TOPIC 9: PRICE
You are going to talk about price. You should say:
What price is
What roles of price are
Explain why pricing is important
Price is one of the most important things that a buyer thinks about when making a decision. It’s that one variable that can change the status of a company overnight and have an immediate effect on sales and profits. For example, McKinsey says that an increase of 1% in price can lead to an increase of 8% in operating profits. But making pricing decisions that aren’t in line with a company’s competitive strategy can be risky. That’s why companies need to be very careful and thoughtful about their price mix. So, let’s jump right into the most important part of the marketing mix, which is the price mix.
Before setting the price of a good, a company needs to know what it wants to get out of it. The more clear a company is about its goals, the easier it is to set prices. So, the main marketing goals are to change the prices.
1. What kinds of products and services are increasing in price at the moment? What things are getting cheaper?
2. What are the advantages and disadvantages of large chain stores and small shops? Which do you prefer to shop in?
2.1 A company wants to improve profitability. Which do you think is the best of the strategies (Reduce costs by one per cent; Increase the volume of sales by one per cent; Increase all its prices by one per cent)
3. How important is price to you? When you want to buy something which do you do?
3.1 Make sure you get good value for money?
3.2 Spend time looking for the lowest possible price?
3.3 Not worry about price, just buy what you want?
4. What are the pros and cons of “making things cheaper and cheaper”?
5. Do you like shopping? Do you compare prices when you shop? Are there a lot of shopping malls where you live? Do you ever buy things online?
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