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Internal Factors: Marketing Strategy

Marketing strategy concerns the decisions marketers make to help the company satisfy its target market and attain its business and marketing objectives. Price, of course, is one of the key marketing mix decisions and since all marketing mix decisions must work together, the final price will be impacted by how other marketing decisions are made. For instance, marketers selling high quality products would be expected to price their products in a range that will add to the perception of the product being at a high-level.

It should be noted that not all companies view price as a key selling feature. Some firms, for example those seeking to be viewed as market leaders in product quality, will deemphasize price and concentrate on a strategy that highlights non-price benefits (e.g., quality, durability, service, etc.). Such non-price competition can help the company avoid potential price wars that often break out between competitive firms that follow a market share objective and use price as a key selling feature.

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3 Comments

  1. hemlata makes this comment

    October 22, 2010

    I gained a lot from these notes. Thanks.

  2. Casey makes this comment

    October 20, 2010

    Price may be the most quickly changed variable in the marketing mix, but many marketers have problems with value. Unless customers recognizes the value of your product or service the benefits probably won't outweigh the cost (price). To clearly show the value you have to understand what the customer values most in your product or service (their "hot button") and find the most effective and most efficient way to inform the customer about the value

  3. brian makes this comment

    April 22, 2010

    I really gained a lot from these marketing notes.

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