The Micro Fridge Concept

Pricing can play an important role in the success or disaster of any product. Too high a price and the product will fail; too low a price and not enough profits will be made to sustain business operations (Hisrich, Peters, & Shepherd, 2014). The key is to make the customer think that they are paying exactly the right price for the product. Anything else though in this regard means the product is not positioned well in the mind of the consumer. First of all, Gril-Kleen will have to decide on what sort of strategy it needs to pursue. This strategy is decided on three factors namely costs, margins and competition.

availability of substitutes, and justify how you determine the price elasticity of demand for your firm’s product. b) Explain the factors that affect consumer responsiveness to price changes for this product, using the concept of price

4)      What different factors does Printup use to identify an appropriate price for a package of Metabical?  What

In the late 1980s and 1990s, developments in Australian home appliances focused on energy efficiency. Environmental awareness was at an all-time high and studies had

Threat from New Entrants New entrants into the small appliance space are always a concern. With the low front end expenses and wide variety of possible suppliers, its quick and simple for peripheral companies to attempt to disrupt the space. There are two companies who currently manufacture power tools and other small manufacturing appliances that may be attempting to enter the market.

Our expertise in installing refrigerators and satisfying customers since 1915 makes us the best option for any kind of refrigerator problem.

Pricing is important when marketing a product. The determining factor for the pricing is the material, time to make, amount spent on marketing and promotion of the product. The goal in providing such a product that is moderately

Threat from Buyers Consumers hold much power today due to the economy but I forecast no negative issues in this category. A large majority of Company G’s buyers are repeat customers who place great value on our products, our service, and our reputation. As long as Company G continues to produce quality products with features that appeal to current customers as well as potential customers we will succeed in the small appliance market as we have done with our other electronics.

In today’s retail food service industry there is a large demand for convenience food. People take less time to cook and with the increase of health issues related to weight management, low calorie options are becoming very popular. Consumers have become more knowledgeable, tech-savvy, and have higher incomes; all of which create a competitive atmosphere in the convenience food market. Microwavable meals have come a long way since their early days and are now considered by many to be a staple in the freezer. Low calorie options in these

Most people use microwaves everyday. A lot of people actually wonder how microwaves work. For example, radio waves and radiation, microwaves use radio waves and radiation to heat foods (How Microwave Cooking Works, 2015). Furthermore, radio waves heat food by getting water molecules out of food (How Cooking Works, 2015). In addition, the history of a microwave started off very interesting. For instance, there was someone whose name was Dr.Percy Spencer, he accidently discovered the microwave (Clevenger 2015). More importantly, Dr.Percy had a chocolate bar in his pocket, he was testing a new vacuum and then the radiation and heat from the vacuum melted the chocolate (Clevenger, 2015). In the end, microwaves are something that is very useful

When trying to determine the correct price, a number of factors must be considered: the market and its segments, the size of each segment, the ability to reach each segment, what distribution channels to target, whether to vary price by segment, the usefulness of promotional offerings, and whether the goal is to skim or penetrate each market.

To have the ability to answer the research question, data from the above section of retailers was gathered. The purpose of the investigation is to examine IGA, Harris Farm, Mario’s Market, Woolworths and Coles selling the products which can be found in the market and gathering the price to each corresponding good.

One of the most life changing technological innovations is the microwave oven. Invented by accident in 1946 by Dr. Percy LeBaron Spencer, the microwave oven was originally received poorly like many other new forms of technology. Fears that the microwave radiation would escape during use, or that it would ruin the art of cooking were some of the worries that many people had when this technology was released (Gallawa, 2007). Through years of refinement however, the microwave oven has become commonplace in kitchens across the globe. While fears of people giving up traditional cooking methods proved to be unfounded, microwaves have proven to be a valuable tool used by everyone from young kids to master chefs. In addition, an entire new food service industry was created based on the ability to quickly prepare food. Frozen foods and microwave popcorn are just a couple of the items we

The strategy for setting a product’s price often has to be changed when the product is part of a product mix. In this case, the firm looks for a set of prices that maximizes its profits on the total product mix. Pricing is difficult because the various products have related demand and costs and face different degrees of competition.

Keeping these realities in mind, it is very much obvious that for this market, we choose and follow a value based pricing and do not keep the price of the product too high. It is advisable rather to follow an average pricing and let the consumers build some enthusiasm around the product.