than if purchased individually this selling more principal products
Pricing in business markets
Trade or functional discounts
Quantity discounts
Cash discounts
Seasonal discounts
Allowances
Approaches for informing pricing decisions
Elasticity modelling
Rarely used, but assesses customers sensitivity towards price changes
Experimentation
Testing customers perceptions of a products value
Conjoint analysis
Presents customers with a scenario and then asks them to make a series of choices relating to product purchase
Price sensitivity analysis
Involves asking customers questions to assess changes in their sensitivity to price over time
General survey
Simplest approach
Ethical considerations
Segmented pricing
Charging different prices for a product or service based on differences in customers, products of locations. (Kotler and Armstrong 2016)
Risk of price discrimination!!
Super-sized pricing
Pricing used to entice consumers into purchasing more than they need.
Dynamic pricing
This involving assessing the needs and characteristics of individual buyers and adjusting the price offered accordingly.