Research Paper On Bata

Companies uses a blend of advertisement, public relations, personnel selling and direct marketing tools to communicate and persuade customers of value of product to them.

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

“Marketing Mix” is made up of 4P’s of marketing. This tool blends these variables together to produce the results it wants to achieve in its specific target market. “Brand Position” mentions to consumer’s reason to buy the products in preference to others.

Companies can choose many ways to set prices, skimming price strategy where a company sets a higher price than normal and a penetrating price where low initial price is set. “Pricing

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

Firms use cost-plus pricing in order to cover their operating costs. Cost-plus means they can increase the price to their customers with whom they have contracts when the operating costs rise. Operating costs can rise for many reasons and cost-plus pricing allows firms the flexibility to manage operating costs. This flexibility is often needed when the price of a service or good is not known or hard to predict in advance (Magloff, 2011).

Pricing is the most important aspect of the marketing mix. Price is the only element of the marketing mix, which produces a turnover for the organization. Pricing plays a crucial role in the product consumption. Pricing products too high or low results in loss of sales for the company. The pricing of each organization based on its corporative objective.

First of all, penetration pricing is the major determinant of the price and that is employed when the product managers have to give most of the value to the customers and keeps a small margin. Chatime decided use penetration pricing where set a lower price of milk tea than the eventual market price to attract

The American Marketing Association defines marketing as “the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large” (https://www.ama.org/AboutAMA/Pages/Definition-of-Marketing.aspx). The marketing mix consists of product, price, place, promotion, which means that a company needs to sell the right product at the right price and in the right place, using the best promotion. Because of

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The marketing mix is a combination of 4 P’s (product, price, place and promotion) that should be used in conjunction with each other to ensure a competitive edge over other companies. ‘The marketing mix is designed to produce mutually satisfying exchanges with a target market’.

This integration of marketing tools in association with the organisation’s strategic objective transmitted through a carefully chosen media, results in an effective integrated marketing communication strategy. This amalgamation of strategy, tool, message and media is called the marketing communication mix.

Pricing is an important factor that determines retailers' profitability. Among many success stories, the airline industry is regarded as one prominent example in which pricing optimization techniques have successfully resulted in increased revenues \citep{Phillips:05}. Other examples include electricity pricing, hotels and rental cars, etc. According to \cite{Sullivan:05}, companies that employ price optimization technique were able to raise their gross margin ranging from one percent to three percent, and in some cases up to ten percent. \cite{Elmaghraby:03} point out the availability of customer data along with decision support tools for analyzing such data as well as new technologies that make price changes easy as the driver for the development of dynamic pricing strategies. %Such strategies change prices as a function of both inventory level and time remaining, allowing the sellers to maximize potential profit with sophisticated price model and to eliminate excess inventory quickly in response to higher inventory levels.

Marketing communications are intended to both inform and persuade a target audience, with a view to influence the behaviour of that group. The behaviour of interest to organizations can range from encouraging owners to adopt improved practices or to produce a particular product or service. As has been said on other occasions, each element of the marketing mix must be designed so as to further the overall marketing strategy, and this includes marketing communications.

Marketing mix is one of the basic and the very important part of marketing plan. It includes all the elements that are important for an organization from manufacturing to sale of the product. It can be considered as the set of marketing tools that blends together to generate a marketing response in the market. Every organization uses this tool to make its marketing plan. Primarily it consists of 4P’s, but now it is extended to 7P’s of marketing. (Jain, 2013)