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Business Articles : Marketing : Marketing Mix The Impact of Price Popularity on Profits The goal of almost every business owner is to generate a profit either for themselves or their shareholders. This can be challenging at best. So much thought and effort go into running a business, accounts payable, accounts receivable, dealing with vendors, customers, etc. Because of this people sometimes do not focus on one of the most important factors- pricing. Knowing how much you can charge for your product or service is invaluable information. Businesses typically want to increase volume and prices at the same time. In a perfect world that would be easy to accomplish, yet we do not live in a perfect world. So just how do businesses go about deciding how much to charge for a product or service. Aug 8, 2005, 23:15 Business Articles : Marketing : Marketing Mix Guide to a Profitable Marketing Mix You may have heard the term Marketing Mix used in connection with marketing planning. Marketing Mix means the combination of promotions, products, places (distribution channels), and prices you chose for your business. Including both short term and long term strategies in the marketing mix can make for a more profitable business. Aug 7, 2005, 01:54 Business Articles : Marketing : Marketing Mix The 4 P s of Marketing : Effective Marketing Programs There is no shortage of marketing programs, many with great profit potential. The challenge is to sift through and choose the ones that are right for your situation -- the ones that have the greatest potential to grow your business. Aug 7, 2005, 01:50 Business Articles : Marketing : Marketing Mix How to Manage Your Marketing Mix Here's the deal: advertisement is not marketing. It's like saying you want to have a garden, but you're only willing to plant the flowers. Forget about watering, fertilizer, good soil, weeding and sunshine. You don't need them, right? Aug 6, 2005, 00:17 Business Articles : Marketing : Marketing Mix Pricing Strategies in Marketing Price is an often overlooked marketing strategy, as many tend to focus on promotions or advertising. Pricing strategies, however, can have a large impact on sales and (more importantly) profit. The price is what your customer pays and/or what the end consumer pays for a product or service. In the case of products not sold directly to the end user, pricing is often described as “wholesale” and “retail.” When the distribution channel is long (such as when there is a manufacturer, broker/distributor, retailer, and end consumer), multiple mark-ups can occur between the wholesale and the retail price Aug 3, 2005, 02:04 Business Articles : Marketing : Marketing Mix Small Business Pricing Strategies Think the best way to get more customers is to have the lowest prices in town? Think again. Think the best way to create a successful business is to try to appeal to everyone? Wrong again. The only good thing about having the lowest prices and trying to appeal to everyone is that you’ll fail quickly and be out of your misery. Aug 3, 2005, 02:01 Business Articles : Marketing : Marketing Mix Psychology of Setting Prices Pricing is one of the four major components of marketing. Psychological pricing forms one of the key elements of demand pricing wherein the consumer demand is the main focus. The price and quality relationship that governs the central theme of the consumer market relationship is surrounded by uncertainty and gives the consumer the perception that higher the price, better the quality Aug 2, 2005, 06:46 Business Articles : Marketing : Marketing Mix Marketing - Product Product is, of course, the thing (or service) that you have to offer to the customers. There are a number of thing about the product you should evaluate. It is important to understand your product from the customers point of view. Aug 2, 2005, 05:24 Business Articles : Marketing : Marketing Mix Marketing - Promotion Promotion is the specific mix of advertising, personal selling, sales promotion, and public relations a company uses to pursue its advertising and marketing objectives. If you are an entrepreneur, you most likely have limited resources and you are still learning about the market. Information gather is extremely important at this stage of the game. The trick is the start the revenue stream without spending too much money. Aug 2, 2005, 05:22 Business Articles : Marketing : Marketing Mix Marketing - Price Price is the amount of money charged for a product or service or the value exchanged for the benefits of the product or service. For a new product, you must understand your positioning before you set a price. Make sure it is not too low, or the product will not be taken seriously. If it is too high, the potential customer will not take the risk. Aug 2, 2005, 05:21 Business Articles : Marketing : Marketing Mix Marketing - Place or Distribution Place, or distribution channel, is the method for making your product available to the consumer. Aug 2, 2005, 05:20 Business Articles : Marketing : Marketing Mix Marketing - Positioning Simply, positioning is how your target market defines you in relation to your competitors. Aug 2, 2005, 05:18 Business Articles : Marketing : Marketing Mix Smart Discounting: The Right Way To Discount Your Products If a store had a great discount in the middle of the woods and nobody was around to hear about it, would it make a difference? Jul 29, 2005, 23:42 Business Articles : Marketing : Marketing Mix Small Business Pricing Strategies TACTIC #1 -- Never simply slash your prices, unless you're trying to empty obsolete inventory. Instead, try repackaging your prices so they're more affordable in the short-run so more prospects can afford them. For example, rather than pricing your service for the year, "Our monthly newsletter is only $39 for the year." Instead, try "Our monthly newsletter is only $3.25 per month." If you accept credit cards, it's very easy to set up reoccurring monthly charges that are billed to your subscribers without having to intervene every month beyond the initial account set up. The upside to offering your subscription on a monthly basis is that you can now market a $3.25 headline versus a more expensive $39 headline, i.e. you're able to offer services at a more affordable rate without slashing prices. Jul 26, 2005, 01:22 Business Articles : Marketing : Marketing Mix Pricing Products Profitably Pricing Products Profitably: How to price products profitably. In setting prices, the objective is to maximize profit. Profit has just three ingredients: costs, selling price and sales volume. In this articlre we are concerned with selling price, which has about the same elements for all types of businesses. Nov 1, 2004, 09:05 Business Articles : Marketing : Marketing Mix Pricing Services Profitably Pricing Services Profitably: Successful business owners know that the greatest opportunity for success and growth comes through quality of service and customer satisfaction. However, the service must be priced properly or there will be no profit. Nov 1, 2004, 08:47