Managing Financial Situations

  Managing Financial Principles and Techniques 1.1 Price of a product is a major(ip) element of the marketing go. Pricing is one of the most importantstrategic distinguish because it is related to the product positioning. The price goes in hand with the different marketing mix elements such as product promotion, shift decisions and its features. 1.2 For a developing the price of a new product, in that location can be a general sequence of travel that can befollowed by the organisation which may vary from other(a) organisations. The main area of focus willhowever be same for whole the organisations. The different steps can be as follows. invent marketing strategy - perform marketing analysis, segmentation, targeting, and positioning.Make marketing mix decisions - define the product, distribution, and promotional tactics.Estimate the demand curve - understand how bar demanded varies with price.Calculate cost - include fixed and variable costs associated with the product.Understand environmental factors - evaluate likely competitor actions, understand legal constraints,etc.Set set objectives - for example, profit maximization, revenue maximization, or pricestabilization.

Determine pricing - using  discipline collected in the above steps, select a pricing method, developthe pricing structure, and define discounts. 1.3 The various pricing strategies for products include, competition establish pricing, cost-plus pricing,creaming or skimming, limit pricing, loss leader, market lie pricing, penetration pricing, pricediscrimination, grant pricing, predatory pricing, contribution margin found pricing, psychological pricing, dynamic pricing, price leadership, target pricing, absorption pricing, high-low pricing, premium decoy pricing, marginal cost pricing, value based pricing. For for each one and every pricing strategies has its own reasons and market reach The factors that influence how a consumer perceives a given price and how price-sensitive... If you want to get a full essay, order it on our website: Ordercustompaper.com

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