product mix pricing strategies

Choosing the right product life cycle strategies is crucial for the companys success in the long-term. Even though this strategy leads to losses initially it results in many customers shifting to the brand because of the low prices.

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Place- How the product is distributed to the customer.

. A product mix consists of product lines which are associated items that consumers Buyer Types Buyer types is a set of categories that describe spending habits of consumers. In the following all characteristics of the four product life cycle stages discussed are listed. Product mix also known as product assortment or product portfolio refers to the complete set of products andor services offered by a firm.

There may be a range of normal price points in a market. Promotion- How the customer is found and persuaded to buy the product. Product- line pricing is a strategy which involves all product offered.

For each product life cycle strategies with regard to product price distribution advertising and sales promotion are identified. Marketing-mix decisions must be made for influencing the trade channels as well as the final consumers. Pricing strategies Remember there is a big difference between costs and priceCosts are the expenses of a firm.

Price is the amount customers are charged for items. A supplier might decide to a product suitable for all price levels offering opportunities for a range of purchases. Marketing Mix Product Price Promotion Place Product Variety Quality Design Features Brand Name.

Penetration pricing is a pricing strategy where the price of the product is initially kept lower than the competitors products to gain most of the market share and to trigger word of mouth marketing.

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