Nobody downloaded yet

Discuss the statement: Price is the most important factor in the marketing mix - Essay Example

Comments (0) Cite this document
Summary
It not only ascertains the criteria which should be set up for particular product or service but also determines how the criteria should be set upon. It comprises of four Ps…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER94.3% of users find it useful
Discuss the statement: Price is the most important factor in the marketing mix
Read TextPreview

Extract of sample
"Discuss the statement: Price is the most important factor in the marketing mix"

Download file to see previous pages However, Price can be counted in a different category than these approaches. This is because of the nature of the factor price and its effects on the other three Ps of marketing mix. This essay would further describe the marketing mix in terms of all four Ps. And it would conclude as to if the factor of price is very important in the marketing mix. Furthermore it would help the readers to differentiate between the four Ps and tell them about the dependency of the factors on each other (NETMBA, 2007).
Marketing Mix is a useful tool used by almost all the organizations in the world to determine and establish their advertising strategy. This advertising strategy further helps the organization to boost up their products and sales. The four Ps of this marketing mix are important ingredients which form it. And it can be said that all the Ps in the marketing mix are dependent on each other.
The first P in the marketing mix stands for Product. “The product area is concerned with developing the right product for the target market…(and) may involve a physical good, or service, or blend of both” (Perreault & McCarthy, 2004, p. 38). Product here stands for the goods and services which the organizations offer to their customers. This P tells the organization as to which class of customers would require the product or service and if or not the product would satisfy the needs of the customers. The class of products is also developed in this stage of the marketing mix as to how the product should be established and the exact requirements of the products. This stage in the marketing mix tells the organization how the product should be developed and why it should be developed. The target audience is also selected in this stage.
‘Price’, which is the second stage in the marketing mix, generates revenue for the businesses. “Price setting must consider the kind of competition in the target market and the cost of the whole marketing mix…and must ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Discuss the statement: Price is the most important factor in the Essay”, n.d.)
Retrieved from https://studentshare.org/miscellaneous/1548209-discuss-the-statement-price-is-the-most-important-factor-in-the-marketing-mix
(Discuss the Statement: Price Is the Most Important Factor in the Essay)
https://studentshare.org/miscellaneous/1548209-discuss-the-statement-price-is-the-most-important-factor-in-the-marketing-mix.
“Discuss the Statement: Price Is the Most Important Factor in the Essay”, n.d. https://studentshare.org/miscellaneous/1548209-discuss-the-statement-price-is-the-most-important-factor-in-the-marketing-mix.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
The Marketing Mix: Price
...? Running Head: PRICING DECISION Pricing Decision Inserts His/her The concept of marketing mix is the foundation of themarketing concepts of all the organizations. The basic business functions revolve around the strategies and objectives formulated by the businesses. One such strategy includes deciding upon the prices of the products being offered by the organization. The pricing strategies play a vital role in the success of the businesses for two major reasons: first, they cover up the costs incurred on the production and other activities performed on the product, and second, they indicate the value and worth of the products. Thus, it...
3 Pages(750 words)Essay
Marketing mix
...?The concept of marketing mix (MM) introduced by Neil Borden in 1953 referred to the mixture of elements useful in pursuing a certain market response(Waterschoot and Bulte 1992). The elements or the 4Ps were subsequently added by McCarthy and since then MM is considered an important tool for marketing managers. As firms started venturing overseas, Kotler added two more Ps because of the political nature of the new marketing environment. Magrath found the 4Ps insufficient for the service industry and added three more elements – personnel, physical facilities and process management (Low and Tan 1995). All these suggest that the concept of...
6 Pages(1500 words)Essay
Most important role of marketing
...of service. Price is considered to be the sum of all the values that customers usually exchange for the benefits of using the company's product or service. Price is also one of the major reasons that affect the customer's buying decision. Price is also one of the only elements in the marketing mix that creates revenue and profit whereas all the other elements like product, place and promotion mostly represents the cost of creating a product or a service of the company and it is the most flexible tool in the marketing mix i.e. it can be changed according to the wish if the company. ...
