Raja and Maya Case

Happy at having struck a profitable deal the customers are ready to come back to the manufacturer in future. This goodwill created also leads to further promotion of the product through "word of mouth".

Price is defined as the amount of money charged for a product or service. In marketing terms, price is considered to be the sum of the values that consumers exchange for the benefits of having and using the product or service. Price is also the only element in the marketing mix that produces revenue—product, place, and promotion are all costs. There are three forms of pricing strategies: customer value-based, cost-based, and competition-based pricing. Customer value-based pricing uses buyers’ perceptions of value to set price and are also used to set the price ceiling for the product. Cost-based pricing uses the costs of producing, selling, and distributing products plus a fair markup for pricing. The cost of the product also sets a price floor. A competition-based pricing is one based on competitors’ strategies and prices and can help the company determine what kind of positioning it wants to take based on how it wants to compete, “such as becoming a price leader, offering the highest quality, or becoming a luxury brand”. (wiseGEEK, 2015)

Proper marketing in healthcare is necessary in the sense that it helps healthcare organization to market their services, promote their products and services and improve the overall health of the community (Codourey, 2013). It is also a critical factor in improving delivery and quality of service provided by a healthcare organization, thus enhancing effectiveness and patient satisfaction in general. A variety of marketing techniques are employed in healthcare marketing to influence health behavior.

By purchasing the product at the right price, we can save money which will improve the profit of the company.

P3: Describe how a selected organisation uses marketing research to continue to the development of its marketing plans

The objective of this assignment was to determine if direct impart of marketing for a healthcare provider chosen. Then outline a strategy for the health care provider selected to determine the utilization of its products or services. In addition to that, the author will need to outline a marketing strategy for the health care provider chosen and recommend at least three (3) ways the health care provider could shape the buying decisions of its customers. Lastly, the author would have to provide at least three (3) qualified sources, e.g., peer-reviewed journals professional organization website, or health care provider Websites.

In simple words, the customer chooses to buy the product regardless of the changes made in the prices of that product by the company.

The company is seen as being able to help improve the economic position of all states in Malaysia as well as to marketing the local products to a wider market.

convinced that the new product is safe, has unique benefits and is socially acceptable. Rather than

Technology has allowed businesses to reach new markets and consumers; thus, allowing for a broader reach. The marketing efforts of the practice should be to attract new patients while keeping older patients satisfy with the services offered. The first thing the practice needs to do involves market segmentation, which allows the practice to reach their target segments and identify potential consumes that are being underserved by grouping them based on particular characteristics. For example, a practice might decide that individuals over a certain age are being underserved based on their market segmentation; therefore, marketing efforts should be aimed at those individuals. This is of particular importance

The assignment for this week’s paper is to discuss increasing product prices and implementing successful pricing strategies. The paper will discuss effective measures that can be instituted to increase prices and experience customer satisfaction at the same time. In addition, specific strategy will be analyzed for its success in price increases. This is always a sensitive subject both for the company selling the product and the consumer making the purchase. Companies increase prices due to a need in the financial area. However, the impact is always adverse for the consumer. Finding this balance can be somewhat complicated because it entails a lot of risk. The chance of losing loyal customers to competitors is a large risk.

The price is crucial for companies to have their market share, and also the profit generator for the company.

Promotion: This is used to publicize the product towards consumers as well as to remind, persuade as well as inform and create a desire to buy the product.

Many external factors play a role in the pricing of products, with some of them being, “the market and demand, competition, and other environmental elements” (Kotler, Bowen, Makens, & Baloglu, 2016, p. 297). Market and demand influences the price in the sense that the company must know the market’s demand of their certain product to know the highest price they will be able to charge. The next area the company must be well equipped in is cross-selling and upselling. If the sales people are unable to sell their own products, then the company needs to either reevaluate their employee’s sales skills, or the product itself. Next, the customer must be able to see the value of their dollar. If they see that spending $100 on a room for a night gets them an unforgettable stay in the city of their choosing, then they will be more likely to spend the $100. The marketers must know, “why they buy, and how they make their buying decisions,” in order to price their products accurately (Kotler,

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).