Consulting on Price Strategy

Pricing Objectives involve specifying the role of price in an organization’s marketing and strategic plans. These

Organizations today have to stay vigilant and scan all environmental aspects of the economy, their finances and the business to ensure sustainability in meeting its strategic goals. These goals cumulate from leadership abilities to develop and implement sound decisions that align with strategies that promote operational efficient and effectiveness of its product or services. Therefore, developing pricing strategies sensitive to market will further provide competitive advantages within the industry, while assisting in creating maximum profitability.

The pricing strategy that I chose is marketing objectives. Our company will deliver on this strategy to this stand by competing with our competitor’s stand. Our competitor, Jimmy, manages the Lemonade Stand “Liquid Yellow” charges $1.50 for one cup of lemonade. However, they use artificial ingredients, such as artificial flavoring and coloring, white sugar, etc. My company decided that we want to have a price that is higher than Jim’s price. We decided that we want to charge $2.00 for a cup of lemonade. We decided to charge this price because unlike Jim’s stand, we use all natural ingredients, which cost more than artificial ingredients and are healthier for you than artificial ingredients are. That is my company’s pricing strategy.

Pricing is a relevant issue in procurement at all levels. Individuals purchasing the commodities of an organization should receive clarity on pricing. There is confusion in this

Pricing is the most important aspect of the marketing mix. Price is the only element of the marketing mix, which produces a turnover for the organization. Pricing plays a crucial role in the product consumption. Pricing products too high or low results in loss of sales for the company. The pricing of each organization based on its corporative objective.

Pricing strategy can be defined as the strategy that aimed on finds the product best selling price to accomplish overall organizational objectives (Kurtz, 2012). Pricing strategic is directly related to product positioning. It is because the managers must consider how much the target market is willing to pay and cover back of the product cost. Therefore, Chatime has decided to lower its prices on milk tea to target on common people.

Management must use information supplied to them by different departments in the organization. This will ensure support within Pro Audio that the policies are good for the company. The text book states that the key to developing great policies is to treat each request for a price concession to create or change a policy. The only request for price concession that should be considered are the ones that are not covered by the current policies. Pricing policies forces organizations to contemplate long-term costs when making final pricing choices. Consistent pricing policies let the customers know that they cannot “get over” by calling around to different sales agents to get the best deal. Management should ask themselves what beliefs and resulting behaviors does the current pricing creates. The management team at Pro Audio must manage the implementation of the policies to ensure success in a preemptive chronological order. Management should communicate to the sales agents that these new pricing policies are about fairness in treating customers consistently. Moreover, the pricing policies must be monitored

An organization’s pricing strategy will vary depending on multiple factors. An organization needs to understand their competition and market share, the distribution chain, and ultimate goal of customer retention. This paper will review the pricing strategies of Intuit.

One does not know if their competition pricing has be profitable. One does not know their competitions overhead cost or other expenses. These things need to be known if one is considering following a competitor’s pricing. Pricing needs to be based on the market demographics, overhead cost, expenses, ect. Pricing is a major part of the business that is decided depending on various external factors. One has to do thorough research when it comes to pricing because a price can affect the position and

Today’s highly competitive business world forces companies to create different tactics and relatively rely on multiple pricing strategies to conduct business.

We hope to attract new business partners and together we will work out the best pricing strategy. The fact that we will be allowing them to sell our licensed product, an appropriate pricing arrangement will be decided upon unanimously with us ensuring clients have easy access to our product (Richards, 2016).

Based on these 6 factors in setting a price: selecting the pricing objective, determining demand, estimating costs, analyzing competitors costs, prices and offers, selecting a pricing method and selecting the final price, Singapore GP Pte Ltd employed 2 different pricing strategies. They are

The company would employ varied marketing strategies that they will use for the next one and three years. One of them is the pricing strategy, which is one of the essential marketing elements. Bearden, Netemeyer and Haws, (2011, p.63) point out that pricing strategy is one of the vital element of competing with competitors favorably. This is through setting the prices of products differently in order to differentiate the price from that of the competitors. Many companies use pricing strategy in setting the price above or below the equilibrium level in the market. For instance, the

Pricing Strategy – Price leadership, charge premium prices and aim to deliver superior value-added services in all markets OR market response, setting prices independently in each country, according to customer usage patterns and competitive pressures.

Price, which is one of the most important elements of the marketing mix, can be difficult to get right. Pricing too high, or low, can negatively impact on customer satisfaction and revenue. Adopting a pricing strategy is necessary to achieve desired sales objectives (Chan & Wong 2005).