Marketing Plan For Hunger Marketing Strategy - 1250 Words

Executive Summary Nowadays, we can often see advertisements with the word limited,† or limited-time sales.† The purpose of these ads is that manufacturer intends to reduce production, in order to achieve the regulation of supply and demand, and also create the illusion that demand exceeds supply in order to maintain a higher price and maximize profits. With this strategy, businesses can increase the brand s value. This strategy is called â€Å"hunger marketing.† Last quarter, our marketing department decided to advertise new products without developing a specific strategy, so our customers did not substantially increase and the profits did not improve greatly. In this quarter, the new products will be released, so I think we can apply the hunger marketing strategy to use a high-value brand image to attract customers. Introduction Hunger marketing strategy does not have a very formal definition, potentially because this strategy is using consumers’ bandwagon tendencies to attract more customers and is more of a trick of the trade than a standard, promoted procedure. According to Xuejiao Pang from Southwestern University of Finance and Economics, â€Å"Hunger marketing means that supplier’s intentional reduction of the productivity, in order to be in control of the consumer and supplier relationship, and to create an illusion of supply shortage, hence to achieve a purpose of keeping a higher price and higher profitability† (2012). Of course,Show MoreRelatedEvaluating The Functional Areas Of Management1668 Words   |  7 PagesWHAT IS STRATEGY There are different definitions of strategy. However, for the purpose of this research, we must select a definition. 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