An interview with Martin Boehm.

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The Marketing Plan

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IE Business School

The Marketing Plan

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Cours 4 sur 5 dans Specialization Marketing Strategy

Create your own Marketing Plan for your own product or service idea. In this course you will learn how to produce arguably the most important marketing tool for any business. Rather than simply learning the stages of The Marketing Plan, you will be asked each week to complete a peer graded assignment which will help you complete a simplified version of the plan. You will be required either to map the four crucial stages for your own product or service idea or use the Nissan Leaf case study (attached in the additional readings) in order to produce a professional example. Ramon Diaz Bernardo - a professor with over 20 years experience - will guide you through the four most important stages of The Marketing Plan: analysis, marketing strategy; the marketing mix and expected results. On this journey, he will conduct interviews with leading experts from international companies in marketing as well as invite students to join him for explanations and discussions. This excellent and unique course allows you not only to learn the essential parts of The Marketing Plan but also map out the future of your own business and take the first steps on the path to launching your own product.

À partir de la leçon

Marketing Mix Implementation

Welcome to the third part of The Marketing Plan - the marketing mix implementation. This is the action phase. Here, you will use the lessons learned in modules one and two to decide where you are going to invest your time and money, in regards to marketing. You will become familiar with the 4 P's of marketing and also learn how to effectively price your product or service. Finally, you will begin to understand which channel or combination of channels are best suited to marketing your brand.

Introduction to Marketing Mix Implementation.1:47

Marketing mix definition: short-term and tactics vs long-term tactics.7:50

Deciding product strategy: the product lifecycle.4:14

Deciding product strategy: product levels.5:49

Deciding product strategy: branding strategy.5:23

An interview with Martin Boehm.4:26

Pricing strategy.8:46

Distribution channels: interview with Maria Teresa Aranzabal.6:03

Distribution channel strategy.7:31

Integrated communication strategy: an interview with Eda Sayin.7:41

How to build an integrated communication strategy: part 1.6:30

How to build an integrated communication strategy: part 2.5:16

How to complete assignment 3: marketing mix implementation?4:12

Rencontrer les enseignants

Ramon Diaz-Bernardo
Associate Professor
Marketing

[MUSIC]

Hi, I would like you introduce you today to the pricing strategy part of

the marketing plan and to do so we have here today Professor Martin Boehm which is

Professor of Marketing at iBusiness School and an expert in pricing strategy.

So I would like to ask Martin a few questions in order to

begin the discussion of pricing strategy.

Martin, what do you think, why pricing is so relevant in the marketing plan?

>> [LAUGH] So

I'm going to guess it probably doesn't come to a surprise, Raymond,

that I believe that pricing is the most essential driver in any marketing plan.

And actually there's multiple studies out there that clearly prove as well that

pricing is the most important driver in terms of profitability.

So for instance,

McKinsey a couple of years ago published a study and it looked at cost reduction or

actually volume increase or price changes are the most profitable driver.

And without any surprise, actually pricing is the most important one.

But I think that's not all.

Fundamentally, I think we, at the same time,

have to consider that pricing essentially defines the old world business model.

So we really have to understand how can we actually capture

the value from the customers that we're actually offering them.

And pricing is always at the most fundamental part

in designing this strategy to capture the value.

>> Good, very interesting.

So, it seems that pricing is going to be key here.

Martin, can you give us a checklist of things

that we should consider when defining the pricing strategy in the marketing plan?

>> Obviously, I'm not going to give you an extensive checklist here.

Let's just maybe do this a little bit step-by-step.

My first suggestion would be to actually try to understand,

or try to focus, on pricing from three different perspectives.

Typically, the simplest one is looking at this from a cost perspective.

So essentially trying to understand what is actually my cost of delivering my

product or service to the customers.

And hence, establishing to some extent, the lowest ceiling or

the floor, that I actually have to set for my pricing.

The second step would be looking into the competition.

Trying to see In a competitive set,

what are the prices being charged by other players out there in the market.

And that gives me yet another reference point.

But I believe the most important approach is really looking at the customers and

trying to understand how much customers value our product.

And here, obviously, we will have to understand a little bit more, using, for

instance, surveys, experiments or other methodologies in order to

understand really what is the willingness to pay of these customers?

And that really gives me the deepest insight about how to price my product.

Once I have established this, I can actually play around,

and I can complicate things.

I can then think about whether I should be reaching out to different

customer segments or different types of customers.

And hence, adjustments for my pricing in order to match their value perception,

and at the same time as well to match their willingness to pay.

And the final step I would say, or the final step on this checklist would be

to think a little bit more about tactical issues and pricing.

I think all of us have heard about 99 cent pricing, right?

So these are then the tiny little details that I can play around with,

maybe moving up the price,

lowering the price slightly in order to really create a certain pricing image that

I would like to convey to the market in order to further drive my sales.

>> Very interesting.

So it's going to be probably the customer, your cost and

finally the competition defining your pricing strategy you're interested in.

Like I was saying nothing I think it's going to be a very challenging part of

the marketing plan, absolutely key probably in terms of succeeding and

actually, we want to know more about pricing strategy.

I recommend that you review Professor Martin Boehm's course on pricing strategy,

which is part of the specialization in Marketing Mix Implementation.

Thank you very much, thank you [CROSSTALK].

>> Thank you.

[MUSIC]

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