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The Marketing Mix: Price - Essay Example

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Running Head: PRICING DECISION Pricing Decision Customer Inserts His/her Name University Name The concept of marketing mix is the foundation of the marketing concepts of all the organizations. The basic business functions revolve around the strategies and objectives formulated by the businesses…
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The Marketing Mix: Price
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Download file to see previous pages Thus, it is very important for any business to carefully price its products in order to generate revenues. This paper shall discuss the pricing strategies of the two products and the differences between both the strategies. These two products include freshen food and the media distributor. Pricing Decision There are various types of prices that can be set for a product. They include the types such cost plus pricing, value based pricing, positioning pricing, psychological pricing, etc. Different prices are set to indicate the worth of different products and to distinguish them from one another. The sensible pricing by the seller helps him make profits and compete successfully with the other rivals existing in the industry. Fresh Food The fresh food refers to the sort of food which is freshly picked form the farms everyday and is provided to the customers in the grocery markets or other shops. The examples of fresh foods would include the items such as vegetables, fruit, and other food which is eaten everyday in lunches and meal. This category of eatables is easily perishable and has to be consumed fresh everyday. The sellers adopt a special type of pricing known as dynamic pricing to adjust the worth and value of freshen food. Due to the impact of the quality and time on the value of the fresh food provided to customers, such products are priced on the basis which is also referred to as the special type of price discrimination (Christ, 2011). This is due to the fact that the producers of these items offer varying rates of the same product to different customers depending upon the time of the day, or the period. Such pricing is essential as the sellers might have to bargain with the customers, or increase and decrease the prices willingly depending on the situation. Thus, no single price can be fixed or intervened form the government or any individual in this context. Sometimes, the sellers of such items also apply the concept of area-based pricing on their product. In this situation, the prices may vary from one place to another or form one region to another region. Thus, the pricing for fresh foods can vary from seller to seller as well. This strategy boosts the revenues of the seller along with taking into account the quality of the product being offered to the consumers and the circumstances as well. Media Distributor The media distribution is an entirely different sort of product where a very complex marketing strategy is involved along with a huge market filled with the competitors giving a tough competition to the opponents. Companies like Netflix and World Call are also the vital part of such market. These leading companies adopt a very well though-out and sophisticated marketing strategy to sell their products exclusively (Tanner & Raymond, 2010). These companies normally start with the penetration pricing or the ones that already ruling the market for the same product. Then, they might move to the value added pricing strategy just like all other media companies. Some companies like Netflix might fix their prices on monthly basis for all their customers depending upon the different packages that they avail. While, other companies might charge the prices based on hourly system and also move to the price for each additional value that they give to their customers (Freeman, 2008). The products mentioned above differ in nature and thus would ...Download file to see next pagesRead More
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