In starting to set a final price:List two pricing objectives and three pricing constraints.2 Think about your customers and competitors and set three possible prices.3 Assume a fixed cost and unit variable cost and (a) calculate the break-even points and (b) plot a break-even chart for the three prices specifted in step 2.
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In starting to set a final price: List two pricing objectives and three pricing constraints. 2 Think about your customers and competitors and set three possible prices. 3 Assume a fixed cost and unit variable cost and (a) calculate the break-even points and (b) plot a break-even chart for the three prices specifted in step 2. |
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- What is the main reason for establishing pricing objectives? a. to give direction for price movements over the product life cycle b. to define the initial pricec. to establish a good understanding of the market and the needs of the consumerd. to interact with the other elements of the marketing mixA9 Let's choose a product, then analyze PRODUCT COMPENENTS (everything customers think about before they purchase), and propose all possible PRICING STRATEGIES that seller can set for the product.First review the topics below and select one. Once selected, include the concept, a description of the concept, and what about the concept you understand and what it is about the concept that can be confusing. How pricing objectives should guide strategy planning for pricing decisions. Setting the price level for a product in the early stages of the product life cycle. Variations of a price structure, including discounts, allowances, and who pays transportation costs. The role of price in obtaining a competitive advantage by offering target customers superior value. The legality of price-level and price-flexibility policies. How most wholesalers and retailers set their prices by using markups. Advantages and disadvantages of average-cost pricing. How to use break-even analysis to evaluate possible prices. The advantages of marginal analysis and how to use it for price setting. Demand-oriented factors that influence price setting. Elements of the marketing strategy planning process…
- Price is an important element of the marketing mix. Create a word response to the following, * Describe the importance of pricing in the marketing mix * Describe three different pricing strategies and provide a real-life example of each in action. * Suggest another strategy that would have worked better. * What are the steps that need to be followed for developing the pricing of a new product? Can these steps be interchanged? Why?• Identify THREE key Pricing strategies and discuss the importance of understanding customer value perceptions, company costs, and competitor strategies when setting prices. What did you learn about. the factors affecting pricing and products, services, and brands. What did you learn about how companies adjust and change their prices to consider different types of customers and situations, these can just be bullet points or a short narrative. • Pick ONE of these key concepts and summarizes the significance of these in a 1 or 2 paragraph explanation of the strategy. (Including examples if appropriate)Explain why might strategy for setting a product's price need to be changed when a product is part of a product mix? What are the five product mix pricing strategies? Provide an example for each?
- a) Identify and describe this mobile phone’s (any mobile phone) pricing objective (pricing objective has 6 elements including Survival, Maximum current profit, Maximum market share, Maximum market skimming, Product-quality leadership, and other objectives). b) Identify two places (e.g., online stores, telecommunication companies, etc.) where this phone can be purchased. Compare their offers (price, package, trade-in option, payment plan, etc.) and explain in detail why this phone.(maximum 300 words)A phone manufacturer is determining a price for its product, using acost-based pricing strategy. The fixed costs are $100,000, and thevariable costs are $50,000. If 1,000 units are produced and thecompany wants to have a 30 percent markup, what is the price of thephone?In pricing a product cost works as a floor and customer perception of the value of a product works as a guide toprice a product. Explain why it is a good idea to price a product according to value perception of the customers.Also give some examples of products in which the company has used value-based pricing technique ?
- A company has two products. One is moderately priced and has fewer number of competitors. The other product is low-priced and has many substitutes. What is the best advice about pricing that you can give to this company? a. Give discounts to the low-priced items only b. Give discounts to both of these products c. Give discounts for the moderately priced products only d. Do not give discounts for any of these productsPlease explain the possible disadvantages of using (1) competition based pricing and (2) consumer based pricing for Getir.The airline industry alters the price of its seats based on the type of seat, the number of seats remaining, and the amount of time before the flight departs. This is example of: Select one: a. Basing-point pricing b. Zone pricing c. Dynamic pricing d. FOB-origin pricing Which of the following statements is correct? Select one: a. If the prices of the product are below its costs, profits will boost. b. The pricing strategy suggesting value to the customer and profit to company should be followed. c. If customers perceive that the product is over-priced, they are keener to buy it. d. If customers perceive that a product’s price is lower than its value, they will not buy it.