The Marketing Mix - Price

In Business Studies, we have been continuing with the Marketing Mix so we have moved on to the Price. We have already finished the first blog which was Products, Price are business charges that customers for the products or the services. Companies are different from most of each other but the charges may be the same, just the price that will be different. So companies use different strategies to work out the price, some things that can influence price, however, are:

• Competition
• Customer opinions
• Brand image
• Availability

Just like our recent post on Marketing Mix, we had to answer questions focused mainly on the Price and also relating to the products we will sell on Market Day.

One of the questions listed was the price for our product and basically how the charges work, I thought to make the price reasonable and sensible, not too expensive or not too cheap. There was a big span of prices but we had to think about our customers and keep them happy with the price so I chose to go with $250, I showed my group and check if they agree with my decision. Once they were all happy with the price and thought that it was cost-effective for the product. We also made it that if they want two of the same product we chose to raise the charge by 50c, of course, there will be a drink we will also sell around $3.50 which is good and could gain potential profit if the day will be very hot and need a cool down.

My company will do their best to make a good profit and make sure that the products we serve to the customers are even so it will be worth their money, if there is a problem on the short resource we will reduce the price down so that it can be acceptable.

What price are others (B&E group/real world business) charging for the same good (use a table to show this)?

Business	Quantity	Price
DeliJelly	Normal	$2.50 $3.00
Cookie Town	Small & Large	Small:$2.00 Large:$1.00