Services Marketing and Global Marketing
Right price and fair price are considered based on multiple factors. As time goes on the teens a youth becoming more and more across the world which was mentioned by the social commentators. Others are not disputing by the others at even the younger ages similarities were exceeding of the culture that is pointing out of the differences.
The teens and youth are considering that which are becoming to the eco boomer that which are generating the paradigmatic and innovation catalyst with sophisticated technologies in which the global sharing, multinational products, and solutions, with abundant particular, flows, telecommunications and New media where the communications become more cost effective and time efficient which facilitates the communications, socialization, and knowledge that are sharing with people geographically. There are diverse culture and nationality in Indian culture underneath the diverse culture which likes another phenomenon which is called a structure. As we know that Indians follow rice as their diet whereas the north Indians eat Chapattis and sabjhi this will denote the different culture with different subculture with a different meaning. There is towering some of the fashion consequences as the dress code on the restaurant consequences(Lovelock, 2015).
Is the Right Price a Fair Price?
In various countries, footprints have been established with many multinationals. Nowadays the world is shrinking into the multinational web whereas the products and service and the country are relieved hospitably by another with the great exuberance. Most of the counties are becoming more exponentially multicultural. On the international platform, new firms will make an ambitious foray. Hence in life, these communications have become fast placed through new media and assorted due to the global exposure with new-fangled products and services with global basis competing. To upgrade the technological capabilities that are imperative which enhance the products, acceleration and streamline the process which improves the coating efficiency. Some of the innovative products will be introduced to tackle competitions.
The marketer is tapping increasingly in the 21st century have become strategically and nimble and shifty capture by thinking globally throughout the entire phenomenon. Acting locally through demographic, geographic, behaviouristic segmentation, etc. With semantics and phonetics, some of the perks may be different but with the confined set of alphabets A to Z these all are inherited. Based on the one’s redemptory culture the alphabets are like wisely chosen and sometimes there will be a make choice of their exposure after that they embrace the culture which suits the convenience and individual earn will help to form brand equity status(Wilson, 2012).
Is the Right Price a Fair Price?
Pricing is one of the most complex decisions a firm has to take and there are different approaches a company can take to price their products. Value-based pricing is determined by estimating the value that prospective customers assign to a product or service, whereas cost-based pricing is determined by how much it costs a business to design, manufacture and distribute a product or service and the margin of profit that the market will bear above that cost. I am of the opinion that prices should reflect the value that consumers are willing to pay rather than just being driven by cost.
A consumer’s decision to purchase a product/service depends on how much value they think they are getting from that particular product/service. So it all depends on the customer’s expectation of value. Based on how best the product/service meets this expectation compared to other substitutes in the market, the customer’s reaction to price will change. For example, if a product exceeds customer expectation and has a unique offering compared to its competitors, customer satisfaction along with the value they associate with that product increases, which makes them willing to pay a price that justifies their value perceived. On the other hand, if a product does not match customer expectations, their perception of the value associated with the product diminishes. Now, let’s say this product carries a high manufacturing cost and is priced based on the cost of the product. In this case, the price of the product will not match the customer’s perception of diminished value, which will result in a reduction in demand and sales. This is exactly why prices should not just reflect the cost.
Although cost-oriented approaches to pricing have the advantages of being less expensive and simple, they are mainly criticized for two reasons – Cost approaches give little or no consideration to demand factors and they fail to reflect competition adequately.
To conclude, prices should be determined not just on cost but on how much the customer is willing to pay for the product/service. This willingness might be driven by internal factors such as the characteristics of the product/service itself as well as external factors such as the Internet – access to easy information, competition, and government regulations. Companies that offer unique or highly valuable features or services are better positioned to take advantage of the value-based pricing model than companies which mainly sell commoditized items.
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