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Theoretical Marketing

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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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The solution is a 1,524-word Q&A that provides answers to specific questions (see long description) on the subject of theoretical marketing, marketing strategies and methods and market skimming. A word version of the solution is attached for easy printing. References are listed for expansion.

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Marketing Q&A: Theoretical Marketing and Market Skimming

1. 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?

By targeting specific markets, you are creating a niche. Developing a strategy for a niche market means specialization therefore the entire strategy from the very beginning will be based into creating an image and a plan that is very particular for that market alone. The advantage is that when developing strategies you take account of that market. Environmental scanning, marketing research, marketing mix - all these will be geared towards understanding the needs and preferences of that market, creating a product awareness campaign that should answer to these preferences and needs. The entire 4ps - place, promotion, pricing, products - all these will be designed towards getting that perfect fit for that market. The continual learning process, bearing in mind the Japanese Kanzen philosophy (continuous learning and development) will learn from experiences of that market therefore whatever body of knowledge and information that comes about from serving that market will only be applicable to that market alone. Consider a budget hotel. For place, the budget hotel entrepreneurs will be choosing a location that is the hub of budget travellers in Key Cities (i.e. Khaosan Road in Bangkok, The Montmartre District in Paris). They will therefore also be surrounded by a similar set of budget establishments catering to inexpensive travel from food to leisure and travel agencies. Their promotions will be geared towards their market using travel partners like STA & Budget Travel Americana whose main market are the youth and budget travellers. The pricing will be competitive in the budget area from single rooms to double rooms. This will be the same with other related products and services. Package deals will also be designed to the preferences of the market - freebies like transport, half-board meals and free extra nights as well as tours for key tourist attractions of the ...

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Xenia Rochelle Jones, MA, PhD (IP)
Education
  • MPhil/PhD (IP), Open University, Milton Keynes, UK
  • MA, Open University, Milton Keynes, UK
  • Certificate, Geva Ulpan (via Universita Tel Aviv)
  • BA, University of the Philippines
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