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Does Marketing Cost Too Much - Term Paper Example

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A restaurateur has chosen to develop his “product mix” (e.g., fine dining with no wine) on the basis of his own personal convictions rather than according to the needs of his customers. Many people consider the consumption of wine to be an integral part of the fine dining…
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Does Marketing Cost Too Much
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Download file to see previous pages This is Micromarketing, because it pertains to choices affecting market segments that the restaurant will cater to. Micromarketing is ‘one-to-one’ marketing (Donovan, 2005); essentially, marketing techniques regarding market segments and individual customers. Here, his marketing style will cost the restaurateur; he will lose a large market segment that enjoys wine with food. Furthermore, he will lose sales volumes and consequent profits. Profits will dip sans high profit margin alcohol sale.
A sole tourist is launched into orbit for a fee of $20 million dollars. The flight is not conducted solely for the benefit of the tourist as scientific research takes place. Furthermore, the $20 million fee can be used to fund future research or to help underwrite the cost of future flights.
This is Macro marketing, it looks at the effect marketing has on society and vice versa by research. (Mick, Bateman and Lutz, 2009). In this case marketing is not ‘costing too much’ because it will reap future benefits, also the money spent can be utilized in the future to fund further scientific research and cover other costs in the process.
A retailer has to mark the price down below cost to unload inventory. Does this suggest that the initial pricing wasn’t competitive, and/or that the marketing mix as a whole was ineffective? Perhaps failure in part is due to the purchase of a poorly designed product or a product that doesn’t meet the clienteles’ needs. Alternately, it may be that the store’s advertising didn’t reach or influence the appropriate target market. Finally, failure may have resulted from the retailer’s inattention to the competitive environment.
These are Micromarketing issues relating to the marketing mix and other micro issues such as product design, advertising, targeting market segments, ineffective competitive measures etc. Former mix and strategy would have cost the retailer ...Download file to see next pagesRead More
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