MKT 100 Study Guide - Final Guide: Marketing Mix, Oligopoly, Demand Curve

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Fathima Saleem

Document Summary

Explain what price is and its importance establishing value in markeing. Price is the only element of the markeing mix that generates revenue. Although costs and other factors should be taken into consideraion when seing the prices, the most important factor is how the customer views the price in relaionship to what he or she receives. Illustrate how the ive cs- company objecives, customer, costs, compeiion, and channel members- inluence pricing decisions. Successful pricing strategies are built on the ive cs- company objecives, customer, costs, compeiion and channel members. Company goals and objecives set the framework for pricing strategies. Companies focusing on image set high prices, while those that focus on value tend to use everyday low prices. Understanding customers" reacions to diferent prices help marketers set prices that are consistent with their customers" aitudes and preferences. The demand curve and price elasicity of demand are two related tools that marketers use to gauge customers" sensiivity to price changes.