Market Mix - Price, Promotion

Price

the only revenue-generating element in the marketing mix

Cost-Plus Pricing

SEVEN COMMON PRICING STRATEGIES:
primarily focuses on the total

costs attributed to producing the product of service. It is

otherwise known as a mark-up pricing strategy because

businesses increase the prices of their products before they

are sold again to the end consumers.

Cost-Based Pricing

SEVEN COMMON PRICING STRATEGIES:
This pricing activity is based on the costs for producing,

distributing, and selling the product or service with a reasonable

return for the company's investment and risks.

Fixed Costs

2 TYPES OF COST-BASED PRICING:

it do not change with the quantity of production

output; they remain constant whether the company decides

to increase or decrease the number of units to produce.

Variable Costs

2 TYPES OF COST-BASED PRICING:
vary directly with the production level; for

instance, they change if the company decides to increase the

number of units to produce.

Competitive Pricing

SEVEN COMMON PRICING STRATEGIES:
strategy pays attention to the prices

currently existing in the market. This strategy focuses on the

prices set by the competitors in the industry as its point of

reference.

Value-Based Pricing

SEVEN COMMON PRICING STRATEGIES:

This pricing strategy is used by businesses that focus on the

consumers’ responses towards a product or service offered.

Price Skimming

SEVEN COMMON PRICING STRATEGIES:
is a strategy used by businesses when introducing new products

or services to the market. This pricing strategy is executed by

setting high prices for new products and services.

Penetration Pricing

SEVEN COMMON PRICING STRATEGIES:
to obtain market share. Products and services by

businesses are typically offered at low prices, effectively drawing out

the competition in the market.

Buyer-Seller Interactivity

SEVEN COMMON PRICING STRATEGIES:
The amounts displayed in stores are not even the actual prices that

buyers have to pay. Rather, prices have to be first negotiated during

an interaction between the seller and the buyer.

Cost-Plus Pricing, Cost-Based, Competitive Pricing, Value-Based Pricing, Price Skimming, Penetration Pricing, Buyer-Seller Interactivity

ENUMERATE THE SEVEN COMMON PRICING STRATEGIES

Price Discrimination

CATEGORIES OF PRICING ISSUES:

a product is sold at different prices to different consumers

Price Format

CATEGORIES OF PRICING ISSUES:
This pricing issue involves how a price is expressed to the market.

Businesses adopt the practice of pricing a product a cent or two

below the round number (Php 99.99 or Php 199.99), which has the

psychological effect of lowering the leftmost digit.

Opportunistic Pricing

CATEGORIES OF PRICING ISSUES:
Charging a hefty price to their products. used to drive competitors out

of the industry based on efficiency.

Advertising

FIVE MAIN COMPONENTS OF PROMOTIONAL MIX:
This promotional method is used to create awareness and

deliver information to the target audience. Traditional

forms of media include television, newspapers, magazines,

and billboards.

Personal Selling

FIVE MAIN COMPONENTS OF PROMOTIONAL MIX:

executed by means of sales

presentations, sales meetings, sample distribution, and

telemarketing.

Price Discrimination, Price Format, Opportunistic Pricing

ENUMERATE THE CATEGORIES OF PRICING ISSUES

Sales Promotion

FIVE MAIN COMPONENTS OF PROMOTIONAL MIX:
include both media and non-media

tactics used to increase the demand towards the products

and/or services offered by any business. It

can be implemented through coupons, contests, product

samplings, trade shows, and exhibitions.

Public Relations and Sponsorships

FIVE MAIN COMPONENTS OF PROMOTIONAL MIX:
This component of the promotional mix is used

for attaining long-term effects by maintaining a sustainable relationship between the

business and its customer

Direct Marketing

FIVE MAIN COMPONENTS OF PROMOTIONAL MIX:
allows any business to communicate freely with its

customers. Marketing techniques such as mobile

messaging, distribution of flyers or catalogs, and outdoor

advertising

Advertising, Personal Selling, Sales Promotion, Public Relations and Sponsorships, Direct Marketing

WHAT ARE THE FIVE MAIN COMPONENTS OF PROMOTIONAL MIX

Social Media Marketing, Content Marketing, Affiliate Marketing, Email Marketing, Search Engine Optimization (SEO)

Promotional Marketing in the Digital Era

Promotion

is an element of the marketing mix that aims to address concerns relating to the advertising aspect of any product or service.

The primary aim is to reach out to the customers’ attention, as well as provide useful information about the product to build interest and loyalty.