How can the marketing mix be used to effectively differentiate and position your product or service?
What are some differences between domestic and global marketing plans?
How do environmental factors differ in domestic and global marketing plans?
How do domestic and global influences affect the differentiation and positioning strategies in different business models?© BrainMass Inc. brainmass.com March 4, 2021, 5:57 pm ad1c9bdddf
<br>Here are your answers:
<br>To begin, lets define Marketing Mix. The marketing mix is the set of marketing tools that the firm uses to pursue its marketing objectives in the target market. These tools are classified into four broad groups called the four Ps of marketing: product, price, place and promotion.
<br>Price is the one element of the marketing mizx that produces revenue; the other elements produce costs. Prices are the easiest element to adjust. Product features, channels and even promotion take more time. Price also communicates to the market the company's intended value positioning of its product or brand.
<br>A firm must set a price for the first time when it develops a new product, when it introduces its regular product into a new distribution channel or geographical area, and when it enters bids on new contract work. The firm must decide where to position its product on quality and price.
<br>The firm has to consider many factors in setting its pricing policy.
<br>The firm first decides where it wants to position its market offering.
<br>Consider the following examples of how a company can use pricing to position its product:
<br>Companies unveiling a new technology favor setting high prices to 'skim' the market.
<br>When Sony introduced the world's first HDTV in 1990, the high tech set cost $68000. These televisions were purchased by customers who could aford to ...
This question involves the fundamentals of Marketing