Creative Content

Implementation Evaluation Control

“Relationship marketing is a strategy that entails seeking and establishing ongoing partnerships with customers. Relationship marketing has become an important business marketing strategy as customers have become more demanding and competition has become more intense.” (Lamb, Hair, McDaniel, MKTG, pg85) We believe that by using the relationship marketing we can make our employees more passionate about their work. They will see how pleased consumers are and implementing new ideas will be easier.

To evaluate and control what is going on with our product we plan on monitoring our success by using a marketing audit. We are going to gather information periodically to make sure we are on track. “Accurate and timely information is the lifeblood of marketing decision making. Good information can help an organization maximize sales and efficiently use scarce company resources. To prepare and adjust marketing plans, managers need a system for gathering everyday information about developments in the marketing environment.” (Lamb, Hair, McDaniel, MKTG, pg 113)

Price

We will start out with pricing our vodka at $49.99 and see how well that goes with consumers. We researched and saw that our competitions prices were around $29.99. We did raise the price twenty dollars but we wanted to use price skimming to begin with. “Companies often use price skimming for new products when the product is perceived by the target market as having unique advantages. Often companies will use skimming and then lower prices over time.” (Lamb, Hair, McDaniel, MKTG, pg279) We would also like to use prestige pricing as well. “Prestige pricing is charging a high price to help promote a high-quality image. A successful prestige pricing strategy requires a retail price that is reasonably consistent with consumers’ expectations.” (Lamb, Hair, McDaniel, MKTG, pg275) Price is elastic though and we would like to see what works out the best.