Busi 141 marketing mix price
-
Upload
west-virginia-wesleyan-college -
Category
Marketing
-
view
349 -
download
0
Transcript of Busi 141 marketing mix price
![Page 1: Busi 141 marketing mix price](https://reader036.fdocuments.in/reader036/viewer/2022062820/58a912001a28ab6d2d8b594f/html5/thumbnails/1.jpg)
Marketing Mix: PriceBUSI-141 Principles of Marketing
![Page 2: Busi 141 marketing mix price](https://reader036.fdocuments.in/reader036/viewer/2022062820/58a912001a28ab6d2d8b594f/html5/thumbnails/2.jpg)
2
Price Topics Covered
• Defining Price
• 6 Elements in Price Planning
• Price Objectives
• Examine the Price Environment
• Price Strategies
• Psychological Strategies
![Page 3: Busi 141 marketing mix price](https://reader036.fdocuments.in/reader036/viewer/2022062820/58a912001a28ab6d2d8b594f/html5/thumbnails/3.jpg)
3
What is Price? (281)
• The assignment of value
• Amount the consumer must exchange to receive offering or product
• Most often perception is Price = Money
• Can also be goods, services, favors, votes
• Anything the other party considers valuable
![Page 4: Busi 141 marketing mix price](https://reader036.fdocuments.in/reader036/viewer/2022062820/58a912001a28ab6d2d8b594f/html5/thumbnails/4.jpg)
4
Six Elements of Price Planning (281)
PRICE
Objectives
Demand
Costs
Environment
Strategy
Tactics
![Page 5: Busi 141 marketing mix price](https://reader036.fdocuments.in/reader036/viewer/2022062820/58a912001a28ab6d2d8b594f/html5/thumbnails/5.jpg)
5
Develop Price Objectives
• Profit
• Sales
• Market Share
• Competitive Effect
• Customer Satisfaction
• Image Enhancement
![Page 6: Busi 141 marketing mix price](https://reader036.fdocuments.in/reader036/viewer/2022062820/58a912001a28ab6d2d8b594f/html5/thumbnails/6.jpg)
6
Examine the Price Environment (293 – 296)
The Economy
• Business Cycle• Inflation• Economic
Growth• Consumer
Confidence
Competition
• Price Wars• Industry
Structure
Government Regulations
• Industry Regs• Product Regs
Consumer Trends
• Demographics• Culture
International Environment
• Adapt to Different Practices
• Government Regs
• Distribution
![Page 7: Busi 141 marketing mix price](https://reader036.fdocuments.in/reader036/viewer/2022062820/58a912001a28ab6d2d8b594f/html5/thumbnails/7.jpg)
7
Price Strategies (297 – 300)
The X and Os
• Cost
• Demand
• Competition
• Customer’s Needs
• New Product Pricing
![Page 8: Busi 141 marketing mix price](https://reader036.fdocuments.in/reader036/viewer/2022062820/58a912001a28ab6d2d8b594f/html5/thumbnails/8.jpg)
Psychological Strategies(307 - 308)
• Odd-Even Pricing
• Price Lining
• Prestige Pricing
![Page 9: Busi 141 marketing mix price](https://reader036.fdocuments.in/reader036/viewer/2022062820/58a912001a28ab6d2d8b594f/html5/thumbnails/9.jpg)
9
Have an AWESOME Fall break!!
Quiz next TuesdayChapters 8 – 10