Gurus On Marketing

Kotler in his book ‘Principles of Marketing’ quotes Nagle on pricing:
‘Pricing requires more than technical expertise. It requires creative
judgement and an awareness of buyers’ motivation… The key to
effective pricing is the same one that open doors… in other marketing
functions: a creative awareness of who buyers are, why they
buy, and how they make their buying decisions. The recognition
that buyers differ in these dimensions is as important for effective
pricing as it is for effective promotion, distribution, or product
development.’ 31
He also reinforces Nagle’s point that good pricing begins with
analysing consumer needs and price perceptions. Price must be
considered along with the other marketing-mix variables before the
marketing programme is set.
In his article ‘Pricing as Creative Marketing’, Nagle writes:
‘The actual task of pricing falls, however, distinctly and rightly in
the domain of marketing because pricing requires more than mere
technical expertise. It requires creative judgement and a keen awareness
of buyers’ motivations. Consequently, the specific strategies
of successful pricing are as varied as the imaginations of creative
individuals. But what they all have in common is recognition of
differences among buyers….’
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GURUS ON MARKETING