marketing mix: price

• What are the key components of price in marketing?

  Different pricing strategies and how to select the most appropriate approach.
• What should you consider when describing pricing strategies for a product over its life cycle?

  • 3-4 different pricing strategies
  • Suitability for the product life cycle
  • Reasons for the chosen strategies
  • Application of knowledge to specific scenarios
• What is the positive impact of pricing decisions on businesses in the scenarios?

  • Increased sales and revenue
  • Enhanced competitive positioning
  • Improved customer satisfaction
  • Positive effects on stakeholders such as employees, customers, and investors
• What should be weighed against the benefits of pricing strategies?

  • Possible drawbacks of each pricing strategy
  • Overall impact on the business
  • Effects on stakeholders
  • Final judgment on pricing effectiveness
• Pricing Strategy


  A plan or approach by a company to set its prices in the market
• Cost Structure


  A company's production, distribution, and marketing costs that should be considered when setting prices.
• Target Market


  Different target markets may have different price sensitivities and willingness to pay, and pricing strategies should be adjusted accordingly.
• Competition Analysis


  Companies should analyze their competitors' pricing strategies to stay competitive and adjust their prices accordingly.
• Brand Image


  Pricing decisions can impact a company's brand image and customer perceptions, and should be considered when setting prices.
• Product Quality


  Pricing may reflect the quality and features of a product, and high-quality products may command higher prices.
• Seasonality

  Pricing may need to be adjusted to account for seasonal fluctuations in demand, and prices may be higher or lower depending on the season.
• Skimming


  Setting high prices initially to maximize profits, usually for new products or in new markets.
• Competitive


  Setting prices based on competitors' prices to stay competitive in the market.
• Value-based


  Setting prices based on the value a product or service provides to customers.