Quality and Pricing in Business

Quality and Pricing in Business

Length: 558 words (1.6 double-spaced pages)

Rating: Excellent

Open Document

Essay Preview

More ↓
The selection of vendors and suppliers is very important to the company’s sale of ever product. The products that are brought in by the vendors is an important aspect of how the overall quality of the business is. If the supplier or vendor is known for poor quality, they will be passed over because higher quality products are more important long term. Quality is the top priority when determining the criteria for selecting the suppliers and vendors for this business. Other important elements in determining suppliers and venders are the pricing analysis, creditable service, conflict of interest to our business, and ensuring free market competition with the suppliers and venders.
Quality
Businesses separate themselves for the competition with great quality goods and services. The quality of the products will also boost the overall appeal of the business itself. Having higher quality products is not only great for advertising, but it shows that the supplier or vendor really cares about their product they produce. “Your suppliers should want to know how they are performing (arcplan, 2014). Outsourcing has become a major aspect of nearly every business, but where these products come from is important in determining if this business should select those suppliers. In an article about firms that outsource products, it states, “As manufacturing firms outsource more parts and services to focus on their own core competencies, they increasingly expect their suppliers to deliver innovative and quality products on time and at competitive cost” (Sharma, 2013). The higher quality of the product a supplier puts out, the higher likelihood of higher pricing amounts.
Pricing analysis
Pricing is the other major factor in attracting the consumer to the business. We can have better pricing with in depth price analysis between each supplier and vendor. Finding the best price to quality ratio is necessary for receiving the highest profit return rate. We want the upper hand on our competition, and having more capital will allow us to spread the expenses to fulfill every need greatly. An article exampling the objectives of analyzing pricing with suppliers states, “The objective of analyzing prices and costs is to determine whether the price is equitable and/or competitive in that is it reasonable in terms of the market, the industry, and the end use of the goods or services purchased” (Selecting a Vendor 2011). Cheaper pricing with good quality is the edge we will have on the competition.
Free market

How to Cite this Page

MLA Citation:
"Quality and Pricing in Business." 123HelpMe.com. 17 Nov 2019
    <https://www.123helpme.com/view.asp?id=411229>.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

A Study of Product Quality, Pricing, and Labeling & Packaging Essays

- Businesses are responsible for the product they manufacture and distribute. This perspective will examine the ethical implications of product manufacturing concerning Product Quality, Pricing, and Labeling & Packaging. In this paper, we will discuss each of these topics and show how each aspect of manufacturing has it’s own set of factors. One of the first major aspects of product manufacturing is Product Quality. The responsibilities of a business are simple. Develop a low cost, high quality product that withstands the normal limitations of its use....   [tags: Business Ethics]

Research Papers
1949 words (5.6 pages)

Essay about Pricing Products With New Upcoming Businesses

- The above listed article gives great advice and ideas when it comes to pricing products with new upcoming businesses. When it comes down to it, it’s a given that customers compare prices and want to get a good deal no matter how much they desire a product. Of course a business owner needs to make a profit, and as the article says, the pricing must be figured in such a way that profit margins are at a high enough level to stay in business and grow. The article pin points creative service businesses such as web designers and its agencies....   [tags: Pricing, Marketing, Business, Consumer]

Research Papers
1292 words (3.7 pages)

Pricing Is Generally Understood By The Market Essays

- Pricing is generally understood by the market. There is a certain range, or ballpark figure, that is accepted. This range is what the buyer will pay. If your price is not in this range, or in other words, "out of the ballpark," you run the risk of your customers thinking something is wrong with your product because it is not priced high enough, or that they are paying too much for your product if it is priced higher than the established range. Therefore, you must price within the accepted range for each product....   [tags: Price, Marketing, Summation, Pricing]

Research Papers
701 words (2 pages)

Features And Pricing Of Marketing Essay

- Functionality and Pricing Part A: With Products, Is It Form or Function. Strong brands influence purchase behavior (Dyson, 2016). Marketers must, therefore, focus on triggering motivating impressions amongst the consumers. Particularly, they must ensure that as consumers contact the brands, news, gossip and publicity will be inevitable (Gassmann, 2010). To achieve this, the functionality of the product should be unrivaled. Simply, product functionality is the key to brand success. With the massive expansion of credit availability since the 1970’s, consumers have been allured into making impulse purchases (Pusvasiu, 2015)....   [tags: Pricing, Marketing, Price, Consumer protection]

Research Papers
1214 words (3.5 pages)

