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Customary Pricing
There are various types of pricing strategies followed in the market. They are psychological pricing, odd pricing, free onboard pricing, customary pricing, prestige pricing, dual pricing, ruling pricing, negotiated pricing, mark up pricing, etc. each one can be explained as follows:
Multiple Unit Pricing
“Multiple-unit pricing is a practice where a company offers consumers a lower than unit price if a specified number of units are purchased.”
Explain the various types of
pricing objectives.
✓ Which ones usually will result in
a firm having lower prices?
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- Describe the difference between an everyday low pricing (EDLP) strategyand a high/low strategyIdentify two stores at which you shop, one of which uses everyday lowpricing and another that uses a high/low pricing strategy. Do youbelieve that each store’s chosen strategy is appropriate for the type ofmerchandise it sells and the market of customers to whom it isappealing? Justify your answer.1. As an entrepreneur, one of the most significant and strategic decisions you will ever make during the life cycle of your new venture will be one of selecting your pricing approach and setting your initial price. Few decisions have such wide-ranging implications for the success of the venture, especially as this decision directly impacts every area of the business, such as customer acquisition, the break-even point, and profitability. Research several newly emerging start-ups that are focused on product-based offerings for the consumer sector that you find interesting. Select one and in a two-page paper using the principles from the text, identify, assess, outline, and analyze the totality of the pricing models, pricing strategies, and pricing decisions. Also include whether you agree with each and be sure to explain your answer (if you do not agree, indicate what changes would you make).For ENTR550, Entrepreneurial Marketing at Keller School of ManagementAPA format, include…
- Some firms have profit as a pricing objective, whereas others set prices forcustomer satisfaction. What are the major differences between these two?Which is better?Give an example of a product that has a price that you find difficult to classify as beinghigh or low. Explain why. Explain why fine dining establishments must have very high markups over the cost oftheir foods. Is it possible to be a low-priced fine dining establishment? Should a distributor get a higher margin on a product’s sale than the manufacturer? Howdo you feel about this? What advantages can a convenience store chain, such as 7-eleven, have over traditionalsari-sari stores? How about disadvantages? Give an example of a locally made product that you believe will have a good chance ofcompeting in a regional market. Explain why. Give an instance when a customer care person gave you unsatisfactory service. What wasthe reason and why do you think it happened? How would you address this situation inorder to prevent it from happening again?Look through your local newspaper or any direct mail marketing pieces you can locate. Choose a product or firm and note the prices for different types of products. What do you think the firm’s pricing objectives and strategy are? What types of pricing methods are they utilizing?
- Is subscription pricing likely to be as popular withcust- omers as it is becoming with many product suppliers?Why or why not?How can you attack Walmart because of its aggressive pricing actions? Note: By believing that Walmart forced a new kind of shopping experience upon a community and robbed them of a way of shopping they used to have (international hypermarket replacing local independent businesses). You should argue that a way of shopping that has been eliminated from the community by Walmart was a better way of shopping. (give your reasoning for believing that Walmart is wrong).What are the benefits of FOB origin pricing?
- You have just started a limousine service and strive for an image of quality and luxury. Your limos are always spotlessly clean on the inside, freshly waxed, and stocked with flowers, champagne, and televisions. To cover your costs and create a perception of a premium experience, what would be an appropriate pricing strategy? Question 10 options: A) Competitive B) Prestige C) Skimming D) Penetration What must be created in business marketing? Question 11 options: A) reciprocal arrangements B) involved self-interest mixed with mutual benefit C) competitive barriers D) trustWhat is the main (most important) way that Cost-Based Pricing is different from Customer Value-Based Pricing? Would the cost of coffee beans purchased by McDonald’s be a Fixed Cost or a Variable Cost?Does Trader Joe’s employ good-value pricing or value- added pricing? Explain.