M & K Business Strategy

With any pricing strategy, the price must match the branding of the product. For example, for a luxury item branded product, the price needs to be higher to coincide with the branding perception. A few pricing strategies to focus on include product cost based strategy, customer-focused strategy, and product life-cycle strategy. The distribution strategy also plays a crucial role in the successful implementation of a new product. Furthermore, MM Inc. needs to determine what distribution channels will have the greatest influential means to market and sell the new product.

A Pricing strategy refers to method companies use to price their products or services. Almost all companies, large or small, base the price of their products and services on production, labour and advertising expenses and then add on a certain percentage so they can make a profit. Pricing strategy in marketing is the pursuit of identifying the optimum price for a product. This strategy is combined with the other marketing principles known as the four P 's (product, place, price, and promotion), market demand, product characteristics, competition, and economic patterns. The pricing strategy tends to be one of the more critical components of the marketing mix and is focused on generating revenue and ultimately profit for the company. The

7. Which one of the following generic types of competitive strategy is typically the best strategy for a company to employ?

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.

Search Google Images (http://images.google.com) for the term "logo for small business." What kinds of logos are available to you? Look at the content of the logos. Which ones are text-only; image only; or graphics and image?

One of the most important aspects of any company's marketing effort is a brand identity that sets them apart from the competition. That means using a unique company name, which is then translated into a logo that represents the company, and its products or services. While most business owners know it's important to have a logo, there are three reasons to hire a professional for logo design that Mississauga business owners may not be aware of.

We look around ourselves everyday and see many brands and logos. Some of these brands and logos that we see are fancy and pleasing to the eye, but all come with a price. There are many varieties and many categories that these brands produce products in. Social media, the masses, and resource quantity are all factors of why these sought after products are very pricely. Man or women are willing to pay extra money for a brand name. Whether it may be the elderly, young, man, or woman, if it has a well known name on it, people are willing to pay more money for it than a similar version.

“If you choose your name and logo well, they will stay in your customers' minds and remind them of the value your company offers. In fact, a well-chosen name and logo can help you to stand out amount the competition. Your customers will instantly think of your memorable business name and logo whenever they are in the market for your products or services.”

Logoed picture frames can be easily handed over to the people, which is another advantage of this marketing strategy. These picture frames are available in different frames such as metal, digital, wooden, acrylic, desktop, leather, magnetic, and key chain. The

The logo for Plaza Home Health Services is of poor quality. Consequently, the poorly designed logo has caused a domino effect of poorly designed marketing communications such as their business cards, brochures, and the signage located on the front of the building. To achieve identity, it is important that their logo is in line with their target audience. According to Fortenberry, (2010) identity is achieved through branding activities, with such activities generating logos, product names, slogans, jingles, product packaging, building signage, and related identity vehicles for conveying desired images to target audiences. (p.56) Mangin (2014) states that successful healthcare branding requires a solid, organized commitment to delivering unique standards of consistency through the institution 's products and services. In addition, a healthcare organization (HCO) must differentiate itself from the competition or risk the chance of becoming a commodity, where

First of all, a strong brand can be seen as the condition for organisations to expand products, offer more service, and introduce new products (Chernatony and McDonald, 2003). Secondly, a strong brand can lead to growth marketing communication effectiveness (Keller, 2009). ‘To build a strong brand, the right knowledge structures must exist in the minds of actual or prospective customers so that they respond positively to marketing activities and programs in these different ways.’(Keller, 2003, p. 140) Furthermore, Kay (2005) asserted that the strong brand can be seen as a resource of management, which make brand extension easier and useful to build distribution network. Companies are not treated by the intermediaries (Chernatony and McDonald, 2003). Moreover, companies are comparatively easier to change price if they have strong brands. As Henderson, et al (2003) said, a strong brand can allow for premium pricing even still remain loyalty customers, which help companies to survive in the intensive competitive market.

The act of using symbols, much like an icon, or typeface has been practiced well over the past 60 years. The usage of such became a necessity within that time. Today, it is more commonly known as --a logo design. Majority of businesses today find it reasonable to represent themselves with a logo, that in which speaks for their company or foundation as a whole in its entirety. Its use has gained importance within social media, substantially. The most important aspect of a company’s platform should be the concern within the creation of the logo design because it is the standing point of a first impression, symbolizes identity, as well contributes to the appeal factor a business has amongst the masses. If attention is put into the wrong areas

Uniform pricing does not generate the maximum possible total revenue because it generates consumer surplus (Thomas & Maurice, 2013). Consumer surplus is the area under demand and above market price over the range of output sold in the market (Thomas & Maurice, 2013). Managers devise pricing schemes to capture consumer surplus and turn it into profit (Thomas & Maurice, 2013). A firm charges different prices for the same product to increase profits which is called price discrimination (Thomas & Maurice, 2013). There are different groups of buyers with various elasticities of demand and are therefore willing to pay different prices. The definition of price discrimination requires the exact same product be sold at different prices and the cost must be the same for each market (Thomas & Maurice, 2013).

There has been debates on the meaning of corporate identity, to name a few, seven schools of thought on corporate identity (Balmer, 1995), three perspectives on the meaning of corporate identity (van Riel & Balmer, 1997) and so on. Although there is difference, those meanings on corporate identity share some similarities, namely visual elements, behaviors and communications. In van Riel and Balmer’s (1997) graphic design paradigm, visuals are used to convey messages about the corporate mission, vision, philosophy and so on to various stakeholders. Visuals can be the corporate logo, its font types, its slogans, etc. which will be diffused in print ads, video ads, brochures, presentations, annual reports… As mentioned earlier, symbolism has a semantic interpretation—symbols/signifiers and their signified. Here, symbols are used interchangeably with logo or the brand name. The symbols serve as a representation of the brand and the design of symbols is infused with brand identity and symbolic meanings of the brand. Given that customers make their purchase decision without actually receiving any tangible service in service brands, symbols are often used as surrogate “evaluation variables” (Hansen, 1972).

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).