The concept provides an overview of Pricing - one of the most important marketing mix decisions. It offers a full description of the six steps which can be used as guidelines for implementing pricing decisions, and also offers well-documented examples.
Pricing Decisions Definition
To provide a satisfying marketing-mix, companies must set a price that is acceptable to target market members (Pride and Ferrell, 2011). Price is the value paid for a product or service in the market, it is a key element in the marketing-mix and one that generally is the only variable that can be quickly changed to react to market changes such as competitor actions or demand variations, for example.
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Pricing Decisions References (4 of up to 20) *
- Abell, J.C. (2010) Panacea or Poison Pill: Who Gets to Decide About $10e-books?. Wired, 5 February. Available at: www.wired.com/epicenter/2010/02/panacea-or-poison-pill-who-gets-to-decide-about-the-10-e-book/ [Accessed: 19 December 2011].
- Adamson, A. (2011) Only Experience Will Determine Whether Netflix Remains A Star Brand. Forbes, 18 July. www.forbes.com/sites/allenadamson/2011/07/18/boo-hiss-when-the-shouting-stops-only-experience-will-determine-whether-netflix-keeps-its-status-as-a-star-brand/ [Accessed: 19 Dec 2011].
- Amed, I. (2009) Power of Pricing: Exchange Rates Blamed for Price Differences. FT.com, 15 June. Available at: www.ft.com/intl/cms/s/0/3ce32f72-56e9-11de-9a1c-00144feabdc0.html#axzz1hrofR500 [Accessed: 19 December 2011].
- Bridge, J. and Dodds, J.C. (1975) Managerial Decision Making. Taylor and Francis.
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