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Macro & Micro economics - Essay Example

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Macro & Micro economics Contents Contents 2 Influence of macro and micro-environmental factors 3 Segmentation variables to define a market segment 4 Different types of pricing strategy 4 Decision making for a high involvement consumer purchase 5 Characteristics of services and use of extended 7Ps in marketing mix 5 References 8 Influence of macro and micro-environmental factors The micro environmental factors are those factors which could be directly controlled by the firm…
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Macro & Micro economics

Download file to see previous pages... The micro and the macro environmental factors influence the market and the marketing decisions. The product of a company considers the differentiation strategies so that the product is accepted by the consumers. Thus, for influencing the market the marketing decisions on the product is important. The price of the product also influences the response of the market towards purchase of the product. This influences the marketing decision for fixing a competitive price. Similarly place and promotion for launch and sell of the product influences the market. The decision on the distribution system of the products enables a smoother access of the products by the consumers. The decision on promotional strategies on the basis of the target customer segment influences the behaviour of the market. Similar to the micro environmental factors, the macro environmental factors like the political scenario influences the operations of the market. Thus marketing decisions should take into consideration the uncertainties of the political factors. Similarly, the other macro environmental factors like the culture of the society, surge in economic conditions, legal constraints influence the market investments. These factors are not under the direct control of the market and hence, the marketing decisions are influenced by the uncertainties associated with the market performance. Segmentation variables to define a market segment The various segmentation variables that need to be considered to define a target market segment are the sizes of the market segments, growth rate of the market segment, suitability of the market segment with respect to the product of the company, access of the market segment by the company and the purchasing power of the market segment. The various market segments are identified based on various features like the demographics, psychographic and the geographic factors. The target size of the market segment is identified based on the suitability of the market segment with respect to the product. The growth rate of the market segment is then determined to estimate whether its matches the required growth rate and the future prospects. After determining the suitability of the market segment, the potential access to the market segment is determined by the firm. Finally the purchasing power of the market segment is analyzed to determine whether it matches the price of the product. By considering all these segmentation variables, the target market segment is defined that matches the requirement of the company with respect to the desired features. Different types of pricing strategy The various ways of maximization of profits of the business lies at the cutting of costs, increase in sales and increasing the profits. In a situation where costs are reduced to the limit and it’s difficult to increase the sales of the company, the pricing strategies are adopted in such a scenario. The different pricing strategies are namely, cost plus pricing, market-oriented pricing and penetration pricing. The cost plus pricing method takes into consideration the basic cost of production and then adds a certain percentage to the basic cost to determine the sale price of the pro ...Download file to see next pagesRead More
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