Explain the Role of Price in Strategic Marketing Management and Practice - Free Essay Example

Sample details Pages: 7 Words: 1998 Downloads: 9 Date added: 2017/06/26 Category Management Essay Type Narrative essay Did you like this example? Question 3.5Explain the role of price in strategic marketing management and practice In many companies, the role of price in the marketing of strategic marketing management centre marketing strategies at some companies, on the other hand, plays an important role in many businesses , are not specific . The impact of the global recession and the economy of developed countries , while most companies focus on marketing strategies at the end of 2000 and beginning of 2010 the price down based on their work schedule . Previously, companies, product quality, delivery and product design strategy based on the method used. But now the days of product quality and distribution channels, types of facilities, end users of the service, members of the value chain and the value of the work is to determine a range of possible help. An organization set up new distribution channels and intermediaryà ¢Ã¢â€š ¬Ã¢â€ž ¢s selection can be driven by pricing strategy. As companies he firs t played the role completely different price, which creates a new set of models for their marketing strategies. Companies during the period of the recession than they cost to ignore. Its shareholders will not be able to find in your favour Pricing Strategies: Pricing strategy for any company or organisation must be monitored continuously because of following reasons: a) Changing external conditions b) Competitors actions c) Opportunity to gain competitive advantage on the basis of price change. Strategy for existing products in the market value increase or decrease in value may include the cost or value that can hold . Competitors pricing strategy , market positioning , product demand and product quality by analyzing customers looked , the companies changed its pricing strategy . Strong impacts on demand and cost information, price strategies . Some companies Apple the competitive edge of their products are unique and made ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‚ ¹ÃƒÆ'à ‚ ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã‚ ¹it more difficult to replace . Price to communicate with buyers directly and provide a comparison between different brands such as basic price , works as a signal to buyers . Marks head competition with the best quality and prices are changing very rarely . For example : In the late 2000s , Hewlett-Packard, Southwest Airlines , and all companies like FedEx , hiring additional salespeople to reduce the signal level of service to customers as competitors cut promotions , and enter new markets as the aggressive pricing strategy (as well ) , to take business away from competitors . The first companies to launch new products to market analysis of its effects on the financial performance of the company . Pricing and marketing strategies to improve the financial performance of companies helps . These days , some companies only hold its market share because of their pricing strategies . Based on the price they directly compete with its rivals . F or example : Pakn Save millions of dollars of business strategies based on their price with its competitors compete directly . The importance of the market value : The price of any direct impact on the companys revenues , so companies know more about their pricing strategies . Furthermore, these days companies means any product of the highest quality high price , which is the most important fact about the mindset of the buyer to know . No company in its best quality product without having to increase its prices . Every company and its products are some of the strategies under different pricing strategy as follows: a)Skimming Strategy: In this strategy company sets relatively high price for its product during the initial stage of Productà ¢Ã¢â€š ¬Ã¢â€ž ¢s life. Objectives of Skimming Strategy: *Target those customers who are not conscious or worried about the price and the demand is on its highest peak also competition not yet entered into the market. *One more ob jective behind this is to cover maximum share of RD(research and Development) cost of that product by gaining maximum margin from the product sale. b)Penetration Strategy: In this strategy company sets relatively low price during the initial stage of Productà ¢Ã¢â€š ¬Ã¢â€ž ¢s life. Objectives of Penetration Strategy: *Discourage competition from entering the market by acquiring most of the market share. In this the margin volume is less but the sales volume is way too high. c)Flexible Pricing: In this strategy company charges different prices to different customers for the same product and quantity. Objectives of Flexible Pricing: *It depends upon willingness of customers to pay for the product and it also depends on the competition on different areas. d)One Price: In this strategy company charging the same price to all its customers for same quantity of the product during the initial stage of productà ¢Ã¢â€š ¬Ã¢â€ž ¢s life. Objectives of One Price: *The main objective of this strategy is to simplify pricing decisions and make good will among its customers. e)Reduce the price: In this strategy company reduce its prices according to gain profit