Marketing

Table of Contents

1. Topic pack - Marketing - introduction
2. 4.1 The role of marketing - notes
3. 4.1 The role of marketing - questions
4. 4.2 Marketing Planning - notes
5. 4.2 Marketing planning - questions
6. 4.3 Product introduction - notes
7. 4.3 Product - questions
8. 4.3 Product - simulations and activities
9. 4.4 Price - notes
10. 4.4 Price - questions
    1. Elasticity of demand - self-test
    2. Price, income and cross elasticity - self-test questions
    3. Non - price competition
    4. Pricing and quality
    5. Pricing - Conclusion
    6. Pricing policy
    7. Mega yachts and mega money
    8. Certainly not Dinky prices
    9. Hold the Frills
    10. Pricing
11. 4.4 Price - simulations and activities
12. 4.4 Promotion - notes
13. 4.5 Promotion - questions
14. 4.6 Place (distribution) - notes
15. 4.7 International marketing - notes
16. 4.7 International marketing - questions
17. 4.8 E-commerce - notes
18. 4.8 E-commerce - questions
19. Printable version

Pricing and quality

The various elements of the marketing mix need to be consistent with each other. It is important, therefore, when choosing a price that it fits with the other elements of the marketing mix. If a product is priced towards the top end of the market, the promotion must develop a high quality image.

In the same way there will be a close correlation between price and product. A product that is perceived by consumers as high quality may command a premium price, but the reverse is true as well. In his book Marketing Management, Philip Kotler proposes a price quality strategy matrix. This is shown below.