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Select one element of the Marketing mix and discuss how marketing research could help that area. Be specific in your recommendations.
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.
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.
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 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.