Our biggest goal is of course to succeed. We want to reach our daily goals. We want to stay in budget yet also increase profit. I do not want my company to be breaking even. That is no fun. I want my company to succeed. To reach this goal I need fair prics for my customers, but I also need those prices to reflect what I pay for food. In the book price is defined; "Price is the amount of money customers must pay to obtain the product." Armstrong & Kotler (2011). Marketing: An Introduction, 10th ED. Prentice Hall Publishing. Pg 54. I do not want to over price items or under price these items. If I over price my products, customers will not come back. If I under price it, I will have to lower the quality of my products so that I do more than just breaking even. The price affects not only my customers but also my employees. If I cannot afford to pay my employees they are not going to want to work.
People also are willing to pay more for a good quality product. Our customers are not just buying a product. They are buying the quality, the experience, and the memories. Customers do not simply pay for just a product. They pay for much more. "Thus, whereas marketers see themselves as selling products, customers see themselves as buying value or solutions to their problems. And customers are interested in more than just the price; they are interested in the total costs of obtaining, using, and disposing of a product. Customers want the product and service to be as conveniently available as possible." Armstrong & Kotler (2011). Marketing: An Introduction, 10th ED. Prentice Hall Publishing. Pg 55.
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