In Business Studies, we continued with the marketing mix by completing the first part, Product, now, we go onto our second part of the marketing mix - Product, Price, Place and Promotion. Price is the amount a business charges its customers for its product or service. Companies use different strategies to work out prices, some things that can influence price, however, are:
- competition
- customer opinions
- brand image
- availability
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| The Marketing Mix - Price Credit: https://www.youtube.com/watch?v=2tzd7XivFqk |
Our first question was about the price of the product and how did we work out the price for our product. Well, first, we took out a survey to the school about the milkshakes, which included a range of prices to choose. Most people chose the lowest price, but there were a few people who chose more than $2.50, which was well. Our group thought to choose a price which would be profitable and not too expensive. So, our group to sell our product for $3.00, which is a good price to purchase milkshakes (our product).
Our company will ensure that your product is worth the price by using quality ingredients, using the same ingredients, the same amount for each customer.
What price are others (B&E group/real world business) charging for the same good (use a table to show this)?