12 Pages(3000 words)Essay
Marketing Mix
...the organization’s umbrella. The elements of the marketing mix might not be applicable to every organization or product since there are discrepancies in the understanding of each and every product. However on the condition that all of these 4P’s create value for the end user is something to understand from. The 4P’s basically outline the exact basis for the know-how related with the product as the product itself is discussed which includes the brand mark or the house mark as well as the symbol. (Lazer, 1971) The aspect of price includes whether or not this product is sold in line with the industry’s other competitors or it is skimmed to a high price...
6 Pages(1500 words)Essay
Marketing Mix
...Insert of Marketing mix Successful businesses often employ certain marketing strategies which aim at improving their products to their prospective consumers. The amount of goods sold by a given business organization is strongly determined by the types of marketing strategies she has put in place to attract the customers. This paper will examine various marketing procedures for different Products. According to Peterson, the best way to market a brushless car washer in Terre Haute is by using the media houses for instance the television networks. Since television is a common property in most regions, the wash can be...
1 Pages(250 words)Essay
Music as the Most Important Factor in Life
...Music as the Most Important Factor in Life I have always been inspired by art and artistic expression. Even as a child I was fascinated by it and wanted to be involved in it. Growing up, I read up on what art was and I found out that not only is art a discipline but also the manifestation of lifestyle. I discovered that I could express myself best in the performing arts. I took up music and have been so entranced with art that I consider myself to be an art advocate. I think that it is a wonderful idea to help people appreciate music more in their lives. This is something that I intend to do both as a musician and an art advocate. I feel that the beauty and richness that music brought into my life is definitely worth sharing... it brings...
3 Pages(750 words)Essay
Marketing mix: product, price and place
...Speech Draft Slide Marketing mix can be considered as an important strategic marketing tool that helps an organization to develop effective product, price, distribution and promotion strategy. Netflix can be considered as one of the leading multinational online internet streaming Medias that offers different online video streaming services. The organizations need to focus on effective marketing mix strategy in order to develop effective competitive edge. However, this presentation will discuss Netflix’s adopted and implemented marketing mix strategy. Slide 2 Netflix has...
6 Pages(1500 words)Assignment
THE MARKETING MIX: PRICE
...Monte foods is one of most well-known and largest retailers of premium branded pet and food products in US market. They are producers, marketers and distributors and importers of various well known brands such as Snausages® and Pounce®, S&W®, Meaty Bone®, Pup-Peroni® etc. The Del Monte is also a well known company which offers canned food products including fruits and vegetables to the customers all over the USA. The purchase of the products and services of the company are one time business transaction in short-term period. But, the pricing strategy of the company rests upon various factors for long-term period, such as comparison of...
4 Pages(1000 words)Research Paper
THE MARKETING MIX: PRICE
...advertising and which are in conformity to Federal Trade Commission regulations (Hughlett, 2012). Differences of Coca Cola and Cheerios However, there are distinct differences between the two companies. For instance, Coca Cola is a multinational company that uses large scale advertising strategies all over the world compared to Cheerios. Coca Cola uses rational advertisement while Cheerios uses specific advertisement that involves the health benefits of its products (Us.coca-cola.com, 2015).  The two companies have also been using the marking mix as a strategy for assessing how the overall costs of producing its goods can be met at the expected profits or sales. There are four elements of marketing...
3 Pages(750 words)Assignment
Marketing Mix
..., Massachusetts containing over 450,000 artistic works thus ranking it among the largest art museums in the USA (White 34). Some of the renowned collections from the museum include the America Art, French Impressionist paintings, and Egyptian Art. There are also Japanese and Chinese Arts. Also, people become membership through donations and teaching, or educative programs are available to help the visitors to know more about the art galleries. Some of the arts to enjoy include the Paul Revere portrait, George Washington’s portrait by Gilbert Stuart and Watson and the Shark by Copley (White 45). Summary of the 4Ps marketing Mix of the art museums In terms of place, National Gallery of Art the museum is...
4 Pages(1000 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Let us find you another Essay on topic Discuss the statement: Price is the most important factor in the marketing mix for FREE!
Contact Us