Good Dissertation Proposal About Marketing Proposal
Price Mechanism, a key for an organization and a real challenge for the Marketing Department
Background and Issue
After the current economic crisis, almost every organization of the world is moving towards the cost efficiency, as it now emerged as an integral aspect for them particularly. Pricing is the most important elements in the entire marketing mix function underlies with a company, however the issue persists with its making and implementation (Crawford & Workman, 1973). Price mechanism of the products or services of a company which is a key for an organization, most of times becomes a real challenge for the Marketing Department to opt it accordingly, because of the current changing and diversified environment (Ferrell & Hartline, 2011). Therefore, it is important to have a detailed glance over the issue of pricing and its related mechanism to investigate the real issues behind this particular aspect and what sort of actions should have been taken into consideration to overcome on these issues and challenges completely.
The research objectives of this research is as follows
This investigation is taken into account after analyzing something about the pricing decisions from the theoretical aspects of the organization, as different authors have identified the importance of pricing decision and its impact over the momentum of selling the products or services.
According to Ferrell & Hartline, (2005), marketing mix is one of the most incredible tools of the strategic marketing management (SMM) that used by both existing and new companies of the world (Frederick, 1971). There are four different elements found in this particular model which are product, place, pricing and promotion. It is extremely important for an organization to employ these strategies for their betterment and effectiveness in the market.
In the light of HINTERHUBER, (2004), the decision or element related to the pricing decision of the products is extremely worthwhile for an organization, as it is directly proportional to the longevity and effectiveness of an organization, especially detecting their customers. HubPages, (2015) revealed in their discussion that customers are the most important people for an organization, and they are the one who will be targeted by an organization comprehensively, and without their target the stance of having greatness in the functionality in the company will be blurred. On the other hand, Lus & Muriel, (2009) completely ignored the aforementioned idea and found that product’s quality is the main thing through which the mechanism of the customers gets better and better in the scenario (Morris & Morris, 1990).
In the light of Mills, (2002), pricing decision is very important for the marketers as it represent about the assessment of the marketers to create immense customer value that they can see in their product or services in a given time. Pricing decision is the only decision through which the power of the customers can be found as far as perceiving an organization is concerned. Morris & Morris, (1990) tried really hard to state the role and importance of pricing decision in their discussion, and they found exact to the point. According to them, pricing is known as the most important aspect of management of marketing, therefore it needs to be employed and implement with an immense care and fragility (Schindler, 2012). Organizations formulate lots of powerful and effective policies to formulate their pricing policies and the strategies to fix their prices (Schindler, 2012).
Adam Smith and Alfred Marshal which are known as the Father of Economics found that pricing is the most important decision for an individual; therefore it should be made with lots of discussion and thorough analysis. After the making of a product, the next big step that taken into account by an organization is to fix the price of the product in order to make its product available for the consumers at an affordable price range (Schindler, 2012).
According to the consumer behavior theory, consumers should be given extra attention by the entities in order to retain their strategic position for a certain time period; however there are certain things that influence over the consumers in terms of their buying decision. Pricing option is the most important option which has a direct connection with the buyer’s decision power. Schindler, (2012) found that the most important element which is currently lying in this economic scenario of competition is pricing. However, this specific scenario cannot be applied over the not for profit organizations from any angle, because they are not the one who will look over the productivity of the company at a better place, and with a better managerial capability. Schindler, Smith & Darling, (2001) also found effective in the same manner and found that pricing decision has a direct connection with the escalating demand of a product, and organizations are entitled to comply with the increasing demand of their products for staying competitive in the market. There were number of researchers related to the same subject area discussed within the same ambit. Mohammad Hadi Ketabchi of Lulea University of Technology has made a thesis on “Service Pricing Strategy in the Application of Hotel Industry” ('The Importance of Price to Marketers', 2014). Apart from this, there is yet another thesis presented by Can Uslay in the same ambit with a topic of “The Role of Pricing Strategy in Marketing Defense” in the Georgia Institute of Technology.
