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Essay / Research Paper Abstract
A 5 page paper assessing the effects of the marketing department's recommendation that a producer of an unnamed product lower prices by 10 percent. The purpose here is to assess the effects of this action on profits and competitive responses. The paper considers the 4 Ps of marketing, price elasticity issues and effects on profits with and without competitive response. The most likely reaction will be that the producer gains a great advantage early on, which will begin to decline as competitors also reduce prices. The producer will gain less benefit as more competitors follow suit, for the consumer will have many choices of product at lower prices, rather than only the one of the early days of the price reduction. Bibliography lists 4 sources.
Page Count:
5 pages (~225 words per page)
File: CC6_KSmktgPriElas.rtf
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Unformatted sample text from the term paper:
continues to increase well past the point at which nearly everyone believed it could not surpass, the marketing mix continues to become even more significant for marketers and their employers.
The four Ps - product, price, place and promotion - provide a method of breaking down the marketing mix into manageable and maneuverable components. As more marketers seek
the attention of more customers in a relatively finite number of outlets, close management of each "p" is critical to the success of a product, service or business.
Price is always an important point to closely consider and monitor, but never more so than in times of economic downturn such as that which
we currently are experiencing. Here, the marketing department has recommended that the company lower prices by 10 percent. The purpose here is to assess the effects of this
action on profits and competitive responses. General Pricing Considerations The product is seen as being
the most critical of all the Ps of the marketing mix. If the product is of poor quality or does not perform to promised levels, then all the other
Ps are superfluous. When the product is sound, however, price will be important as well. Goods and services can vary in their quality, function or design to appeal
to varying tastes and budgets. The oldest school of management accounting holds that price should be determined on the basis of cost of
production (Doyle, 1995). Other approaches to pricing have been in use for several years, and of course marketers must never forget the supply-and-demand model that so many economists say
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