Dove - Objectives of Marketing Plan & Pricing Strategy

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Objectives of the Marketing Plan “Setting objectives for a marketing plan is not simple and straightforward matter. It is an iterative process whereby objectives are set, strategies and action plans are developed, and then it is decided whether the planned objectives are impossible, achievable or easy. Marketing objectives should be difficult, but they must be achievable. The aim is to set objectives that a challenge, but can be achieved with effort. They must be motivating rather than discouraging.” (Westwood, 2002). To be useful, the stated objectives should meet several criteria which are known as SMART objectives. [Specific, Measurable, Achievable, Realistic, Timed] According to Marketingteacher.com (2012), the purposes of SMART…show more content…
Price interacts with all other elements of the marketing mix to determine the effectiveness of each and of the whole. The objectives that guide pricing strategy should be a subset of the objectives that guide overall marketing strategy. Thus, it is probably wrong to view price as an independent element of marketing strategy or to assert that price, by itself, is a central element in the marketing mix.” (Webster, 1979) In Dove, we use three types of strategies. Namely, Competition-based pricing, Product line, Product Bundle pricing. Competition-based pricing is setting a price in comparison with competitors. Surely a firm has three options and these are to price lower, price to same or price higher. For example: Dove Damage Therapy Shampoo (700 ml) cost $11.70 versus Pantene Shampoo (700ml) cost $10.90 in FairPrice. Product line pricing is pricing different products within the same product range at different price points. For example: Dove Beauty Moisture Body Wash (1L) cost $9.75 versus Dove Firming Moisture Body Wash (1L) cost $10.70 in FairPrice. Product Bundle pricing means offering a group of related products at a combined low price, so as to get rid of slow moving products. For example, Dove charges $7.50 for a bottle of Dove Beauty Moisture Body Wash and $13.90 for a bundle of two bottles at CK Departmental Store. REFERENCES Westwood, J., 2002, The Marketing Plan: A step-by-step Guide. 3rd ed., London, Kogan Page Limited, p

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