In instruction box

In instruction box Research Paper example
High school
Research Paper
Marketing
Pages 4 (1004 words)
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Theories behind Pricing Strategy As Applied By Apple Company Student’s Name Institutional Affiliation Theories behind Pricing Strategy As Applied By Apple Company Price is regarded as one of the most important elements of the marketing mix. In fact, price is the only element of the marketing mix that generates revenues, while all the other elements namely product, promotion, and place represent cost…

Introduction

As such, regardless of whether or not a company’s product is the best in the market in terms of quality, the company must set a price that convinces the ordinary consumer of the quality of the product. This implies that the price of the product must match the quality of the product sold. In setting a price for a product, a company must take into consideration the nature of the market in which it operates. This includes analyzing the prices charged by competitors in the market. This is because regardless of the quality of the product that a company intends to introduce in the market, consumers will always compare the prices of all the companies in the industry and match them with the quality in arriving at a decision on which company to buy from. In this regard, marketing experts argue that for a company to attract customers, it must ensure that the prices charged are not too high or too low compared to those of its competitors (Griffin, 2013). Secondly, an effective marketing strategy that a company adopts must take into consideration the cost. As such, in setting a price, a company must first calculate all the cost incurred in the development of the product and subtract it from the revenue sources. ...
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Topic and resource is in the order instruction box
At other times, the process starts with the producer introducing a product or a service to the consumer for which the need for the consumer to have the product or service is conveyed by the producer or a marketer. In either case, it is important the product or service being brought unto the market will meet the needs and expectations of the consumer or buyer (Porter, 1996). Where there are several…