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High price, good value marketing theory in action

What is an example of a marketing mix that has a high price level but you see it as having good value? Explain in detail what makes it a good value.

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The marketing mix (or four P's) is an analysis of the product, the price, the placement, and the promotion of any given product or service. Each of these four P's work together in concert to create the products marketing identity in the market space. As a change to any one of the four P's is made, others must be adjusted (or rather should be adjusted) accordingly. As an example, as we improve the quality of the product through design and manufacturing, we should likely increase the price accordingly. That increase in price, ...

Solution Summary

When viewing the marketing mix, it is important to understand that there is an important interplay between product, price, placement, and promotion. If an adjustment is desired in any one of these, in this case price, then adjustments must be made in the some mixture of the other three (product, placement, and/or promotion) to advocate the pricing change to the market and the buyers.

What is an example of a marketing mix that has a high price level but you see it as having good value? Explain in detail what makes it a good value.

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