Innovative Service PricingExplore one highly successful business model based on innovation service pricing and/or revenuemanagement strategies, and choose another, one, business model that failed because of major pricingor revenue management strategy issues. What lessons can you learn from your analysis of thesesuccessful and unsuccessful pricing and revenue management strategies? Also, the report shouldshed light on the negative/positive impact of the covid-19 pandemic on the two models reported.Your report must develop a list of recommendations and advice for the chosen models to boost itsservice marketing activities in the market and enhance its competitiveness.The report should consist of (1,500 words, "Times-New-Roman", 12 pnt. size, 1.5 line spacing).

Innovative service pricing and revenue management methods are critical in today's competitive…

Answered: Innovative Service Pricing Explore one…

Marketing

20th Edition

ISBN:9780357033791

Author:Pride, William M

Publisher:Pride, William M

Chapter19: Pricing Concepts

Section: Chapter Questions

Problem 2DYMP

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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.
What type of pricing strategy does Trader Joe's appear to use. Pick only one and explain why. Trader Joe’s value equation is essentially low prices on unique, “gourmet” food items. Describe how Trader Joe's product choice and pricing (as seen online) execute this Good-value pricing strategy. What decisions about product, place, and promotion help Trader Joe's ability to offer such special items at such a low price? How does Trader Joe’s demonstrate the importance of price in creating value for customers?
Ethics and PricingPeople feel better when they think they are getting a great bargain when they shop.Knowing this, some retailerâ€™s markup items above the traditional retail price and thenoffer a 60 percent discount. If they had simply discounted the normal retail price by 20percent, the resulting â€œsale priceâ€ would have been the same. One retailer says that heis just making shoppers happy that they got a great deal when he inflates the retailprice before discounting. Significantly marking up prices in order to offer â€œdeep discountsâ€ is not an unethicalpricing practice per se, but it may be considered misleading advertising. The retailer isnot really reducing its profits as a result of offering the sale price, even though a 60percent discount implies a financial sacrifice on the part of the retailer for the benefit ofthe customer. The situation described above could, perhaps, be considered a sales…
Kindly state and analyze the pricing strategy of stree foods and how being used or the probable pricing strategy used by the business. Describe how the prices of their product may affect the sales and demand of the product.
We are opening up our own business. ABC Headphones we will be selling headphones. 1) When introducing a new product to the market, there are two main pricing strategies: Market Skimming or Market Penetration. At the launch of your product, state which pricing strategy would you choose? Explain why it is best suited to your product. 2)Explain the six steps of the price setting process. 3) Conduct research on the following topic:“Ethical issues when setting prices in South Africa.”Write four paragraphs explaining the ethical issues to consider when setting prices in South Africa. Use the rubric on the next page and the mark breakdown below to guide you on how to structure this question. You must use an additional source other than the textbook. To avoid plagiarism, you must paraphrase your answer and reference them correctly. No marks awarded for verbatim answers.
Competition Pricing is compared to what board game? Why and how the principles of this game can be applied to competition pricing?
The pricing strategies of car dealers and airlines are somewhat unique and are examples of variable pricing. Unlike the price of most goods that remain static for some period of time, these two are example of pricing that fluctuates constantly. Two people may pay different prices for a car or an airline ticket on the same day. Please read the two articles below and answer the following questions in a short few paragraphs. How do the two differ in strategy and what drives this difference? Find an example of another good or service that is priced like automobiles or airline seats and explain the process. https://www.nerdwallet.com/blog/loans/dealers-set-car-prices/ https://www.farecompare.com/travel-advice/understanding-airline-ticket-prices-why-your-seatmates-airfare-cost-more-or-less-than-yours/
Imagine that you are the manager of a large clothing company with market power that specializes in selling blue jean pants. 1) Choose two pricing strategies that were discussed in Chapter (Pricing Strategies for Firms with Market Power) that you would implement as the firm manager. 2) Explain how exactly you would implement these two pricing strategies in the real-world Please answer the 2nd part Expert Answer Step 1 "Since you have asked two questions, we will answer only first question for you. If you have any doubt, then repost the questions separately." Step 2 1) Market Power is the degree to which a firm can influence the price of an item by exercising control over its demand, supply, or both. Pricing strategies are aimed at finding a product’s optimum price, considering the various factors like market objectives, consumer demand, product attributes, price of competitors and market and economic trends. Firms with market power use different price strategies to…
What is the most effective price adjustment strategy for small businesses in highly competitive industries, and why do you believe it is the best approach? Which among the Product Mix Pricing Strategies do you think is the best to be used when you are in the food business? Why?
Suppose a manufacturer of exercise equipment sets a suggested price to the consumer of $395 for a particular piece of equipment to be competitive with similar equipment. The manufacturer sells its equipment to a sporting goods wholesaler who receives 25 percent of the selling price and a retailer who receives 50 percent of the selling price. What demand-oriented pricing approach is being used, and at what price will the manufacturer sell the equipment to the wholesaler?
Topic: Opportunities and limitations of designing an effective service pricing strategy. Give concrete examples to point out opportunities and limitations in service pricing. 1. Why are ethical concerns important issues when designing service pricing and revenue management strategies? What are potential consumer responses to service pricing or policies that are perceived as unfair? 2. How can we charge different prices to different segments without customer feeling cheated? How can we even charge the same customer different prices at different times, contexts, and/or occasions, and at the same time, be seen as fair? PLEASE ANSWER ALL QUESTIONS. THANK YOU!
Using the image above explain which pricing strategy the image represents. •Discuss how price affects the value of the organization's products or services •Explain the primary factors to consider in pricing • Compare common pricing strategies • Explain price elasticity and how it can be used to set price • Explain the use of competitive bidding for B2B pricing

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