PR Power Tools: Marketing Mix_Price (part2)

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  1. Webcast Series: Marketing Mix <ul><li>Get your FREE access to this 5-part webcast series at…
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  • 1. Webcast Series: Marketing Mix <ul><li>Get your FREE access to this 5-part webcast series at </li></ul><ul><li> </li></ul>Product Price Marketing Mix Place + PR Promotion **Don’t forget to check out the March Madness Deal on the final slide!!
  • 2. Webcast Series: Marketing Mix What we’ll cover: Psychological pricing Left-digit anchoring Discount dilemma Coupons Reference-price advertising
  • 3. Webcast Series: Marketing Mix <ul><li>Psychological Pricing </li></ul><ul><ul><li>Consumers ignore the </li></ul></ul><ul><ul><li>least significant digits </li></ul></ul><ul><ul><li>Fractional prices </li></ul></ul><ul><ul><li> price is the lowest </li></ul></ul><ul><ul><li> possible price </li></ul></ul>
  • 4. Webcast Series: Marketing Mix <ul><li>Left-Digit Anchoring </li></ul><ul><ul><li>Is $1.99 closer to $1 or $2? </li></ul></ul><ul><li>Discount Dilemma </li></ul><ul><ul><li>$5 vs. $4 > $4.97 vs. $3.96 </li></ul></ul>
  • 5. Webcast Series: Marketing Mix <ul><li>Survey says…. </li></ul><ul><ul><li>“ 77” = lowest perceived value </li></ul></ul><ul><ul><li>(relative to its actual value) </li></ul></ul><ul><ul><li>.99 = 8% more sales volume than .00 </li></ul></ul>
  • 6. Webcast Series: Marketing Mix <ul><li>Coupons </li></ul><ul><ul><li>2010: Coupon use is up 27% </li></ul></ul><ul><ul><li>2009: first increase in 17 years </li></ul></ul><ul><li>Digital Coupons </li></ul><ul><ul><li>Lower costs </li></ul></ul><ul><ul><li>Increased 170% in the printed value </li></ul></ul>
  • 7. Webcast Series: Marketing Mix <ul><li>Reference Price Advertising </li></ul><ul><ul><li>Was $100, NOW $75!! </li></ul></ul><ul><ul><li>MAP </li></ul></ul>
  • 8. Webcast Series: Marketing Mix <ul><ul><ul><li>Want more? Email [email_address] </li></ul></ul></ul><ul><ul><ul><li>***Special Offer*** </li></ul></ul></ul><ul><ul><ul><li>Join PR Power Tools today ( ). In addition to member benefits, webcast participants get: </li></ul></ul></ul><ul><ul><ul><li>* Bonus webcast: &quot; 7 Steps to Making a Million Friends with Social Media &quot; </li></ul></ul></ul><ul><ul><ul><li>* Guidesheet </li></ul></ul></ul><ul><ul><ul><li>* Interactive online workshop </li></ul></ul></ul><ul><ul><ul><li>* 20 min 1-on-1 with Jennifer </li></ul></ul></ul><ul><ul><ul><li>(valued at $3,500. Yours FREE if you join during March Madness) </li></ul></ul></ul>
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