The role of pricing in the marketing mix

Leaving in one week’s time. Leaving in one month time. Leaving in 3 months time.

Marketing mix contains 4 main sections which are Product, Price, Place and Promotion. The pricing sector is the only sector that is bringing in the money into the business. It is one of the most important elements for the reason that it helps company to survive, expand or invest into purchasing new equipment. Pricing is also requires a lot of responsibility, therefore good research must be done before setting the price. The product cannot be to expensive as well as the price cannot be to small or else present customers might lose the interest while potential customers will not get any curiosity at all. Before setting up the price company also should understand what their target market is. For instance, if the company is making heavy duty working clothes, then probably the target market will be ground workers. Target market also has different segments. In this case it would be builders, railway maintenance, phone line engineers etc. All customers require heavy duty clothes but for every profession it is slightly differ, therefore producing company should expand the range of clothing. The company also should research their competitors, services the competitors are providing and prices the competitors are charging in order to keep similar prices and go with the flow or adopt different strategies for example lower prices, better quality, attractive discounts etc. It depends on what companies’ aims and objectives are.

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The role of pricing in the marketing mix. (2017 m. Liepos 23 d.). Peržiūrėta 2018 m. Liepos 18 d. 00:27