Marketing Plan: Price Name: Instructor: Task: Date: Marketing Plan: Price Price Pricing is a noticeable aspect in a marketing plan since it determines the situation of the merchandise or brand in the market. Furthermore, it dictates revenue that will be obtainable at the closure of the sale…
Since the product is novel, it should institute a pricing system that is high. Nonetheless, the price should be lesser than its fierce competitors such as Kellogs and weetabix. This is attributable to the supposition that Morning glory cereals ought to penetrate the market and gain recognition with the intent of competing fairly. According to Ferrel &Hartline (2004), by providing lower prices, potential customers will try out the product, and this will enforce fast and easy diffusion of the product in the market (Ferrel &Hartline, 2004). Once the product gains recognition, many people are likely to consume it. In return, the market share of morning glory cereals will increase since there will be more customers demanding the product. An augmented demand for the product will lead to enhanced production that will ensure that the brands run smoothly. Stable and fair prices will ensure that the company has continuity; thus, safeguarding its position in the marketplace (Ferrel &Hartline, 2004).This pricing strategy will attract mass market as many customers are seeking for the product that satisfy their need and can fit their budgets. This will act as an advantage to the company since when products penetrates deeper, the customers move from already existing competitors whose prices are higher Moreover, the morning glory cereal prices will attract more customers into the market especially persons finding the product expensive and unaffordable. Customers with low income will afford the product, and this will further increase the sales. The company should not operate solemnly for the purpose of survival. It should instead gain a higher customer base for the brand. The relative fair prices not only help to attract customers but also help in maintaining and retaining its customers (Cohen, 1995). Customers will prefer a product that they can rely on its existence, quality and cost because it ensures that they can manage better and budget for their income. The overall price that is p Price The pricing is a noticeable aspect of the marketing mix since it determines the position of the product or brand in the market. Furthermore, it dictates the revenue that will be obtainable after sale. The price of the product is decidedly dependant on the value that the product poses (Cohen, 1995). Therefore, Morning glory cereals ought to mirror the quality. Since the product is novel in the market, it would be wise for it adopt the market penetration approach as a start and consider other strategies for long-term purposes to address rivalry. Indeed, stable and fair prices will ensure that the company has continuity at it will maintain its position in the market (Ferrel & Hartline, 2004).This pricing strategy will attract mass market as many customers are seeking for a product that satisfies their need and fit their budgets. This will act as an advantage to the company since when the product penetrates deeper, customers will move from already existing competitors whose prices are higher. The overall price that is evident among the customers ought to be subject to critical processes. It should complement to the company product in the customers eyes when it comes to comparing with competitors products. All costs such as human resource, raw materials and advertisements, should be included in the final price (Ferrel & Hartlin ...
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“Managing Markets. Marketing Plan: Price Essay Example | Topics and Well Written Essays - 750 Words”, n.d. https://studentshare.net/business/62630-managing-markets-group-report.
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