Reference no: EM133339278
Case Study: Price is the value exchanged for products in marketing transactions. Price is not always money paid; barter, the trading of products, is the oldest form of exchange. Price is the 4th P in the marketing mix.
Price is a key element in the marketing mix because it relates directly to generation of total revenue. The profit factor can be determined mathematically by multiplying price by quantity sold to get total revenue and then subtracting total costs. Price is the only variable in the marketing mix that can be adjusted quickly and easily to respond to changes in the external environment.
A product offering can compete on either a price or a nonprice basis. Price competition emphasizes price as the product differential. Prices fluctuate frequently, and price competition among sellers is aggressive. Non-price competition emphasizes product differentiation through distinctive features, service, product quality, or other factors. Establishing brand loyalty by using non-price competition works best when the product can be physically differentiated, and the customer can recognize these differences.
Question: The chapter looks at how to set price, the legality and ethics of price strategy, pricing during difficult times, and other aspects of price. Important topics include how to develop pricing objectives, how to analyze the relationship between cost, demand and profit, the different bases for pricing: cost-based, demand-based, and competition-based pricing, and the way in which a pricing strategy and a specific price are chosen.
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Describing the target consumer market
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Focusing on communication and motivation
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Current trade agreements that are in place in the us
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What is the major focus of the article
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Analyze the relationship between cost, demand and profit
: how to develop pricing objectives, how to analyze the relationship between cost, demand and profit, the different bases for pricing: cost-based, demand-based
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