Product, Pricing, Channel, Promotional Strategies Essay

Product, Pricing, Channel, Promotional Strategies - Essay ExampleConsidering the expenditure effect, consumers tend to choose alternative options if they odor the price is high and unaffordable. Soft drinks ar usually priced on similar lines, unlike healthc ar products. Consumers unwilled to spend much money on healthcare products, which are occasional requirements and are often ad hoc in their expenditure, tend to consider price before choosing the product. Considering the shared-cost effect, consumers look for external financial help to buy specific product, especially health care product, through insurance and other means. When they can aid their health care expenses through insurance, they do not feel the pressure of high pricing. The Price-Quality effect plays a major(ip) role in choosing specific pharmaceutical products as it is associated with their psychology. If consumers had earlier had good experience with certain medicines, thusly fluctuating or increased price wi ll not be a deciding operator in purchasing the same product once again. Unique value effect that consumers experience with around treatments or medicines make the consumers less sensitive to products price because the differentiating value of the products become more important. Most consumers like their health and well being to price or expenditure, when in grave need for betterment of health. conduct of different lengths and intensities may be used to reach maximum consumers and obtain large market share. For instance, intensive convey are formed by including all possible intermediaries like agents, wholesalers, retailers, distributors etc. Whereas, single(a) channel are formed by including only one intermediary. Intensive channels are best worthy for marketing convenience products such(prenominal) as soft drinks, groceries etc. Few selective channels are used, such as only wholesalers or distributors, when reaching out to multiple retail outlets for products that consumer s pay more attention before buying. Consumers tend to search for information before buying these products. Sales of such products are lesser than convenience products, hence including lesser intermediaries would be the best option for such products. Exclusive channels are used to market products that are highly priced such channels are restricted to single(a) retailer in the market. Specialty products that are expensive and infrequently purchased are limited to exclusive retailers or show-rooms, and are provided sufficient after sales support. For example, specific automobiles are available only through exclusive retailers. Unsought products are usually marketed by the company or through single channels such as contracted marketers. These products are relatively new and are unknown to the consumers. Hence, the company takes the responsibility of bring the product into the market before trusting it to third-party channels.