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Research the pricing strategies, define what it is and supply an example of a business that uses this and for what product/service

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Research the pricing strategies, define what it is and supply an example of a business that uses this and for what product/service

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•Cost-based pricing

•Competitor-based pricing

•Customer-based pricing

•Psychological pricing

https://chatgpt.com/

https://www.perplexity.ai/

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Pick a company of your choice and find out their vision, mission, goals and values

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Pick a company of your choice and find out their vision, mission, goals and values

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If a company did not have a clear vision, mission, goals and values how would that effect the performance of a company?

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Think of -

Example of a product you have low expectations for

Example of a product you have high expectations for

Example of a service you have low expectations for

Example of a service you have high expectations for

Think about the causes of why it is either high or low

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Think of possible actions a customer may take if they are not satisfied with your product/service

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Think of possible actions a customer may take if they are not satisfied with your product/service

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Think of your business, what do your customers expect of your products/service? What is the desired service and the adequate service?

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Think of your business, what do your customers expect of your products/service? What is the desired service and the adequate service?

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Think of factors that influence your expectations of a product or service

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Think of factors that influence your expectations of a product or service

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At the end of the training you will be able to:

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At the end of the training you will be able to:

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•Understand the marketing concept

•Understand the importance of marketing

•Define business mission, vision, goals and values

•Outline the elements of the marketing mix (7Ps) and promotional mix

•Understand the benefits of a coordinated marketing mix

•Apply the marketing mix to B2C contexts

•Apply the marketing mix to other contexts

•Outline the 7 principles of GDPR

•Understand the role of ASA

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What Is Marketing In 3 Minutes | Marketing For Beginners

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Do some research on the web, use

https://chatgpt.com/

https://www.perplexity.ai/

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Using the extended marketing mix conduct an audit on a company of your choice 

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Using the extended marketing mix conduct an audit on a company of your choice 

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Extended 3Ps

•People

•Process

•Physical Evidence

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Using the marketing mix conduct an audit on a company of your choice (4Ps)

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Using the marketing mix conduct an audit on a company of your choice (4Ps)

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4Ps:

•Product

•Price

•Place

•Promotion

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Your name

Company / Industry

Your role

Name your favorite marketing tool

An interesting fact about you

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3 Strategies to Increase Customer Satisfaction | Brian Tracy

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Mission, Vision, & Values: Explained | Business + Corporate Strategy Course

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A Content Guideline to The 5 Stages of The Buyer's Journey

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Advertising Standards Authority: Every UK ad a responsible ad

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Open Banking Expo

Junior Marketing and Content Creator

Canva (I hate mailchimp though)

I have a cat called Jasper!

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-Business Show Media - Events

-Marketing Apprentice? Acquiring clients, assisting + producing campaigns

-Keen on mailchimp and canva currently (what I use the most besides google sheets)

-Enjoy and good at photography and handstands

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Marketing Apprentice at Ruby UK which manufacture timber products in Devon.

My favourite marketing tool that I've used so far is Canva.

I love to surf.

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Business Show Media

Marketing Apprentice/Assistant

My favourite tool would be Canva

An interesting fact about me is I have never broken a bone

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-Brand reputation

-Previous customer reviews

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-Visual advertisements

-Reviews/word of mouth

-Past experience with product/brand

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The quality, price, accessibility, sustainability etc.

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Social media

Reviews

Price

Whether I can order online

Quality

Location if not online

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-Good quality products

-Delivery within lead time

-High cost products so good customer service when customers have queries/questions.

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They expect responses to any emails sent and follow ups and reminders to keep engagement with them so it gives more reasons for them to attend a free event

Desired service would be consistent engagement with them, up to date social media and newsletters and emails

adequate would be a few posts on social media, rare responses, occasional newsletter

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An event (adequate) which provides a space for induviduals in the fintech industry to network, listen to speakers and promote their own services via methods such as exhibitions. (desired)

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customers expect a clean, informative, professional, insightful and supportive event.

the desired service is a large range of exhibitors, many attendees, insightful keynote speakers and engaging workshops.

adequate service is a a few good exhibitors, a good number of attendees, keynote speakers, some workshops to participate in

