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Marketing Management Assignment- Marketing Essay Essay Example

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Marketing Management Assignment- Marketing Essay

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After the company defines its strategic objectives, chooses its target segment of customers and finally creates the appropriate positioning, it proceeds to the second stage. This is the implementation of the chosen strategy. Many scholars define “4Ps”, which constitute the implementation planning of the company. They are Product management, Pricing, Place and Promotion (Jensen, 1998).In this research I’m primarily interested in one of these “Ps” of the marketing mix namely Pricing. The definitions of pricing are as numerous as the definitions of the marketing itself. Pricing is generally defined as the manual or automatic process, in the process of which definite prices are applied to purchase and sales orders. This process is based on such factors as: a fixed amount, quantity break, promotion, particular vendor quote, price prevailing on entry, shipment or invoice date, combination of multiple orders or lines, etc (Kyle, 2007). Correspond to the objective factors like the cost of the manufacturing, exclusivity of distribution, extensiveness of advertising and promotional campaigns, which are intended to promote the productEconomic essence of the price, which shifts most of the customer surplus to the manufacturer, is opposed to its marketing essence, which considers that the best price is the one, which is the closest to the maximum, which the customers are ready to pay for the goods (Kyle, 2007).Before discussing the marketing strategies of the effective pricing it is important to discuss some main definitions within the framework of the effective pricing. The first definition is that of the effective price, which is considered as the price received by the company after the processes of accounting for discounts, promotions, and other incentives. The other type of pricing, which should be mentioned, is price lining briefly defined as the application of the same or near the same prices to all products offered by the company. On the one hand this is beneficial for administering, but on the other hand poses the problems associated with the lack of flexibility (Johnson, 2007).One more term, which lies within the framework of pricing strategy, is “loss leader”. This is the product, for which the seller sets the price below the operating margin. This causes some loss to the company, but the expenses are covered by the attraction of customers to the other products as well (Boone & Kurtz, 1992).Marketing managers are

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preview essay on Marketing Management Assignment- Marketing Essay
  • Pages: 8 (2000 words)
  • Document Type: Essay
  • Subject: Unsorted
  • Level: Undergraduate
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