Why Marketing Students Need to Understand Pricing Theories
Not so long ago, marketing was simply considered as the tactics to sell a product or service—usually consisting of advertisements. These advertisements too were pretty basic in nature, and not creative to say the least. Over the course of the years, the competition has gotten significantly intense. With numerous substitutes and variants available for a mere basic good, it has become extremely essential that the traditional norms of marketing are changed, and the domain is extended to unexplored areas to gain a competitive advantage over rival firms. Marketing as a major for education has been there for quite some time, however with research and every day deviation from hypothesis, the curricula keep changing. This dynamic nature is there for all the right reasons. What previously may have been simple, convincing techniques, marketers of tomorrow are taught beyond these conventional methods. It is realized that marketing is an essential part of strategizing, and therefore the actions need to be accounted for. One such strategy is that of pricing theories.
