BA 3400 Marketing Principles Week 6 Discussion topic reply to 1 student’s responses

Questions to answer:

Why are price decisions a marketing function and how are they connected to the marketing mix?

It doesn’t have to be a full page. It just needs to be substantive. !!!!! Please follow the discussion question grading rubric attached!!!!!!

Krystal Dungan’s reply to the above discussion question:

Marketing mix is also known as the four P’s; Product, price, place, and promotion which are a controllable set of activities that a firm uses to respond to the wants of its target market. With price being a core to the marketing mix the decisions as to price as a marketing function is highly important. In our readings both this week and previous weeks we know that pricing is crucial when it comes to selling a product. Setting a price too low can cause customers to question its value but setting a price to high could cause customers to steer away from buying it as they may look for a generic version of it that falls within their price range. Price needs to not only fall in line with what our consumers can and will pay but will also need to allow us to meet our goals and turn a profit. Price must also ALWAYS be aligned with the 3 other elements from the marketing mix.

The YouTube video provided in this weeks content provided a great example using a café. They note that we would be sending mixed signals if we opened a café with high quality décor and product and then sold that product at an extremely low price. In our readings in this class I also recall a comparison of if Coach was to start a new line they would likely go with a high-end retailer such as Saks Fifth Avenue as opposed to JCPenney as the clientele at both establishments have expectations as to the pricing with in both of these large retailers.

If a company was to make the wrong price decision when it came time to market it could cause them to lose out on profits and or could cause them to fail entirely in the long run with whatever they are trying to launch (i.e. new business or product/service line).

Assignment is to respond to this student’s post. Please don’t be argumentative. Just agree or disagree and give a reason or

just add on to the reply. This doesn’t have to be a full page.

READINGS VIDEOS AND RESOURCES:

Text Book chapter 14 and 15

Marketing

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