It is evidently clear from the discussion that after products and services have been developed, the final step before releasing to the market for the customers to buy is pricing. Favorable prices are known to be effectively competitive strategies for businesses, who are often striving to create and consolidate their market share. Myers explained that pricing can simply be described as the process by which businesses use in determining what they receive in exchange for the goods and services that they create. Some of the factors that determine the pricing process for the products manufactured include competition, company brand, manufacturing costs as well as the quality standards that have been followed in the manufacture of those goods and services.
Pricing for a business’ goods is an essential component of the marketing mix, making part of the 4ps, with the others being the place, product, and promotion. Among these marketing mix elements, the price is the only one that generates income, with the rest being centered on costs. However, it is important to realize that the other 4ps play a big role in reducing price elasticity, thus enabling price increases that drive the profits and revenues of the business to great heights.
According to Kotler & Levy, distribution is an important process in the business’ s marketing aspects; it helps to bridge the aspect of place utility, by enabling consumers to get the goods at the most convenient time. Distribution forms one of the most important aspects of the marketing mix, which is a place. By proper distribution, a business can easily ensure that products and services are made available to consumers and other users at the time they need them.
The process of effective distribution is managed by both direct and indirect means, where intermediaries play a crucial role. A business needs to ensure that it examines the costs involved in managing a successful distribution process such that if indirect means seem to be costly, then it can opt for direct means. Distribution plays a big role in the business because it helps to deliver the level of satisfaction, which is needed for the goods and services and services that are made by the business.
The distribution process, when effectively managed enables producers to produce new goods when the other has been delivered to the consumers.
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