Marketing: least used element, effective pricing strategy, distribution channel options

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1. Within a financial planning organization what element of the promotional mix is used least? How could this element be increased to enable a more effective promotional mix? What would you recommend and why?

Within the financial planning organization the element of the promotional mix that is used the least is that of using sales promotions. In other words the use of discounts as a promotional tool. This element can be increased in several ways so that the services of the financial organizations are used more and generate greater profits for the organization. The discounts can be related to persons. For example, the organizations can offer special discounts for advising teachers or social workers. This type of discount is aimed at target markets and should be backed with advertising. In addition, the financial planning organization can offer cash discounts during the lean season. This would provide them with additional business during the lean season. Further, discounts on the basis of loyalty can help getting repeat work. For instance, the organization can give an offer that a repeat client would get a discount of 20% of the fees. And if the client has continued with the firm for five years or more he will be eligible for a 30% discount. Remember, repeat clients are easy to service and provide a steady stream of clients.

2. What are three lessons learned relative to the importance and effectiveness of various pricing strategies? What are the three lessons learned relative to the importance and effectiveness of distribution channel options? As a result, what concepts and analytic tools will you be able to use in developing a Market Audit?

Matching three criteria can help transform the pricing function into a value-enhancing strategic asset that delivers a sustainable increase in financial performance.
- Put pricing into the boardroom. Applying deep functional expertise, pricing effectiveness makes pricing a strategic lever-and executive priority-for achieving objectives for profitable growth, innovation and customer experience. By moving pricing to the boardroom, we transform the pricing function into a strategic asset that delivers real value.

- Use industry best practices effectively. Pricing effectiveness improves pricing performance through the use of industry best practices garnered through decades of experience and research. By enabling customized pricing analytics, more sophisticated price strategies and more efficient pricing tactics, we improve margins, support corporate and marketing strategies and differentiate the financial planning organization in the eyes of its customers.

- Incorporate pricing strategies into business processes. By transforming pricing governance, pricing tools, data architecture and pricing processes, pricing ...