SETTING THE RIGHT PRICE

We discussed a lot of things about price tonight.  Pricing contains so many more elements than the little tag at the end of a piece of clothing, or the 40% off sign hovering over the rack would suggest.  Pricing is every bit a strategy as making the best product, having the greatest commercials, etc.  You must cover your costs, still be able to sell a product or service based on demand for your product and then constantly reevaluate as time goes on.  This says nothing of dealing with regulations and ethics, discounts, etc. 

I was amazed at all of the tactics a company can employ in order to set a price, change a price, and ultimately thrive in business.  I remember a few years ago that there was a Hannah Montana concert in downtown SLC.  A couple of people almost immediately bought all of the tickets and then began to scalp them.  Almost all of the tickets ended up selling despite their increased price, and Hannah Montana agreed to do another performance to make it up to the children (and even more, the parents paying for the tickets).  This would be a classic case where the price strategies were not looked at closely enough.  Any business wants to sell as much of their product as possible at the highest price possible.  They want to be at that perfect demand curve.  These strategies help business to achieve that goal. 

It was very educational to learn of not only some of the consumer price setting, but the wholesale or business price setting. 

Marketing has been much more vast than I previously thought that it was.  This discussion that deals with price is another testament to that.  I feel I have learned a lot throughout this semester about marketing, and what it truly is.  I feel there is so much for me to retain, and even more for me to continue to learn.  Marketing appears to be an ever-changing animal that one must stay current with in order to be successful.  This course has been very educational to me and has given me the opportunity to learn things I did not know, understand in depth the things I did know, and correct me on the things I thought I understood, but did not.  It has been a fun and enlightening course.