What are the main reasons that companies pay attention to pricing?
• Due to the revenue equation, Revenue = Price × Quantity Sold. There are 2 ways for a firm to grow revenue: increase price or increase the volume of product sold.
• Pricing is the easiest of all marketing variables to change.
• Firms take considerable pains to discover and anticipate the pricing strategies and tactics of other firms.
• Pricing receives a great deal of attention because it is one of the few ways to differentiate a product in commoditized and mature markets.
Learn More :
MGNT
- What is transfer pricing?
- What do we mean by prestige pricing?
- What do we mean by repositioning strategy?
- What is the connection of social responsibility and marketing performance?
- Why is the connection of marketing ethics and leadership so important?
- What are some of the key considerations in developing a code of conduct?
- What is the role of a code of conduct for a company?
- Deceptive practices in marketing are ?
- What is the role of the top management in creating an ethical environment in a company?
- What do we mean by "enlightened self-interest"?
- What is the relationship of marketing ethics and strategy?
- What is Sustainability ?
- Stages of Product Life Cycle:
- What do we mean by repositioning?
- What do we mean by market positioning?
- What is branding strategy?
- What are some of the advantages and disadvantages of loyalty programs?
- What are some of the advantages and disadvantages of samples?
- What are some of the advantages and disadvantages of rebates?
- What are some of the advantages and disadvantages of coupons?
- What do we mean by recruiting and training salespeople?
- What do we mean by determining sales force size?
- What do we mean by developing sales force objectives?
- What do we mean by sales management?