Discussion and Remove plagrism
Module 4 Discussion Forum 500 Words
Select a problem that a firm might have bringing out a new product or service and discuss how the firm could overcome that problem.
Reply should be a minimum of 250 words.
Introduction:
Launching a fresh product into this marketplace remains risky, and businesses often encounter difficulties. Seldom, the output is suitable although there exists a difficulty with one about the measures required for any shopping plan. If each company neglects to carry excuse its purchasing activities diligently, every product presentation can disappoint. You can resolve such difficulties if you could identify whither? your company’s purchasing went wrong also take restorative action instantly.
Target businesses: If you own chosen destination markets that y’all can’t easily entrance, you may negative be capable to exchange your merchandise. Your destination markets’ obligation is obtainable at a reduced cost, including its affiliates have to remain curious about your merchandise. Your business may have decided its target businesses that don’t even the result.
Pricing: This price you choose for your goods depends on covering your expenses and whatever your market investigations indicate. Your purpose is to set an aim value in line including what the segments of your destination market can provide, the advantages they will receive from your merchandise, and competitor costs. You must check your prices to make some profit you need at the destination price.
Advertisement: Your promotional policy has two elements: practicing a means from a promotion that parts of your quarry market are maintaining to experience and giving a word that interests them. One typical purchasing problem is doing the opposite promotional communications or concentrating on a report that doesn’t approach a specific demand in your objective exchange.
Channels: If possible, customers are involved in your goods but can’t obtain it conveniently, thou will lose economics. Examples cover a confusing buying vehicle for online purchases or a shortage of parking to a local location. You need to make assured you submit your product by a sales flood that is available for your possible customers, performing it simple toward them to make an expected investment. (Bert Markgarf (N, D).
Remove Plagrism to attached
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Running Head: CROSS-FUNCTIONAL ESSAY
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CROSS-FUNCTIONAL ESSAY
Cross-Functional Essay
Campbellsville University
BA60172G319 Marketing Management
Professor: Amanda Ewing
Date: Nov-09-2019
Introduction
Pricing is a fundamental aspect that affects both the purchasing and selling value of a given product. This consequently impact the rate in which the buyer is willing to buy the given product. Therefore, balancing pricing with demand and supply is a major challenge that is encountering many small enterprises especially in the modern world. Observing the market changes with respect to the demographic information analysis of the market helps change the pricing of the commodity. This is especially influenced by both the demand and the supply that is prevalent in the respective market segment. Numerous investors and small-scale traders fail to attribute the influencing agents of the commodity pricing hence implicating the demand and supply existing in the market. Nevertheless, various pricing of diverse commodities will vary as their demand and supply behaves abnormally as compared to other commodities in the same market segment.
Relationship and Interdependence between Demand Influences and Supply Influences on Marketing and Pricing Decisions
Notably, there is a key need to note that demand and supply influences on pricing decisions are absolutely different from the pricing influences on demand and supply. Various investors will behave differently with increase or decrease in demand and supply while others may act accordingly with increase and decrease in demand and supply. However, there are key differences between their influences on pricing decisions by the business organizations in respect to the marketing forces.
An increase in demand of a commodity will automatically stimulate the business person to increase the prices of the commodities. Generally, the higher the demand for your product, the higher you can increase the pricing of your products and services. Here, the demand influence is the categorical factor. Inversely. A decrease in demand will result to a decrease in pricing of the commodity as numerous customers tend to shun away from buying the respective product (Antje & Michael, 2012). The demand increase however may be irrational depending on the competition level existing in the market segment.
However, it is not always the case that the demand will influence the pricing of the commodity. Often, the vice versa is also true. Pricing of the commodity may also impact the demand existing in the market (Rainer, 2019). For instance, increase the price of the commodity will most likely to result in low demand for the respective commodity. Taking for example the flour price. When you lower the price of the flour, the demand of the flour will likely to increase. Numerous customers will forego the other alternatives for the flour which increase the demand of the flour. The level of demand and the pricing is therefore a two-way traffic.
The inverse relationship existing between supply and the pricing decisions of the commodity is infect the major difference between demand influence and supply influence. Unlike in demand influence where the relationship is directly proportional, in supply influence, the relationship is inversely proportional as per the law of supply and demand (Colin, 2014). With demand unchanged, an increase in supply will result to lowering of the prices. The falling pricing decisions is mostly likely to be aggravated by the equilibrium of the supply and demand of the commodity. The prices therefore will lower with an aim of lowering the equilibrium, price and increasing equilibrium quantity of the respective product (John & Sak, 2014). The decrease in supply will result to increase in prices of the commodities.
Challenges Marketers face as they seek to Balance Supply and Demand
The most common and difficult challenges that marketers face today as they try to balance supply and demand include determination of what to make, how much to make and when to make it. One of these major complications is meeting the preparation. Most of the marketers fail to gather and calculate the performances measures that will balance the supply and demand with having to substantial effect on pricing. The modification and communication of the consensus demand and supply plan is also a major challenge (Douglas & John, 2010). Many marketers manage to come up with a functioning demand and supply plan. Nevertheless, they encounter a significant problem of not making the required changes which are demanding in the plan.
With an increase in modern technology and infrastructure, there is automatically many improvements in both marketing strategies which match to the modern world. Many marketers however fail to realize these changes and implement them in the respective plans. An increase in competition is another attributing factor that challenges the marketers whenever they make efforts of balancing the supply and demand of the commodity. Continous experience of stiff competition makes the business organization to be influenced by the external factors rather than the internal factors which are easily manageable by the business (Douglas & John, 2010). This makes it hard to balance the supply and demand curve of the commodity.
Typically, increase in prices will result to decrease in demand and vice versa as mentioned above. Nevertheless, at times, this is not the actual case with some of the commodities. These are commodities which increase in prices will results to increase in demand like the normal law of demand (Rhona, 2010). One of these commodities that aligned to such a reality is luxury objects such as watches, cars and other sumptuous commodities. In a luxury watch, an increase in price will motivate the exclusive buyers to purchase the watch. This is more affected by the luxurious attitude of determining the class of the person in the society. Many people especially in the upper class of the society will be motivated in purchasing by the increase in prices.
References
Antje Boden & Michael Kemmer (2012), Price as one Parameter in Marketing Mix, Demand Influence, pp. 189-190. Retrieved from https://www.amazon.co.uk/Price-one-Parameter-Marketing-Mix/dp/3656231419
Colin Drury (2014), Management and Cost Accounting, Taylor and Francis Group, pp. 418-419. Retrieved from https://www.amazon.com/Management-Accounting-Colin-Drury-2015-01-13/dp/B01K3I8ZH8
Douglas K. Hoffman & John E, G. Bateson (2010), Services Marketing, Concepts, Strategies and Cases, pp. 73-75. Retrieved from https://trove.nla.gov.au/work/20683741?selectedversion=NBD44669476
John J. Shaw & Sak Onkvisit (2014), International Marketing, Analysis and Strategy, pp. 475. Retrieved from https://www.amazon.com/International-Marketing-Analysis-Sak-Onkvisit/dp/0023893435
Rainer Quante (2019), Management of Stochastic Demand in Make-to-Stock Manufacturing, pp. 201-203. Retrieved from http://oapen.org/search?identifier=1003172
Rhona C. Free (2010), 21st Century Economics, A Reference Handbook, Vol. 1, pp. 75. http://dx.doi.org/10.4135/9781412979290
