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Elements of pricing in marketing - Assignment Example

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Elements of pricing in marketing

This research will begin with the statement that people make choices of different products and these choices are often resolved by the free play of market forces, and in this case it can be said that the resources are allocated through the price mechanism. This means that the individuals as consumers freely choose which goods and services they can purchase and the producers on the other hand freely decide which goods and services they will provide. In short, the price mechanism plays a significant role in influencing the consumers to purchase a product. As such, this paper seeks to explain the mechanisms that can be implemented in order to get the customers pay more for a product. Reference will be made to a cooling device for removing heat from subcutaneous lipid-rich cells US 8337539 B2. Statistics have indicated that excessive fat deposits in the body are detrimental to health since they increase the chances of developing diseases such as heart disease, high blood pressure, osteoarthrosis, bronchitis, hypertension, diabetes, deep-vein thrombosis, pulmonary emboli, varicose veins, gallstones, hernias, and several other conditions. Other methods such as liposuction have proved to be less effective in dealing with the problem which has resulted in the development of a new product. This cooling device has two cooling elements rotatable relative to each other and has proved to be very effective and can provide a lasting solution to the above mentioned problem. ...Show more

Summary

This report has been written in an attempt to explain how to successfully get customers to pay more for the product. The paper will also explain the strategy that can be implemented in order to raise the price of the product successfully.

Author : kristy08
Elements of pricing in marketing essay example
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