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Marketing
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Marketing
Abstract
In a marketing mix, pricing is an important aspect. Price is defined as the exchange of value. Developing a right strategy is one of the critical aspects of any organization development. Thus, making pricing one of the significant variables, in many cases, it affects the consumers’ choices in many ways. It is, therefore, considered as the only element in the marketing mix which generates revenue while the other aspects produce cost. The first step in developing any pricing strategy for variable products is developing pricing objectives. All the pricing decisions must be accomplished. In this case, all the pricing objectives must be in a position to support the broader objectives of any market development. For example, increasing the market share and enhancing the shareholder’s wealth or the entire corporate image. Firms can fix the price of their products at all levels to defend the current market share, and if possible, the can increase the market share by making the prizes more convenient for all customers.
Keywords: pricing strategies, marketing mix, pricing objectives

Marketing
The company under study is Apple. Apple Inc. is one of the most innovative and creative organizations. It outlines and offers many services to people. The services offered include iMac, iPhone, iPod and Apple music. There are many skimming pricing strategies the company provides to its customers. The current product line for Apple includes iPhone X (10), iPhone 8 plus, iPhone 8, iPhone SE, iPhone 7 Plus.

The common features for the products include good storage spaces which range from 64GB, 128GB to 256GB. All the products have good camera resolution for maximum video resolution. On the downside the products are not customer friendly, given their price range. To satisfy the client, the company must develop a product that will be worth the money spent in terns of performance and appearance. As a company, Apple loses much in terms of both market and income if the products are overpriced or underpriced. To mitigate this a method of selling quality products at high prices is implemented. Survival is also a critical objective of pricing.
When the company is faced with a capacity problem, completion or change in consumer wants, the firm adopts the survival objective for recession. The prices, in this case, are reduced to maintain the sufficient flows of cash (Mallin & Finkle, 2011). Thus, making profit less important for survival. When the prices cover a variable, survival becomes one of the short-term factors for price cutting. Thus, marketers need to be careful when it comes to matters of price strategies (Esslinger, 2009). This is because it usually brings out short-term benefits at the expense of long-term goals. Therefore, reducing the prices to increase sales causes customers to be less sensitive.
Profit objective is also an important factor in pricing. Profit objective is expressed mostly in two ways: return on investment and profit maximization. Return on investment is a good idea for firms to fix their prizes to stimulate the consumer interests; thus, making the attractive prices result in higher sales. On the other hand, profit maximization does not necessarily involve fixing high prices (Yeung, 2011). However, low prices can also bring in higher sales for the products. As a company CMO, the current pricing strategy is sound because the approach highlighted is critical for sales growth. In addition, Apple Company has come up with image differentiation as a weapon of pricing. Thus, they change the premium prices for their products to create a distinct image for their competitors.

References
Esslinger, H. (2009). A Fine Line: How Design Strategies Are Shaping the Future of Business. San Francisco, CA: Jossey-Bass.
Mallin, M. L., & Finkle, T. A. (2011). APPLE INC.: PRODUCT PORTFOLIO ANALYSIS. Journal Of The International Academy For Case Studies, 17(8), 49-56.
Yeung, A. K. (2011). The Globalization of Chinese Companies: Strategies for Conquering International Markets. Singapore: Wiley.