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Marketing Plan Phase II - Essay Example

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Summary
Price decisions are virtual high wire acts. Different companies deal with pricing decisions differently. In a small setup the decision is the boss's prerogative. In large companies pricing is handled by senior managers based on set goals and guidelines. In situations where price is fundamental there is a department that handles price decisions…
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Marketing Plan Phase II
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Marketing Plan Phase II

Download file to see previous pages... Pricing should not be seen in isolation of the other factors that have a bearing and often influence the decision itself. Predominantly price is part of a price-quality equation.
The most important consideration in price decisions is its objectives. And objectives are in turn based on the strategy of product positioning. Commonly companies try to achieve any of five objectives through pricing: survival, maximize profit, maximize market share, skim the market or product-quality leadership. (Kotler, 2001, p. 458)
"The business of businesses is business!" Friedman (as cited in Pohl, Eva, 1970, p.12). So understandably businesses exist to maximize profits. This then brings up for consideration the price-demand-profit relationship.
This in other words is the demand for a product at different prices; which is the product's price sensitivity. "Price sensitivity is a measure of how important lower prices are to the customer" (Day, 1999, p. 114).
In general products are less price sensitive if buyers are less aware of substitutes, when a one-on-one comparison between competing products is not possible and when a product is perceived to have quality and exclusivity.
Bread is such routine fare. As such it is highly price sensitive. But Panera's customers don't see the company's products as just any bread. There is a definite value perception. ...Download file to see next pagesRead More
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