See instructions below Term Paper Example | Topics and Well Written Essays - 1500 words

See instructions below - Term Paper Example strategy. The strategy will build on the company’s controlling positions in the market and in turn put them in a great position that will enable them improve profits over time. There are several important factors in the retail business that determine the success or failure of any business. Among them is advertising, product, distribution, pricing, and so on. Even so, pricing remains salient of these factors since it is the only one that generates revenue for the business. Most managers focused on product marketing considered all the other marketing aspects but gave pricing afterthought throughout the strategizing process. Currently, a lot of firms have adopted the guide throughout their pricing process and have seen incredible optimization of the whole marketing process bringing in profits and maintaining a competitive advantage. Wal-Mart, Target, and Amazon are some of the most successful firms in the world. Actually, all top in their specific line of business. Amazon retails goods throughout the world through the internet while Wal-Mart chain is the most successful retailer in the world. Both are household names. The three firms have taken advantage of p ricing as a strategy to increase sales and boost their revenue. As will be discussed later in the paper, pricing is an imperative factor in marketing and has colossal impacts on sale of goods and services. Even if a company adopts the other marketing strategies (advertising, product, and distribution) efficiently, ineffective pricing can have detrimental effects on the financial status of a company. While most firms know that this is the case, research shows that pricing as a strategy is continually being poorly adopted. Researchers and economists such as Thomas T. Nagle have, as a result, sought to create a universal guide where business men and company executives can borrow ideas from if they want to execute