with increase in competition. Objectives of Reduce Price Strategy: *The main objective of this strategy is either to stay in competition or to beat competitors. Question 4 c)Flexible Pricing: In this strategy company charges different prices to different customers for the same product and quantity. Objectives of Flexible Pricing: *It depends upon willingness of customers to pay for the product and it also depends on the competition on different areas. d)One Price: In this strategy company charging the same price to all its customers for same quantity of the product during the initial stage of productà ¢Ã¢â€š ¬Ã¢â€ž ¢s life. Objectives of One Price: *The main objective of this strategy is to simplify pricing decisions and make good will among its customers. e) Reduce the price: In this strategy company reduce its prices according to gain profit with increase in competition. Objectives of Reduce Price Strategy: *The main objective of this strategy is either to stay in competition or to beat competitors. Organisational structure issues facing Letà ¢Ã¢â€š ¬Ã¢â€ž ¢s-SPARK It has been suggested in the past that Letà ¢Ã¢â€š ¬Ã¢â€ž ¢s-SPARK could use either a centralised organisational structure or a decentralised organisational structure to better assist its marketing and growth. Provide a model of each structure and describe their advantages and disadvantages in respect to Letà ¢Ã¢â€š ¬Ã¢â€ž ¢s-SPARK as a company. Make a recommendation as to which of the structures Letà ¢Ã¢â€š ¬Ã¢â€ž ¢s-SPARK should develop giving reasons. We are a spread out company with many involving many functions as set out in the synopsis. Provide at least four strategies Letà ¢Ã¢â€š ¬Ã¢â€ž ¢s-SPARK Electrical Suppliers could work on to improve cross- functional working and co-operation within the company to develop better strategic marketing and growth. Marketing issues facing Letà ¢Ã¢â€š ¬Ã¢â€ž ¢s-SPARK Letà ¢Ã¢â€š ¬Ã¢â€ž ¢s-SPARK realises that marketing is probably the most important expenditure for our business. Marketing has had its challenges for us. We need to know how to overcome these challenges for our business to succeed. Going forward our aim is to become the number One supplier of electrical services to national organisations and construction projects within New Zealand. Letà ¢Ã¢â€š ¬Ã¢â€ž ¢s-SPARK is currently considering moving into both niche marketing and Entrepreneurial marketing. To assist us to evaluate these two methods of marketing, provide information. Clarify each marketing strategy approach as it would relate to Letà ¢Ã¢â€š ¬Ã¢â€ž ¢s-SPARK The marketing strategy approach relate to Letà ¢Ã¢â€š ¬Ã¢â€ž ¢s-SPARK are: a) Competition: In this step the company can understand that how they can beat the competitors by make them irrelevant. This can be possible by tapping those opportunities which are not tapped by competitors yet. There are two types of competitors; Direct competition: In this two or more companies fights on similar kind of products. The simple and effective way to win this type of competition is by simply differentiating your products from others. This is also known as Reference Competition. Indirect Competition: In this type of competition, two or more companies compete for the same budget. Company can win this kind of competition by fighting for product supremacy. This is also known as Economic Competition. If your competitive profile does not offer enough differentiationà ¢Ã¢â€š ¬Ã¢â‚¬ which is increasingly important the more mature your market becomesà ¢Ã¢â€š ¬Ã¢â‚¬ use the ERRC framework to systematically review your options for improving your competitive profile. The ERRC framework is another concept taken from Kim and Mauborgneà ƒ ¢Ã¢â€š ¬Ã¢â€ž ¢s Blue Ocean Strategy. ERRC Stands for: E= Erase R= Reduce R= Raise C= Create b) Partnership: Alliance and partnership are two most common and effective strategic tools which are used in global market. They can ensure that your product is appealing to your target market. In other words, use partnerships to complement your offering as part of your whole product strategy. Two key motives should drive the creation of your partnerships: à ¢Ã¢â€š ¬Ã‚ ¢ achieving market leadership by creating whole product solutions as quickly as possible à ¢Ã¢â€š ¬Ã‚ ¢ achieving and sustaining market leadership by differentiating your product or service Partnerships should be based almost exclusively on these criteria. The goal is to significantly increase your time-to-market advantage. The partnering approach is based on the maturity of product category. Consider following objective when choosing partner: *Choose the partner who reduce the risk of tec hnology will be implemented not correctly in the customers place. Not only would such an event create a negative experience with your product, it could cause a major disruption to the customerà ¢Ã¢â€š ¬Ã¢â€ž ¢s operations and significantly harm their business. For Example: If letà ¢Ã¢â€š ¬Ã¢â€ž ¢s-spark alliance with any Australian Light fitting company in Australia to expand its business then they have to make sure that work of their partners will not harm their market value or product value. *As they are entering into new market, so they have no recognition, no brand name and have very low credibility. Partners with established identities will validate you in the eyes of your