Marketing Mix

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)

Identify consumer priorities, needs and preferences. In what ways do they impact the marketing mix.

The publicly traded company of choice is McDonald’s Corporation that falls in the food industry; it is an international leader in the fast food sector. The franchise is the world’s largest fast food entity a factor that serves it competitively in the market against other players in the same industry. The corporation serves nearly forty seven million customers worldwide on a daily basis with its primary focus being the sale of the hamburgers, soft drinks, chicken products, salads, French fries, milkshakes, cheeseburgers, desserts, wrap, breakfast items and fruits.

Price means the pricing strategy you will use. You have already fixed, as an hypothesis a customer price fitted to your customer profile but you will have now to bargain it with the wholesalers and retailers.

The third factor of the marketing mix is price. “Price setting must consider the kind of competition in the target market and the cost of the whole marketing mix…and must also try to estimate customer reaction to possible prices” (Perreault & McCarthy, 2004, p.40). When setting prices, the company must be able to recoup any expenses involved with the product as well as set a price that consumers are willing to pay. Price also consists of strategy decision areas

In order for a company to achieve its goals, the company must have a strategy that mixes the correct elements of marketing. The term Marketing Mix refers to "the four Ps" of marketing which are product, price, place, and promotion (Kotler & Keller, 2006). When creating a mix, a company must keep their target market in mind. The company must also understand the needs of the customer, then create marketing strategies that will satisfy the demand. The marketing mix should also meet or exceed the goals of that company.

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

The marketing Mix will concern about Product, Price, Place and Promotion. Such these ones are the factors involved in the customer to purchase the product, and make the customer satisfactions.

The last element to be discussed is promotion. The primary purpose of the promotion element is to affect the customer behavior in order to close the sale. Promotion includes mainly three topics: advertisement, public relations, and sales promotions. Advertisements come in many forms, such as commercials on television or radio, ads on the internet or in the newspaper, and pop-up ads on the internet. Public relations depend a lot on one 's individual personality and developing relationships with customers. Many sales promotions come in the forms of coupons, discounts, or discounts that are linked to the sales strategy.

One way of judging the adequacy of marketing mix that has been conceptualised in the context of goods marketing is that when a customer is satisfied or dissatisfied with a good product, both can be traced to the assembly of the ingredients by the marketer.

The price of a product is a key element that produces revenue and is the most flexible because price changes can occur quickly if needed. The decision to place a price on a product can be complex thus, warranting marketers to consider a number of elements; the company, its marketing strategy, target markets and brand positioning, the customer, and the competition and the marketing environment. Companies generally set prices according to the geographical demand and cost, market segment requirements, purchase timing, order levels, delivery frequency, guarantees, and other factors (Armstrong & Kotler, 2009).

“Price is the amount of money charged for a product or service, or the sum of all the values that customers exchange for the benefits of having or using the product or service” (M+E lecture note 4). This is an important component of the ‘Marketing mix’ as it can help determine how much profit the seller will make. However, the amount of profit will also depend on the elasticity of the product. Therefore, the price should be set

The major marketing management decisions can be classified in one of the following four categories:

Describe your marketing mix for the company and its products or services. You should include a range of options for varying the marketing mix and address the following;

2) ________ are a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything.