4p's and 4c's

Read Ch. 4 of Basic Marketing. Read Ch. 9 of Basic Marketing. Read Ch. 10 of Basic Marketing. Read Ch. 17 of Basic

market, there is price competition. This can lead to price wars and, therefore, lower prices for

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 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

Competition within the industry as well as market supply and demand conditions set the price of products sold.

The price comes from how much the product should sell for. In considering prices, the organization should consider the "product, customers, competitiveness, and quality."(Purdue, 2007)

there are a number of different buyers and sellers in the marketplace. This means that we have competition in the market, which allows price to change in response to changes in supply and demand. Furthermore, for almost every product there are substitutes, so if one product becomes too expensive, a buyer can choose a cheaper substitute instead. In a market with many buyers and sellers, both the consumer and the supplier have equal ability to influence price.

Pricing your products is actually one of the hardest decisions for a new business owner to make. Make the prices too high and no one will want to buy. Make the prices too low and you can't make a profit. Not knowing how to price products properly is a common challenge for new business owner. And it is one that can make or break a company.

When trying to determine the correct price, a number of factors must be considered: the market and its segments, the size of each segment, the ability to reach each segment, what distribution channels to target, whether to vary price by segment, the usefulness of promotional offerings, and whether the goal is to skim or penetrate each market.

Kotler, P., & Armstrong, G. (2014). Principles of Marketing. Upper Saddle, New Jersey: Pearson Education, Inc.

Competition within the industry as well as market supply and demand conditions set the price of products sold.

For decades the traditional marketing strategy known as the 4ps influenced the way firms approached the marketplace. The digital revolution has shifted that approach, in the way consumers chose brands and suppliers. The age of information has changed not only what is available but what consumers consider important when making choices, no longer having to settle for what is available locally, and taking issues like fair trade and corporate social responsibility into consideration when making decisions. This shift in consumerism has led to the American Marketing Association redefining the term “marketing” (Tanner & Raymond, 2010). In the first part of this paper I will be examining the components of the traditional 4ps approach, product, promotion, place, and price. Secondly, I will look at the contemporary, value driven, strategy by comparing and contrasting, creating, communicating, delivering, and the exchange of value, with the former components. Finally, I will discuss what I

“There are four main elements to our business model – product, distribution, communication and price. Our job is to do such a fantastic job on the first three that people forget all about the fourth.” (Bernard Arnault, CEO of Moët Hennessy-Louis Vuitton. Taken from

The process in which organizations determine what they will obtain in exchange for their products is called pricing. Some significant factors for pricing include Market conditions, competition, market place, cost of production and product quality.