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Marketing 3000 - Essay Example

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As indicated, organizations design pricing strategies depending on the profile of consumers and the demand for the product, such as…
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Marketing 3000
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Marketing Concepts as Related to Personal Experience One of the most applicable concepts discussed by Kotler and Armstrong (2012) was focused on Pricing Strategies (Chapter 11) (Kotler and Armstrong). As indicated, organizations design pricing strategies depending on the profile of consumers and the demand for the product, such as the market penetration pricing strategies implemented by organizations that aim to attract a large market share at the soonest possible time. One’s personal experience parallels those that were proffered using IKEA’s experience when the organization first opened its stores in China in 2002 (Lecture: Chapter 11, 11-5). I have observed that generally, consumers are very price sensitive, especially during times of financial and economic crises. The most effective strategy that works to generate sales, repeated product purchase, and gain consistent patronage is if organizations implement a low price, yet high quality strategy. For basic necessities of homogeneous products (like soap, detergents, bread, coffee, milk, eggs), consumers with low purchasing power would opt to select those with the lowest costs. In supermarkets, therefore, organizations that aim to generate more volume in terms of revenues apply the least cost strategy.
For example, the single-served coffee is gaining popularity in contemporary times. This market has been dominated by Nescafe where a 12-pack Taster’s Choice House Blend Instant Coffee costs $12.16. To enable to enter this market, Starbucks, which is known for its specialty coffee, previously served only in its respective coffee stores, have launched their single served Via in 12-pack pouches runs $9.95. When I learned of this move, of course, as a customer who perceived Starbucks as a projecting an image of high-priced, high quality coffee, definitely purchased Via, which as even lower in price than Nescafe’s Taster’s Choice.
In another experience, the Cola wars between Coke and Pepsi had also undergone some price wars in the past. I remember being a Coke enthusiast ever since I can remember being allowed to drink carbonated drinks. Pegged almost at the same price, Coke and Pepsi have decided not to implement any price war because the strategy would be detrimental to both. However, there was a time when Pepsi came up with a new promotional strategy that enticed consumers to win cash prices by collecting specially printed Pepsi crowns. This promotion led to shifts in consumers’ purchases from Coke to Pepsi, despite the same price due to the offer of hopes to possibly win something big. When things like this happen, Coke immediately comes up with another promotion that would address any decline in volume sold due to Pepsi’s strategy. The scenario actually apply price adjustment strategies, which could actually create price wars (Kotler and Armstrong, Chapter 11: Pricing Strategies 11-19).
This experiences and examples show that the success of any marketing strategy for organizations do not rely only in pricing, promotions, place or products. Although pricing strategies entice consumers to shift and change patronage, other strategies used in conjunction with this should be evaluated, especially when price is maintained as a certain pegged level. Contemporary global organizations have realized that marketing strategies are all encompassing and require frequent scanning of the environment to capture opportunities, address threats and use one’s core competence and strengths to maintain leadership in their respective endeavors.
Works Cited
"Chapter 11: Pricing Strategies." Kotler, P and G Armstrong. Principles of Marketing. New Jersey: Pearson Prentice Hall, 2012. Print.
—. Principles of Marketing . New Jersey: Pearson Prentice Hall, 2010. Print. Read More
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