This report has been written in an attempt to explain how to successfully get customers to pay more for the product. The paper will also explain the strategy that can be implemented in order to raise the price of the product successfully…
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This research will begin with the statement that people make choices of different products and these choices are often resolved by the free play of market forces, and in this case it can be said that the resources are allocated through the price mechanism. This means that the individuals as consumers freely choose which goods and services they can purchase and the producers on the other hand freely decide which goods and services they will provide. In short, the price mechanism plays a significant role in influencing the consumers to purchase a product. As such, this paper seeks to explain the mechanisms that can be implemented in order to get the customers pay more for a product. Reference will be made to a cooling device for removing heat from subcutaneous lipid-rich cells US 8337539 B2. Statistics have indicated that excessive fat deposits in the body are detrimental to health since they increase the chances of developing diseases such as heart disease, high blood pressure, osteoarthrosis, bronchitis, hypertension, diabetes, deep-vein thrombosis, pulmonary emboli, varicose veins, gallstones, hernias, and several other conditions. Other methods such as liposuction have proved to be less effective in dealing with the problem which has resulted in the development of a new product. This cooling device has two cooling elements rotatable relative to each other and has proved to be very effective and can provide a lasting solution to the above mentioned problem.
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Starbuck utilizes numerous pricing strategies for its products. The company uses a premium pricing strategy for its recognized brands due to the psychological association with quality. The company adjusts its prices upwards depending on the changing economic conditions in the market (Pride 2011).
Proctor & Gamble
Proctor & Gamble is a renowned American consumer goods company. The company is headquartered in Cincinnati, Ohio, USA. The organization was established by William Procter and James Gamble in the year 1837. The company serves over eighty countries across the world.
Along with dedication, it requires preparation, money and time to execute. An effective marketing plan enables the company to use its assets in productive way. This paper deals with the marketing mix of Pizza Hut. It was 1958, when two brothers Dan and Frank Camey established the Pizza Hut in Kansas.
It also talked about the different types of strategies that a company can take to try to plan for these future events, and help price their product to the point where they can make the most money and profitability out of their product. Of these strategies the article mentions proactivity and competitiveness, both two important factors that we use in discussions about marketing.
Through the use of advertisement and the ever so powerful word of mouth, the consistent theme of PS3 has created a strong brand image. Sony PS3 solid brand image has been reinforced and poses as a powerful purchase
The basic concept is to make to most appropriate product that has to be available at the right place at right prices with most suitable promotion. These elements are called variables because they differ from
All the controllable factors available in an organization are essential for designing marketing mix of a particular brand. There are four tools which are generally utilized by a marketing manager in order to structure a marketing plan such as product, place, promotion and
The product strategy works as an important tool in strategic planning and marketing by identifying the direction of the firm’s activities. The key principles of a product strategy include keeping track of competitors, focusing on the data, identifying actual customer
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