Analysis Of Atmospherics As A Marketing Tool

Price is an important factor in the marketing mix not only because it drives revenue and business sustainability, but also because it acts as a signal of value to consumers. Consumers often use price as a way to gauge quality or exclusivity. Moreover, price can also help segment the market, by customer, product-form, location, time-basis, or price sensitivity. By offering products at different price ranges, a wider range of consumers can

Price is not the overwhelming characteristic dictating the success of a sale, but neither is anything else. It is the fact that customers

Price is an important characteristic, which makes customer’s opinion about the place. The highest might scare a lot of customers, while low ones might

One of GC3’s biggest weaknesses is its high turnover; therefore, it is imperative GC3 restructure their staff within all levels of the organization to increase employee relations and increase employee loyalty. The following recommendations are for staffing and recruitment within GC3.

Of all the aspects of the marketing mix, price is the one, which creates sales revenue – all the others are costs. The price of an item is clearly an important determinant of the value of sales made. In theory, price is really determined by the discovery of what customers perceive is the value of the item on sale. Researching consumers’ opinions about pricing is important as it indicates how they value what they are looking for as well as what they want to pay. An organisation’s pricing policy will vary according to time and circumstances. Crudely speaking, the value of water in the Lake District will be considerably different from the value of water in the

As the Chief Executive Officer of Sierra Lighthouse Hotel Freetown, I’ve been provided with an Organisational Performance and Customer Satisfaction equation:

Quite often, consumers purchase goods and services based on their perceived need. Upon making the decision that a need is present and a solution is available consumers are more equipped to react to that need. Although previously perceived that consumers will normally accept prices as presented by suppliers that remains to not be the case. Consumers assess and process prices based on past purchases and other psychological process they went through previously such as persuasive marketing strategies, accessibility of the goods or services and possibly information gathered from prior purchasers of a product. There are countless options that are available to consumers. Consumers are then faced with the choice of choosing the product that best fulfills their need at that given point. Consumers who are knowledgeable regarding prices will be aware of the approximated price for products (Zhao, Zhao & Deng, 2015).

Price has been shown to affect not only a customer’s ability to buy a product or service, but also the customer’s expectations of what they are buying which in turn affects customer satisfaction. Early research by Monroe (1989) suggests that consumers feel that price is an indicator of quality, which has the power to attract or repel customers. Customers typically have an internal reference price – that is, a price in the buyer’s mind that serves as a

One of the most challenging and essential task of Managers involves pricing their products and services. Pricing mistakes can diminish and or destroy an otherwise promising business. High prices can drive customers away and hurt an organization. Simultaneously, prices that are too low can indeed, robs the ability to earn a profits giving the impression that the products are inferior.

In today’s competitive world where every organisation is in a rat race to be at the top, it is very important that companies hire people who will remain true to them in even the worst scenarios. Having employees is no big deal but having those who remain loyal to you when time requires is what is crucial and that is exactly what companies these days lack the most. For instance, in a recent study conducted by PayScale it has been observed that the median employee tenure at Google is just more than one year (“Why are Google employees so disloyal”, 2013). Google offers its employees with the best of facilities ranging from free food to gym to hybrid cars and consists of

Pricing is one of the most important elements of the marketing mix as it is the only mix, which generates a turnover for the organization; the remaining 3p's are the variable cost for the organization. It costs to produce and design a product; it costs to distribute a product and costs to promote it. Price must support these elements of the mix. Pricing is difficult and must reflect supply and demand relationship (Constantinides, 2006). Pricing a product too high or too low could mean a loss of sales for the organization. Pricing should take into account the following factors:

• Pricing of a product is extremely crucial for a business because “the price of your product can either break or make your business”[i]

First of all, price represents the value of a good or service for both seller and buyer. The value attached to a good or service is based on both tangible elements (such as product quality and benefits) as well as intangible elements (the feel-good factor taken into consideration for luxury products). “Price is the only element in the marketing mix that produces revenue; all other elements represent costs.” (Sallie Phillips, 2015, p.99); it also represents a relevant factor in the decision to purchase a product or a service. It affects both the sales volume and profit.

Pricing is an important strategic issue because it is related to product positioning and furthermore, pricing affects other marketing mix elements such as product features, channel decisions, as well as promotion. Per Marketing Management, Chapter 8 in Review, “Pricing strategies don’t vary much from low, medium or high”.

A spectacular product that a company might be selling can go bad if the product pricing is not done with proper evaluation. With too high a price, the customers will run away and too low a price, the profits will not be substantial. Price setting is a complex task that requires consideration of costs to the budgeting of key demographics.