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Write a bad review

Not repurchase

Spread the word negatively

Post on social media about it

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-Leave a bad/negative review

-reach out to customer service

-ask for refund/discount/refuse to pay

-spread your negative experience to friends and family

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Using the company's complaints procedure

Telling friends/family about their bad experience

Stop utilising the company's product or service

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-Leave a bad review

-Shop with other companies providing the same products (competitors) instead

-Spread a bad word - damaging reputation

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Low product - PLT clothing

High product - Oh Polly Clothing

Low service - any fast food restaurants

High Service - Selfridges store

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Anything from SHEIN, TEMU, Ali Express etc.

Products which are handmade/from small businesses (eg. from Etsy).

Public transport

Ubers/taxis

High expectations: the service/product is more expensive but also more personal and better production quality.

Low expectations: the service/product is less expensive but less personal and is produced in bulk/less production quality.

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-Low: starbucks coffee

-high: Asus Computers

-Low: virgin media wifi

-High: TFL (transport for london)

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-Clothing from a fast fashion brand- poorly made, low quality materials, little thought into sustainability or customer satisfaction, just want max profit.

-Iphones, any apple technology- as a customer you pay high prices, constantly shown possible upgrades.

-Fast food restaurants- little face to face interaction, low quality food

-Hair/ beauty services- high pricing for customers, expect a clean environment and friendly service that leaves you with desired outcome.

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Example of one of the growth pillars

(For pandora)

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Vinted

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If it is not made clear, this can decrease sales/customers and increase customer dissatisfaction as it not being clear can reflect the brand

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1. Cost-Based Pricing

Definition: Cost-based pricing is a strategy where a company determines the price of a product or service based on the cost of production plus a fixed markup for profit. The company adds a certain percentage to the cost of production, ensuring the price covers costs and generates a profit.

Example: Apple often uses a form of cost-based pricing for some of its products. For example, when launching a new iPhone, Apple calculates the production costs (materials, labor, research, etc.) and adds a markup to determine the retail price. The markup includes the costs of marketing, R&D, and desired profit margins.

2. Competitor-Based Pricing

Definition: In competitor-based pricing, a business sets its price based on the prices set by competitors for similar products or services. This strategy often involves setting a price either at or below the competitor's price to remain competitive or even at a premium if the company has perceived advantages over its competitors.

Example: Supermarkets like Walmart and Target frequently use competitor-based pricing for products like groceries or household items. If one supermarket offers a particular brand of cereal at $3, the other stores may price the same or similar product close to that value to avoid losing customers due to price differences.

3. Customer-Based Pricing

Definition: Customer-based pricing is a strategy where a company sets its price based on the perceived value of the product to the customer rather than just the cost to produce it. This approach often involves segmentation of customers into different groups and adjusting pricing according to the specific preferences and willingness to pay for each group.

Example: Airlines such as Delta Airlines use customer-based pricing for flight tickets. They segment customers based on different factors (such as business vs. leisure travelers, or early vs. last-minute bookings). Business travelers may pay a premium for flexible tickets, while leisure travelers may pay a lower price for economy seats. The perceived value of convenience, speed, and flexibility drives the pricing strategy.

4. Psychological Pricing

Definition: Psychological pricing uses pricing techniques that aim to influence customers' perception of value based on how the price is presented. A common tactic in psychological pricing is setting prices just below a round number (e.g., $9.99 instead of $10) to make the product appear more affordable. The strategy exploits human psychology and how people perceive prices.

Example: Retailers like Amazon often use psychological pricing. For example, a product may be priced at $19.99 instead of $20. The difference of a penny can create the perception that the product is significantly cheaper, even though the difference is minor. This tactic plays on the psychological tendency for consumers to focus more on the first digit of the price rather than the last.

