Marketing 2300

Determining how effective a marketing for an individual firm can be difficult. Companies may not have access to analytics and statistical feedback on marketing campaigns. So marketing campaigns are sometimes viewed as a micro-marketing or a macro-marketing. Micro-marketing are advertising efforts that are focused to a small group of consumers. This strategy has some drawbacks. Sometimes a lack of interest or understanding of the customer occurs. An improper blending of the four ps of marketing sometimes occur here. For example, the overhead cost to create a new product can be passed on to the consumer in a result of higher prices. The failure rate for these products are pretty high. Coca-cola attempted fuse soda and coffee together and it did not go well. Macro-marketing can be more effective. It can save in cost and be more efficient. If your product appeals to large groups of consumers, using strategies that large groups of consumers can relate to. For example, the cost to cr

Price is one of the more important principles of marketing. Companies have a flexibility on how they can set their price. A price says a lot to the consumer about their product or service. Businesses should do a proper amount of research when setting their price. When setting your price, three pricing objectives strategies are followed. These are profit, sales and status-quo oriented pricing. Profit-oriented pricing focuses on target return and maximizing profits. A target return objective sets a specific level of profit as an objective. These target return objectives are set by industry standards. Companies like Motorola, may have a 15 percent return on investment. Safeway and supermarkets might shoot for a 1 percent return on sales. Sales-oriented pricing focuses unit sales growth and growth in market share. This does not refer to profit. This is a very popular pricing theory. Managers may believes that sales growth will lead to more profit. To increase unit sales, a company ma

Social media is very popular. Many people spend a considerable amount of time on social media sites such as Facebook, Twitter, Snapchat, Instagram and LinkedIn. Companies can use social media sites to promote their business. They do this by showing different types of content. Humor,  insider knowledge, lifestyle and customer service. Humor is a very popular form of content. On Snapchat, Taco Bell created a funny "lens" so users could turn their head into a taco. Many companies use this effectively to generate conversation about their brand. Insider knowledge is also useful. On Instagram, a fashion designer may offer followers a sneak peek of their upcoming fashion lines. Microsoft showed on LinkedIn a behind the scenes tour of some of their office space. This information may not be accessible to those that do not follow their page. Lifestyle is another form of content. GoPro does a great job of this. Their instagram page has a "Photo of the Day" that s