Marketing Strategies For The Marketing Strategy - 1453 Words

INTRODUCTION: Every product has some worth or cost in the mind of the ultimate customer. This is called perceived value of that product. It is the customer’s perceived value of a certain product which sets the price, which a customer is happily willing to pay for it (Mack, 2012). Most of the time, the true cost of production for the particular products and services are not known to the customers. Instead, they feel the worth of a product from their sense of feeling and decide to buy it even on higher price. Therefore producers chase such marketing strategies which help them to set huge perceived value for their product or service and in this way they are able to get high prices for their products in the market (Sweeney et al., 1999).†¦show more content†¦In other words, consumer evaluates all aspects of a company and then decides whether it is offering value or not (Chen Hu, 2010). It affects his buying behaviour. Businesses attempt to influence this perception of reality, sometimes through trickery and manipulation but often just by presenting themselves in the best possible light. For example, advertisements often trumpet the quality and convenience of a product or service, hoping to foster a consumer perception of high value, which can pay off wi th increased sales (Sweeney et al., 1999). APPROACHING CONSUMERS: Exposure is a main feature which influences consumer’s perception about a particular product. A consumer will be more comfortable in making a buying decision if he is more and better informed about a product. That’s why, companies try to do their best to effectively publicize and announce their offerings (Mack, 2012). However, this situation creates a problem: When every business bombards consumers with marketing messages, consumers tend to tune out. Therefore to effectively inspire consumer perception, a business has to expose its product to public along with that it has to keep some distinguishing factor in its product due to which its product should stand out from the crowd. RISK PERCEPTION: Another important factor which a business shouldShow MoreRelatedMarketing Strategy1138 Words   |  5 PagesChapter 1 Marketing in Today’s Economy Exercise 1.1 CarsDirect http://www.carsdirect.com 1. Explore the CarsDirect website, including pricing a vehicle of your choice. How successful is CarsDirect in reducing the hassles associated with buying an automobile? 2. Does the design of the CarsDirect website convey confidence and trust in the car buying process? How has CarsDirect answered consumers’ concerns over the lack of a human element in their marketspace? Exercise 1.2 DaytonaRead MoreMarketing Plan For A Marketing Strategy909 Words   |  4 PagesA marketing plan is crucial to the survival of an organization. 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