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Pricing and Promotion Techniques

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"Whole Foods" http://www.wholefoodsmarket.com/

-Discuss the pricing and promotion techniques employed by your selected retailer and the importance of these techniques in its overall competitive strategy

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Solution Summary

This solution explains how pricing and promotion works and illustrates the importance of perfecting these techniques by useing Whole Foods Markets as an example.

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Companies want people to buy their products, so they create marketing strategies or ways they can convince people to try out the things they sell. These strategies are lumped into four categories called the 4p's, which are used in basic marketing plans. The 4p's are:

Product: Basically, what market segment is the company targeting? Age, income, geographic location, etc.?

Promotion: How will the company advertise its products? Billboards, TV, the Internet, word of mouth?

Price: How much will they charge for their products in order to make a profit? Remember, they must charge enough to cover the cost of making the products.

Place: Where does the ...

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