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Marketing - Assignment Example

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Thus, pricing plays a central role in marketing. Grocery retailers are becoming the dominant player in the food chain in the United States (US) and in a number of other nations. Most likely the question is not whether retailers have the ability to influence to increase price, but rather the extent and the implication of that influence. Retailers adjust their pricing in response to the demand of the market along with cost factors. With these considerations, the paper intends determine the influence of pricing by different grocery retailers on consumers. WIDE VARIATION IN PRICING OF AN IDENTICAL ITEM The large chain store, the local chain store and the convenient store are different in size, concept and place. The large chain stores have their branches all over the world and usually are situated near chief market or posh areas, e.g. Wal-Mart (Wal-Mart Stores, Inc. “Wal-Mart”).Wal-Mart always follows aggressive policies to fit in the low cost. Other large chain stores such as Albertsons, Kroger and Kmart Super Centre among others always follow low price strategy to attract huge mass of consumers. On the other hand, local chain stores have their branches situated over the local regions and can be found in both urban as well as rural areas. They allocate less space for packaged products and more space for fresh produce meat, sea food and chef produced items. They normally charge little higher or same prices in comparison with large chain stores. Finally, the convenience store is a type of store

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that stocks a range of every day’s merchandise and may be positioned alongside a busy road, in an urban area, or near a railroad or railway station or in other transport hub. This kind of stores remains open for 24 hours as the name suggest. Convenience stores generally charge high price for a product. If meat is taken as a product then the convenience store will charge highest price than the other two. Contrarily, the large chain store will charge the lowest probable price. The price charged by the local chain store will lie somewhere in between the large chain store and the convenience store (Wal-Mart Stores, Inc. “Wal-Mart”). THE FACTORS THAT LEAD TO THE VARIATIONS IN PRICES The factors on which pricing mainly rest on include market condition, transportation, demand and supply of merchandise, market place and competition. A company’s pricing factors are affected by both internal and external factors. Odd-Even Pricing. The price set to change consumers insight is known as odd- even pricing. Like, keeping the price to US$19.9 instead of US$20 makes it appear in front of the customers that the price lays in ‘nineteen range’ rather than in ‘twenty range’ (Pearson Prentice Hall, Inc. “Factors To Consider When Setting Prices”

Summary

Marketing Assignment OVERVIEW Pricing is recognized to be a procedure of ascertaining what an organization will be getting by charging a consumer in lieu of an offered product. The price that prevails in the market for a specific time for a specific good or service is termed as market price…
Marketing Assignment
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