4 P's Of Marketing

Pricing Objectives involve specifying the role of price in an organization’s marketing and strategic plans. These

Prices in a market economy are very important. Price allows us to give out goods appropriately to those who are able to pay.

Price is defined as “The value that will purchase a finite quality, weight or other measure of a good or service” (Business Dictonary). When growing up your parents always said, this is too much money so you wouldn’t be able to get that candy bar or video game because the price of the product was too high. Whether this be because of high price the person that made this product had to out some research into the idea of how much they should sell this product for, how much profitability am I making at the end of the day after all deductions are taken out. The price is what set’s your product apart but a high price mean’s that you need to market the product very well to get people to buy it and build a quality product to get raving reviews. At Starbuck’s they always advertise giving you incentives and low prices. Summer time they do Ice Blended hour, which from 3 pm to 5 pm they offer their ice blended

Pricing is one of the most important elements of the marketing mix for the MARC. It is the only one of the components that generates revenue, while promotion, place, and product generate cost. Producing, designing, distributing, and promoting products come with expenses.

Pricing is important when marketing a product. The determining factor for the pricing is the material, time to make, amount spent on marketing and promotion of the product. The goal in providing such a product that is moderately

In terms of theory, pricing strategies can be defined as businesses choosing one method to appeal to customers to purchase goods and achieve marketing mix according to the assessment of consumer demand and cost analysis (BDS Forum, 2009). For a company, pricing strategies can be made difficultly. If prices of goods are too higher, they may lose market share. If the price is two lower, the company cannot get bigger profit (Bized, 2006). Therefore, before developing a pricing strategy, the company has to consider much more factors. Such as pricing objectives which rely on production cost, barriers to entry, rate of product diffusion and so on, pricing methods including cost-plus pricing, target return pricing, value-based pricing and psychological pricing as well as other factors to make the best price for the firm and the consumer (Net MBA, 2009). Three points of views of pricing strategies can be discussed in the following in this report. Firstly, pricing strategies should

Marketing services is Marketing People. When a customer signs an underwater IRM contract, he is buying a service to be performed. In the end, he will be the owner of a tangible product, Inspection Report, but the quality and cost, as well as the suitability of that report as a solution to his problem depend largely on the services rendered by the contractor. The buyer’s best evidence of the quality and competitive superiority of the service he will buy is the impression he gets of the professional capabilities of the manager and staff of the contractor. Therefore, the selling and creation of satisfaction for the buyer before, during, and after executing of the work is the responsibility of the

The marketing mix is what most marketing people call "the 4 P's" and it consists of Product, Price, Place, and Promotion. "Some people will increase the marketing mix to the "five P's", to include people. Others will increase the mix to "Seven Ps", to include physical evidence (such as uniforms, or facilities) and process (i.e. the whole customer experience e.g. a visit to Disney World)" (Marketing Teacher, 2000). The marketing mix is a very important aspect of any marketing strategy and contains "the controllable variables the company puts together to satisfy the selected target group" (Perreault and McCarthy, 2004, Ch 2).

Price concerns the amount of money that customers must pay in order to purchase your products. There are a number of considerations in relation to price including price setting, discounting, credit and cash purchases as well as credit collection.

Price interacts with all other elements of the marketing mix to determine the effectiveness of each and of the whole. The objectives that guide pricing strategy should be a subset of the objectives that guide overall marketing strategy. Thus, it is probably wrong to view price as an independent element of marketing strategy or to assert that price, by itself, is a central element in the marketing mix.” (Webster, 1979)

The four P’s of marketing are Product, Place, Price and Promotion (EI, n.d.). Four T Tax Service product is a tax preparation service. Four T Tax Service offers various products and services. Income tax return preparation and electronic filing and paper filing are offered. Advice on status, deductions and credits are given as part of this service. Audit protection is also offered where in the event of an audit we can assist the tax payer with the audit.

The assignment for this week’s paper is to discuss increasing product prices and implementing successful pricing strategies. The paper will discuss effective measures that can be instituted to increase prices and experience customer satisfaction at the same time. In addition, specific strategy will be analyzed for its success in price increases. This is always a sensitive subject both for the company selling the product and the consumer making the purchase. Companies increase prices due to a need in the financial area. However, the impact is always adverse for the consumer. Finding this balance can be somewhat complicated because it entails a lot of risk. The chance of losing loyal customers to competitors is a large risk.

Price is the value exchanged for products in a marketing transaction. It is a changeable key characteristic of a product and also is a key element in the marketing mix. It directly relates to customers demand and organization revenue.

Price, which is one of the most important elements of the marketing mix, can be difficult to get right. Pricing too high, or low, can negatively impact on customer satisfaction and revenue. Adopting a pricing strategy is necessary to achieve desired sales objectives (Chan & Wong 2005).

Price is one of the elements by which producer earn their profit. Weaver traditionally set up their price considering the market price that sometimes becomes less than production cost. Sometimes they set up their price below production cost because they do not calculate the production cost.