MKT 4440 Lecture 3: MKT 4440 Week 3
Document Summary
Get consumers to purchase: make it easy. Obtain consumer information: easy to get, customize and target. At what cost? (also think about the continual upkeep) Decrease cost: not paying middle man, better margins, pros: Potential increase in brand awareness: cons: Determine what is profitable for your business (20% not enough) Figure out what is reasonable for your customers. Find out how your competition is pricing. Costs: relatively expensive upfront, relatively cheap to reproduce. Strategy with information: differentiation, cost leaders, analyzers and prospectors. Personalize and differentiate pricing: fully personalizing, versioning, group pricing. Utilize ease of analyzing digital information to measure the effects of marketing mix actions on consumer behavior. Recap: understand how the decision-making process consumers need to use to accomplish your goals, consider what are your main internet marketing/communications goals for your webpage. Based on location (closer to options and rival stores, lower price: adverse selection: higher income gets lower price. Educated guess on options, no final judgment.
