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rabial
Student
What is pricing in marketing?
Answers:
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ms-mcgregor Teacher
High School - 12th GradePosted by ms-mcgregor on Friday September 19, 2008 at 9:30 PMPricing is the method a company uses to set the price its product. There are various factors that may come into play. The price of the same or similar product of your competition, the type of market you want to buy your product ( low income to high income), location of the market, seasonal adjustments and other outside factors can all affect price. Outside factors may include economic stability or instablity, as we see in the economy today, weather related incidents, and even basic supply and demand. Usually, the idea is to set the price high enough to make a profit but low enough to attract consumer demand. However, some prices may be set artificially low to make the product a "loss leader" that helps get more people into a store.
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pmiranda2857 Teacher
High School - 10th GradePosted by pmiranda2857 on Saturday September 20, 2008 at 7:11 AMOne of the four major elements of the marketing mix is price. It is one of the four P's. Price, Product, Promotion and Place, or where the product is distributed.
The price is a very significant factor in determining the other elements of the marketing mix. Price determines the consumer group that will be targeted, as well as the advertising and promotion and distribution.
Pricing structure must take into account not only the cost to produce the product which includes materials, time, labor, overhead. But, must also consider the competition's price, and potential legal matters that may arise with the product.
New products are often priced at what is known as penetration pricing, which is an attempt by a company to capture a share of the market. This is often a lower price to draw customers away from the competition.
There are other pricing strategies used in marketing, it all depends on the product, the target market, the competition, the product's life cycle and the firm's expectation of expansion and distribution of the product.
For greater detail on pricing, click on the link below.
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bgl5704 Student
Graduate SchoolPosted by bgl5704 on Monday September 22, 2008 at 10:47 PMThere are different ways of looking at pricing within the field of marketing. The price changes with the life cycle of the product and the marketing of the product changes also. However, you need a way of creating this price policy for your product. And there are different ways of doing that. They are Loss leader pricing, penetration pricing, price skimming, and differential pricing.
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