MKT 100 Lecture Notes - Lecture 10: Marketing Mix, Oligopoly, Iphone 8

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Fathima Saleem

Document Summary

Prices can be both too high and too low (need to find a middle ground) Price too low may signal poor quality. Price set too high might signal low value. The role of price in the marketing mix: Price is usually ranked as one of the most important factors in purchase decisions. Price is the only element in the marketing mix that generates revenue. Is where there is a single supplier who has control over price, quality and supply. Is a market dominated by a few suppliers that require very large investments in equipment or technology. E. g. internet providers has many suppliers with a variety of product, each of which has a small market share. Nestle is when many suppliers sell essentially the same product. To get out of this, suppliers may distinguish products. Substitutes the more substitutes available, the greater the elasticity. Proportion of income products that represent a higher proportion of a consumer"s income will have greater elasticity.