customers. c) Distribution: A smart distribution strategy is necessary for success, and it can be a source of competitive advantage. It is important to find a distribution channel that makes it convenient for the buyer to purchase and consume your product. Amazon and Dell are examples of companies that have been successful largely because of the way their products are distributed. Distribution is one of the four mail elements of the Marketing Mix. d) Pricing: The last and the most important marketing approach is pricing. Pricing is also one of the elements of Marketing Mix and it is the only one who generate revenue for the company. Any significant change in price will affect on the viability of business. A well planned price strategy should accomplish these goals: *achieve profitability for the company *customers must be willing and able to pay the price you set. Clarify each marketing strategyà ¢Ã¢â€š ¬Ã¢â€ž ¢s benefits to Letà ¢Ã¢â€š ¬Ã¢â€ž ¢s-SPARK The benefits of these strategies to Letà ¢Ã¢â€š ¬Ã¢â€ž ¢s-SPARK are: 1) It helps the organisation to establish itself in the new market. 2) To compete with the competitors more effectively. 3) To gain maximum market share. 4) It gives a proper plan to the company to earn more. 5) It gives the direction to the company. 6) Identifies needs and wants of consumers 7) Identifies new product areas. 8) Allows for test to see if strategies are giving the desired results. 9) Aids in design of products that fulfil consumers needs 10) Determines demand for product Clarify the requirements for Letà ¢Ã¢â€š ¬Ã¢â€ž ¢s-SPARK to build and sustain growth through each of the strategies For the sustain growth for any organisation following requirements is must: All the strategies must be explained to each and every employee of the company. Chosen partners must have reputation in the market. Chosen partners products and services not affect on your products. Must have the team of market analyst who can predict or understand competitorà ¢Ã¢â€š ¬Ã¢â€ž ¢s strategies. Must have affective strategies for those products who are in decline phase of life cycle. Analysts must have knowledge that when to decrease or increase the price of a product Distributio n channel is well organised. The staff must be well trained and motivated. Letà ¢Ã¢â€š ¬Ã¢â€ž ¢s-SPARK needs to find new ways of competing in the market. We are aware the basis of competition in many markets is changing rapidly and the real winners in the future will be those who adapt to the changes best. Letà ¢Ã¢â€š ¬Ã¢â€ž ¢s-SPARK would ask you to make a recommendation as to at least four strategies we could use as a way of sharpening our competing activity in the market place. Don’t waste time! 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Developing Efficient Framework For Social Security Data...

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The United States Constitution is a living Document Free Essays

The Constitution of The United States is a living document. I believe it is because we can amend it. We have amended it 27 times. We will write a custom essay sample on The United States Constitution is a living Document or any similar topic only for you Order Now The first 10 amendments are known as our Bill of Rights, which are our basic rights as American citizens. This document started with no amendments, but our government has added them when the document needs to grow with society. The United States Constitution has been the Law of the Land since 1788 when it was adopted. In the Preamble of the constitution it states why it was written. These reasons include, to form a more perfect nion, establish justice, ensure domestic tranquility. Since it has been in effect for over 200 years and has stood the test of time other countries have used our Constitution to base their countries constitutions on. I believe the truly genius thing about the constitution is the way it was written. Several phrases are written very loosely, and this has allowed us to make changes or amend it. That is why it is called a â€Å"living document†, because like a living changing person, this document can also live and change. Over 200 years ago when this document was written, the framers could never have predicted what changes their future society would have. So by leaving phrases unclear it left this document open to interpretation. We are now able to reinterpret it and amend it if need be through the Supreme Court and House of Representatives. In the summer of 1787 when The Constitutional Convention was being conducted, these men would never know how in the future we would need to ensure that homosexuals would in the future be left out of constitutional rights. Morally they would never be able to justify this concept. But today it is a very controversial issue. Homosexuals are not allowed in most states to marry. They will argue that it is unconstitutional, and that the 14th Amendment states that any person who is a U. S. citizen should not be deprived life, liberty, or property, and all citizens should have equal rights and equal protection of the law. The blacks went through this, they had to fight to be treated as equals and just like them the homosexuals of America are now taking their turn in reinterpreting this mendment . To deny them of their constitutional right is not what our Founding Fathers would