Pricing Strategy

A marketing plan can be viewed as a roadmap in which an organization navigates through a sequence of steps in order to promote a service, goods, or program (Thomas, 2015) (May, Apr 12, 2012). Therefore, in order to initiate the occurrence of any marketing activity, it is vital to have a marketing plan to follow in the event to create awareness, attract customers, and to gain business (Thomas, 2015). In having a marketing plan, the organization must delineate their marketing initiative through a sequence of designated steps by strategically organizing, marketing activities while defining who will be their targeted potential customers (Buttell, Jan/Feb 2009). In meeting the strategic objectives of a marketing plan, it should

Ensure that you have clearly stated what your Marketing Plan is designed to do, e.g., measurable goals by which you will increase units sold, dollars of revenue made, etc. What do you want to accomplish?

Marketing strategies vary greatly. Although there is no strategy that will fit every business’s needs, there are some guidelines to follow. Before doing anything, make a set of goals within a timeframe. Here is an example:

Develop an action plan of strategies and tactics to be implemented. Finalize the marketing plan.

Pricing strategy can be defined as the strategy that aimed on finds the product best selling price to accomplish overall organizational objectives (Kurtz, 2012). Pricing strategic is directly related to product positioning. It is because the managers must consider how much the target market is willing to pay and cover back of the product cost. Therefore, Chatime has decided to lower its prices on milk tea to target on common people.

6. Budget of your firm: When designing a market strategy, keep the budget of your organization in mind. Remember that 80% of your sales come from 20% of your customers. Shift your focus to the top segment and make sure your plans have the greatest impact when presented to them. List down the activities that need to be done in-house and the activities that you might need to

Every organization needs to have a marketing strategy so that they know who are their competitors, which market they need to target, do they have resources to compete in that market and what strategies they need to adopt to gain competitive position in the industry. The most important thing is with the help of marketing, company is able to make people aware of its product.

Putting together a marketing plan is often labor intensive and as a result, can often take many employees from several departments. In addition, because a market plan is essential to the success of the company it simply requires many people each contributing in their particular area of expertise.

​The issue of pricing strategies that exist and are used by enterprises, whether industry, retailers or wholesalers. The price is the only element of marketing can generate revenue, the rest ends up generating costs that are incorporated into the final product price. It is also one of the flexible elements, therefore, can be changed quickly adapting according to the needs. It is also one of those responsible for the occurrence of the relationship between company and consumer, after all, an attractive price can

In todays’ world marketing continues to impact a companies projected and current profit, and it will continue to grow for those two things in the future. Some of the basic concepts that help for the development of a marketing strategy, in my personal opinion, can be shortened down into three quick reference concepts. First would be researching the interested or potential market for a current product, or a potential product. Second ensure the product and most importantly the price catches the eyes, and reaches into the ears of the intended market area, giving the marketing or reasonably priced yet quality product. Third and as significant as the other two market that product through all useable resources and tools at your disposal, such as search engines like Google, or social media like Facebook and Twitter. Indeed these could incorporate more in-depth explanations and discussion, the fact is these are my personal shortened concepts to the basics of marketing. Suggestions and thoughtful conversations are acceptable for things you think I am leaving out that are important, including things that you think should be added.

Westwood, J., 2002, The Marketing Plan: A step-by-step Guide. 3rd ed., London, Kogan Page Limited, p

It includes SWOT analysis of your business in the marketplace, once customers need is determined and decided what product will satisfy those needs, then marketing mix 4 P’s and budget must be applied which will look over the facts that how those needs would be met. The next step in planning process is determining how the resources will be allocated.

The company would employ varied marketing strategies that they will use for the next one and three years. One of them is the pricing strategy, which is one of the essential marketing elements. Bearden, Netemeyer and Haws, (2011, p.63) point out that pricing strategy is one of the vital element of competing with competitors favorably. This is through setting the prices of products differently in order to differentiate the price from that of the competitors. Many companies use pricing strategy in setting the price above or below the equilibrium level in the market. For instance, the

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).

Having a well-planned out strategy created by your marketing team is essential to your organization’s success. IT will help you to achieve that goals that you set for the organization and help in attaining the profitability that every business person wants to achieve.