Strategic Pricing for the Luxury Market Overview
Participants will be introduced to the entire process of marketing and understand how each area benefits their organisation. These areas are systematically explored through interactive exercises so participants can apply these techniques to specific scenarios in their own organisation. Participants will learn about customer's decision making process, how to segment markets, how to target customers and how to define a marketing mix to target those segments.
What you will learn
- Understand historical approaches to marketing
- Analyse your company in relation with your competitors
- Understand your customers' decision making process
- Segmentthe market, target each segment and use marketing mix
- Understand product life cycleto decide on a marketing strategy
- Identify distribution channels
- Understand four main elements of promotion
Topics Covered
Introduction to Marketing
- Understanding marketing
- Historical approaches to marketing
- Modern vs historical approaches
- What is involved in a marketing process
- Techniques used for situational analysis
Marketing Mix: Price
- Understanding the process of pricing
- How to price in line with your objectives
- Legal issues to be aware of when pricing
- Understanding supply and demand curves
- Pricing multiple variations to maximise profit
Understanding Customers
- Understanding SWOT analysis and its use
- How customers decide
- Influencing customers at each stage of the decision making process
Marketing Mix: Product
- The life cycle of a product or service
- What to consider when developing products or services in
line with your marketing mix
Marketing Mix: Place/Distribution
- The importance of distribution and what is involved
- Understanding sales channels
Marketing Mix: Promotion
- Promoting your product
- 4 principal elements of promotion
- How to use viral marketing
- What is involved in branding
Marketing Analysis
- Best practices in marketing
- Critical areas that can make all the difference
Marketing Strategy
- How to segment the market
- How to target the market based on specific segmentations
- How to devise a marketing mix
- Positioning yourself appropriately for your target market
- Positioning strategies and their advantages and disadvantages
