Got a tricky question? Receive an answer from students like you! Try us!

Principles of Marketing Bachelor - Essay Example

Only on StudentShare
Undergraduate
Essay
Miscellaneous
Pages 8 (2008 words)

Summary

Marketing can be defined as the recognition and expectation of customer needs inorder to meet these needs and achieve one's objectives. In business, there are two main functions, one of them is marketing and the other is innovation. Innovation involves coming up with a new way of delivering services or products while marketing involves getting customers…

Extract of sample
Principles of Marketing Bachelor

(Porter, 1985)
This can be defined as what must be sacrificed or given up by one party in an exchange inorder to obtain another item from the other party. Price means a variety of things to a number of people. The first view is the consumers view. He does not just consider price in monetary terms i.e. what he must pay to get a good or service, but he also considers the time he has to spend to fully utilise the product. This implies that all the trouble he has to undergo before he can derive utility from the product is considered as a price. While the seller considers price in a positive sense in that it is a reflection of the amount of revenue he is getting. It is also seen as a prerequisite to profit. It is also an important marketing aid for organisations. This is because marketers can use their prices as a tool to advertise or promote their wares.
There are a number of factors that need to be considered by the marketer when making pricing decisions. This is because it is not just the final consumer who will make contact with his product. Taking an example of a book sold online - the publisher must consider wholesalers, retailers and even resellers because these groups of people will substantially affect his final income. (Hunger, 2003)
The main idea behind any price decision is to strike a balance between satisfying th ...
Download paper
Not exactly what you need?

Related Essays

Marketing Communication Bachelor Essay
Quite obviously, the rest of the industry has not been standing still while Sainsbury struggled with its image. The Morrisons/Safeway deal has left Sainsbury with a strong new opponent snapping at its heels, while Asda's tie-up with US giant Wal-Mart, and particularly the adoption of its low price policy helped propel it ahead of the one-time market leader.…
2 pages (502 words)
Operations Management Principles Bachelor Essay
Printer and its Toner has to be optimized. In manufacturing, APS gives a methodology of concurrent synchronization of material and capacity with customer orders. (Advanced Planning and Scheduling- APS)…
2 pages (502 words)