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Product, Pricing, Channel, Promotional Strategies - Essay Example

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The essay "Product Strategy " describes that from consumers’ perspective, pricing strategy is dependent upon price elasticity, income elasticity and cross price elasticity. When demand is elastic, price becomes sensitive and fluctuates and inelastic demand can cause stable pricing. However, price elasticity cannot remain same over time and place…
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Product, Pricing, Channel, Promotional Strategies

Download file to see previous pages... Considering the expenditure effect, consumers tend to choose alternative options if they feel the price is high and unaffordable.  Soft drinks are usually priced on similar lines, unlike healthcare products. Consumers unwilling to spend more money on healthcare products, which are occasional requirements and are often unplanned in their expenditure, tend to consider price before choosing the product. Considering the shared-cost effect, consumers look for external financial help to buy specific product, especially health care product, through insurance and other means.  When they can aid their health care expenses through insurance, they do not feel the pressure of high pricing. The Price-Quality effect plays a major role in choosing specific pharmaceutical products as it is associated with their psychology.  If consumers had earlier had good experience with certain medicines, then fluctuating or increased price will not be a deciding factor in purchasing the same product once again. Unique value effect that consumers experience with some treatments or medicines make the consumers less sensitive to products price because the differentiating value of the products become more important.  Most consumers prefer their health and well being to price or expenditure, when in grave need for betterment of health. Channels of different lengths and intensities may be used to reach maximum consumers and obtain large market share.  For instance, intensive channels are formed by including all possible intermediaries like agents, wholesalers, retailers, distributors etc. Whereas, exclusive channels are formed by including only one intermediary.  Intensive channels are best suitable for marketing convenience products such as soft drinks, groceries etc.  Few selective channels are used, such as only wholesalers or distributors, when reaching out to multiple retail outlets for products that consumers pay more attention before buying. Consumers tend to search for information before buying these products.  Sales of such products are lesser than convenience products, hence including lesser intermediaries would be the best option for such products. Exclusive channels are used to market products that are highly priced; such channels are restricted to exclusive retailer in the market. Specialty products that are expensive and infrequently purchased are limited to exclusive retailers or show-rooms, and are provided sufficient after sales support.  For example, specific automobiles are available only through exclusive retailers. Unsought products are usually marketed by the company or through single channels such as contracted marketers.  These products are relatively new and are unknown to the consumers.  Hence, the company takes the responsibility of bringing the product into the market before trusting it to third-party channels. ...Download file to see next pagesRead More
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