Being up to date with current events is an important part of becoming a business professional. In marketing, it is part of an important responsibility to continuously scan the external environment for opportunities and threats. Execute the following steps to successfully complete this Discussion on the pricing component of the marketing mix: Step 1: Choose a current article on pricing from the KU Online Library located in the home area of the course room. You can use the following search terms: The 4 P’s -Pricing You can also view a tutorial on the 4 P’s located in the Course Documents. Step 2: Cover the following topics in your Discussion answer in essay format: Discuss the key purpose of the article in relation to the pricing component of the Marketing Mix. Identify two pricing concepts that you learned from reading this article. From the perspective of a professional, what impact does the information on pricing in this article have on the marketplace? From the perspective of a consumer, what impact might the pricing concepts in the article have on the buying decisions of consumers? How might this information on pricing affect you personally?
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Strategic Marketing, Part 2: The 4 P’s of Marketing
The article outlines the importance of the four elements of marketing in the healthcare sectors, specifically in radiology. In relation to pricing component of the 4 P’s of marketing, the article discusses the pricing of the diagnostic imaging practices in the healthcare sector in the United States (Lexa & Berlin, 2006). The key purpose of the article is to help in determination of price changes for diagnostic imaging practices. The authors point that during contracting, there is need to make a consideration on the reimbursement and what competitors offer. Secondly, they point the need to make strategic thoughts before making price changes when making product offerings.
The pricing concepts learned from the article are cost-based pricing, competitor-based pricing and sales maximization. According to the authors, in setting pricing for diagnostic imaging practices, there is need to consider what is reimbursed and the total service offering compared to the ones from the competitors (Lexa & Berlin, 2006). Secondly, there is need to make strategic decisions when introducing new service offerings, rather than simply increasing the prices. The authors assert that an increase in prices may not be an option to cover the added costs of new product offering, but could be outweighed by increase in the number of new cases owing to new products introduced such as parking lots and coffee. The information on pricing in the article can impact the way the pricing of diagnostic and imaging services are done in the healthcare industry. For instance, most healthcare service providers may opt for other methods of covering the costs of new diagnostic services other than increasing their prices to cover the new costs. The pricing…………………………………………………………………………………………………………………………………………………………………………………………………..CLICK HERE TO ORDER THIS PAPER………………………NO PLAGIARISMGet 100% Original papers from the writing experts
