We’re all familiar with the 4Ps of marketing: product, place, promotion, and price. It seems natural for marketing to own at least the first three Ps but pricing is usually left to other functions such as the finance department.
Maybe it’s because the first three are a more natural fit for someone with a creative marketing background, while price is seen as more quantitative in nature. Yet, for a pricing strategy to make sense, it has to work for consumers or otherwise, they will stop buying our product.
In this opportunity, our VP Pricing and Portfolio Solutions, Oskar Torneld and Director Asia-Pacific, Robin de Rooij explained at April 2017 issue of Quirk’s Market Research (MR) Review the three big reasons why marketing and marketing research should get involved and take ownership of that last P (product, place, promotion, and price) of marketing.
3 big reasons why marketing and marketing research should own pricing
Reason #1: Market research has the pulse of the market, particularly in terms of how to talk to consumers
“Pricing is part of brand communication and it has to be in sync with the rest of the message. We can’t communicate luxury in our advertising and price at a discount or, perhaps even more risky, communicate value and charge a…”