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Common Pricing Strategies

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  Common Pricing Strategies By Connor Williams The price of a product or service can be one of the most important decisions a business will have to make. The price will either attract your customers or scare them away, but this depends on the value of your product/service. In this blog post, I will be explaining 3 of the most common pricing strategies that business’s use to this day. 1) Cost-based Pricing This strategy is where a company will set the price based on how much it costed them to produce, promote, and distribute their product/service. Image 1 This can be a good way to keep your profit margin consistent and reliable but this will only be achieved if a company can successfully convince their target consumers that their product/service is as valuable as the price. From this point, it is easier to further develop a definitive price for the product/service. 2) Value-based Pricing This strategy is essentially the inverted version of cost-based pricing. A company sets the price ba
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Primary vs Secondary data in Market Research

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  Primary Vs Secondary Data in Market Research By Connor Williams Market research is an essential task for businesses to carry out in order to improve their products and services for their consumers. There are many different ways to research your target market and it is an amazing way of gaining relevant information sourced directly from your consumers. As there are many ways of obtaining data for market research, the data is divided in to two main types. This is called Primary data, and Secondary data.  Primary data Primary data would be data that you have gone out and found by yourself. Primary data usually involves someone organising an event for their target consumers which is a great way to get consumers to keep buying your products as you are giving the consumers a chance to get involved with the company and voice their opinion on the products. They can also bring new ideas on how to improve the products and services the company provides. Surveys Surveys is a very common method u
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The importance of Segmentation in Marketing

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  The Importance of Segmentation in Marketing By Connor Williams A common misconception business owners make is thinking they should make everyone their target audience. This may seem like it would be ideal for making a lot of money, a big target audience means there will be a large number of potential consumers. Very quickly though, they realise that it's near to impossible to make a product that perfectly accommodates everyone's wants and needs. For example, a skateboarding company would be making a mistake if they tried to sell their skateboards to the elderly. A good Market segmentation will prevent a business owner from this issue. You would use Market segmentation as seen in image 1 below: IMAGE 1 The image displays some of the different ways you can divide your target audience into smaller groups, basing them on specific characteristics. Using these segmentations will show a business a more detailed insight on the most important factors of their target audience, resultin
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Consumer Decision Making Process

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Consumer Decision Making Process Theory By Connor Williams In this blog post I will be explaining a marketing theory called the Consumer Decision making process. The Consumer Decision making process is a theory that analysis a consumer's decision process from when they decide they want or need a particular product up to the point where they finally purchase it. 1) Recognition of Need This is the first stage is where you consider your consumers wants or needs. These can arise from factors like a physical need (food, water, shelter etc.) or an emotional need (feeling self gratification from something like a clothing item for example). Understanding when your target audience's wants/needs arise is useful for timing your advertising well. Using a clothing brand as an example, they would typically promote their jackets, jumpers, hats, etc. during the colder time of year as the clothing brand know their consumers will need to have warm clothing. 2) Information Search This is the stag
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The 4 P's of Marketing

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The 4 P's of marketing  By Connor Williams In this blog post, I will be explaining exactly what the 4 P's of marketing are and why they are incredibly useful to organisations and an aspiring marketer. The 4 P's have been used as a marketing plan since the 1950's so there have been adjustments since then, such as the introduction of 3 more P's which are people , process and physical evidence . I will not be going into detail about these however as I want to focus on the 4 most important ones to a marketing plan. What are the 4 P's? In short, the 4 P's is the framework that you will use to build your marketing campaign. It is also known as "the marketing mix". 1) Product - This is always where a marketing campaign starts. The product is what you sell and how it satisfies your customers needs. Knowing your product well is also a key factor to how it is going to be distributed.  There can be a lot of factors to your product in order to make it stand o
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