Pricing Strategy A marketer should understand the relationship between price and consumer purchases and perceptions. This relationship is explained by two economic principles : the law of demand and price elasticity of demand and market segmentation.

Marketing Mix and Strategy A marketing strategy outlines the manner in which the marketing mix is used to attract and satisfy the target market(s) and accomplish an organization's objectives.Specifically, marketing strategy is develop by considering the following factors. Category System of Consumer Goods There are three-category system of consumer goods : convenience, shopping, and specialty goods.Convenience goods are those purchased with a minimum of effort, because the buyer has knowledge of product characteristics prior to shopping. Advertising Variables There are some variables or factors that need to be considered when creating an advertising. These factors are waste, reach, frequency, message permanence, persuasive impact and clutter. Waste is the portion of an audience that is not in a firm's target market. Because media appeal to mass audiences, waste is a significant factor in advertising. Adoption Process of New Products The growth rate and total sales level of new products rely heavily on two related consumer behavior concepts: the adoption process and the diffusion process. The adoption process is the mental and behavioral procedure an individual consumer goes through when learning about and purchasing a new product.

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