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Unit 1: Price, Promotion, Distribution - Coggle Diagram
Unit 1: Price, Promotion, Distribution
Pricing Research
Benefits
- Discovers psychological effects of price points.
- Predicts consumer response to price changes.
Techniques
- Van Westendorp Price Sensitivity Monitor (PSM).
- Conjoint Analysis (Discrete Choice Analysis).
- Brand Price Trade-Off (BPTO).
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Issues Addressed
- Importance of price in brand selection.
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- Price elasticity of demand.
- Response to price changes.
Promotional Research
Role in Marketing
- Strategy to communicate with buyers.
- Influences and convinces buyers.
Marketing Mix Element
- Essential in promotional plan.
- Fundamental component of the 4 Ps.
Issues Addressed
- Optimal promotional budget.
- Sales promotion relationship.
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- Copy and media decisions.
- Creative advertising testing.
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- Advertising effectiveness evaluation.
Distribution Research
Definition
- Analysis of product sales and distribution channels.
- Enables better management decisions.
Insights Gained
- Manages sales channels effectively.
- Segments distribution in sales channels.
- Understands intermediary roles.
- Identifies centers of influence in channels.
- Determines market position in channels.
Methods
- Qualitative: In-depth interviews, focus groups.
- Quantitative: Surveys, questionnaires.
Issues Addressed
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- Channel member attitudes.
- Wholesale and retail coverage.
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- Retail and wholesale outlet locations.