Examples of selective demand in the following topics:
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- Market share is key metric that helps firms evaluate demand in their market and can be influenced by PR and marketing campaigns.
- This metric, supplemented by changes in sales revenue, helps managers evaluate both primary and selective demand in their market.
- Selective demand refers to demand for a specific brand while primary demand refers to demand for a product category.
- It enables a company to judge not only total market growth or decline, but also trends in customers' selections among competitors.
- The price reduction is intended to increase demand from customers who are judged to be sensitive to changes in price.
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- The models attempt to forecast the total demand for all products or services they provide, by market segment and price point.
- Since total demand normally exceeds what the particular firm can produce in that period, the models attempt to optimize the firm's output to maximize revenue.
- Good yield management maximizes (or at least significantly increases) revenue production for the same number of units, by taking advantage of the forecast of high demand and low demand periods.
- This effectively shifts demand from high demand periods to low demand periods by charging a premium for late bookings.
- By doing this, they have actually increased quantity demanded by selectively introducing many more price points, as they learn about and react to the diversity of interests and purchase drivers of their customers
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- Ethical danger points in market audience include (1) excluding potential customers from the market; selective marketing is used to discourage demand from undesirable market sectors or disenfranchise them altogether; (2) targeting the vulnerable, such as children and the elderly.
- Examples of unethical market exclusion or selective marketing are past industry attitudes to the gay, ethnic minority and obese ("plus-size") markets.
- Another example is the selective marketing of health care, so that unprofitable sectors, such as the elderly, will not attempt to take benefits to which they are entitled.
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- It enables them to judge not only total market growth or decline but also trends in customers' selections among competitors.
- Generally, sales growth resulting from primary demand (total market growth) is less costly and more profitable than that achieved by capturing share from competitors.
- The task of marketing management relates to managing demand.
- Demand must be managed in order to regulate exchanges or sales.
- Decreasing price may increase demand and lead to higher market share, though it could also provoke a competitive response.
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- Customer-focused marketing is known as SIVA which provides a demand-centric alternative to the four P's supply side of marketing management.
- The SIVA Model provides a demand and customer-centric alternative to the well-known four Ps supply side model (product, price, placement, promotion) of marketing management.
- A trade promotion is a marketing technique aimed at increasing demand for products based on special pricing, display fixtures, demonstrations, value-added bonuses, no-obligation gifts, et cetera.
- Many factors affect value, including the customer's cost to change or implement the new product or service and the customer's cost for not selecting a competitor's product or service.
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- Once the specific channel tasks have been determined, the evaluation and selection process can begin.
- Regardless of the channel framework selected, channels usually perform better if someone is in charge, providing some level of leadership.
- The retailer should lead when product development and demand stimulation are relatively unimportant and when personal attention to the customer is important.
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- Selecting and aiming marketing efforts to the correct target market for a product will help its success.
- A product provider might ask: Given that my product will not be needed or wanted by all people in the market, and given that my organization has certain strengths and weaknesses, which target group within the market should I select?
- Niche marketing - In marketing, a niche refers to a service or a product that occupies a special area of demand.
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- This is referred to as the demand curve.
- The demand curve for all consumers together follows from the demand curve of every individual consumer: the individual demands at each price are added together.
- The constant "b" is the slope of the demand curve and shows how the price of the good affects the quantity demanded.
- The graph of the demand curve uses the inverse demand function in which price is expressed as a function of quantity.
- The shift of a demand curve takes place when there is a change in any non-price determinant of demand, resulting in a new demand curve.
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- It is the combination of demand for a product and its price that help determine the marketing mix.
- Examine how the characteristics of a product impacts the selection of a promotional mix
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- Demand is the economic principle that describes a consumer's desire, willingness and ability to pay a price for a specific good or service.
- A firm in the market economy survives by producing goods that are in demand by consumers.
- Consequently, ascertaining consumer demand is vital for a firm's future viability.
- The search for alternatives is influenced by such factors as time and money costs, how much information the consumer already has, the amount of the perceived risk if a wrong selection is made, and the consumer's disposition toward particular choices.
- This means looking beyond current-state customer focus to predict what customers will demand in the future, even if they themselves discount the prediction.