Business Studies

Reply must be a paragraph long of at least 275 words or more not including references which should supported by citing at least 2 peer-reviewed journal articles between 2017-2021 for each reply and a biblical reference. Your reply must be in current APA format and must include a reference list. Make sure that you are adding new and relevant information with each reply. Reference sample make sure to include DOI-Drollinger, T., Comer, L. B., & Warrington, P. T. (2006). *MUST HAVE BIBILICAL Reference
Discussion to reply to:
Price in Marketing

As one of the 4Ps in marketing, the price gets construed as the amount of money a business charges for the goods and services. It is also a payment quantity undertaken from one business to another in return for the quality or quality of goods and services offered. The value defines the price of the product or services because of the complexity that characterizes the calculations, risk-taking, and research. Before a good or service is sold to a customer, there is a need to take a pricing strategy that involves the ability of the customer to pay, actions of the competitor, input cost, and the trade margins. As such, marketing must link the products with the perceived value and the actual price by considering the seasonal discount, the cost, and the competitors’ prices. Therefore, the paper is premised on analyzing the articles describing the product’s price in the marketplace.

The First Article

The study in the article describes the role of price as an integrated marketing communication tool that promotes the consumption of sustainable products in Latvia. Authors depict favorable conditions that lead to the development of sustainable products, which the businesses require in conducting market research that helps draw a marketing strategy that includes the marketing mix like the people, profit, and the planet (Bormane, 2018). Notably, the consumers are sensitive to the price changes that are a significant determinant in the marketing mix because the price is a framework through which the integrated marketing communication is significant in promoting the new products and booting the healthy sales behaviors on the domestically manufactured products. The price has a role in the integrated marketing communication for the sustainability of the demand and supply of the product (Bormane, 2018). It is considered a tool in the sustainable development of retail food chains.

Consequently, the author uses the comparisons, surveys, and groupings that characterize the previous articles to assess and conduct the marketing investigations on the Latvia food retail chains. The researchers applied the MS software to process and analyze the findings. The researchers, in the analysis, used theoretical and practical values. As a result, the price change as integrated marketing communication positively affects the buyers’ market behaviors that foster the sustainability of the consumption of ecological and domestically manufactured products.

The Second Article

Company managers have always used popular events in the price promotion of their brands and products. As such, the use of the popular events gets construed as a tool through which manufacturers capitalize on the response to the price promotion. The sales promotions through pricing may be weaker or stronger depending on the response to relativity. The study, therefore, examines whether the sales promotions may be stronger or weaker around events than the non-event moments and the factors that drive the relativity of the promotion responses. The article depicted 242 brands from 30 consumer-packed goods in the Netherlands over four years. As a result, the price promotion marked a 9.3% elasticity on average during events (Keller et al., 2019). Also, the variations in the relativity promotions across the events and brands are high. The situation is driven by the factors that the managers should consider in shifting the price marketing during the events. Therefore, the study gives guidelines on improving the price marketing timing decision related to popular events.

The third article

Price variable influences the purchasing decision of the Samsung mobile accessories among the SITE AAS Surakarta students. The article depicts the analysis of the quality of mobile phones products against the decision to buy the item among the students. The study involved 100 respondents who are users of Samsung mobile phones, indicating that t-test results significantly influence the price variable purchasing decisions (Muliasari, 2020). Also, it affects the product quality. Consequently, the study used the R2 analysis through an adjustable R square of 0.0627 that describes the purchasing decisions variables, product5 variable, and the nutrient variables that have a favorable purchasing decision by 62.8%. Furthermore, the remaining values of 37.2% affect other price variables in the marketplace.

Biblical Notation of the Price as a Marketing Strategy

According to the Bible in the book of Leviticus 19:13, fair pricing to the customer is essential in service delivery. The scripture advises the business to do the recommended to the consumers and expect the benefits since both benefit from the price principality practices (English Standard Version Bible, 2001, Leviticus 19:13). Also, Psalms 24:1 says that the world and its abundant resources are from God and are created for human benefit. The quality of products and the number of sales of the abundant resources drive the performance through pricing.

