Question

How do marketers use pricing strategy and pricing objectives to achieve their goals? Discuss

Answer 1

Firstly, we need to understand that it is the need of the marketing department to understand how the market functions. With this in mind, we can say that a marking strategy requires the knowledge of the product as well as the market it is presented into. Pricing strategy along with the objectives can be utilized in order to cater to better exposure, reception as well as placement by the marketing team. It not only involves the use of an attractive pricing point to appeal more to the customers but as a means to actively compete in the market as well. With better favorability in the eyes of their customers, the aspect of being able to compete with the competition becomes easier. It also becomes easy for the marketing team to find the best possible place to market, the best price to utilize as well as help in creating a buzz in the market through the use of word of mouth publicity which also positively affects the sales proposition of the company.