Acknowledgement Sometimes words fall short to show gratitude, the same happened with me during this project. My sincere gratitude to Mr.
Fare, dues, tuition, interest, rent, and fee. The answer is that each of these is a term used to describe what one must pay to acquire 41 benefits from another party.
More commonly, most people simply use the word price to indicate what it costs to acquire a product. The pricing decision is a critical one for most marketers, yet the amount of attention given to this key area is often much less than is given to other marketing decisions. One reason for the lack of attention is that many believe price setting is a mechanical process requiring the marketer to utilize financial tools, such as spreadsheets, to build their case for setting price levels.
While financial tools are widely used to assist in setting price, marketers must consider many other factors when arriving at the price for which their product will sell.
For some marketers more time is spent agonizing over price than any other marketing decision. In this tutorial we look at why price is important and what factors influence the pricing decision. What is Price? In general terms price is a component of an exchange or transaction that takes place between two parties and refers to what must be given up by one party i.
Yet this view of price provides a somewhat limited explanation of what price means to participants in the transaction. In most cases what is given up is financial consideration e. But financial consideration is not always what the buyer gives up. Sometimes in a barter situation a buyer may acquire a product by giving up their own product.
For instance, two farmers may exchange cattle for crops. Also, as we will discuss below, buyers may also give up other things to acquire the benefits of a product that are not direct financial payments e. For marketing organizations price also serves as a marketing tool and is a key element in marketing promotions.
For example, most retailers highlight product pricing in their advertising campaigns. Technically, though, these are different concepts.
Price is 43 what a buyer pays to acquire products from a seller. For marketing organizations seeking to make a profit the hope is that price will exceed cost so the organization can see financial gain from the transaction. Finally, while product pricing is a main topic for discussion when a company is examining its overall profitability, pricing decisions are not limited to for-profit companies.
Not-for-profit organizations, such as charities, educational institutions and industry trade groups, also set prices, though it is often not as apparent.
TAJ FINAL Essay A Project Report On: EFFECT OF PRICING STRATEGIES ON REVENUE GENERATION (With special reference to TAJ HOTEL CHANDIGARH) Interim report SUBMITTED BY: DIVYA SHARMA Roll no. taj final; Newborn care plans; An introduction to the analysis of automatic stabilizers; Script modern day antigone; Business organization coursework mary and; Marketing of bank product; Middle school persuasive essay topics; Elephants and marshmallows essay; A focus on jack burden in all the kings men; Managing for competitive advantages. TAJ FINAL Essay A Project Report On: EFFECT OF PRICING STRATEGIES ON REVENUE GENERATION (With special reference to TAJ HOTEL CHANDIGARH) Interim report SUBMITTED BY: DIVYA SHARMA Roll no.
While a charitable organization may not call it a price in their promotional material, in reality these donations are equivalent to price setting since donors are required to give a contribution in order to obtain something of value Importance of Pricing 44 When marketers talk about what they do as part of their responsibilities for marketing products, the tasks associated with setting price are often not at the top of the list.
Marketers are much more likely to discuss their activities related to promotion, product development, market research and other tasks that are viewed as the more interesting and exciting parts of the job. Yet pricing decisions can have important consequences for the marketing organization and the attention given by the marketer to pricing is just as important as the attention given to more recognizable marketing activities.
Unlike product and distribution decisions, which can take months or years to change, or some forms of promotion which can be time consuming to alter e. The flexibility of pricing decisions is particularly important in times when the marketer seeks to quickly stimulate demand or respond to competitor price actions.
Likewise a marketer in charge of online operations can raise prices on hot selling products with the click of a few website buttons. Prices set too low may mean the company is missing out on 45 additional profits that could be earned if the target market is willing to spend more to acquire the product.
Additionally, attempts to raise an initially low priced product to a higher price may be met by customer resistance as they may feel the marketer is attempting to take advantage of their customers. Prices set too high can also impact revenue as it prevents interested customers from purchasing the product.
Setting the right price level often takes considerable market knowledge and, especially with new products, testing of different pricing options.
While the final decision to make a purchase may be based on the value offered by the entire marketing offering i. It is important for marketers to know if customers are more likely to dismiss a product when all they know is its price.
If so, pricing may become the most important of all marketing decisions if it can be shown that customers are avoiding learning more about the product because of the price.
To a large extent these factors are controllable by the company and, if necessary, can be altered. However, while the organization may have control over these factors making a quick change is not always realistic.
For instance, product pricing may depend heavily on the productivity of a manufacturing facility e. But increasing productivity may require major changes at the manufacturing facility that will take time not to mention be costly and will not translate into lower price products for a considerable period of time.
External Factors - There are a number of influencing factors which are not controlled by the company but will impact pricing decisions. Understanding these factors requires the marketer conduct research to monitor what is happening in each market the company serves since the effect of these factors can vary by market 48 Steps in the Price Setting Process We view price setting as a series of decisions the marketer makes in order to determine the price direct and indirect customers pay to acquire the product.
Direct customers are those who purchase products directly from the marketer. For example, consider the direct pricing decisions that take place when a new novel is sold: The steps include: 1.TAJ Series. Molded, Surface Mount Tantalum Capacitors.
AVX Corporation. The TAJ is a standard tantalum series suitable for a wide range of applications. Recruitment and selection process Recruitment is the process of having the right person, in the right place, at the right time. It is crucial to organisational performance.
Recruitment is a critical activity, not just for the HR team but also for line managers who are increasingly involved in the selection initiativeblog.com those involved in recruitment .
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