Pricing products
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- Marketing Intelligence System
- Methods of Collecting Market Information Interviews
- Observation FGD Factors Affecting Pricing Decision
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Chapter 6 PRICING PRODUCTS Price is the amount of money charged for a good or service. Itis the sum of all values that consumers exchange for the benefits of having or using the product or service. It is the only element in marketing mix that produces revenues, the other elements produce costs. Pricing is the only marketing mix element that produces revenue. All other marketing mixes represent cost. Pricing is the least understood of the marketing variables. The most common mistakes in pricing include pricing that is too-cost –oriented, prices that are not revised to show market changes, pricing that does not take the rest of the marketing mix in to account, and prices that are not varied enough for different product items and market segments. Marketing Intelligence System is a set of procedures and sources used by managers to obtain everyday information about developments in the marketing environment. Marketing Research: is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company Methods of Collecting Market Information Interviews – these are for collecting qualitative data particularly on attitudes, behavior and even the language the customer might use. However, interviews are time consuming and expensive. Questionnaires – these are quick & low cost. However, it is easy for the respondent to refuse or forget to respond. Questionnaires are used to collect simple, factual information. Observation FGD Factors Affecting Pricing Decision Internal factors and External company factors affect a company’s pricing decisions. Internal factors: Marketing objectives Costs Product Differentiation Image of Company Download 23.6 Kb. Share with your friends:
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