Marketing Essentials

Designing an appropriate pricing strategy is always a challenging task for most corporations, because price is a determinative factor of operating profits. Meanwhile, price can affect customer perceptions and product development. According to the basic economic theory, pricing policy should reflect the product’s costs and the relationship between supply and demand. In addition to the fundamental framework, price settle mechanism should take into consideration the underlying industry environment. For example, pricing in manufacturing is heavily cost-based with the certainty that the costs are fully covered. And conversely, in some particular sectors, there are downsides when price setting relies solely on the variable costs because of the high fixed cost. Based on this judgment, product providers should carry different pricing mechanism under different market conditions. Accordingly, pricing evolves from a purely academic topic related to the economic theories to a profits-maximising instrument involved with marketing practices. All these issues make the price setting problem more

When a business can provide a lower cost, then the business can have the ability to lower their price. Providing a better pricing system, along with sharp value products can only increase the chance of growth and customers’ overtime.

Thirdly, option is to strategically adjust the prices of their products because consumers are often very price sensitive. By doing so the company can either create more value that defines the quality and quantity of the product.

Use the four Ps of marketing to develop a marketing plan to address a new device to increase medication adherence or oral health in your new practice?

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

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.

* From the scenario, analyze the goals, product, price, and promotion for the new product launch in each stage of the product life cycle. Recommend two (2) marketing tactics and strategies that the marketing intern should consider in order to increase product revenue over time. Provide rationale for your response.

You will provide your completed assessment for all of Part One in one document with cover page (included in this assessment tool on page 2). You are required to professionally format your document including spell-check and indicating each Task answer [e.g. Task 1 (a.) then the answer, Task 1 (b.) then the answer etc.] according to this Assessment Tool Task requirement. You may lose marks if you have not spell-checked your document (as this is a professional formatting requirement, a business skill). Whenever conducting a Presentation, you must always provide copies of MS PowerPoint slides as evidence for your Trainer/Assessor. Be sure to properly reference your sources of information using the Harvard referencing system. For more information go to:1. Student Handbook - latest version 2. AIPE Connect online resources; or 3. Ask your Trainer/Assessor to provide you with this information In order to determine if you are addressing this assessment adequately in terms of competency/comprehension (prior to due date) a draft copy of your assessment should be discussed during class time in consultation with your Trainer/Assessor. For this feedback/ support from your Trainer/Assessor, you will need to bring to class your “draft copy” with any evidence of the research you have conducted to produce the assessment. AIPE accommodates students with reasonable adjustments to training and assessment. This could include variations in course delivery or assessment methodology and it

5. A mission statement can help a manager decide which opportunities to pursue and which to screen out.

There’s an old pricing related joke that goes like this: A customer walks into a deli asking for the cost of a dozen bagels. The proprietor responds with $5.50. The prospective customer responds, "but the deli down the street sells a dozen bagels for $4.50". "Why don’t you buy the bagels there," the proprietor asks. "He’s out of bagels today," the customer replies. The proprietor retorts, "When I’m out of bagels, I’ll also sell you a dozen for $4.50". The customer pays $5.50 and receives the 12 bagels. Not only did the proprietor of the store know his competitor’s pricing, but he also knew the market price, as well as his competitor’s product inventory status.

Kotler, P., & Keller, K. (2016). Marketing Managment, 15th Edition. Upper Saddle River: Pearson Education, Inc.

It would only make sense that the company is paying attention to what their customers need, want, and think. If the company is up for it, they will create a loyal customer and a good sector in the marketplace in regards to their products.

The traditional view of marketing is that the firm makes something and then sells it. A) Will not work in economies where people face abundant choice. B) New

Predatory pricing is an anticompetitive strategy that indents to drive competitors out of the market and gain monopolistic profits. The predatory firm first lowers its price, to an extent which the revenue of the product does not cover the costs. Their competitors must then lower their prices below their average cost, thereby losing money as their products are sold. If they do not cut their prices, they will lose customers due to higher prices; if they do cut their prices, they will eventually go bankrupt. (DiLorenzo, 1992)

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).