Strategic Marketing Plan For A Successful Business

Article Review The key to a successful business is creating a specific detailed strategic marketing plan outlining product pricing. It is important for the marketing plan to include product pricing strategies in anticipation for the fluctuation of competing products and consumer demands. In the article Prices Marketing Strategies by Adrian Gherasim (2012), the article details the various methods to price product from creation, when competition enters the market, to when price adjustments should be made. Marketing strategies should take into consideration supply and demand when determining prices since pricing will consistently need to be adjusted depending on the market. Marketing strategies should continue to follow marketing trends to increase and decrease product prices in order to maximize profit. The article is written to identify the many strategies that are used for pricing. The article argues that products will always have competition, creating pricing strategies and setting pricing to align with peak market control will allow the firm to obtain the highest profit levels. It outlines pricing through all stages from the product creation, maintaining products on the market, what to do when encountering market competition, going on the defense, price attacking the competition, and when to modify pricing. It provides insight on pricing in bulk, pricing through low margin on sales items, but high profits on necessary companion item, pricing strategies to helpShow MoreRelatedWhy Do Healthcare Practices Need a Marketing Plan?793 Words   |  3 Pagesadvertising and marketing efforts for the coming year is known as a marketing plan. A marketing plan includes a statement of the marketing situation, a discussion of target markets and company positioning and a description of the marketing mix intended for use in reaching marketing goals (entrepreneur.com, 2012). 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