In the present world, ‘Marketing’ has become one of the most important phenomenons for the industry. Any product or service can be successful if and only if it is marketed in a properly manner. In order to do the marketing in a proper way, a lot of hard work is needed to be done. It is important to figure out, what are the right product for the right place and the right time for the launch of the product at the right time. In case one of the parameters of marketing gets wrong, the product can end up in a disaster. One can be left with nothing, without a proper marketing strategy. In order to ensure, that the marketing is done in a proper manner, marketing mix and 4’P’s of marketing are invariably essential. Among the 4’P of marketing price forms to be one of the most important elements for the success of a product. Before initiating the marketing for a product, Price forms to be the vital factor (Dixon & Blois, 1983).
In this research essay, ‘Price’ which is the most important amongst the 4’P of marketing, has been investigated upon. It is the subject of wide discussion and is considered important to dignify the marketing strategy of a product. The overall pricing strategy for any product is the basis of the marketing strategy for the product. The study will be done on the importance of ‘Price’ as a marketing strategy, how the factor is discussed with respect to the present market.
Price: A 4’P of Marketing
Before initiating the marketing of any product, it is important to find the answers to a number of questions, ‘What would be the value of the product or the service, which is being marketed, among the customers?’ , ‘Are there established standards to set up the price of the product in the industry?’, ‘Is the target customer of the product sensitive with respect to the price?’ , ‘What should be the accurate price for the product? ‘