Details of the Research
The research which is about to undertake in this particular analysis is extremely powerful and broad, therefore it needed to have specific and powerful decision making aspects through which the productivity can be enhanced particularly (Schindler, Smith & Darling, 2001). It is important for a research report to apply a perfect research based methods on its applicability for its execution and deliverables. There are two important types of research methods are there known as Quantitative Research Methodology and Qualitative Research Methodology. They also have known as Primary or Secondary Research Methodology (Schindler, Smith & Darling, 2001).
Pricing decision usually undertake by the upper management of an organization, therefore employing such a strategy which consist on the upper management of a company should have been applied on it (Schindler, Smith & Darling, 2001). The research methodology or method that will be used to undertake this research in a professional and ethical manner will be secondary research or Qualitative research. In this way, the data will be collected through the Interview sections held between the researcher and the upper management who will furnish lots of insight knowledge and information related to the pricing decision of the company.
The main reason behind selecting this particular research method is that upper management has power and authority to get an insight knowledge related to the pricing decision of an organization. They are selected to gain information on the basis of their knowledge and core experience with the company in particular.
Who and What will be Used to Obtain Data
As mentioned above that the research method that will be employed in this particular research will be Qualitative in which all the data will be taken from one to one interviews. The interview section will be initiated with some of the major marketing officials of the company through one to one interview. The interviews will be done and accomplished through the making of Open ended Questions in which the upper management of the company is likely to give their thoughtful reasoning over the importance of pricing for a company, and how the mechanism or the strategies can be improved within an organizational level. The data will be collected through open ended questionnaire because they are more towards getting an insight and detailed knowledge related to the company’s course of actions and operations.
Collection and Access of Data
Data Collection is the most important aspect that associated with a research management report because without detailed and powerful data, it is not possible for a researcher to reach on a final discussion and analysis. The collection of data in this particular research of market is extremely important and worthwhile, and it will be done by making thoughtful questionnaire to get the things from the management. It is very important to get a detailed meeting time prior to meet with the professionals of marketing of different organizations because they always short of time. In a detailed meeting, it might happen that they will furnish the most productive and important information that associated with the pricing mechanism of a company, and the main reason and challenges that will be envisaged by an organization as far as accessing the data is concerned. The collection of data is the key in this process and investigation, therefore the researcher is supposed to get a detail time from the marketing professionals so they will give detailed information relating to the topic and assists them in finding their answers.
Analyze the Data
Upper management will give the information and comprehensive data that can be used for the purpose of analysis. There are number of methods and techniques that can be used by the researchers to analyze the data like Statistical Packages for Social Sciences (SPSS) and Simple MS-Excel that have the options to analyze the core relationship among two different variables. Apart from this analysis, subjective analysis will also be initiated in this particular part that will be done from the wordings and debate of the managers. By collecting, summarizing and then analyzing the data in this aspect, it will become very easy and effective for the researcher to reach on a powerful and thoughtful conclusion.
It is clear from the aforementioned discussion that the entire research report will be based on the Secondary Method in which all the data will be collected from the immediate peoples who are connected with the marketing department. For maintain a strong significance in the ethical consideration, we will take care of the standards. We will not bother and approach a marketing official or individual without their consent. Apart from that, no personal information will be taken from the marketing professionals to make them safe and secure in the future as well. All the information provided by the individuals should be kept in strict confidence.
This research will investigate one of the most important issues that lie in the current economic scenario known as Pricing Mechanism. The research objective of this research report requires analyzing the major issues and problems that associated with the pricing decision and reforming of price mechanism in a company, and all of such problems will be discussed by getting information with the upper management of the marketing department. Apart from that, the paper will also discussed the effects of powerful and customer oriented price mechanism on the company to have effectiveness within the operational functions of an organization.
Timeliness of the project will be discussed though the application of a Gantt chart, which is mentioned below with necessary details
It is clear from the Gantt chart that the entire thesis will be completed in a matter of one month, and it will cover six different stages to be completed accordingly in the market.
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The Importance of Price to Marketers. (2014). Boundless. Retrieved from https://www.boundless.com/marketing/textbooks/boundless-marketing-textbook/pricing-8/introduction-to-price-57/the-importance-of-price-to-marketers-289-1052/
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