have wanted. Another issue that is very controversial right now is gun control in The U. S. Some interpret the 2nd amendment states that all Americans have the right to own guns, and this should not be infringed. Others interpret this as meaning that the only people that should be able to own guns are the military to protect our country . This is a huge topic in America right now because of many violent acts that have happened with guns. Due to these violent acts, we as Americans should consider there are some flaws in controlling who can own a gun. Our President Barack Obama and his administration wish to fix loopholes in the required background checks for buying and owning a firearm. In doing so they hope that guns will not fall into the hands of anyone who has a criminal history, or has a mental illness. They also wish to ban military style assault weapons for civilians. Basically the debate on either side of these issues proves that The United States Constitution is in fact a living document. To state that it is a dead document is to imply that we should abandon this document. That idea in itself is treasonous. To abandon this document would cause a huge uproar in our country, and delete so many vital parts of American history. Since we can obviously add to this document and make changes to it we need to continue doing exactly what we are doing. Before we had this document our country was in complete disunion between states, and our government was very weak. Our country did not run well without this document, and it wouldn’t if we decided to consider it a dead ocument. Americans have lived with this document being the law of our land, and have grown used to the way things are. If we can make what has worked in the past continue to work then why change that. In any event we as society look to the Constitution to tell us what our founding fathers wanted this country to be. This document is what America was built on and will continue to grow on. And that is why after over 200 years The United Sates Constitution is still a living document that we should never wish to abandon. Work Cited by : http://www.cbn.com/cbnnews/news/050801a.aspx http://www.usnews.com/opinion/blogs/anson-kaye/2013/04/25/the-rights-constitutional-hypocrisy-on-the-2nd-and-4th-amendments http://www.cbsnews.com/8301-250_162-57576700/obama-same-sex-marriage-constitutional-but-an-issue-for-the-states/ How to cite The United States Constitution is a living Document, Papers

Debut Albums and Grendel free essay sample

Arles, the Ham Describe Grenades mother and his relationships with her Greened mother Is an ugly, smelly beast who Greened resents and yet loves In a dependent, childish way. She cannot speak; she tries to communicate with his son by caressing and holding him. And at times she would go too far and suffocated him. She helpless at times she has to wait for him to bring her food, but when Greened needs her, he cries like baby, and usually she saves him. She is also fierce and terrifying.Greened sets himself apart from his mother according to him she does not hind coherently. He believes he above her. He thinks of her as a fool. Life-bloated, baffled, long-suffering, hag. Guilty, she Imagines, of some unremembered, perhaps ancestral crime. Chapter 2 Taurus, the Bull Explain what Greened mean when says, l create the whole universe, blink by blink. When Greened says, I create the whole universe, blink by blink he means that he Is the only one who exist In the world. We will write a custom essay sample on Debut Albums and Grendel or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page That everything changes according to the way he see things and no one else.Greened is starting to be aware of the fact that he does to need the rest of the world but himself to survive. When he was hanging on the tree no one helped not even his own mother; thats when he says, l understood that, finally and absolutely, I alone exist. Through his mother did safe him deep down inside he alone and wishes he wasnt alone. Chapter 3 Gemini, the Twins Why is Greened so impressed and affected by the shaper? Why does he fear Shaper Greened is so impressed by the shaper because his words are poetic. They have the ability to change persuade.Greened knows the truth yet when he hears the shapers ales, he questions his very own perception of the truth. The shaper changes dry sticks to gold. He knows that the shaper Is lying, but his stories are addictive. Greened knows that Hoarders men are aware of the truth, but choose to believe the shaper Instead. He fears her because he grows confused and panicky. Sharper Is getting to him he still finds their power incredibly seductive, and he in turn wishes he had something greater to strive for and believe in. Debut Albums and Greened By Johanna Chapter 1 Aries, the HamGreened mother is an ugly, smelly beast who Greened resents and yet loves in a baffled, long-suffering, hag. Guilty, she imagines, of some unremembered, perhaps When Greened says, l create the whole universe, blink by blink he means that he is the only one who exist in the world. That everything changes according to the way he inside he alone and wishes he wasnt alone. Sticks to gold. He knows that the shaper is lying, but his stories are addictive. Shaper instead. He fears her because he grows confused and panicky.