It is important to develop an overall pricing philosophy in your business. This begins with the ability to calculate the relationship between costs and sales. There are two methods, cost/price, demand/price Which would you use in your business, and why?
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- Why is it necessary to acknowledge the significance of the marketing mix in the formulation of marketing strategies? For the entrepreneur, which pricing scheme makes the most sense? Explain your answer. What are the most important considerations to keep in mind when choosing a location? Can I use what I've learned here when I start my own business in the future? In the event that you were granted the opportunity to start your own business, what would you sell and where would you sell it? What marketing strategies do you have in mind?Does "value" mean the same thing as "low price"? How do these concepts differ? Pick two competing brands from a familiar product category (watches, perfume, consume electronics, restaurants) - one low priced and the other high priced. Which, if either, offers the greatest value? Why might the 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 of each. (4 points) Alicia is a self-employed hair stylist who owns her own salon. She has asked you to consult with her on how to generate more revenue. Using the price adjustment strategies discussed in the chapter, advise Alicia on her options to increase sales. Please be detailed in your response with why you are choosing each.What is meant by pricing? Describe any three strategies that can be done by firms if they do not want to increase the price of a product.
- 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?What is the main (most important) way that Cost-Based Pricing is different from Customer Value Based Pricing? Please use no more than 2 bullet points for your answer.Think about the last time you went to a shop, and consider how many different products there were to choose from, all of which have different prices Explain how pricing affects you as a consumer. Include the following details: An example of a time when you were faced with two identical or similar options and chose the cheaper option and explain why; If there are any products or services you feel you cannot compromise on price for, and why or why not; and How pricing affects your satisfaction with a product or service.
- How does the target cost method differ from the cost-plus pricing method? Which would you prefer? Are there any other pricing methods that are appealing to you?Sellers pursue different strategies or approaches that affect the pricing of their products or services. Some sellers rely on internal cost structures to establish price, whereas others simply price at a level comparable to the competition. Explain five market driven pricing models providing examples for each model.You have recently been appointed as the Marketing Manager of a Dog Grooming Business. The leadership team has asked you to ‘price’ a new service – a ‘Mobile’ Dog Grooming service. Explain, with examples, the five factors you should take into consideration when developing a pricing strategy?
- What are some ways that a company's marketing mix might give it a competitive edge? How can a company benefit from a well-executed marketing strategy? Why is it necessary to acknowledge the significance of the marketing mix in the formulation of marketing strategies? For the entrepreneur, which pricing scheme makes the most sense? Explain your answer. What are the most important considerations to keep in mind when choosing a location? Can I use what I've learned here when I start my own business in the future? In the event that you were granted the opportunity to start your own business, what would you sell and where would you sell it? What marketing strategies do you have in mind?Although more than one strategy can achieve profitable results, even within the same industry, nearly all successful pricing strategies embody three principles. They are value-based, proactive, and profit-driven. True or False?
