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Showing posts from August, 2019

Marketing Communication Strategies

Communication is one of our most fundamental roles in life. We communicate all the time without even knowing it. From subtle facial expressions to long-winded rhetorical prose we are expressing a need in the world. Marketing is about offering solutions to those needs. Reaching the audience that needs those solutions occurs through the marketing channel. Having an integrated marketing approach with a strong mix has the potential to improve sales multi-fold. You have a great product, know your customer and know which channels to use. You know that your core customer base has a problem so you are designing an advertising campaign so that it highlights the problem solving features of your product. To gain the most exposure you want to reach your target audience by using three different channels. Each channel will have its own advertisement. While you want each advertisement to be different they should highlight the same core features of the product. A few considerations for you befor

Using Channels to Determine Pricing Strategy

Pricing is an important part of selling products and services. Select a price too high and your product sales slack while if you are too low you can increase sales but with the risk of long-term damage to the brand. Evaluating price can get complex when we consider the multiple ways pricing strategies determine value. Common evaluation include cost, comparison, and value offered. Few people think of how the channel can have a serious impact on total price. Taking into account the channel and the target you hope to reach, it is possible to further tweak your price outcomes. Why must you have a pricing strategy? As a business owner you want to ensure that you are putting yourself in the most lucrative spot for maximizing your wealth. All businesses evaluate the work of their offerings in some way. For small business it might be relatively simple but for large businesses it can be increasingly complex. Having some type of strategy helps you limit your own bias while improving accuracy

Segmentation of Populations and Strategy Based on Psychographic Motivations

Consumers are motivated by all types of needs and activities. They buy volleyball nets, order name brand clothing, purchase large houses, and much more. Their choices are often based on psychological factors about how they see themselves and the world around them. Tapping into these psychological motivations and impressions offers a glimpse into the inner world that pushes consumers to make decision on a neural/subconscious level. Jane's Psychographic Consider Jane a college student who loves biking. She joins biking teams, searches the Internet for biking attire, purchases bike parts off off Amazon, and tries to sneak away to bike anytime she can. She became such an enthusiastic biker that much of her life revolves around biking. This is where psychographics becomes very important. Jane is a lover of biking and she perceives herself to be an athlete. She may actually be past her prime to professionally compete but nevertheless pushes her practices to the maximum everyday! Wh

China Comes Close to Passing the U.S. in Doctors, Patents and Scientific Discoveries

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The U.S. is losing its intellectual advantages when measured against other emerging nations like fast growing China. Intellectual capacity fuels our economy with new products and services and when this declines economic positions change. China's intellectual capacity seems to be racing at breakneck speed to match U.S. superiority in PhD candidates, scientific publications and patents. To retain the nation's current economic position there must be renewed interest in the development of educational and Ph.D programs to push innovation to the forefront of scientific discovery. Patching holes in the brain drain seems more pressing when we compared to intellectual outputs in other nations. We live in a complex society that insists on increasing amounts of technology and knowledge to manufacture new products.  According to the article Do We Need More Scientists? in National Affairs there was a serge of investment into science in the 1950's when the USSR launched Sputnik, (Tei

Your Marketing Plan Will Break---or Make Your Business!

The marketing plan is like a compass that helps you navigate the marketing world to a destination where higher Return on Investment and increased performance is realized. It is difficult to have much improvement without understanding the market and the internal resources of the company. One of the reasons why you conduct a solid marketing plan is that it helps YOU understand the market in a way that improves decision making. In terms of investment and money it is not wise to put money where you don't know how to obtain a return. Conducting research helps you find methods of creating value but doesn't often go into how precisely that is going to happen. A thorough business plan will help understand the particulars and reduce the risk of loss. Common marketing plan sections include..... Section I: Executive Summary Section II: Situation Analysis Background on Organization Market Needs The Market Market Demographics Market Trends Market Growth Macroenvironment Th