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.
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Step by step
Solved in 3 steps
- Choose a consumer product with which you are familiar. For that product, discuss its pricing strategy. What other strategies could work for that product? Did the company use cost-plus, full-cost, or incremental cost in its strategy?Elaborate on 4 different pricing strategies that companies can utilize? Explain when would each of them be they most appropriate for use? Discuss the 2 main pricing strategies utilized for a new product?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?
- 1. How is customer-based pricing related to the role of price in the commercial exchange versus the role of the other three elements of the marketing mix? 2. Describe the concept of a product’s VTC. Why is the monetary estimation of this value important for price setting? 3. Describe the concept of a product’s reference value. How would you calculate the reference value for a consumer product whose package size is different than the package sizes of all of its competing products?Choose a product, develop a marketing mix, competitve advantage, pricing, media strategy You will need to choose a product that you would like to market: Using the Internet, you will need to develop all of the following: 1: A marketing mix and a competitive advantage for the product 2: A consumer survey designed to help determine the marketing mix and competitive advantage 3: A product line with at least two additional products in your line 4: A pricing strategy, a price, and a rationale explaining the price of each of your products Remember to consider turnover, competition, and elasticity of demand in your strategy 5: A contingency plan in case your product does not sell at the initial price along with a rationale for your plan 6: A media strategy for marketing the product including an image and position to be developed, types of promotion to be used, and media to be used Remember to specify the advantages of the chosen media, frequency, and continuity to be used1. Given that there is a serious disadvantage to cost-based pricing, how would your account for its widespread use in retailing and other businesses? 2. What is parity pricing? How does it differ from other forms of competition-based pricing? 3. Describe some ways that a seller using competition-based pricing could deal with the presence in the marketplace of a variety of prices for an item.
- 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.Marketing Product Idea: Product service idea is to create a mobile phone application that users can use to purchase clothing from different online stores in one shopping cart. Q. Write a demand-oriented approach for target pricing consumers are willing to pay for this app and why?Marketers may choose from various pricing strategies when selling a product or service. a) Identify and briefly explain five pricing strategies. b) What factors should be considered before selecting the best pricing strategy?
- 1. Illustrate how to calculate a breakeven point in terms of units and dollars using total fixed costs and variable costs in your calculation. 2. Which introductory pricing strategies have you noticed when you shop? 3. Illustrate two different pricing approaches that businesses use. 4. Which forecasting method would be most accurate for forecasting sales of hair-care products in the next year? How would your answer change if you were forecasting for the next month? For home appliances? 5. What is the most important part of a marketing audit? Why? What is the least important part? Why?Develop 4 separate pricing policies for companies? Explain when they will be more suitable for use?Talk about 2 key pricing tactics for a new product?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 mix