Assignment on Marketing Management : Assignment Solution

Added on - Dec 2020

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1. Take a position:Price should reflect the value that consumers arewilling to pay versus Price should primarily just reflect the costinvolved in making a product or service.2.Think of the various pricing methods. As a consumer, whichmethod do you personally prefer to deal with? Why? Evaluate theremaining methods and explain why those are not preferred.ASSIGNMENT ONUniversity of ChittagongChittagong University Center for Business AdministrationFaculty of Business Administration, University of Chittagong.Submitted ToName:Dr. Fuad HasanDesignation:Associate Professor,Department ofMarketing, University ofChittagongCourseCode:623Course TitleMarketing ManagementSubmissionDate09.10.2020Submitted BYStudentName:Muhammad Jahid HasanID:BG203071238Semester:2ndSection:BG(17thBatch)Session:2019-2020
Assignment-11.Take a position:Price should reflect the value that consumers are willing topay versus Price should primarily just reflect the cost involved in making aproduct or service.Position:Price is the one element of the marketing mix that produces revenue, the other elementsproduce costs. Price is the amount a customer pays for the product & it is the assignednumerical monetary value of a good, service or asset. Above this debate, I take position on“Price should reflect the value that consumers are willing to pay”.I also show the reasonwhy I will not take position on“Price should primarily just reflect the cost involved inmaking a product or service”.When a producer launched a product in the market, its main target is to achieve customersatisfaction. Without customer satisfaction, product will be elimination in market. So, whenproducer launched a product in market, he should focus on customer want & demand. So,producer should research on market. Producer also should research on consumers. In amarket, consumers has different types and many types of consumers has different needs, want& demand. So, producer should concern to launch a product based on consumers. Becausewhen a new product launched in a market, it also should have enough certain consumers.That product also should have enough demand in that market. So, producer must properlyresearch on market where he will want to launch his product. Producer should be enoughassure that his product doing good perform in market.If producer will do properly research on market and consumer then he should focus on priceof product. It is very important issue to fix price on product. To fix price, he should focus onconsumer ability to buy his product. The cost is involved when he made a product. Themarket is very competitive and competitor is increasing day by day. In first, if he fix hisproduct price based on his making cost. Then it has risk to take place in competitive market.Because it looks too much price if he fix his product price based on product making cost. Soproducer should be concern to fix price on his new product.Producer first intention should take place in market. So producer should carefully fix hisproduct price and try to make consumers attention to his product. It is also important for hisnew product to take necessary steps to advertise his product in print and electronic media to
reach his new product launched news. He should understand what types of product price thatconsumers are willing to pay. If producer firstly fix his product price based on productmaking cost & have intention to pick up making cost. Then product will be higher price thanother company product. So producer first intention is to take place in market. So he should fixprice what consumers are willing to pay. Consumer satisfaction is very important to besuccess in a competitive market. If producers makes strong consumers satisfaction, then itwill be easy to take place in market. When producers makes a strong position in market andgain extraordinary consumers satisfaction then after gradually he will rise his product price. Ifconsumers will satisfy producer product, then he will also be willing to buy this product evenafter rise of product price.A producer should fix his product price that consumers are willing to pay. If producers showrespect on consumers willing, then he has enough chance to success in competitive market.If price just reflect the cost involved in making a product and producers fix product pricebased on cost involved in making product. Then it has risk to success in market because it haspossibility to be high price in market. When a new product entered in the market, otherscompany existing product will also remain exist in same market. If firstly fix price based oncost involved in making a product then it will be tough to take place in market. Consumersare always willing to low price. If they saw producers new product price is not so cheap thanothers existing product, then they will not be so interested to buy this product. So producershould be given attention to consumers what they are willing to pay. If producer will gainconsumers satisfaction on product and product price then it will be easy to make strongposition in a competitive market.So I will take position on Price should reflect the value that consumers are willing to pay. Iwill not support Price should primarily just reflect the cost involved in making a product orservice.
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