Price Determination

The various elements taken into consideration during the process of determining price include taking into consideration all the elements that normally affect both the supply as well as the demand price. In terms of assessing the market segmentation, the marketers normally make decisions regarding the form of products to sell or to produce as well as the type of service they are going to render. The additional elements that marketers will be assessing under segmentation include the estimation of the operational costs as well as the form of customers as well as the markets segments considered (Payne, Landry, & Smith, 2014).

The additional issues that affect the pricing include the estimation of demand where marketers estimate the overall product demand was basing on the opinion channels, the forecast of the sales as well as extend of competition. In terms of the market share, the marketers will be selecting the brand image as well as the desirable share of market relying on the reaction of the competition. When it comes to the issues that deal with the marketing mix, the marketing strategy under application relies on the overall approach regarding the various elements of the mix. These will encompass the strategy in the promotion, product market strategy, strategy applied in pricing along with the applied distribution strategy (Raviv, 2008).

When estimating the costs, the marketers shall need to consider all the relevant costs in addition to the price elasticity of the demand. The pricing policies should change as well as adapt themselves to the altering objectives and alterations in the environment. Finally, the development of the pricing structure is on the basis of the pricing strategies along with policies. The structure of the pricing normally defines the selling prices of the various products as well as the permissible allowances and discounts the co dealers and distributors receive (Kiefer, 2011).

 References

Kiefer, H. (2011). The house price determination process: Rational expectations with a spatial context. Journal of Housing Economics, 20(4), 249-266. doi:10.1016/j.jhe.2011.08.002

Payne, M. T., Landry, C. J., & Smith, M. G. (2014). Price Determination and Efficiency in the Market for South Platte Basin Ditch Company Shares. Journal Of The American Water Resources Association, 50(6), 1488-1500. doi:10.1111/jawr.12215

RAVIV, Y. (2008). The Role of the Bidding Process in Price Determination: Jump Bidding In Sequential English Auctions. Economic Inquiry, 46(3), 325-341. doi:10.1111/j.1465-7295.2007.00088.x

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