Select one element of the Marketing mix and discuss how marketing research could help that area. Be specific in your recommendations, marketing management.
Your original response is due by 11:55 pm EST on Sunday, and then reply to another student’s post by Sunday at 11:55 pm EST. The required length for your original posting is 350 words, and your reply should be a minimum of 250 words, marketing management.
1st student response (mayur choudary) :
Marketing mix refers to the set of marketing tools that the organization uses in the marketing of its product. Marketing is essential as it plays a major role in enabling the company goods and services to be known to the target consumers thus enhance their selling. Price is one of the key elements in the marketing mix. Price refers to how much a customer is willing to pay for a particular good or service, marketing management.
Pricing strategies have become difficult more so due to the educated nature of consumers. For instance, the offering of discounts on certain goods and services may stick into the minds of end users thus refuse to make payments for retail prices later. Technology advancement has made producers to directly sell to the end users without the use of retailers.
Marketing management research on pricing can be essential in the marketing of the product or service. Marketing research helps in understanding the target population and therefore estimating how much they can offer for a particular product or service. People have different capabilities as far as paying for a particular product is concerned. This depends on how much they earn and thus what they can offer at a particular time (Hamzah & Sutanto, 2016). Doing market research will, therefore, enable a business entity to find how it will undertake the pricing of goods and services.
There are different strategies for pricing. These include market penetration, market skimming, and neutral pricing. Undertaking market research will, therefore, help an organization to find out the best marketing strategy it will adapt to ensure that a product or service is accepted in the market. Understanding the kind of consumers a firm will be dealing with is significant in ensuring that the price set is favorable to the target consumers and that it will also not lead to the making of losses because after all, every organization work to ensure that it makes profits. (Hanlon, A. (2018))
Market research is therefore essential for an organization in coming up with the prices for its end users. With a proper understanding of the customers, a business firm will be able to know the kind of prices it will put for its services and goods to lure customers. By so doing, the productivity of the organization will be enhanced.
Get Coursework Writing Services at contentmart today
Why Work with Us
Top Quality and Well-Researched Papers
We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.
Professional and Experienced Academic Writers
We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.
Free Unlimited Revisions
If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.
Prompt Delivery and 100% Money-Back-Guarantee
All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.
Original & Confidential
We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.
24/7 Customer Support
Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
Our Services
No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.
Essays
No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.
Admissions
Admission Essays & Business Writing Help
An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.
Reviews
Editing Support
Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.
Reviews
Revision Support
If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.