Value Based Pricing Strategy For Your Product Or A Service Essay

- Determining a price for your product or a service is among the most important business decisions. Without the right price, you can make or break a business. It can impact your sales figures, your profit margins and your ability to pay the bills, among other things. While there are different ways of optimising your pricing strategy, this guide will explore one of your options: value-based pricing. We’ll explain what value-based pricing means and the benefits, as well as downsides to using this strategy....   [tags: Pricing, Marketing, Value-based pricing]

Research Papers
1004 words (2.9 pages)

Product Life Cycle Pricing Strategies Essay

- J.M. Smucker’s company generate many of its revenues through sales of its food products, many of its products are sold in United States while few sold overseas. Over the years, the U.S. retail market has earned an increased share of the company’s revenue, most of the products that contributed to Smucker’s net sales were peanut butter, fruit spreads, flour and shortening. Together, they covered about 61% of net sales. Smucker’s revenue increased 1% to $5.6 billion in fiscal 2015, Net income, which has been changing over the past years, decreased by $220.3 million to $344.9 million as Smucker saw selling, delivery, and administrative expenses increase....   [tags: Marketing, Sales, Pricing, Consultative selling]

Research Papers
1085 words (3.1 pages)

The Pricing Policy Of Apple 's Music Store Essay

- Q1: Provide an argument for why a more variable pricing policy might increase the sales revenue from Apple’s Music Store (compared to the flat pricing policy). Apple used the concept of variable pricing upon their entry into the world of digital music, in their efforts to identify the structure of pricing and to implement pricing strategies which would promote downloadable data. Variable pricing affects the different cost of a merchandise based on the preferences of the manufacturers. While this varies from flat pricing model, where just one fixed price is utilized for those items that are alike....   [tags: Price, Pricing, Revenue, Marketing]

Research Papers
884 words (2.5 pages)

Essay about Top Quality Product Of Athletics

- Product Strategies Athletics Supreme offers a full range of athletic gear and equipment. The gear and equipment that the company sells is a top quality product that has a well established reputation in the market. The apparel sold at Athletics Supreme include several active wear lines that are made of the state of the art moisture wicking fabric designed to move perspiration away from the athletes body to the outer layer of the garment where it can evaporate keeping the athlete cool (WSI, 2015)....   [tags: Pricing, Marketing, Price, Competition]

Research Papers
1051 words (3 pages)

Pricing Strategy for Business Markets Essay

- Pricing Strategy for Business Markets Pricing decisions cannot be made in a vacuum because of inherent tradeoffs between other marketing mix elements, pricing will depend on other product, distribution, and promotion decisions. Pricing can never compensate the poor execution of the other elements of the marketing mix but ineffective pricing can prevent the successful efforts of these in positive financial results. There is no one best practice for establishing the price of new products or modifying the price of existing products....   [tags: Business Marketing Strategy Analysis]

Free Essays
1502 words (4.3 pages)

Essay on Pricing Strategies

- Pricing Strategies (graphics not included) One of the four major elements of the marketing mix is price. Pricing is an important strategic issue because it is related to product positioning. Pricing also affects other marketing mix elements as well, such as product features, channel decisions, and promotion. A pricing strategy is a course of action designed to achieve pricing objectives. This strategy helps marketers set prices. There are many ways to price a product. The following, figure 1.1, shows a list of five major types of pricing strategies....   [tags: Business Market Marketing Price]

Free Essays
1685 words (4.8 pages)

Ensuring the business is dealing with a free market supplier is ethically important for our business. This is not much of an issue with United States suppliers, but when outsourcing, the business should not support monopolistic business practices out of country. This type of supplier is unethical, and they could have a negative effect on our business if we support these suppliers.
Conflict of interest
Business sabotage is important for us to avoid. The use of a supplier that is also our competition should not be an opinion. These business are looking for the upper hand like us, but they may tamper with products sent to us.
Creditable service
Service is important for choosing suppliers. The easier the supplier is with support and reliability, the more trusting they will be with the business. Finding these creditable suppliers and vendors is critical for supporting the business’s growth. “Operating locations may establish vendor records that contain supplier performance information” (Selecting a Vendor 2011).
Conclusion
While it may seem that quality and pricing is our main focus on determining which suppliers and vendors we choose, there are other elements we need to focus in on. If we avoid conflict of interest, use creditable suppliers for service, and incorporate the use of the free market, we should have great success with the product brought into the business.

Return to 123HelpMe.com