Price planning is consisted of analyzing the pricing strategy, coming up with the reasonable retail price, and computing the volume of discounts for retail and wholesale distribution. Before the product is introduced in the market, the manufacturing firms usually have a plan for probable changes of the prices. The price of the product may change according to the competition or based on the season. The flexibility of the price of a product is necessary because the competition in the market is inconsistent. A certain product may exit in the market easily if this does not conform to the prices of its direct competitors.
This means that the marketers have to evaluate the appropriate price for their product to gain the right profit and consider the prices of the competitors to stay in the marketplace at the same time. Another component of marketing mix is the distribution wherein the main concern of the manufacturing firms is to reach the target markets and properly deliver the products to them. The distribution talks about the place in where the product should be delivered and of who will comprise the target market for that specific product.
In deciding for the place to be the target of
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The consumers must be familiarized with the product so that the marketers will gain their loyalty. Promotion is consisted of advertising, public relations, and publicity. The manufacturing firm may decide if they are going to apply a push or pull promotional strategy and in what way they are going to endorse the product in the market. Many techniques were already done by the marketers to keep their product in the market. Most of the manufacturing firms advertise most of their products through mass media sources like television, radio, newspapers, magazines, and even internet.
However, these marketers also conceptualize other forms of promotion to make the market totally aware of the product. Promotion requires creativity and enough knowledge about the product and the target market because these three have always been the basis of releasing and executing any kind of promotional strategy. These four primary components could not be separated from each other because they will overlap in some way or another. If a marketer fails to include any of the primary components the whole strategy will definitely fail because these are all part of the recipe.
(Stone, 2001, p. 55 ) Every component of marketing mix is necessary for the success of both the product and the manufacturing firm in the market place. Many consumer goods industries today have already produced various brands and have been dominating the market with their products for all segments. Proctor and Gamble is one the most popular manufacturers in consumer goods industry. Known for having a strong brand recognition and high profit every year, people may say that this company is already well-established in the market place.
Proctor and Gamble is a global corporation and manufacturer of consumer goods. This company is said to be one of largest companies in the world because of manufacturing a wide range of products in the market and continuing to gain high profits. Procter and Gamble is known for manufacturing products that are part of the basic needs of the consumers. From soap to food products, P & G has continuously catered the consumers from different parts of the world (Slatter, 2007, p. 291).