Sample Marketing Paper on Flavored Chicken Potato Chips Pricing Objectives

Flavored Chicken Potato Chips Pricing Objectives

This essay will analyze pricing objectives for flavored chicken potato chips and the relation to marketing. Price is one of the four P’s of the marketing mix. Price is the cost that is paid by the consumer so that he/ she can get the product or services that they want. Before a business considers the pricing objectives, it is important to consider the final goals of the company in relation to mission and strategy. The company should also consider the specific objective of the particular brand; both in the long and in the short run. The objectives to consider for chicken potato flavored chicken chips would include:

Increase in market share

The company would have the goal of increasing market share through winning a higher number of clients in comparison to the current number that the company holds, and in relation to the competitors that sell and market a similar product or service (Pride & Ferell 330).

Brand and product enhancement

The company would also consider setting the price of the potato flavored chips to a price that would make the brand appear attractive especially in comparison to other brands in the market.

Market stabilization

Price is a sensitive parameter that can contribute to wars between competing products and companies. If one company lowers the price of their product, the others might follow suit in an attempt to stay afloat because consumers are more likely to purchase a product that they would consider a bargain and leading to saving of their hard earned money. However, a company can decide to compete with other companies in the market on non price related features (Pride & Ferell 329).

Return on investment

The company can also decide to set the price of the chicken flavored potato chips based on the return on investment that the company would want to attain.

Works cited

Pride, William and O. Ferrell. Foundations of Marketing. Ohio: Cengage brain, 2014, Print.