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What is Pragmatic Marketing? - Definition & Methodology

Instructor: Elizabeth Wamicha

Elizabeth teaches undergraduate courses in Business and Information Technology for the last 7 years. She is currently on course to completing a Doctorate in Information Systems

This lesson provides a definition of pragmatic marketing as a marketing technique that helps companies create new products and services. We'll also analyze the methodologies in this technique.

What is Pragmatic Marketing?

Did you know that pragmatic marketing attempts to deliver products to the customer in almost the exact specifications requested by the customer? For example, say you are an athlete who wants a shoe with very specific features, or you are a business that requires software with a specific functionality. In those cases, pragmatic marketing could be the best way to deliver.

Pragmatic marketing is definitely a very sophisticated approach to marketing and is often defined as a product creation process that aims to continuously adapt itself based on past marketing experience. This adaptation process includes testing the marketing strategy and re-adapting in order to ensure that the product is highly relevant and meets the expectations of the customer.

For example, if a particular shoe company is in the process of creating a shoe with specific features that is aimed at athletes, it would implement pragmatic marketing by testing the shoe with a sample group of athletes and then re-adapting the shoe to fit into the specific requirements of the athlete. In order to make the product appealing to the customer, pragmatic marketing aims to carry out a series of tests and product adaptations in order to ensure that the final product or service fits in as perfectly as possible to the requirements of the target audience.

The Pragmatic Marketing Methodology

The pragmatic marketing methodology provides a standardized platform for the critical activities that are required to create products and services that are profitable to a given organization. The following are the parts that make up the pragmatic marketing methodology:

Market

This includes understanding the market problems by carrying out interviews with customers as well as potential customers in order to understand urgent problems. This step also aims to understand why customers and potential customers have evaluated a product in a certain way. Market also aims to leverage the unique properties that a certain product offers in order to make it profitable, and identify the competition by understanding the competition and their offerings. It also includes assessing the strengths and weaknesses of the competition. Finally, market involves carrying out an analysis of all the assets of the organization. These assets include technical assets, patents, and skills. This asset assessment can help the organization determine the best ways to leverage their products.

Focus

This step aims to understand the market in order to map product opportunities to target market segments. It also includes the alignment of distribution channels to the preferences of the market. This component aims to develop a portfolio of all the products that the organization aims to sell, as well as the target market for each product. At this stage, it is also important to develop a product roadmap which defines the key deliverables that will be expected from a specific product creation process.

Business

Business plan and pricing strategies are developed at this step. These strategies help in the development of an objective investigation of the potential market of a given product. Business also involves carrying out a further analysis of product profitability, which aims to monitor and analyse the overall performance of products in the market, and ensure that the production team remains creative throughout the product development process.

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