Marketing strategies
In this journal I shall discuss the pricing and it’s important to marketing. In terms of marketing mix many individuals especially those in business would think that pricing is the least element. I would convince them that in every business price is the main component since it is set to maximize profitability in generating the market overall. Organizations should ensure that they put inconsideration pricing as the first option since it is the vital as well as highly demanded component within the theory of marketing mix. It is through the price a business set on it products that consumers are able to have an image of the firm. I would consider pricing as the major element in the marketing mix since it is the only process a business is able to set its price at which it products and services sells.
A business sets it price by taking account the price at which it could acquire the goods as well as the processing cost. As a business man it would be essential for understanding g that pricing is not an easy task since it makes the decision on the consumer stay, thereby I must make a fair decision on whether to apply manual or automatic prices. Pricing is the most important element in the marketing mix since in consideration of all other essentials, it is the only that creates a throughput for the business. However, pricing is used in supporting all the other elements, although at times it appears difficult since it reflects on the demand and supply curve. Strategic pricing is the key elements for a successful business. When customers get poor pricing from the business they will probably never come back (WUEBKER 112, 2008).
Valuing is the endowment of services to the clients after acquisitions or before. The major concern on the customer service is for the business to assigns to customer services relative to the components such as pricing and innovation. It is the client service that defines how a client behavior is analogized to occupational procuring elevation, but the eventual focus for the association on consumer goods and services. Inspiration is one thing which drives customers on decision making and behavior. It is the countenance which presses an individual enough thus, leading them to the want to satisfy them, thus impacting the market positively (WUEBKER 110, 2008).
Businesses are faced with several challenges which are mainly brought about by pressure from the rule of making decisions on pricing. However, on the private sector there is no interference with the federal state thus; no countless variation on how it operates and it makes it easy for the strategic management in generating more proactive as well as reactive in shaping the organization’s future. Strategic pricing is done considering the products value as well as the target customers thereby; this approach recognizes that individuals always make decisions on purchasing based on psychology (KOLASSA 35, 2009).
Strategic pricing comes in various ways thereby, as a business partner I would consider a comprehensive pricing since it is comprised of several layers generating a foundation for price setting which reduces and increases profit over time. Understanding various pricing strategies values the business opts to consider customer segments. Price skimming views the companies charge where price is increased due to a competitive advantage thus; the improvement tends to be sustainable. It is the price that attracts new competitors into the business whereby, price changes depending with the supply (KOLASSA 35, 2009).
References
KOLASSA, E. M. (2009). The strategic pricing of pharmaceuticals.
WUEBKER, G. (2008). Price management in financial services: smart strategies for growth. Aldershot, England, Gower.
