Price is an important element of the marketing mix. Describe the importance of pricing in the marketing mix. Describe three different pricing strategies and provide a real-life example of each in action. Suggest another strategy that would have worked better. What are the steps that need to be followed for developing the pricing of a new product? Can these steps be interchanged? Why?© BrainMass Inc. brainmass.com October 25, 2018, 5:16 am ad1c9bdddf
Describe the importance of pricing in the marketing mix.
Pricing essentially drives consumer interest for a product. If an item is priced too high, many potential customers may not be able to afford it. If an item is priced too low substantial profits may be in danger.
Pricing typically sets the expectation for the quality of the product. For instance, if two items are priced side by side, one from a lesser known company and the other from a prestigeous company and are both priced comparably, the consumer is more apt to purchase the well branded item.
If the cost for the high end item is substantially higher than the lesser known brand, without consideration being given to its true quality, consumers may opt for the more affordable option.
Describe three different pricing strategies and provide a real-life example of each in action. Suggest another strategy ...
Describe the term 'marketing mix' and importance
Please describe in your own words, what your understanding is of the term, "marketing mix'? How important is this term to marketers today? Would the term be applicable in all forms of marketing?View Full Posting Details