Marketing Essay Samples
[...] Setting the right price for a product is really crucial: too high, and customers will meet their own needs; too low, and suppliers won't get paid for the value they are delivering and the effort that went into it. How can suppliers figure out the right premium and the pricing model that will suit their customers?
Many otherwise rigorously run companies are disconcertingly lax about pricing. Although a 1 percent improvement in price yields bigger gains in operating profit than a similar improvement in variable costs, fixed costs, or volumes - almost 8 percent on average across the S&P 1000 - companies often base prices on the anecdotal observations of a few vocal sales-people or product managers. A lot of companies therefore end up with pricing policies that leave money on the table by failing to differentiate markets on the basis of their competitive dynamics and supply-and-demand economics. But there is a straightforward way to gauge supply and demand in individual markets. Companies can use it to decide whether their prices are too low or too high and, if so, by how much. [...]
[...] Direct mail is popularly perceived as a synonym of direct marketing, arguably because its most widely adopted direct marketing tool. In fact, direct marketing has many facets, for example infomercials or sales presentations as they might be perceived by a viewer, are no less popular direct marketing tool. One of the prominent professionals in the field, Martin Bouler gives the following definition of direct marketing: "any advertising activity which creates and exploits a direct relationship between you and your prospect or customer as an individual." Building direct relationship is the key in successful direct marketing effort. [...]
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