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Compose a 2500 words assignment on organizations marketing activity. Needs to be plagiarism free!
Compose a 2500 words assignment on organizations marketing activity. Needs to be plagiarism free! Price is a major factor in Marketing when allocating prices to various commodities in the market, it is very important to consider the price. Different consumers have different tastes towards the prices of commodities. Goods of cheap prices are viewed to be of low quality while the expensive commodities are taken as luxurious. Pricing is a marketing tool that marketers need to critically determine. As a marketer, you should give your product a price that does not lower the perception of its quality and at the same time doesn’t imply luxury on it. Actually, the high selling commodities are the ones that have a relative price to both the normal and rational consumer. New Balance Sports Manufacturer has critically considered the pricing of its commodities. The prices of footwear are estimated to cost an amount that is relatively lower than the same products from their competitors. In the sportswear industry, New Balance Sports Manufacturer interacts with other competitors such as Reebok and Adidas. Having a slightly lower price, the products from New Balance Sports Manufacturer have attracted many customers as compared to their competitors.
New Balance Sports Manufacturer uses tactical pricing based on the idea that every rational consumer-aim at saving a coin in his/her buying habit. By giving a commodity a price of $99.9, buyers tend to imagine it is a lower price than giving it $100. This is a common strategy of pricing by New Balance Manufacturer. In determining the prices of the commodities, New Balance has tried to establish a price that promises it a return and still it’s more favorable to customers.
Place as a factor to the marketing mix comprises of the distribution factor. Distribution involves availing the products to the customer to ensure its consistency in supply. People create trust by dealing with suppliers who are reliable on their delivery. This is a form of market that push the consumers to buy the .available product in case her/his preference commodity is not on offer at that moment. Good distribution of a product is also a form of marketing where the seller tries to coerce the buyer to buy what is available for sale (Egan, 2007).