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Marketing question?
THEN, consider the fact that many variables affect the price that a company charges for its product or service. In addition, price does not stand alone in the Marketing Mix. Many factors are considered by marketers and business executives when pricing decisions are made. In what ways do other variables of the Marketing Mix affect these pricing decisions?
NEXT, select 2 variables of the Marketing Mix (other than price) and explain how these 2 variables can affect or influence a marketer’s pricing decisions.
2 Answers
- 1 decade agoFavorite Answer
The other variables to consider include place (where and how people get the product), promotion (advertising and publicity - how people find out about the product) and product itself (what it is, what it does, how much does it cost to make, how easy is it to get the materials, etc.)
All of these affect pricing. For instance, if it is very rare item that is hard to come by, the price would be much higher. If it is something that can be made overseas cheaply, then the price could have a lower markup and return a greater profit at a more competitive price. That's why products made in the US are more expensive and WalMart has made such inroads in the retail industry.
You must also consider the competition. Pricing just below or above a competing product is a strategic decision.
This just scratches the surface - there are many more things to consider.
Hope this helped.
- Anonymous4 years ago
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