6.3 Marketing Plan - Price Analysis

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1 6.3 Marketing Plan: Pricing Strategy 6.3 - Marketing Plan: Pricing Strategy Analeece Julien ERAU MKTG 311 Professor Kalicharan November 21, 2023

2 6.3 Marketing Plan: Pricing Strategy Napa Jet Charter: Price Strategy Analysis Napa Jet Charter is a full-service premier aircraft charter company, offering personalized experiences to the top one percent. To best engage with our clients, it’s important to select a pricing strategy that considers our client base, competitors, and changing market demands. Market Analysis: The industry clientele is high earning entrepreneurs, business owners, to generational wealth families and political figures. Influencing factors in the market include overall economic health, competitor pricing, and exclusivity of the market. Pricing Strategy: A market-based pricing strategy would be most beneficial for Napa Jet Charter due to its flexibility in the changing market. Market-based pricing “adjusts according to market demand, the type of aircraft, and the operational costs” of running the company (Hebert, 2023). Additionally, this strategy considers competitor pricing and overall perceived value from our clients. Strategy Analysis on Napa Jet Charter: Targeted Positioning: Because of its flexibility, a market-based pricing strategy allows us to price our product to a particular client base. Through analysis of the market and gaining an understanding of customer expectations, Napa Jet Charter can successfully price service based on the level of service we provide compared to competitors. Operational Efficiency : Ensuring our pricing aligns with the market is crucial to safeguard operating costs. Factors that should be considered within the operations department include crew training costs, fuel costs, insurance costs, federal excise taxes (FET), and other various operating debts.

3 6.3 Marketing Plan: Pricing Strategy Transparency : Given the saturation within the market, having market-based pricing shows how transparent our pricing structure is, “so long as what you’re selling is congruent with what your competitor is selling” (Campbell, 2020). Implementation: Napa Jet Charter can begin to implement market-based pricing by evaluating the current market and monitoring trends. It’s important to understand our margins between operating costs and sales costs, and to adjust pricing as needed to ensure longevity of profits. Other steps to implementation include training for our sales advisors so they can best communicate our pricing structure to clients, and regularly evaluating the effectiveness of the strategy.

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4 6.3 Marketing Plan: Pricing Strategy References Campbell, P. (2020, February 19). Market-Based Pricing Guide (Market-Oriented Pricing) . https://www.profitwell.com/recur/all/market-based-pricing Hebert, J. M. (2023, September 19). Private Jet Costs . Magellan Jets - Elevate Expectations. https://magellanjets.com/private-aviation/private-jet-costs/ Sniffie. (2023, July 13). Market based pricing strategy - Sniffie . https://www.sniffie.io/market- based-pricing-strategy/

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