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A. Product

... The Absolutes for Marketing Activities Sport Marketing Activities Must: Be based on a win-win relationship Allow you to get your organization’s message out Allow you to generate revenue Allow you to identify & address the customer’s needs ...
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... • The concept that will direct all the marketing required to achieve the business goal. • Ways to Position – Attribute: Highlight a product feature. – Price & Quality: Stress high price as a sign of quality or emphasize low price as an indication of value – Use or Application: Stress unique use or a ...
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... demand works together to set prices  Demand is the desire, willingness, and to buy a good or service. For demand to, a consumer must want a good or service, be willing to buy it, and have the resources to buy it.  A demand schedule is a table that lists the various quantities of a product or servi ...
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...  Businesses work to meet customers’ needs and sell them the most appropriate product.  All businesses have something to sell.  Everyone benefits from selling.  Selling benefits businesses.  Creates a desire for their products  Helps get their products into the hands of consumers  Selling bene ...
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... pricing mechanisms and how these mechanisms determine both what types of buyers end up buying a particular good or service and how much they end up paying. While certain methods of price determination have been studied extensively, the reason why a seller would benefit by using an asking price remai ...
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mba iv semester exam 2013 model answer code

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Pricing



Pricing is the process whereby a business sets the price at which it will sell its products and services, and may be part of the business's marketing plan. In setting prices, the business will take into account the price at which it could acquire the goods, the manufacturing cost, the market place, competition, market condition, brand, and quality of product. Pricing is also a key variable in microeconomic price allocation theory. Pricing is a fundamental aspect of financial modeling and is one of the four Ps of the marketing mix. (The other three aspects are product, promotion, and place.) Price is the only revenue generating element amongst the four Ps, the rest being cost centers. However, the other Ps of marketing will contribute to decreasing price elasticity and so enable price increases to drive greater revenue and profits.Pricing can be a manual or automatic process of applying prices to purchase and sales orders, based on factors such as: a fixed amount, quantity break, promotion or sales campaign, specific vendor quote, price prevailing on entry, shipment or invoice date, combination of multiple orders or lines, and many others. Automated systems require more setup and maintenance but may prevent pricing errors. The needs of the consumer can be converted into demand only if the consumer has the willingness and capacity to buy the product. Thus, pricing is the most important concept in the field of marketing, it is used as a tactical decision in response to comparing market situation.
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