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. What are the steps in the pricing framework?
2. In addition to profit-oriented objectives, what other types of pricing objectives do firms utilize?
Chapter 16 Review Questions
1. Who is involved in the creation of a marketing plan?
2. In addition to marketing analysts, what other members of an organization help create marketing plans? +600 WORDS INCLUDE REFERENCES CITATION IS APA
Answer:
1. The creation of a marketing plan typically involves the marketing department, which includes the top-level executives, as well as sales managers and product planners. In addition to these key stakeholders, other members of an organization can also be involved in creating a marketing plan such as financial officers, legal advisors, IT professionals and operations personnel.
2. Other types of pricing objectives that firms utilize include objectives related to market share (e.g., gaining or increasing market share), revenue growth (e.g.,increasing revenue by introducing new products or features) , customer loyalty (e.g., providing discounts on loyal customers’ purchases), meeting competitor prices (i.e., staying competitive with rival firms in terms of pricing) and cost containment (i.e., controlling costs associated with production). Additionally, pricing strategies may also focus on psychological factors such as perceived value or perceived quality in order to create a positive association between the product and its price point for consumers.