BUSI 745 LU Significance of Price in the Marketing Mix Discussion

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Business Finance

BUSI 745

Liberty University

BUSI

Description

Topic: Price

For this week’s discussion you will research three peer-reviewed journal articles on one of the 4Ps – Price. Discuss why this might be one of the most important of the 4Ps. Once you have selected your three peer-reviewed journal articles, post a 750-words minimum synopsis of the major points from the research you read. Use subject headers for each of the article titles. Cite the author within the write-up.

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Explanation & Answer

Attached.

Running Head: MARKETING MIX

1

Significance of Price in the Marketing Mix
Student’s Name
Institution Affiliation
Date

MARKETING MIX

2
Power of Price in the Marketing Mix

Price is the most vital element of the marketing mix concept. This paper will analyze three
peer-reviewed journal articles to prove the argument. According to Al Badi, price is influenced by
the customers' purchasing power, and it is considered an essential element in making a purchasing
decision. Price is the amount of money that the customer has to exchange with the seller to receive
a product or service. There are a couple of factors that affect the pricing strategy. These factors
include product differentiation, cost of production, customer perceived value, competition level,
and market share size. These factors mostly apply for large organizations that can either operate
in a monopoly market, a perfect competition market, an oligopolistic, market or a monopolistic
market. That is, competition, market share, product differentiation, cost of production and
perception of product value by customers is essential. However, SMEs cannot compete in this
nature of markets (Badi, 2018). Therefore prices in SMEs are affected by other factors, including
profit margin, total cost, regulations, economic policies and produ...


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