Managerial Marketing
Managerial Marketing
Read this week’s required article: “How Companies Can Get Smart About Raising Prices”. Retrieved from the Ashford University Library.
In a four-page paper (not including the title and reference pages):
- Explain how to successfully get customers to pay more for your products. Reference the article in support of your response.
- Explain how a specific pricing strategy will allow you to raise the price on your product successfully.
You must use at least three scholarly sources from the Ashford University Library, one of which must be peer reviewed, in addition to the textbook. Your paper must be formatted according to APA style as outlined in the Ashford Writing Center
Answer preview
Explain how to successfully get customers to pay more for your products.
Getting customers pay for more is a matter that organizations do not want to encounter or even discuss. Organizations may want to raise prices at the focal point of a declining economy when individuals may not have enough. When they do this, organizations may risk loosing customers that are not in a position to cope up with the increase in prices. They will get more vulnerable to their competitors, which may result to loss. Sometimes organizations do not have alternatives rather than rising up the prices for their goods and services. At the same time it can be tough for organizations to increase the prices while ensuring that the customers are still happy and satisfied. Organizations should be prepared to give an explanation behind the increase in prices in order to convince the potential and the existing customers. Several strategies can help to successfully get customers pay more for products and services (Kotler & Armstrong, 2013)………….
WORD COUNT:1195WORDS
FORMAT:APA