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Amazon Marketing Strategy

Amazon's marketing strategy has helped the company grow quickly and make lots of money over the years. This case study looks at how Amazon went from selling books to selling almost everything. It shows how Amazon grew into the eCommerce giant it is today. History Jeff Bezos, who graduated from Princeton in 1986, was the founder and first CEO of Amazon. Bezos studied electrical engineering and computer science in college, but he quickly saw that the Internet could be used to sell things.Bezos was going to start an online store called "Cadabra." But people misheard it as "cadaver," so Bezos chose to name the company after a big river in South America. Amazon was born, and Bezos's idea for the company grew quickly. Here are some of the most significant periods in Amazon's past. Amazon’s Marketing Mix Product As we've already said, Amazon used to only sell books. But they quickly added CDs, furniture, technology, and other goods to their line. Today, Amazon has more goods than any other online or offline store Some of Amazon’s best-selling products include: Cookware Fashion Items Fitness Equipment Home Entertainment Home Office Furniture Laptops Amazon has grown quickly and beat its competitors by offering a wide range of goods and using a unique pricing strategy. In fact, 40% of all online sales in the United States belongs to Amazon. Price Amazon uses different pricing tactics to attract customers and get them to spend more than they planned. Their strategy consists of: Amazon’s Pricing Strategies Cost-Plus Pricing Value Pricing Price Discrimination Psychological Pricing Promotional Pricing Amazon has used the high runner market strategy the most out of all the ones mentioned above. This strategy works because Amazon looks at what's popular and what's on trend and then sells those items at a lower price. When a customer puts this item in their cart, Amazon suggests some extra items to go with it. The price tags on the items are much higher than their average price, but most people don't notice the difference. For example, the price of a phone might go down. But the speakers, headphones, chargers, and cases that are suggested cost more than usual. In the end, people pay more because they are distracted by the offer they just got and they need those extra suggested goods anyway. Place Amazon began in Seattle, Washington, probably because the state didn't have a sales tax. The company sells to people all over the world now.There are Amazon stores all over the United States. The company has also grown and has stores in Canada and Germany.The company made Amazon Global so that people could shop on Amazon from across the globe. This project makes more goods available to customers from anywhere. Promotion Amazon advertises their goods in a bunch of traditional ways, such as through print and digital ads. Pay per click (PPC) ads and sales promotions are also used by the company. Amazon also made an affiliate program so that their items can be advertised on other sites, which is good for both parties. This is how the program works: Amazon’s Affiliate Program: 1)An affiliate website has a link directing users to Amazon 2)The user makes a purchase from that link within 24 hours 3)The affiliate site is paid a portion of the sale Amazon’s Marketing Strategies: Data-Driven Approach Amazon spent a lot of money on a study of its customers. They wanted to find out how people shop so they could reach better to their customers. Amazon can keep track of the habits that are popular among its customers. For example, when they make a purchase and how much they pay is tracked for data. Research Consumer Habits You can use this aspect of Amazon’s marketing strategy by researching the consumer habits in your industry.By studying how your customers act, you can find out why they buy from you and if there are issues. You can also learn where and when to promote your products to reach your target market. Tips on how to conduct consumer research: Define Your Purpose Look At Case Studies Utilize Social Listening Leverage Polls And Surveys Analyze Your Data Now, let's check if you paid enough attention and can answer the following question: • What was the original name Jeff Bezos chose for the online store before it became Amazon? • "Cadaver" • "Amazon" • "Cadabra" Customer-Centric Attitude Amazon has adopted a customer-centric attitude to increase purchases. They have an user-friendly website for customer service that can help people with all kinds of questions. Their mission states Amazon “strives to be Earth’s most customer-centric company, Earth’s best employer, and Earth’s safest place to work.” 🚀 Boost your Retail marketing skills with our course: https://easymarketingschool.org/cours...