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Sample Paper on Different Factors in Marketing

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Sample Paper on Different Factors in Marketing

Different Factors in Marketing

  1. Pricing decisions

These decisions involve how marketers set the final prices of their products since they are influenced by several factors. These are both internal and external and can at times be controlled as well as altered by the companies. For instance, the pricing of a product may vary based on productivity of the manufacturing facility. In this case, the number of goods that can be produced within a specified period is considered. An elevation in productivity decreases the cost of each particular product. However, this requires a bit of changes that may be costly as well, hence the inability to reduce costs immediately. One of the external factors includes the relation with elasticity of demand that requires proper market research. Thus, the main factors that affect pricing include the Return on Investment, market share, cash flow and the maximization of profits. The external factors thus include demand, the expectations of customers as well as competition and other products.

  1. Pricing tactics

They have served an essential role in the way that consumers make their purchases, as well as the processes they engage in during decision making. Different objectives of pricing lead to the different strategies compelling businesses to make the best strategies. These include penetrating and premium pricing strategies, skimming of prices, psychological and economic aspects of pricing, the pricing of products and optional product, bundle pricing for captive and product, pricing depending on the geographical area and the value of the product. However, the main determining factor is whether the market is international or global since there are varied decisions to be made concerning the product, price and the distribution within international markets.

  1. Customer perceived values

Several aspects affect how customers perceive values in the new light of value creation. Different businesses operate under extremely complex situations that make the customers unable to understand their value. However, they still have to work on a number of factors that influence the customer perceived value. These include the experience of product use, different features of the exterior environment such as the influence of customer reference group, changes within the microenvironment and what other competitors have to offer. In addition, the internal aspects of the organization also affect conceived customer value. These include changes in the management among other processes. They do this besides enhancing the flow of information to enhance the positive feelings of the customers and developing CRM instruments.

  1. Communication process

This is a continuous process. It is mainly affected by the sender, receiver, the message, the medium of communication and the feedback to be received. However, they all depend on the method, which depends on other factors such as personal shape, role and relationships and the environment.

  1. Integrated marketing communication

It is one of the manners through which the entire marketing process is viewed from customer’s perspective. It is affected by certain factors that affect the drive or hinder the achievement of a particular level of integration. These are differentiated into two major categories that include endogenous and exogenous components. The endogenous antecedents are related to the dynamics between the departments, the top managements, the systems within the organization and the size of the business. The exogenous antecedents include the competition level, the institutional and cultural environment and the technological turbulence.

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