Pricing

Section 2: Pricing Learning Objectives 1. Discuss the fictitious character of set and why it is of import to understand customer repute perceptions when setting assesss. 2. Discuss the importance of company and harvest-tide be in setting wrongs. 3. Identify and define the other important national and external factors affecting a firms pricing decisions. 4. Describe the major strategies for pricing new products. 5. explain how companies determine a set of prices that maximise the profits from the add up product mix in. 6. Discuss how companies adjust prices which take into account polar customer and market situations. 7. Discuss the key issues related to initiating and responding to price changes. Chapter Overview Price goes by many names in our economy. In the narrowest sense, price is the amount of money charged for a product or service however price is an important factor in the marketing mix. The most important aspect to mete out when setting price is customer honor. When customers buy something, they are exchanging something of value in order to get something of value.

In order for value to be received the benefits of the product or service moldiness out-weigh the stated costs associated with the product or service Many internal and external factors affect price. Internal factors include the firms marketing objectives, marketing mix strategy, and organisational factors. External factors that influence pricing decisions include the nature of market and demand, competition, and other environmental factors wish well the economy, reseller needs, and government actions. In the end, the consumer decides whether the company has set the right price. What is price? In the narrowest sense, price is the amount of money charged for a product or service. More broadly, price is the sum of all in all the costs that consumers exchange for the benefits of having or using the product or service. Price is the only element in the marketing mix that... If you want to get a full essay, order it on our website: Ordercustompaper.com

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