Knowledge Wrap-Up Week 6

Marketing and Pricing Strategy

Fernanda Camargo

University Canada West

BUSI100 – Business Fundamentals

Marcio Silva

November 07, 2023

 Marketing and Pricing Strategy

Marketing refers to the process by which companies promote, sell, and distribute their

products or services to meet the needs of customers and achieve their commercial objectives. It involves

understanding and satisfying customer needs to achieve success. A company's marketing strategy is an

extensive plan developed to achieve these objectives through social media and sponsored events.

To select a market segment, businesses must identify similar-looking segments, evaluate the

atractivity of each segment, select the appropriate market segment, and identify the four Ps of

marketing: product, price, promotion, distribution (Ponto de Venda), and research.

The objectives of marketing research include defining what customers want to learn, choosing

the research methodology, collecting and analyzing data, and interpreting and presenting results.

Research can help companies determine what customers prefer and decide to produce more of a

specific product type.

Branding strategies involve building a brand's identity through advertising campaigns that

highlight the product's appeal and emotion. Benefits of packaging and titles include protecting products

and providing information about the product's ingredients and expiration date. Publicity is when a

company pays to show its product, such as a car company creating a TV advertisement. Promotions of

sales are temporary incentives for customers to buy, such as a 20% discount on a car sale.

Public relations involve managing a company's image and promoting charitable acts. Direct sales

are direct interactions between the seller and the customer, such as an electronic retailer helping a

customer choose a product. Companies also manage relationships with customers using CRM systems to
track interactions and improve services. Personalization involves understanding individual customer

needs, such as online product recommendations based on previous purchases. Responding quickly to

customer inquiries or complaints is crucial for businesses.

Marketing in social media has both advantages and disadvantages. Global reach allows

companies to reach people worldwide, and direct customer interaction through comments and

messages can build relationships at a lower cost. However, negative feedback can be public and

prejudiced, and managing time on social media can be challenging. Additionally, measuring return on

investment (ROI) is not always easy, as it is difficult to attribute sales to specific actions on social media.

In conclusion, effective marketing strategies involve managing public relations, direct sales, and

leveraging social media to build relationships and drive sales.

Marketing strategy and pricing are interconnected, as they play a crucial role in a business's

overall marketing approach. The pricing strategy is one of the "Four Ps" of the marketing mix, which

includes product, price, place, and promotion. The relationship between marketing strategy and pricing

is essential, as it should align with the value proposition of a product or service, position it in the market,

consider target market considerations, analyze the competitive landscape, use value-based pricing, use

promotional pricing, implement market penetration or skimming, incorporate psychological pricing

techniques, adapt to market changes, and set revenue and profit goals.

Adjusting pricing to maintain competitiveness and profitability is essential for businesses to

maintain competitiveness and profitability. For example, setting prices just below a round number can

create a perception of a lower cost, aligning with the psychological aspects of consumer behavior.
Marketing strategies should be flexible enough to adapt to changes in the market, consumer behavior,

or competitive actions, and pricing adjustments may be part of these adaptations.

In conclusion, marketing strategy and pricing are intertwined elements that must work

cohesively to achieve business objectives. The pricing strategy should be a thoughtful and strategic

component of the overall marketing plan, reflecting the value proposition, target market dynamics,

competitive landscape, and broader business goals. By doing so, businesses can effectively attract and

retain customers in their target markets and achieve their overall business objectives.