Conclusion

According to the three articles, price determination plays a significant role in marketing. The first article examines the role of price in integrated marketing communications, which the managers require in conducting market research to enhance the sustainable pricing of the products. According to the second article, the price also affects the purchasing behavior of the brand. The behaviors can get accelerated through price advertisement that sensitizes the consumers to the quality and quantity of the brands. Furthermore, the third article depicts the role of price variables in purchasing decisions of Samsung products consumers like students. As such, the prices of the Samsung products play a significant role in the purchasing decision through perceived quality adjustments.

References

Bormane, S. (2018, September). Price as An Integrated Marketing Communication Tool in Promoting the Consumption of Sustainable Products. In CBU International Conference Proceedings (Vol. 6, pp. 62-68). https://ojs.journals.cz/index.php/CBUIC/article/view/1134

English Standard Version Bible. (2001). ESV Online. https://esv.literalword.com/

Keller, W. I., Deleersnyder, B., & Gedenk, K. (2019). Price promotions and popular events. Journal of Marketing, 83(1), 73-88. https://journals.sagepub.com/doi/abs/10.1177/0022242918812055

Muliasari, D. (2020). The Effect of Product Price and Product Quality on Purchasing Decisions for Samsung Brand Handphones among STIE AAS Surakarta Students. International Journal of Economics, Business, and Accounting Research (IJEBAR), 3(04). http://jurnal.stie-aas.ac.id/index.php/IJEBAR/article/view/805

ANSWER

Price in Marketing Mix

Price is one of marketing mix elements that focuses on the amount of money that a business charges for their products and services. The price of a product is determined by the quality, value and production cost. Price is considered a significant element since it dictates the company’s profit and survival which also determine the company’s success. Prices are set with regard to how customers are able and willing to pay. This is because consumers want the value of their money and this may mean business needs, setting low prices to generate high sales level. Therefore, before a good is sold in the market, there is need to consider a pricing strategy that includes the ability of consumers to pay, input costs, competitor actions, and the trade margins.

Bormane (2018) describes the role of price in integrated marketing communication to boost product consumption. Consumers are sensitive to price changes that are important in determining the marketing mix since the price is a framework by which the integrated marketing communication is important in promoting the new services and products as well as facilitating healthy sales behaviour.

Company managers always have user popular occasions in the price promotion of their products and brands. The utilization of popular events get structured as a tool through which firms capitalize to respond to price promotion.  Keller, Deleersnyder and Gedenk (2019) empirically scrutinizes whether the sale response to the promotion of price is weaker or stronger and the factors that drive the relative promotion response. The study examined 242 brands from thirty consumer packaged good categories in Netherlands and found that a price promotion within a well-known event often leads to stronger sales response compared to promotion in non-event periods. The study offered strategies to improve promotional timing in relation to related events.

Muliasari (2020) analysed the mobile phone price with regard to the decision to buy Samsung mobile phone and analysed the quality of the Samsung mobile phone product with regard to the decision to purchase. The study sample was among the users of Samsung mobile phone. The study findings indicated that the quality and price variability affects the purchase decision for Samsung buyers. According to Leviticus 19:13, fair pricing to customer is important in service delivery.

References

Bormane, S. (2018). Price as an Integrated Marketing Communication Tool in Promoting the Consumption of Sustainable Products. In CBU International Conference Proceedings (Vol. 6, pp. 62–68). CBU Research Institute. https://doi.org/10.12955/cbup.v6.1134

English Standard Version Bible. (2001). ESV Online. https://esv.literalword.com/

Keller, W. I., Deleersnyder, B., & Gedenk, K. (2019). Price promotions and popular events. Journal of Marketing, 83(1), 73-88. https://journals.sagepub.com/doi/abs/10.1177/0022242918812055

Muliasari, D. (2020). The Effect of Product Price and Product Quality on Purchasing Decisions for Samsung Brand Handphones among STIE AAS Surakarta Students. International Journal of Economics, Business, and Accounting Research (IJEBAR), 3(04). http://dx.doi.org/10.29040/ijebar.v3i04.805