Importance of pricing in marketing

The value of pricing in marketing is the first engine of profit. It is the most important pillar of the marketing strategy, with the growing number of companies and internet stores with which price competition has increased, making companies give greater importance to pricing at [marketing].

1. The pricing helps to develop marketing management guidance to develop an appropriate strategy for market variables.
2. The price reflects the purchasing power of the market, so pricing is one of the most important steps that will determine the standard of living of consumers, there is a reversal relationship between prices and purchasing power, so the lower the price increases the purchasing power of consumers.
3. The price is one of the powerful weapons that can be used against competitors, when using the price as a weapon in a marketing strategy by a company, it will have a great opportunity to override competitors and acquire the market.
4. The profits rely heavily on the company ' s pricing plan, where the price is one of the most flexible marketing variables, so companies use pricing as a market-oriented strategy that can be used as a defensive or offensive strategy. It is also important to pricing that it is one of the factors affecting the company ' s marketing decisions, where the price affects two of the first decisions concerning the price of the new product, and the second is to adjust a product price to the market situation. Price companies use pricing in different ways depending on the marketing programme, such as the use of a demand-driven pricing strategy or cost- or competition-oriented pricing strategy.
5. Price and other marketing variables are combined to determine pricing carefully and carefully, where the price directly affects a product when presented in another similar product market, so the price of the product must be determined on its own merits and accompanied by a strong marketing campaign.
6. The price must be determined according to the value provided, the perceived value and quality of the product, and if the price of the product is low and its features are better than the competitor, customers may believe that the product is of low quality, so the company must more clearly market the product and highlight its features and the value of its brand.
7. Prices are determined in coordination with the market, where most companies seek to give higher profit margins to the market until such products are strongly promoted.

Pricing and Internet marketing pricing is merged into online marketing and is merged in three different ways:

• Include pricing data in marketing

Until your marketing campaign is properly evaluated, you will have to include the pricing data of the product you promote in the marketing campaign, and not including the price may harm the quality of marketing.

• Use pricing data as a marketing entry

Pricing is merged into online marketing through the use of pricing data as a constant marketing input, where integration in this way ensures that the marketing budget corresponds to product-specific pricing, and enables merging to predict the success of the marketing campaign with high and low price, which greatly helps to adjust the budget and keep up with market changes.

• Use pricing as a dynamic marketing entrance

When using pricing as an input from dynamics, companies will achieve an ideal balance between price and marketing success, as they will only be able to achieve efficiency and success in the marketing campaign when dynamic inputs are integrated with, inter alia, pricing, and the importance of marketing pricing is the impact of pricing on marketing campaigns, where pricing can understand the full context of the marketing campaign and the ability to adjust the market budget to improve the market in a flexible and successful manner.