Flavored Chicken Potato Chips Pricing Objectives
The purpose of this paper is to evaluate on the objectives that identifies prices of potato chips with chicken flavor. It also exhibits the marketing of this product by reflecting on the four P’s of price in the marketing mix. In the market, price refers to the expenses of the services or products that are awarded to customers after they pay.
In this regard, it is vital for a firm to identify its goals based on strategy and mission. This plays a final duty that enables a business to focus on its objective to price their products and services. This implies that a business should embrace specific objectives to determine the short and long run of a brand. The following goals offer guidance in determining prices of potato chips with chicken flavor;
Increase in market share; the firm can accomplish this objective by attracting a huge number of customers. This will help them to avoid competition from their rivals who sell similar services and products.
Enhancing the product and brand; Fair pricing potato chips with chicken flavor can make the brand appealing more than similar products in the market (Pride & Ferell 330).
Market stabilization; It is vital for companies to note that price can generate wars between competing brands. For instance, if one firm decides to lower prices of their commodities, other might follow suit. Clearly, consumers at the market like to bargain for the products before they purchase to save for their cash. It is recommended for firms to compete with each other by focusing on high quality and not price.
Return on investment; it is also essential for the company to price their chips products by focusing on the profits they would wish to achieve.
Pride, William and O. Ferrell. Foundations of Marketing. Ohio: Cengage brain, 2014, Print.
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