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Cost-based pricing is a pricing strategy where the selling price of a product or service is determined by adding a fixed percentage or markup to the total cost of production. This approach ensures that a business covers its costs and earns a profit

e.g - A good example of a company that uses cost-based pricing is Walmart

competitor based pricing - Competitor-based pricing is a pricing strategy where a company sets its prices based on what competitors are charging, rather than focusing solely on production costs or customer demand

e.g. A great example of a company that uses competitor-based pricing is Airbnb

customer based - Customer-based pricing (also called value-based pricing) is a pricing strategy where a company sets prices based on how much customers are willing to pay rather than on costs or competitor prices.

e.g. - A great example of customer-based pricing is Apple

psychological based - Psychological pricing is a strategy that uses human psychology to influence purchasing decisions. It makes prices appear more attractive or convince customers they’re getting a good deal, even if the actual price difference is small.

e.g. McDonald’s – Prices meals at $4.99 instead of $5 to make them seem more affordable

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Cost-based pricing: where a business sets the price of a product or service based on the cost of production, plus a markup to ensure a profit. This approach ensures that all costs are covered while generating a reasonable return.

A company manufactures a smartwatch. The total cost to produce each unit, including materials, labor, and overhead, is £50. The company decides to add a 30% markup to ensure profitability.

Price Calculation:

Cost per unit: £50

Markup (30% of £50): £15

Final selling price: £65

Competitor Based Pricing: a pricing strategy where a business sets its prices based on competitors' prices rather than solely on production costs or customer demand. This approach helps companies remain competitive in the market.

A gym is opening in a city where two competitors charge:

Gym A: £30 per month

Gym B: £40 per month

The new gym decides to price its membership at £35 per month—between the two competitors—to attract customers while maintaining profitability. Alternatively, it could set a price lower (£28) to be the cheapest or match a competitor's price if offering similar services.

Customer Based Pricing: a strategy where prices are set based on how much customers are willing to pay, rather than production costs or competitor prices. This approach considers the perceived value of a product or service to the customer.

A luxury hotel offers a sea-view suite with premium services. Customers see this as a high-value experience and are willing to pay more. The hotel charges £500 per night, even though the actual cost of providing the room is much lower, say £150 per night.

Since customers associate the stay with exclusivity and luxury, the price is based on their perceived value, not just costs or competitor rates.

Psychological Based Pricing: a strategy that uses pricing techniques to influence customer perception and encourage purchases. It plays on emotions, perceptions, and behaviors rather than just logic.

A clothing store prices a jacket at £49.99 instead of £50. Even though the actual difference is just 1p, customers perceive £49.99 as significantly cheaper because it appears closer to £40 rather than £50.

This strategy is widely used in retail, supermarkets, and e-commerce to make products seem more affordable and increase sales. Other psychological pricing tactics include "Buy One Get One Free (BOGOF)," "Limited-Time Offers," and "Prestige Pricing" (setting high prices to indicate luxury).

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Product - The business show is a business event to help start or grow your business

Price - it is a free to attend event

place - we operate in numerous locations which tend to be a convention centre based in places such as london, miami, sydney, and more

promotion - we use marketing strategies such as email campaigns, newsletters, speakers from well known companies and partner with associations relevant to the event

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Product

Open Banking Expo is a leading media and events platform focused on open banking, open finance, and financial innovation. The brand offers:

Live Events – Conferences in the UK, Europe, and Canada featuring industry leaders and networking opportunities.

Webinars & Virtual Events – Online discussions with experts on key topics in open banking and financial services.

Editorial Content – Industry news, insights, interviews, and reports.

Awards & Recognition – Open Banking Expo Awards celebrating innovation in open banking and fintech.

Price

Pricing varies depending on the product:

Event Tickets: Prices depend on location, event size, and ticket type (e.g., early bird, standard, VIP). Some events may have free access for financial institutions or fintech start-ups.

Sponsorship & Partnerships: Companies can pay for branding, speaking opportunities, or exhibition space at events.

Membership & Content Access: Some premium content may require subscriptions or corporate partnerships.

Place

Open Banking Expo operates primarily through:

Live Events: Held in key financial hubs such as London (UK), Amsterdam (Europe), and Toronto (Canada).

Online Platforms: The website serves as a hub for news, event registration, and webinars.

Social Media: Engages with audiences via LinkedIn, Twitter, and YouTube.

Email & Newsletters: Regular updates sent to industry professionals.

