College Research Papers

If you order your research paper from our custom writing service you will receive a perfectly written assignment on Marketing. What we need from you is to provide us with your detailed paper instructions for our experienced writers to follow all of your specific writing requirements. Specify your order details, state the exact number of pages required and our custom writing professionals will deliver the best quality Marketing paper right on time.

Our staff of freelance writers includes over 120 experts proficient in Marketing, therefore you can rest assured that your assignment will be handled by only top rated specialists. Order your Marketing paper at affordable prices!

Pricing Concepts & Strategies

Definition

Price is the value which organisations place on their goods and/or services when they offer them for exchange. Usually expressed in monetary terms in cash based economies.

Exchange Significance

Order custom research paper on Marketing

1. Important to consumers since have limited resources and must make allocative choices

. Involves not only financial costs, but also time, travel, psychic costs

. Important to organisations since must cover their costs and be able to generate a profit

Price Setting

Does not occur in a vacuum. Marketers must consider both m.mix and external environment

Marketing Mix

Factors to be considered include

„h how distinctive product attributes are/value placed on them by consumer

„h intangibles as well as tangibles need to be taken into account

„h costs of distribution and promotion need to be included

External Environment

Factors to be considered include

„h actions of competitors, both price and non-price need to be included

„h need to avoid price competition wherever possible as non-price harder to copy

„h recognise the legal limitations to some pricing practices (T.P. Act 174)

Pricing Objectives

Two types, financial and marketing

Financial

„h profit maximisation ¡V prices set as high as possible to get the greatest profit

„h target return ¡V set a specific profit goal and set prices to achieve

Marketing

„h sales growth ¡V price used to achieve certain sales level or market share

„h status quo ¡V maintains current market position, largely follow others pricing, attempt establish non-price advantage

Pricing Strategies

Definition

Strategic process of positioning product¡¦s price with respect to prices of competing products

Types (for existing products)

1. Pricing above the market ¡V price higher than similar products sold by competitors

. Pricing below the market ¡V price lower than similar products sold by competitors

. Pricing at the market ¡V price to reflect the prevailing market price

Types (for new products)

1. Price Skimming ¡V price initially set high and decreased as move through life cycle, best if no close substitutes, and significant demand

. Penetration Pricing ¡V price initially set low and used as a wedge to enter the market, best where market is price sensitive, aim is to maximise market share

Pricing Tools

1. Profit-orientated ¡V calculates price required to make a specified profit or rate of return on investment, must estimate quantity sold

. Cost-oriented ¡V either track costs then add additional $ amount or % costs (cost-plus), or take $ cost of product and add $ mark-up (mark-up)

Pricing Tactics

1. Psychological ¡V consumer¡¦s perceptions of price rather than actual price such as using numbering system giving impression of lower price (odd/even pricing), or using image to price highly

. Unit ¡V stating the price in a common unit of measurement

Please note that this sample paper on Marketing is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on Marketing, we are here to assist you. Your persuasive essay on Marketing will be written from scratch, so you do not have to worry about its originality.

Order your authentic assignment and you will be amazed at how easy it is to complete a quality custom paper within the shortest time possible!