Marketing Mix And The Marketing Plan

1335 Words Sep 1st, 2016 6 Pages
Introduction Competition, Marketing Mix and pricing plays a major role in the marketing Most marketing plans are conceived to extend no longer than one year before the plan is reassessed for modifications, additions, subtractions or entire reinvention depending on constantly evolving business goals and circumstances. In fact, a properly implemented marketing plan is constantly being assessed by accurate and consistent tracking systems to evaluate the plan’s performance against expectations. This continual evaluation is performed so that ongoing adjustments can be made to improve the plan’s yield. the reason for this the rest of the elements of the marketing mix are cost generators, price is a source of income and profits.
Through pricing, the organization manages to support the cost of production, the cost of distribution, and the cost of promotion. The product range and how it is used is a function of the marketing mix, the range may be broadened or a brand may be extended for tactical reasons, such as matching competition or catering for seasonal fluctuations. Alternatively, a product may be repositioned to make it more acceptable for a new group of consumers as part of a long-term plan.
Simplistically, price is the value measured in money term in the part of the transaction between two parties where the buyer has to give something up the price to gain something offered by the other party or the seller. Pricing is a complicated element, which needs to reflect supply and…
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