week 3 summary
Weekly summary of what â€œyouâ€ have learned use the questions below and the information from the research paper and the team assignment
1 One of the fundamental elements of theoretical marketing is that no single product or brand can fulfill the universal needs of all potential consumers thereby necessitating an organization to undergo the process of segmentation revealing a refined target market ultimately based on similar needs. However, a dichotomy exists in applicable marketing practices in that this mentality tends to be replaced with guidelines supporting more generalized marketing efforts. These efforts tend to be fundamentally based on the idea of marketing the product or brand to every potential consumer reachable by the organization.
What are the potential benefits and consequences of developing, implementing, and executing a marketing strategy targeted at a specific market segment versus one that is aimed for the general population? Is one type of strategy universally better to use than the other or will it vary based on industry? What examples of both in today’s market can you provide to support your response?
2 There are two basic pricing strategies that an organization can utilize for introducing new products. The first strategy is Market Skimming, which involves a product being released at a high price with the cost to consumers becoming progressively less expensive the longer a product is available in a market place. The second strategy is Competitive Pricing, which involves launching a product at a low price and then raising it as the product gains maturity in the market place.
What examples from your own experiences and/or the readings can you provide of each? What factors need to be considered in making the decision on which pricing strategy to employ when preparing to launch a new product? How can you use these pricing strategies to stimulate sales of both new and mature product lines?
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