How to adjust prices or what are the different price adjustment strategies on the basis of which organization final its prices. The basic prices are adjusted by the organizations in order to deal with changing situations & customer differences. Following are the six price adjustment strategies that are employed in all over the world by different sorts of the organizations.
Principle of Marketing
Principle of marketing are those rules and regulations, process and researches, which involves in finding the customers needs, wants, and then presenting a solution for them. We may also say principles of marketing are actually all about research and development, where we first analyze the market, infect we analyze the customers needs, then come with solution. We may also principle of marketing is all about identifying new ideas for business.
The consumer market segmentation is not confined to a single method. The market structure is best viewed by the marketer by applying different segmentation variables both in the alone form as well as in the combined form.
There are three fundamental types of product classification which are durable and non durable products and pure services. Durable products are those products, which are used for longer period of time, such as Freezer, Car, Mobile Phones, Shoes, and TV, etc. No durable products are those products, which we need to use quickly as these products expired after some specific period of time. Such as all the vegetables, fruits, and juices, etc.
The thorough analysis of the marketing environment is essential for the organization in order to make identification of the opportunities & threats to the organization. The ability of the management to prepare & maintain profitable relationships with the target customers is affected by the factors & forces that are present in the marketing environment of the organization. The forces & factors of the Marketing Environment vary on the basis of certain industries & organizations.
Business market refers to all those organizations that purchase goods or services for the purpose of utilization in the manufacturing of other products or offering services to others. The wholesaling & retailing firms are also included in the category of business market because these also obtain products & services for the purpose of further reselling or renting. In the purchase process of business customers, they first ascertain the required products or services then evaluate & make selection among different alternatives for final supplier. The business buying behavior is quite different from consumer buying behavior, so those organizations that are involved in the selling of products to other business organizations should try their best to understand the business markets & relevant behavior of business customers.
In this time period of globalization where there is a lot competition in the business market, and Porter five forces model of competition is one way through which you may easily analyze the competition level in the market. There are a lot of new challenges that are faced by the today’s organizations. For the solution of such diversified challenges, a helpful model is available to the organization that is known as Porter five forces model, which examines the different organizations for the sake of solution of these challenges, especially the competition among the organizations.
For effective marketing, marketing information system is an essential component in the today’s global competition by shifting the trends from customer needs towards customer wants & from pricing competition to non-price factors. Almost every organization runs some form of marketing information system (MIS) but there is variation among these systems on the basis of sophistication. There are many organizations that do not posses proper marketing information system; in some cases they do not get the proper information & sometimes they even do not know what kind of information is required for effective competition.
For the planning of effective marketing strategies, the organization should know about all the relevant aspects of its competitors by conducting competitive analysis. By doing so, the organization is able to point out the potential indicators that can be responsible for competitive advantage & disadvantage. You can get a competitive advantage over your rivals if you know how proceed from the very start to till end. You need to know how to analyze their weaknesses, what are their positive points. Then you will be able to analyze them properly. It will allow you to come with good strategic plan.
In recent days, the competition in the market has been the toughest one and therefore for a company to get competitive advantage over them is not an easy task to do so. You not only need to manage your products effectively, but you should also have good relationship with your customers. For this purpose the companies gives more value to its customers . Moreover, there are two steps that are quite helpful for a company in gaining the competitive advantage in the market.
Whenever an advertising program is prepared, the marketing management should take into account the four advertising decisions.