Promotion:

1. Digital Marketing

Email Marketing: Regular newsletters and promotional emails to industry professionals, fintech leaders, and financial institutions.

Social Media: Active presence on LinkedIn, Twitter, and YouTube, sharing industry insights, event updates, and speaker highlights.

SEO & Content Marketing: Blog posts, whitepapers, and news articles on open banking, fintech trends, and regulatory updates to attract organic traffic.

2. Events & Networking

Annual Conferences: Live events in the UK, Europe, and Canada featuring keynote speakers, panels, and networking sessions.

Webinars & Virtual Events: Online discussions with industry experts to maintain engagement between in-person events.

Awards & Recognition: Open Banking Expo Awards spotlight innovators in the industry, generating buzz and media coverage.

3. Partnerships & Sponsorships

Industry Collaborations: Partnering with fintech firms, banks, and regulatory bodies to enhance credibility and reach.

Sponsorship Packages: Companies can sponsor events, gain speaking slots, and secure branding opportunities.

Media Partnerships: Collaborations with financial media outlets to extend reach and amplify event coverage.

4. PR & Thought Leadership

Press Releases: Announcements on major event updates, speaker lineups, and partnerships.

Speaker Engagements: Hosting well-known industry leaders at events to draw attention and credibility.

Interviews & Podcasts: Featuring fintech experts discussing open banking developments.

5. Community Engagement

Exclusive Industry Insights: Providing members and subscribers with in-depth reports and data.

Online Discussions & Forums: Engaging in LinkedIn discussions and fintech communities.

Influencer & Expert Collaborations: Working with fintech influencers to expand brand awareness.

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Chanel

Product- Chanel’s product strategy revolves around luxury, exclusivity, and high quality fashion, accessories and beauty.

Price- Chanel follows a premium pricing strategy to maintain its luxury brand image. Prices are consistently high, reflecting the quality and prestige associated with the brand.

Promotion- Chanel’s promotional strategy revolves around maintaining exclusivity and sophistication.

Place- The brand carefully controls its retail environment to provide a luxurious shopping experience. Online presence is limited to protect the in-store luxury experience.

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Asos

product - very broad range of products ranging from clothes, shoes, accessories, watches.

Price - Accessible, inexpensive pricing, suitable for their diverse consumer base, students, men, women, children.

Place - Digital store, accessible from practically anywhere with internet, cheap shipping/delivery fees.

Promotion - Promotion using celebrity collaboration, digital and physical advertisements including billboards, television & social media ads

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Chanel

People- Chanel’s people strategy focuses on maintaining a high level of professionalism, luxury, and expertise.

Process- Chanel’s processes revolve around maintaining quality control and brand consistency across all touchpoints.

Physical Evidence- Physical evidence for Chanel is about tangible representations of brand identity through recognisable logo (double C) and iconic packaging, all immediately associated with elegance and luxury.

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People - employs people who are passionate about the show/event and creative where this can be reflected onto visitors whilst maintaining professionalism

Process - remain consistent with branding of each show across multiple channels

Physical evidence - this would be through digital presence, branding materials such as show guide and brand consistency

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Open Banking Expo

1. People

✅ Expert Speakers & Thought Leaders: The event attracts C-suite executives, fintech innovators, and regulatory leaders, ensuring credibility.
✅ Engaged Attendees: Industry professionals from banks, fintechs, and regulators actively participate in discussions and networking.
✅ Dedicated Team: The Open Banking Expo team manages events, content, and marketing efficiently, ensuring high-quality delivery.
✅ Sponsor & Partner Relations: Strong relationships with financial institutions, fintechs, and service providers enhance the event’s reputation.

2. Process

✅ Seamless Event Management: Well-organized physical and virtual events, with clear agendas, speaker slots, and networking breaks.
✅ Multi-Channel Promotion: Effective use of email, social media, and partnerships for audience engagement.
✅ Clear Sponsorship Tiers: Transparent packages for partners, offering branding, speaking opportunities, and exhibitor spaces.
✅ Content-Driven Strategy: Regular insights, reports, and interviews keep the community engaged year-round.

