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Essay / Research Paper Abstract
This 5 page paper given an in-depth definition of the terms price and product from a marketing perspective. Each is considered at different levels and the different interpretations of both terms are illustrated with examples. The bibliography cites 5 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEpricepro.rtf
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Unformatted sample text from the term paper:
terms really mean. The meaning is beyond the initial first impression, as with a deeper understanding of the meaning of the terms value can be added strategy development process. For
the purposes of this paper the terms price and product have been chosen. Price is a unique aspect of the marketing mix, it is the only part of marketing mix
that creates revenue rather than creating costs. Therefore, it is a key element to any business wanting to remain in profit is to consider the price (Kotler, 2003). The
term price is often seen as the "The amount as of money or goods, asked for or given in exchange for something else" (Dictionary.com, 2004). This is usually associated with
the monetary amount that a consumer will pay for a product or service. The price therefore has to reflect value, as a purchaser will not pay a price that they
deem poor or bad value. Likewise, a price that us too low in monetary terms may also be off outing, with the consumer feeling that the value may have been
over estimated or that the deal is too good to be true, It is important to realise that price can be very
distorted in the eyes of the consumer, with price perceived by reference to other comparators. The price of goods that are on special offer will be seen differently from full
price goods. For example, where there are buy one get one free offers the perception of price and value will be lower. Where promotion take place regularly consumers may wait
for promotions before they buy (Hooley et al, 1998). This appears to occur where promotions take place more than a third of the time (Hooley et al, 1998). For example,
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