How much would someone be willing to pay for a sandwich?

Slides:

Advertisements

Similar presentations

The 4 P’s of Marketing consumer The Marketing Mix.

Advertisements

Price The charge the product is sold to the consumer at.

2.2 Using the Marketing Mix - Price

Lim Sei cK.  If your business is to succeed, you have to be able to sell your product.  Businesses that succeed do so by creating and keeping.

PowerPoint Slides to accompany Rix Marketing: A Practical Approach 7e

What is the Marketing Mix? Ms. Roberts EWHS Marketing 2011.

Copyright © 2002 by Harcourt, Inc. All rights reserved. Topic 10 : Marketing (2) Lecturer: Zhu Wenzhong.

2.14 Designing an Effective Marketing Mix

Marketing Unit 2. Marketing objectives - the purpose of marketing Marketing objectives are the goals that the firm sets to allow it to achieve its corporate.

Market Research 8726 Entrepreneurship I Objectives

THE 4 PS OF MARKETING BDP301. THE MARKETING MIX Every marketing plan needs a target market and a good mixture of marketing elements. The right mixture.

Marketing Mix GCSE Business Studies. Marketing Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements.

Jeopardy Pricing Policies Pricing Strategies BEPLaws Pricing Mix Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy.

Identify the 4 P’s. Learning Objectives To be able to identify and discuss the different parts of the marketing mix To be able to identify the relevance.

Marketing Basics. Marketing  Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings.

Marketing Mix The Marketing Mix is a term used to describe the combination of tactics used by a business to achieve its objectives by marketing its products.

“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.” DrukerThe aim of marketing is to.

Chapter 10 Marketing.

  Fixed and variable costs  Competition  Company objectives  Proposed positioning strategies  Target group and willingness to pay Factors that.

2.02Classify the functions of marketing and the marketing mix.

Jeopardy True/False Terms Q$100 Q$200 Q$300 Q$400 Q$500 Q$100 Q$200 Q$300 Q$400 Q$500 FinalFinal Jeopardy Promotion Q$100 Q$200 Q$300 Q$400 Q$500 Q$100.

Journal Question What are the 4 P’s of marketing and how can a business control each one? Give an example.

P LACE Unit 3 Topic 3.1. T HE MARKETING MIX : PLACE What is place?: Where the product is sold How it gets to the customer – otherwise known as distribution.

Marketing identify, anticipate & satisfy consumer wants and needs - profitably Overall Aim of Marketing:

3.4.3 M AKING MARKETING DECISIONS : USING THE MARKETING MIX AQA Business 3 D ECISION MAKING TO IMPROVE MARKETING PERFORMANCE Recap: What is meant by the.

Today I will: investigate through reading, writing, listening, and engaging discussion the “Marketing Mix” So I can: List and understand the four components.

D. Marketing a Small Business 6.00 Explain the fundamentals of marketing in a small business Explain marketing and its importance.

Business and Communication Systems MARKETING MIX GCSE Business & Communication Systems.

The first step in developing a marketing strategy is to understand your customers, enabling reaction to their changing needs and the changing dynamics.

D. Marketing a Small Business 6.00 Explain the fundamentals of marketing in a small business Explain marketing and its importance.

MARKETING MIX. What is Marketing Mix? The marketing mix is the combination of marketing activities that an organisation engages in so as to best meet.

Marketing mix  “The set of marketing tools that the firm uses to pursue its marketing objectives in the target market” [Kotler]  It is often referred.

Pricing Strategy. Price strategy One of the four major elements of the marketing mix is price. Pricing is an important strategic issue because it is related.

D. Marketing a Small Business

Click here to advance to the next slide.

Changing the competitive environment

Using the Marketing Mix: Promotion

Lesson 2: The role of marketing Marketing Objectives

Objective 3.03C Employ Pricing Strategies to Determine Prices

Price and distribution

Pricing Products: Pricing strategies

The Marketing Mix Pricing.

Pricing – Task 9 – by 27th November

IGCSE Business Studies

Presentation on marketing

Market Research 8726 Entrepreneurship I Objectives

UNIT-IV - PRODUCT PRICING Objectives of Pricing

GCSE UNIT 1 & 2 REVISION MARKETING.

Books needed today. Read pages 20 – 23.

What to charge customers?

Presentation On MARKETING

3.1.6 Building a successful marketing mix

Marketing Unit 2.

Indicator 1.04 – Employ marketing information to develop a marketing plan Part 1.

Marketing Mania.

1.4.2 The marketing mix Marketing is all around us!

3.4 – Using the marketing mix: Price

What Is Marketing?.

التسويق المصرفي ..محاضرة رقم 21

D. Marketing a Small Business

Ch. 13 Marketing in Today’s World

Indicator 1.04 – Employ marketing information to develop a marketing plan Part 1.

How much will I charge for MILK?

Chapter 17 Promotional Concepts and Strategies

PRICING CONSIDERATION AND APPROACHES

Unit 3 Review Questions.

PRICING CONSIDERATION AND APPROACHES

Presentation transcript:

How much would someone be willing to pay for a sandwich? Watch the short video, then discuss with a partner, what you will need to consider when setting a price How much would someone be willing to pay for a sandwich? http://www.guinnessworldrecords.com/world-records/most-expensive-sandwich/ Topic 2.4 The marketing mix: price IN THIS lesson YOU WILL LEARN: how pricing strategies can be used to help new businesses succeed

PRICE How much a business will charge for the good being sold or service provided. Businesses use different pricing methods to price their products, taking into account a number of factors such as market research, number of competitors and the state of the economy. How important is price? Are you influenced by price when making choices in a shop? Are there any occasions when you will look for the cheapest price? Are there any occasions when you will look for an expensive price? What factors influence how important the price is?

Pricing new products A business can choose between two pricing tactics when launching a new product: Penetration pricing - means setting a relatively low price to boost sales. It is often used when a new product is launched, or if the firm’s main objective is growth. Price skimming - means setting a relatively high price to boost profits. It is often used by well-known businesses launching new, high quality, premium products.

What type of pricing strategy is this? Activity 1. Have you ever paid a high price for a product when it first comes out? What type of pricing strategy is this? 2. Draw a spider diagram to show products that use price penetration

Question time What is meant by ‘price skimming’? Snowslopes Ltd. introduces the latest trends in ski and surfwear each season. This year the ski industry has seen the launch of a new high tech fabric which is ultra light and ultra warm making ski clothing easier to pack and more comfortable. However, such technologically advanced fabrics come at a high price. Sophie is pleased with initial sales, supported by a strategy of price skimming. What is meant by ‘price skimming’? Identify two factors that have enabled Snowslopes Ltd. to use price skimming. How could Snowslopes Ltd. change its pricing methods to help expand sales in the future? Give reasons for your answer.

The Marketing mix What is the marketing mix? The effective combination of the four key elements of marketing, known as the four Ps Price Product Promotion Place Think of these as the four key ingredients in a recipe. Each one has to be blended together to achieve marketing success.