Marketing Mix: Analyzing Pricing Strategies and Competitors

This report delves into the marketing mix, with a specific focus on pricing strategies. It explores how businesses can effectively price their products and services by considering factors such as customer value, competitor pricing, and market segmentation. The report highlights the importance of understanding customer price sensitivity and the impact of pricing decisions on market share and profit margins. It also emphasizes the need for businesses to analyze pricing strategies in their respective markets. The report concludes by referencing a journal that supports the analysis of pricing strategies in the marketing mix. This report aims to provide a comprehensive analysis of pricing strategies within the marketing mix, making it a valuable resource for students and professionals alike.

Marketing mix
The term marketing mix basically means to all the set of actions, practices, concepts or tactics which a
company makes use of so as to promote its brand or product in the market. The 4Ps of marketing mix includes
Price, Product, Promotion and Place.
Price is one of the most important elements of marketing mix. For every company, its growth and customer
retention depends on the price its charges for quality of goods and services it delivers. Following are some
aspects which every business organisation should keep in mind while deciding price for its product and services:
• The value of the product or service to the buyer to be charged.
• It should be established price points for the products or services which the company is dealing in with in
particular market area (Išoraitė, 2016). That means, price should be decided as per the market area and customer
therein.
• A company should always ensure is the customer price sensitive? Also, it should assess that with small
decrease in price, will help in gaining extra market share? Furthermore, analysis should be made that small
increase would be indiscernible leading to extra profit margin.
• Amount of discounts to be offered to trade customers, other segments of market for establishing business.
• Pricing should be decided by keeping in mind and comparing competitors pricing strategies.
Marketing mix
REFERENCES
Books and Journals
Išoraitė, M., 2016. Marketing mix theoretical aspects. International
journal of research granthaalayah. 4(6). pp.25-37.