11 - Competing Through the New Marketing Mix
1. Compare and contrast personal and non-personal communication channels.
Formal
Frequency: It frequently occurs inside the organization to perform organizational
activities
Reliability: More reliable as backed by the standard procedures
Speed: Slow
Evidence: As it is generally written so, there is always documentary evidence
Secrecy Level: Secrecy can be maintained
Time and Cost: Take much time and cost
Importance: Necessary to achieve organizational goals
Informal communication:
Frequency: Occurs less frequently in the internal communication environment
Reliability: Comparatively less
Speed: Very fast
Evidence: No documentary evidence
Secrecy Level: Difficult to maintain the secrecy
Time and Cost: Don’t rely on standard procedures so requires less time and cost
Importance: Necessary to improve personal relation
2. Answer the question ‘What is price?’ and discuss the importance of pricing in
today’s fast-changing environment.
A price is the quantity of payment or compensation given by one party to another in
return for one unit of goods or services.[1] A price is influenced by production
costs, supply of the desired item, and demand for the product.
In today's fast changing world, flexibility and quick response to market changes
are necessary for companies to cope and thrive. It's is important to ensure
appropriate pricing is in place to achieve the company's objectives, to remain
competitive and meet customer's needs.
3. Discuss the impact of the economy on a company’s pricing strategies.
Economic factors can manipulate companies' pricing strategies. Prices need to be
flexible, especially in response to inflation and recessions. There are numerous
strategies that can be employed to combat economic changes and lead to corporate
sales and profits. If a firm does not react to changes in the economy, the end
result could be the dissolution of the company due to decreasing profits and sales.
4. Discuss how retailers and wholesalers add value to the marketing system.
Primarily, retailers and wholesalers have direct relationship with customers.
Wholesalers are beneficial in the marketing system because they form a link between
the producer and the retailers. Wholesalers for instance aid retailers in the
following: assembling goods; storing goods; transporting goods; pricing;
1. Compare and contrast personal and non-personal communication channels.
Formal
Frequency: It frequently occurs inside the organization to perform organizational
activities
Reliability: More reliable as backed by the standard procedures
Speed: Slow
Evidence: As it is generally written so, there is always documentary evidence
Secrecy Level: Secrecy can be maintained
Time and Cost: Take much time and cost
Importance: Necessary to achieve organizational goals
Informal communication:
Frequency: Occurs less frequently in the internal communication environment
Reliability: Comparatively less
Speed: Very fast
Evidence: No documentary evidence
Secrecy Level: Difficult to maintain the secrecy
Time and Cost: Don’t rely on standard procedures so requires less time and cost
Importance: Necessary to improve personal relation
2. Answer the question ‘What is price?’ and discuss the importance of pricing in
today’s fast-changing environment.
A price is the quantity of payment or compensation given by one party to another in
return for one unit of goods or services.[1] A price is influenced by production
costs, supply of the desired item, and demand for the product.
In today's fast changing world, flexibility and quick response to market changes
are necessary for companies to cope and thrive. It's is important to ensure
appropriate pricing is in place to achieve the company's objectives, to remain
competitive and meet customer's needs.
3. Discuss the impact of the economy on a company’s pricing strategies.
Economic factors can manipulate companies' pricing strategies. Prices need to be
flexible, especially in response to inflation and recessions. There are numerous
strategies that can be employed to combat economic changes and lead to corporate
sales and profits. If a firm does not react to changes in the economy, the end
result could be the dissolution of the company due to decreasing profits and sales.
4. Discuss how retailers and wholesalers add value to the marketing system.
Primarily, retailers and wholesalers have direct relationship with customers.
Wholesalers are beneficial in the marketing system because they form a link between
the producer and the retailers. Wholesalers for instance aid retailers in the
following: assembling goods; storing goods; transporting goods; pricing;
