Marketing Mix

This is the pricing of different products within the same product range at different price points.

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

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.

A marketing mix consists of Product, Place, Price and Promotion. It is fundamental to understand these four elements for developing an effective marketing strategy.

The marketing mix helps marketing companies to develop better strategies, so that the product or service they offer would target their target market accurately. When marketing a product the marketing company should have a unique selling proposition this attracts the audience’s attention.

Pricing decisions are strategic and critical to the success of your company. The prices you charge for your products affect demand, thus causing a ripple effect across your company 's output, revenues, costs, and income. With a sound pricing strategy, your company is in a better

The marketing mix is for the most part made up of four elements, and they are product, place, price, and promotion. These elements are time and again referred to as the four P’s. Countless sources will portray the marketing mix as a formula used in creating a feasible marketing strategy, with each component utilized in various ways and in different intervals supported depending upon the product or service the group or individual is attempting to market. The marketing mix will be described using three sources to illustrate the elements of the marketing mix. It will also express how each one of the four elements of the marketing mix impacts the expansion of an organization’s marketing strategy and tactics.

The objective of this document is to gain an understandable idea of the marketing mix. The marketing mix is an indispensable element of every firm’s marketing arrangement. The marketing mix includes four key facets recognized as product, place, price, and promotion. The mix is the arrangement of the entire four groups in which a thriving marketing movement is generated. In an effort to identify with the elements of the marketing mix every category should be examined independently and the link connecting each one of the marketing blend or mix must be tackled.

We calculated the cost of our product and added percentage of mark up price for the selling price. We come up to these prices by cost based pricing and comparing the different prices which serves same product concept as ours. The price of our product may still vary depending in the ingredients supply, chicken and pork and ingredients sometimes increase in price.

Price is the value which is paid by the buyer to the manufacturer against the products and services. It is the value of the product mentioned by the seller to the consumers Pricing decisions are one of the crucial factors that shapes by cost factors, profit margin, and possibility of sales at different price levels and the competitor's pricing policy as well as with the number of existing competitors in the market. Pricing is the most critical element of the marketing mix and firms must make strategic preferences about how to price their product to achieve their business goals in the best possible manner by considering the demand and supply relationship. Unlike the three

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

How much a customer should pay for a product? Pricing strategy does not only relate to the profit margins but also helps in finding target customers. Pricing decision also helps in influencing the choice of marketing channels. Price decisions include: Pricing Strategy (Penetration pricing, Skimming pricing etc.) List Price payment period Discounts Financing Credit terms The soft drink industry today is confronted with a bewildering array of price increases. Expenditures for labour, ingredients, transportation and more are continuing to rise. The cost of aluminium alone has increased dramatically from few years.. Across our entire system however, we have been cutting overhead and re- engineering our manufacturing process in order to keep our prices competitive. It is our strategy to limit any price increases to the retail trade to the lowest possible extent providing Price of a Coca cola which is also affordable for a normal person. who can afforded. Coca cola is given to it lover at nominal rates Coca cola is available in various prices. Price of all soft drinks was probably same but Coca cola lovers wants coca cola instead of Mirinda , dew and other

Making decisions are hard enough already, adding a tough decision to decide on which pricing strategy to choose from brings a great deal of stress to a company and the individuals that has to make the decision. Pricing consist of technique, strategy, planning and eventually success of the item and its number of sales. After carefully reading the background information, I realized that there’s more to pricing than just making a profit. Factors come into play from many different angles. Competitors effect the way companies price their product, the strategic planning of the organization itself effects prices. Weather a company lower its product manufacturing costs or use either a lower or higher material to produce the product effects the price customers are willing to pay. There are multiple pricing strategies that companies use to decide the price of their product, strategies such as; good-value pricing, value-added pricing, and value-based pricing to name a few. Companies have certain cost in which they have to cover when trying to price an item. The three major categories for costs of a company is fixed cost; price that do not vary with production or sales, variable costs; costs that vary directly with the production of the product, and there’s total cost; the sum of the fixed and variable cost for any given level of production (Pearson). Overall, making a decision on how much to charge for certain products requires many factors. Based on my knowledge and understanding on

Before a product is developed, a firm needs to come up with a marketing strategy. This involves selecting the target market and product positioning. Usually, there has to be a balance between product quality and price. This way, price plays an important role in the marketing mix.

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).