Price

Marketing means managing markets to bring about profitable customer relationships. However, creating these relationships takes work. Sellers must search for buyers, identify their needs, design good market offerings, set prices for them, promote them, and store and deliver them. Activities such as consumer research, product development, communication, distribution, pricing, and service are core marketing activities PAGE 9 For the pricing in general, its incredible important to not price too high and of course not too low. What exactly do people believe are a reasonable price to pay for whole-grain pancakes? And since they are whole-grain with blueberries, are they going to expect to pay a little extra? If so, are they willing to pay that cost? In positioning its product, the company first identifies possible customer value differences that provide competitive advantages upon which to build the position. The company can offer greater customer value either by charging lower prices than competitors, or by offering more benefits to justify higher prices. But if the company promises greater value, it must then deliver that greater value. Thus, effective positioning begins with differentiation—actually differentiating the company’s market offering so that it gives consumers more value. Once the company has chosen a desired position, it must take strong steps to deliver and communicate that position to target consumers. The company’s entire marketing program should support the chosen positioning strategy PAGE 53 The price must be just right so that I could gain a profit off it and also be able to donate some of the money made to provide for the hurricane victims in the Philippines. So somewhere, the people purchasing the pancakes and I are going to have to meet in the middle so that everyone benefits fairly, without causing too much strain on either side of the coin. When figuring out the price I should keep in mind about the people who are concerned and believe that anything slapped with a healthy notation, it manages to deter them away from buying it because either one; it costs too much and two; it probably tastes bad. The pricing must be as fair as possible, not a single cent off but it also has to help me out on my part and as well as those in the Philippines who were affected by the hurricane. This is why I find the sampling part (which you can read in the Promotion post) to be important, so that people can at least try it out before judging. Not only that, the box it will be sold in should be appealing.