Marketing Mix: Pricing Strategies, Customer Value and Profitability

This report focuses on the marketing mix, specifically analyzing the pricing and promotion strategies for Hard Graft Tools. It begins by defining pricing and its impact on customer value, emphasizing the importance of perceived value. The report then discusses how pricing strategies, such as cost-plus pricing, influence profitability and sustainability. It also explores how adjusting prices affects customer behavior and market competitiveness. Furthermore, it evaluates the role of pricing within the broader marketing mix, highlighting its impact on customer perception and brand image. The conclusion summarizes the importance of the marketing mix, particularly the pricing strategy, for attracting and retaining customers in the market. The report also provides references to support the analysis.

MARKETING MIX

 Introduction
 Analyses the use of pricing to reflect perceived value of
benefits of products to buyer
 An analysis of use of pricing to offset costs of products
manufacturing and service delivery
 Analyse the effect of adjusting the price of product and service
 An evaluation of role of price in organisation marketing mix
 Conclusion
 References
Table of Content

Hard Graft tool is one of the famous medium size company in UK. This
handouts is based on the role of the promotion and pricing tool in the
marketing elements. As per the requirements of Shakti, this handouts includes
the use of pricing that helps in showing the significance of products to buyer.
Introduction

Analyses the use of pricing to reflect perceived
value of benefits of products to buyer
Price and Pricing
Price refers to a quantity of amount that is given by one party to another
in lieu of goods and services. In other words it is what that one customer
is pay to receive the specific product or services that they need. In case
of Hard Graft Tools, pricing helps in influencing the cost of production.
Perceived price paid
Perceived value pricing refers to that value of the desirable products
and services which is based on the perception and behaviour of the
customers and to which they are willing to pay.

An analysis of use of pricing to offset costs of
products manufacturing and service delivery
 Profit margin generation-
This term presents the
profitability and sustainability of
the every business enterprise.
 Penetrate pricing- This term
refers to that pricing strategy
which is use by the organisation
to attracts the customers
towards the new offerings at the
lower price in the initial time.

Analyse the effect of adjusting the price of
product and service
This discussion is based on the analysation of adjusting the price of the
products and service which analyses that setting the best price of the
goods and services either existing or new is very complex. In this
company need to research the market effectively and efficiently.
Adjusting the price of the goods and services is majorly affected the
customers who are the buyers.

An evaluation of role of price in organisation
marketing mix
Pricing plays an essential role in setting the value of the products and
maintains the high customers base within the marketplace. It is to be
evaluated that pricing creates the first impression in the eyes of the
customers because it shows the benefits of the products on the company
side for the customers.

From the above report it is to be evaluated that the marketing mix is an
essential element for every business enterprise. This term involves the various
aspects like promotion, product, price, place, people on the basis of which
organization profits and sustainability is based on. This report inculcates the
brief discussion of elements of the marketing mix in context of Hard Graft
Tool so that they can attracts the large base of customers within a short period
of time and maintains their longer survival in the marketplace.
Conclusion

Sinapuelas, I.C.S., Wang, H.M.D. and Bohlmann, J.D., 2015. The interplay of
innovation, brand, and marketing mix variables in line extensions. Journal
of the Academy of Marketing Science. 43(5). pp.558-573.
Solimun, S. and Fernandes, A.A.R., 2018. The mediation effect of customer
satisfaction in the relationship between service quality, service orientation,
and marketing mix strategy to customer loyalty. Journal of Management
Development.
Yee, F.M. and Yazdanifard, R., 2015. The comparison between NGO
marketing and conventional marketing practices from SWOT analysis,
marketing mix, and performance evaluation perspectives. Economics.
2(9). pp.1075-1087.
References

Thank-you