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…
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 the customer's needs while at the same time making profit for the organisation. It should be remembered that price is proportional to innovation. This is because creativity adds value and thus allows the company to raise its price. Besides this fact, a marketer should also incorporate a company's objectives - what does the company want to gain from sale of a product or service. Allowances and discounts need to be integrated too be cause they cause a substantial decrease in sale of the product. If a product is new to the market, it must have a lower price to lure consumers. This is what is called tactful introductory pricing. In addition, a marketer needs to consider geographical factors when setting his price. The product may have to travel long distances from its place of manufacture. Lastly, prices should be flexible at all times. It must reflect both internal and external market forces and these are very dynamic factors.
Place -distribution channels
Distribution channels include all the people between the consumer and the supplier that are involved in the exchange of services or products. The activities integrated in distribution range from storage, ordering, shipping, promotion, displaying, feedback and selling. In this channelling process there are usually two broad categories i.e. firms specialised in channels and resellers. Resellers are those groups that take over ownership of products from the marketer and sell these to others. Resellers may come in form of a network or may simply be on their own. Examples of resellers include retailers, wholesalers and industrial distributors. Speciality firms provide help with the sale of an item but do not necessarily buy the item. Some of them may be brokers or agents who bring sellers and buyers in concert after a certain charge. Other speciality firms are distribution service firms who help in storage, transportation or other activities that involve ...
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(Principles of Marketing Bachelor Essay Example | Topics and Well Written Essays - 2000 Words)
“Principles of Marketing Bachelor Essay Example | Topics and Well Written Essays - 2000 Words”, n.d. https://studentshare.net/miscellaneous/303681-principles-of-marketing-bachelor-essay.
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Favorable purchasing reaction helps to achieve company goals.
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Sainsbury's recent strategy will be revamping its entire store portfolio, moving into the convenience sector, launching a major non-food range. While among others it has been widely criticized in some quarters for lacking real focus and in order to overcome that a quick fix is designed to kick start an ailing business and set it on the path of growth.
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Preparing a marketing plan helps in the allocation of resources properly, making good decisions and handling of unseen or unexpected complications that may become hurdle in the future development of the business. One of the important aspects of marketing plan is that it provides organized information about the company and importantly a good business plan helps in attaining a loan application.
This calls for zero downtime as the items have to be ready for shipment on a daily basis. However there is a constraint of floor space for storing incoming parts and materials. The P facility's entire production facility is bought back by the same customer hence the scheduling timing of both the facilities i.e.
residential and commercial plumbing, heating and air conditioning systems. The targeted budget for the marketing plan is $70,000, which will be shared amongst the list of specific actions that forms the marketing program. The plan is intended at ensuring a sales growth by 40% annually.
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