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Four Main Principles of Marketing - Term Paper Example

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The author of the paper describes four main principles of marketing sometimes called the 4Ps ( product, price, place – distribution channels, promotion). The author also examines a number of issues like market research, marketing management, and Customers. …
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Four Main Principles of Marketing
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Download file to see previous pages Price means a variety of things to a number of people. The first view is the consumer's view. He does not just consider price in monetary terms i.e. what he must pay to get a good or service, but he also considers the time he has to spend to fully utilize the product. This implies that all the trouble he has to undergo before he can derive utility from the product is considered as a price. While the seller considers price in a positive sense in that it is a reflection of the amount of revenue he is getting. It is also seen as a prerequisite to profit. It is also an important marketing aid for organizations. This is because marketers can use their prices as a tool to advertise or promote their wares.
There are a number of factors that need to be considered by the marketer when making pricing decisions. This is because it is not just the final consumer who will make contact with his product. Taking an example of a book sold online - the publisher must consider wholesalers, retailers, and even resellers because these groups of people will substantially affect his final income. (Hunger, 2003)
The main idea behind any price decision is to strike a balance between satisfying the customer's needs while at the same time making a profit for the organization. It should be remembered that price is proportional to innovation. This is because creativity adds value and thus allows the company to raise its price. Besides this fact, a marketer should also incorporate a company's objectives - what does the company want to gain from the sale of a product or service. Allowances and discounts need to be integrated to because they cause a substantial decrease in the sale of the product. If a product is new to the market, it must have a lower price to lure consumers. This is what is called tactful introductory pricing. In addition, a marketer needs to consider geographical factors when setting his price. The product may have to travel long distances from its place of manufacture.  ...Download file to see next pagesRead More
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