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Nagle and Holden (1995) stated that pricing is the most ignored component of the marketing mix. Companies usually do not set a single price, but rather a pricing structure that reflects differences in geographical demand and costs, market-segment requirements, purchase timing, order levels, delivery frequency, guarantees, service contracts, and other factors. Pricing allows companies to either fit costs to prices or scrap products or services that cannot generate revenues for company. An organization adopts various pricing objectives, but to get success, objectives of the company must go parallel with these strategies.
Penetration Pricing: A penetration pricing strategy is intended to grab market share by entering the market with a low price relative to the competition to attract buyers. Discount Pricing: Companies adopt discount pricing for product promotions in order to attract new customers.
There are numerous pricing techniques which are utilized in business field such as cost-based pricing, which is based on the costs incurred to develop the product, and competitive pricing, which involves basing prices on those charged by competitors (Wood, 1985).
This technique is a simple strategy for implementation because there are no sophisticated calculations and it leads to price peace. To summarize, the price is indispensable to generate revenue and profit, and suitable pricing guarantees that a company can compete in complex marketplace. New Delhi, SMO Service company in rajpur, SMO Service company in bhiwandi, SMO Service company in kochi, SMO Service company in jamshedpur, SMO Service company in bhilai nagar, SMO Service company in amravati, SMO Service company in cuttak, SMO Service company in bikaner, SMO Service company in warangal, SMO Service company in mire, SMO Service company in guntur, SMO Service company in bhavnagar, SMO Service company in durgapur, SMO Service company in asansol, SMO Service company in ajmer, SMO Service company kolhapur, SMO Service company i ulhasnagar, SMO Service company in siliguri, SMO Service company in saharanpur, SMO Service company in dehradun, SMO Service company in jamnagar, SMO Service company in bhatpara, SMO Service company in dewas, SMO Service company in indore, SMO Service company in sangli miraj & kupwad, SMO Service company in kozhikode, SMO Service company in nanded waghala, SMO Service company in ujjain, SMO Service company in gulbarga, SMO Service company in tiruneveli, toll free no. SMO, or social media optimization, is the perfect marriage between search engine optimization (SEO) and social media. As a business in the Internet Age, you know you need them both, but how do you know they are working together?
In order to determine which social media outlets and content will reach and resonate with patients, you must first understand the delivery mediums.
Setting a clear marketing objective will act as a guide to ensure you derive value from your social media marketing efforts.
The blog -- Adding a blog to your website gives your practice a simple way to share information, whether it's office news, photos, videos, or other information. Facebook -- Facebook has become an integral platform for all individuals to connect, and an effective platform for businesses to reach new and existing clients.
Twitter -- Twitter is widely regarded as a powerful marketing tool, used to share quick and focused updates, connect with patients, learn from customers' past experiences, and connect with professional peers. Even if it is not related to your dental practice, if it's interesting and relevant to patients, tweet it!
Remember, keywords, site links, and intriguing content are the key ingredients of a great tweet.
YouTube -- Despite being known as a video network first, YouTube is also the second largest search engine in the world, with 100 hours of video uploaded every minute and 4 billion videos viewed on a daily basis.
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Organizations develop numerous pricing strategies to market their products in order to attract consumers.
Internal and external factors influence decisions regarding the pricing of a product or service, therefore the pricing process involves a great deal of learning and observing. Consequently, despite of discounts, allowances, and promotional support, a company hardly realizes the same profit from each unit of a product that it sells. Normally, pricing policy is made on the fact that how a company sets the prices of its products and services based on costs, value, demand, and competition. Main pricing objectives in practice is target return and indicates that the company needs to accomplish a certain return on the overall sales. The main purpose is that the business will be able to raise awareness and get people to try the product. This strategy can be successfully used when there is something exclusive about the product or when the product is first to market and the business has a dissimilar competitive advantage.
This discounted pricing draws attention to the product and can be used as a hook to bring in customers who will potentially purchase other items.
It is to find the best price point for a product, usually exceptional items with unidentified consumer demand.