3. Physical Evidence

✅ Professional Event Setup: Well-branded venues, high-quality staging, and seamless audiovisual presentations.
✅ Strong Online Presence: A well-maintained website, engaging social media, and a digital content hub showcasing key insights.
✅ Branded Merchandise & Materials: Professionally designed event programs, lanyards, and promotional items reinforce brand identity.
✅ High-Quality Digital & Print Content: Well-produced reports, whitepapers, and interviews enhance credibility and industry influence.

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Asos

People- Customer service correspondents, celebrity collaborations (familiar faces)

processes - smooth, efficient shopping, usual catalogue to cart process.

Physical evidence - strong social media presence and online shop presence, well known logo and name, consistent packaging, logo attached to clothing tags etc.

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1. Lawfulness, Fairness, and Transparency: Data must be processed legally, fairly, and in a transparent manner to individuals.

2. Purpose Limitation: Data should only be collected for specific, legitimate purposes and not used for anything else.

3. Data Minimization: Only the data necessary for the intended purpose should be collected and processed.

4. Accuracy: Data must be accurate and kept up to date; inaccurate data should be corrected or erased.

5. Storage Limitation: Data should be kept in a form that allows identification of individuals only as long as necessary for processing purposes.

6. Integrity and Confidentiality: Data should be processed in a way that ensures its security, protecting against unauthorized access, loss, or damage.

7. Accountability: The data controller is responsible for ensuring compliance with these principles and must be able to demonstrate adherence to GDPR.

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Lawfulness, Fairness, and Transparency – Organizations must process personal data legally, fairly, and in a transparent manner, ensuring individuals understand how their data is used.

Purpose Limitation – Data must be collected for specific, explicit, and legitimate purposes and not used for anything beyond those stated objectives.

Data Minimization – Only the necessary amount of personal data required to fulfill a purpose should be collected and processed.

Accuracy – Organizations must ensure personal data is accurate, up to date, and corrected without delay if found to be incorrect.

Storage Limitation – Personal data should only be kept for as long as necessary for its intended purpose and securely deleted when no longer needed.

Integrity and Confidentiality (Security) – Data must be handled securely, protecting it from unauthorized access, breaches, and accidental loss or damage.

Accountability – Organizations are responsible for ensuring compliance with GDPR and must be able to demonstrate how they uphold its principles.

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Lawfulness, Fairness, and Transparency

Data must be processed legally, fairly, and in a transparent manner.

Organizations must inform individuals about how their data is used.

Purpose Limitation

Data should only be collected for specific, legitimate purposes and not used for anything else.

Data Minimization

Only the necessary amount of data should be collected—no more than what’s needed for the intended purpose.

Accuracy

Personal data must be kept up to date and corrected if inaccurate.

Storage Limitation

Data should only be stored for as long as necessary and deleted when no longer needed.

Integrity and Confidentiality (Security)

Data must be protected against unauthorized access, loss, or damage using appropriate security measures.

Accountability

Organizations must prove compliance with GDPR by keeping records, implementing policies, and demonstrating responsibility

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1. Lawfulness, Fairness, and Transparency

Lawfulness: Personal data must be processed legally, with a valid reason (like consent or a contractual obligation).

Fairness: Individuals should be informed about how their data will be used.

Transparency: Clear communication with data subjects about data processing practices.

2. Purpose Limitation

Data should be collected for specific, explicit, and legitimate purposes.

3. Data Minimisation

Only collect data that is adequate, relevant, and limited to what is necessary for the purpose.

Avoid excessive or irrelevant data collection.

4. Accuracy

Personal data must be accurate and up to date.

Inaccurate data should be corrected or deleted without delay.

5. Storage Limitation

Data should be kept only for as long as necessary to fulfill the purpose.

Implement policies for data retention and secure deletion when it’s no longer needed.

6. Integrity and Confidentiality (Security)

Personal data must be processed in a way that ensures appropriate security, including protection against unauthorised or unlawful processing, accidental loss, destruction, or damage.

Implement measures like encryption, pseudonymisation, and access controls.

7. Accountability

Organisations are responsible for complying with GDPR and must be able to demonstrate compliance.

Maintain documentation, conduct impact assessments, and appoint a Data Protection Officer (DPO) if necessary.