book

Marketing For Dummies, 5th Edition

by Jeanette McMurtry

June 2017

Beginner

408 pages

10h 55m

English

For Dummies

Read now

Unlock full access

About This BookFoolish AssumptionsIcons Used in This BookBeyond the BookWhere to Go from Here
Coming to Terms with the State of the Consumer MindAddressing the Generation GapsCreating Trust Equity among Today’s ConsumersImproving Customer Experiences for SustainabilityPushing Boundaries with Guerilla Marketing
The Unconscious Mind: The Real Driver of Consumer ChoicePsychological Drivers That Drive SalesAligning with Powerful Social InfluencersAppealing to Consumers’ Happiness and PurposePutting It All Together
Measuring the Growth Rate of Your MarketResponding to a Flat or Shrinking MarketFinding Your Best Growth StrategiesGrowing a Market Segmentation StrategyDeveloping a Market Share StrategyDesigning a Positioning StrategyGrowth Hacking to Build Leads and Market ShareSelling Innovative Products
Knowing When and Why to Do ResearchChecking Out Net Promoter Scores and How to Find YoursAsking Really Good Questions on SurveysWriting ESP SurveysPaying Wisely for Market ResearchDiscovering Low‐Cost and Even Free Ways to Find Out What Matters MostRiding a Rising Tide with Demographics
The Marketing Plan Components You NeedAddressing the Four PsConducting a SWOT AnalysisFocusing on Functional AlternativesWhy Collaboration Matters So MuchExpanding Your TargetCreating a Working Marketing PlanMapping Out Your Action StepsKeeping It Real: Do’s and Don’ts of PlanningPreparing for Economic InfluencesBudgeting Your GameManaging Your Marketing ProgramProjecting Expenses and RevenuesCreating Your Controls
An Overview of Content MarketingCreating a Credible Content Marketing PlanTaking Advantage of User‐Generated ContentFlipping to Marketing ContentContent Marketing Writing Tips for Better Results

Creating Compelling CreativeApplying Your CreativityWriting a Creative BriefApplying Creativity to Branding and Much More
Exploring Digital Channels You Can’t IgnoreUsing Facebook for Engagement That Builds SalesBuilding Your Twitter PresenceIgniting Your Social Presence on InstagramExpanding Your Network through LinkedInPromoting Your Brand with PinterestDiscovering Digital Tools That Drive BrandsAdvertising on the WebUsing Automated Customization to Work Smarter and Faster
Creating Printed Marketing MaterialsProducing Effective and Efficient Print CollateralPlacing Print Ads That Generate Leads
Understanding the Metrics of Direct MarketingThe Basics of Direct MarketingDigging Deeper into DataCreating Direct Campaigns for Direct ProfitabilityGoing Direct with EmailIntegrating Call and Chat Centers
Creating and Managing a Web IdentityCreating an Engaging WebsiteIntegrating Key Design ElementsDriving Traffic via SEM and SEOCreating Landing Pages, Blogs, and MoreMonetizing Your Web Traffic
Harnessing the Power of Social HivesLaunching Your Own Public EventSponsoring a Special EventMaximizing Trade Show ROI
Building Sustainable Brand EquityTelling Your Brand’s StoryBranding Your IdentityDesigning a Product LineStrengthening an Existing ProductIntroducing New and Successful ProductsUpgrading or Expanding an Existing Product
Pricing Opportunities and ObstaclesSetting or Changing Your List PriceDesigning Special OffersStaying on Top of U.S. Regulations
Considering Distribution StrategiesTracking Down Ideal DistributorsUnderstanding Channel StructureReviewing Retail Strategies and Tactics
Selling for a LifetimeSelling for SustainabilityGetting to Yes via ESP SellingOrganizing Your Sales ForceRetaining Customers with Great Service
Making AssumptionsIgnoring Customer ComplaintsFaking PopularityUsing Dirty DataCompeting on PriceIgnoring the Emotional Drivers of ChoiceForgetting to EditOffering What You Can’t DeliverTreating Customers ImpersonallyBlaming the Customer
Establish Clear ObjectivesTie Your Metrics to Your ObjectivesSet Learning PrioritiesEstablish a Target ROIKnow Your Customer Lifetime ValueKnow Your Allowable Customer Acquisition CostEstablish BenchmarksTurn the Funnel Upside DownAdjust Your Funnel Benchmark Assumptions When You Have Real DataAvoid the Dashboard Trap

Content preview from Marketing For Dummies, 5th Edition

Chapter 14

Finding the Right Pricing Approach

IN THIS CHAPTER

Recognizing pricing opportunities and obstacles

Mastering prices, changes, and special offers

Staying on top of legal issues

As simple as it may seem, pricing is actually one of the most complicated parts of marketing. You need to establish what customers are willing to pay for your category and your brand and develop sound pricing strategies. Is your best strategy to set a low price so you can grow revenue faster? Or raise prices for higher profits? How do you best apply discounts and promotions without minimizing your overall pricing and brand value? This chapter gives some insights about the role of pricing for long‐term growth and profitability.

Pricing Opportunities and Obstacles

It’s easy to think that price is the primary driver for sales and that the lowest priced product wins over customers’ sales and loyalty. Yet, as we mention in earlier chapters about the emotional drivers of choice, being the low‐price leader can actually be detrimental to your long‐term success. Pricing opportunities and obstacles include many elements depending on your market, competition, required profit margins, consumer demand, and ...