Social media optimization helps connect all of your social media accounts in a cohesive, consistently branded network that points your potential customers where you want them to go.
The questions are which tools in that toolbox are necessary, and what is the best way to use them? Patients have different expectations for each social platform and it's imperative that your objectives align with those expectations. A regularly updated blog educates patients, promotes your dental brand, differentiates your practice from the one down the street, and keeps your patients up-to-date on exciting developments in dentistry and your dental practice.
A blog has the ability to provide expansive information in each posting, giving readers a more thorough understanding of the featured topic as well as an inside look at who you are as a person, who your team is, and what your practice philosophy is. Sharing photos, events, and information through specially designed Facebook Business Pages is easy and enormously productive.
That includes other dentist offices, dental associations, dental bloggers, dental specialty fields, and dental product manufacturers. Users create theme-based image collections that include favorite events, hobbies, interests, and more. The Adindia 360 email marketing, campaign management, delivery and email tracking solution enables the complete marketing cycle from initial design, to bulk delivery and campaign results.
Pricing can be visualized as a process for all product lines or for each individual product. Even though penetration pricing may initially make a loss for the company, it will help to create This technique is a simple strategy for implementation because there are no sophisticated calculations and it leads to price peace. Premium pricing can be suitable for companies entering new to the market and maximize revenue at initial stages of the product life cycle. This strategy is appropriate when seasonal changes in which company offers discounted prices of the items that are going out of season.
The price skimming strategy comprises of the company setting the primary product price high to rapidly cover embedded costs and then begins to gradually reduce the price to being the product to large market. Native means that the price is at the same level as that of competitors without taking into consideration costs and demand.
In order to attract the buyers, company must set appropriate product prices and achieve profitability. SMO Pros employs a strategic, multi-point process to build your successful SMO foundation, boost your SEO, and drive more potential customers to your site. A blog can be used as an extremely effective channel to promote new dental technology and cutting-edge products and services sold in your office, share in-depth information about specific treatments performed, or promote community events. The additional benefit is that this channel introduces your practice to prospective new patients through information delivered to them from a member of their own trusted network. It is much more convenient to tweet a message in seconds than to use a time-consuming media platform. Whether filming patient testimonials, a demonstration of a treatment, or just a simple office tour, dental practices are harnessing the marketing power of YouTube. It is interactive; users can browse other boards, repin images to their board, or "like" images. This strategy is combined with the other marketing standards which are recognized as the 4 P's (product, place, price, and promotion), market demand, product characteristics, competition, and economic patterns. Instead, internal factors, such as the mission statement of a firm, are determined by the company itself. It is important to know the different relationships between sales volume and revenue, as well as competitors' prices and the costs to produce and promote a given product.
Penetration, is used to gain a market share, and companies may use economies of scale to attain this objective.
The main advantages of this strategy are that it discounts to reward volume customers, repeat customers and employees develop customer loyalty. The main objective of this strategy is to maximize potential profits until the optimum price is reached. Consumers usually do not buy products that are costly, Businesses employ different pricing strategies to offer products in the market and fulfil sales goal. Your dental office can reach out to millions of potential patients in a matter of a few clicks. Google's social sharing feature is proven to drive traffic to your website, increasing your visibility in the networks' integrated search results.

When patients enjoy your content, they share it with their friends and families on their own personal social networks.
For example, your dental practice may pin items such as "Top 5 Ways To Keep Teeth Healthy," "Teeth Whitening Techniques," or "Foods You Can Eat While in Braces." If they agree, using your patients' before-and-after dental photos can create valuable content on Pinterest. The pricing strategy is major components of the marketing mix that produces revenues for the firm, while all the others are related to expenses (Finch et al., 1998).
There are numerous factors taken into account in pricing strategy such as Fixed and variable costs, competition, company objectives, proposed positioning strategies, target group and willingness to pay. Product-quality leadership is the objective that associates the price of a product with its brand and image. The major benefits of this strategy are high profit margin, cost recovery, dealer's profit and quality image. Designate a staff member to update the blog at least once a week or make time on your schedule to do so, even if it's just to remind patients about a contest. How it works: Twitter is an interactive stream of messages that are limited to a maximum of 140 characters each. One of the key features of Google+ is "Circles," which are simply groups that contain your contacts. Pinterest drives more referral traffic on the web than Google+, YouTube, Reddit, and LinkedIn -- combined.
Price is the most flexible part of marketing strategy in that pricing decisions can be implemented consistently rapidly as compared to the other elements of marketing strategy. If the image of a brand is high, marketers can set a higher price by charging a premium (Sandhusen, 2008). Promotional discounts used carefully offer momentary advantages such as maximizing sales, income and profit. Price skimming method has some limitations such as there is continual competitive pressure and cost inefficiency.
Because the demand volume cannot be determined with absolute correctness, companies must recognize when they are at break-even, which is when the companies make no profit or loss (Hisrich, 2000). Alternatively, hire a company with dental-specific social media expertise to manage the postings on your behalf. Set up a profile for your dental practice and then start adding your patients (if they agree to it), local businesses, and other dental-related professionals to your public circles. The skimming objective is to set a high introduction price when a new product enters the market.
During a short-term discount period, more units are sold, allowing the company to reduce inventory and temporarily increase income. Value-Based Pricing differentiates itself from the methods of how a customer sees the value of a product or service. Though pricing of the company's marketing strategy is significant, there seems to be a lack of interest among marketing scholars. It may be used if customers have intense desire for the product and they are willing to pay a premium price to get this product. There are some disadvantages also such as consumer associate low price with low quality, particularly when the brand name is not aware. This approach focuses on the value seen by the customer instead of the cost incurred by the seller. Because the perceived value can vary over time, adjustments to and re-evaluations of the perceived value should be intermittently conducted (Baily et al., 2005).
Value pricing inspires the customer to see that the price charged for the product or service is lower than the perceived quality (Balster, 2002).
Value pricing can be high-low pricing, in which the store uses normal prices but offers regular promotions for the products (Brunn, 2006).

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