February 4, 2013 at 10:46 AM
By James Glover
Once a Day Marketing
James Glover, That Branding Guy, provides the inspiration and ideas for you to build more mindshare and capture marketshare with your customers in his Once a Day Marketing blog. Tune in often to his short, entertaining and practical marketing and branding tips and watch your organization become more successful and profitable.
Hello, I’m Jim Glover, That Branding Guy, for Once a Day Marketing. Today is Smart Monday and we are going to dive deeper into the 7Ps of Marketing today visiting price.
Of all the 7Ps of marketing, price is the only one that drives revenue. The other Ps, while positioning you to profit, have a direct cost associated with them.
When you look at price you must consider supply and demand. Are there a lot of people chasing too few goods or a lot of goods seeking too few buyers You also have to look at how your product is perceived in the market place and its position vs. your competition. Price also depends on how fast you want to move a product or penetrate a market.
Then you have to consider what I call the "reasonable test”. Just how much is your customer willing to spend to own your product or try your service? You might be selling a product at $15 a unit but your customer, based upon your value proposition and benefits they enjoy, might be very willing to pay up to $20.
Price is a key part of building your brand. Watch our Once a Day Marketing video to learn more: Pricing Approach
Once a Day Marketing positions brands to become #1 in the minds of target customers. Visit our website at www.onceadaymarketing.com. You may also contact James Glover at (505) 501-1330 or email firstname.lastname@example.org
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