pricing markets

• What is a critical part of the marketing mix?

  Price
• Why is determining the right price for a product critical?

  It is critical to its success in the marketplace
• How do correct pricing strategies benefit a company?

  They help maximize profits and build strong relationships with consumers
• How does pricing affect a new product?

  It directly affects both performance and profitability
• What is price structure considered in marketing?

  A powerful and responsive marketing tool
• How can pricing attract or deter customers?

  By being set at levels that appeal to or repel potential buyers
• Why is pricing considered dynamic in the food sector?

  Because it is constantly changing
• What should companies do regarding pricing based on market conditions?

  Review pricing based on marketplace happenings and product life cycle stage
• What are the key considerations for companies when setting prices?

  • Attract customers
  • Deliver the best profit margin
  • Understand target market characteristics
• What factors influence the product price according to the target market?

  Age, gender, socioeconomic level, family size, and education
• How do marketing groups identify different target markets?

  By using shorthand ways based on income, age, and household members
• What is the purpose of using acronyms in identifying target markets?

  To determine what price a particular target market may be prepared to pay