is that no single product or brand can fulfill the universal needs of all
potential consumers thereby necessitating an organization to undergo the
process of segmentation revealing a refined target market ultimately based on
similar needs. However, a dichotomy exists in applicable marketing practices in
that this mentality tends to be replaced with guidelines supporting more
generalized marketing efforts. These efforts tend to be fundamentally based on
the idea of marketing the product or brand to every potential consumer
reachable by the organization.
What are the potential benefits and consequences of
developing, implementing, and executing a marketing strategy targeted at a
specific market segment versus one that is aimed for the general population? Is
one type of strategy universally better to use than the other or will it vary
based on industry? What examples of both in today’s market can you provide to
support your response?
2.There are two basic pricing strategies that an
organization can utilize for introducing new products. The first strategy is
Market Skimming, which involves a product being released at a high price with
the cost to consumers becoming progressively less expensive the longer a
product is available in a market place. The second strategy is Competitive
Pricing, which involves launching a product at a low price and then raising it
as the product gains maturity in the market place.
What examples from your own experiences and/or the readings
can you provide of each? What factors need to be considered in making the
decision on which pricing strategy to employ when preparing to launch a new
product? How can you use these pricing strategies to stimulate sales of both
new and mature product lines?
