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Price Strategy determination Based on six Steps TV Cable company Fiction

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Determination of price is crucial for an organization. Determination of correct price not onlycontributes to the organization`s profitability but also affects success of product. Price is onethe important factor in five P`s of marketing mix. Although other P`s of marketing are veryimportant but price is still very important factor that affects market share and profitabilityorganization. Price is pretty flexible element as it can be altered very quickly as compared toother P`s of marketing mix. According to Ray(2012 )Price directly influence demand,profitability, market perception and brand positioning. Following factors should be consideredwile determining price.(i)Price Objectives and justification:-Determination of product price should be based on Long term (Strategic objectives)and short term(Tactical objectives). The organizations long term plan is to developitself as leading Cable service Provider Company in USA. Organization also wants tobecome top choice among the customers. Doing so will require extensive increase incustomer base that will require investments to expand its network as well. Companyhas strategic objective to reach 70% of USA houses(Marcus,2012). While short termobjective is to expand its customer base quickly to gain some profits so thatorganization can help expand its network to new areas. Keeping in view of Longterm and short term objectives the price objective for organization is Offerattractive price to customers in order to ...
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I was struggling with this subject, and this helped me a ton!

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