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marketing mix 2 pricing decisions

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Pricing decisions All of the decisions made with respect to the elements of the marketing mix are of critical importance especially the decision on what price to ask for the product or service. The task of  pricing is reiterative because it takes place within a dynamic environmen t: shifting cost structures affect profitability, new competitors and new products alter the competitive  balance, changing consumer tastes and disposable incomes modify established patterns of consumption. This being the case, an organisation must not only continually reassess its  prices, but also the processes and methods it employs in arriving at these prices. Price is an element of the marketing mix, and so pricing objectives are defined in terms of their role within the marketing mix strategy. It can happen that an enterprise designs its marketing mix around its prices. It may be, for instance, that marketing research identifies a market segment for inexpensive instant coffee. The company might set a target selling price and then select ingredients and roasting  processes which will keep the product within this target. In such circumstances price is the  principal determinant of product positioning, product formulation, packaging, promotional strategy and, perhaps, distribution. On other occasions, price will be determined by the other elements of the marketing mix. The company may decide that in order to achieve a given level of market penetration the product must be promoted through the mass media. The price of the product would have to be set to cover the cost of this relatively expensive channel of communication. Similarly, if the company's initial decisions centred on creating a particular product image or gaining access to a specific channel of distribution or in making use of an innovative form of packaging, then the price would be greatly influenced by these decisions. Whatever the starting point, marketers have to take into account all of the elements of the marketing mix when developing marketing strategies and it is invariably the case that pricing decisions will be central to those strategies. However, pricing decisions are not made by organisations operating within some kind of vacuum. When making pricing decisions marketers have to take into account a range of factors. Some of these are internal to the company, such as its marketing objectives, its marketing mix strategy and the structure of its costs. Factors which are external to the company, and that are likely to impinge upon pricing decisions, include the state of market

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