Price (Fund. Of Marketing)

The price for Tide is changing for this specific marketing plan. The price $7.77 is considered to be lucky to a lot of people. After seeing the advertisements that go along with this plan it will make a lot more sense to the consumer. "A belief is a descriptive thought that a person has about something. Beliefs may be based on real knowledge, opinion, or faith and may or may not carry an emotional charge. Marketers are interested in the beliefs that people formulate about specific products and services, because these beliefs make up product and brand images that affect buying behavior. If some of the beliefs are wrong and prevent purchase, the marketer will want to launch a campaign to correct them." Based off of the message that the advertisements gives off, the price $7.77 seems to make sense, especially to the people that need Tide for things that need to be put down the drain for good. The belief of a lucky number for the price of something that could save a man from a bad situation puts a lot of faith upon this product. "The buying process starts with need recognition—the buyer recognizes a problem or need. The need can be triggered by internal stimuli when one of the person’s normal needs—hunger, thirst, sex—rises to a level high enough to become a drive. A need can also be triggered by external stimuli. For example, an advertisement or a discussion with a friend might get you thinking about buying a new car. At this stage, the marketer should research consumers to find out what kinds of needs or problems arise, what brought them about, and how they led the consumer to this particular product." The price of $7.77 is a fair, cheap price for laundry detergent that works. The low price just feeds the need for it. "Price is the only element in the marketing mix that produces revenue; all other elements represent costs. Price is also one of the most flexible marketing mix elements. Unlike product features and channel commitments, prices can be changed quickly. At the same time, pricing is the number-one problem facing many marketing executives, and many companies do not handle pricing well. Some managers view pricing as a big headache, preferring instead to focus on the other marketing mix elements. However, smart managers treat pricing as a key strategic tool for creating and capturing customer value." Handling pricing for this marketing plan doesn't differ from most other prices. The couple dollar price drop for this marketing strategy goes along with the creative content involved in this project, capturing customer value by a low effective price.