Pricing Research Paper Example | Topics and Well Written Essays - 1500 words

Pricing - Research Paper ExampleThis research will begin with the statement that price is the monetary value associated with the harvesting and it is the driver of company revenues. Charles W. Lamb, Joseph F. Hair and Carl McDaniel believe that price is something which is given up in an exchange to acquire a good or service. Price of a product or service is real important to both seller and customer. Usually, customers see theprice as the cost of product or service, whereas seller considers as the revenue. The logic is simple for the sellers revenue increases with the increase in price or volume of sales. In reality, price remains vague as all the lucubrate related to it are never spelled out. Theoretically, theprice is one of the most important Ps among the four Ps of product trade. The inclusion of theprice in the marketing mix (four Ps) signifies the importance of it in the world of marketing. The marketing process is incomplete without proper adoption and implementation of p ricing strategy. Prices are established in score to cover the costs and make some profit which is the ultimate objective of any company. In other words, it can be said that price is very important because it brings the profit which is crucial for the survival of the company. It is often found that customers expectation regarding the quality of the product varies with the price. It is assumed that quality of the product increases with the increase in price. Marketers fate to consider such assumption and give proper importance to the price aspect accordingly.