Customer Orientation in the Pricing Strategy Assignment

Customer Orientation in the Pricing Strategy - Assignment Example Quite often marketing management can be defined with the consideration of the following definitions of the marketing: â€Å"...an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders† (Armstrong & Chandler, 1998). Our present research is also linked with the other subdiscipline of marketing management, known as strategic marketing that encompasses the sphere of the marketing analysis. It is important for my research due to the fact that in order to create an appropriate marketing pricing strategy the company has to make a thorough analysis of the main spheres of the company external and internal factors. Originally marketing analysis incorporated three main spheres and was known as â€Å"3Cs†: Customer analysis, Company analysis, and Competitor analysis. However, the latest researches added this list and now we can propose the model of â€Å"5Cs† marketing analysis: Customer analysis, Company analysis, Collaborator analysis, Competitor analysis, and analysis of the industry Context (Brown, 1993). However, in order to establish a correct pricing strategy, it is not enough to analyze the environment. After the company defines its strategic objectives, chooses its target segment of customers and finally creates the appropriate positioning, it proceeds to the second stage. This is the implementation of the chosen strategy. Many scholars define â€Å"4Ps†, which constitute the implementation planning of the company. They are Product management, Pricing, Place and Promotion (Jensen, 1998).