Over the past year, you and your friend have decided to embark on a new business venture, you have created a new recipe for baked bread. You are currently paused at the pricing stage, considering that there are no specific guidelines for setting the right price. Outline 5 aspects that you need to consider when developing a price of your new product offering. Justify your answer.
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Please answer question below.
Over the past year, you and your friend have decided to embark on a new business
venture, you have created a new recipe for baked bread. You are currently paused
at the pricing stage, considering that there are no specific guidelines for setting the
right price. Outline 5 aspects that you need to consider when developing a price of
your new product offering. Justify your answer.
Step by step
Solved in 2 steps
- 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?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…Understanding Pricing Strategies Question Content Area INTRODUCTION: How do companies price their products and services? Do they compare their prices with competitors? Do they offer discounted prices or premium prices? There are many angles to pricing strategies. Question Content Area INSTRUCTIONS: You will agree with some of these statements and disagree with others. You may find it hard to make a decision, but you should go ahead and make a choice. Record your answers next to the statement according to the following scale: Strongly Disagree (1), Disagree (2), Agree (3), or Strongly Agree (4). Strongly Disagree Disagree Agree Strongly Agree Question 1. A marketer does not need to be aware of the prices charged for competing brands. 2. It is not unusual for a business to charge different buyers different prices for the same quality and quantity of products. 3. Customers typically pay the list price on a car.…
- how does consumer pricing differ from business pricing? I'm having trouble with this conceptcan you please help me how to find the 3 different pricing strategies that the Royal Ontario Museumuses and how are they used on the meusem ?Pricing Determined by Buyer Behavior 1. How do you price? 2. Should it be low, moderate or high? (please answer the attached pic below) 3. Explain briefly your choice.
- 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?Using companies Coca Cola and Sara Lee, look at all of the social media platforms these companies use (e.g., Instagram, Twitter, and YouTube). Analyze what is being said about pricing either by the company or customers on these platforms, using the following questions. Answer the questions below. How much is pricing discussed? Provide specific examples. Is pricing mentioned by the company, social media users, or both? Is pricing discussed on social media by one company more than the other? If so, why do you think this is? If you worked in marketing for either firm, is there anything you have read on social media that would make you consider changing the price of that company’s products? Explain your answer.The questions to follow are based on the Converse, Chuck Taylor, All Star Sneakers introduced see attached image Q1 - Which one of the following pricing objectives would be considered most appropriate for the Converse All Star sneaker? Justify your answer.• Profit orientated goals• Sales orientated goals.• Increasing market shareQ.2 - If Converse introduced a new SMART WATCH for Men and Women, should they launch the product using Market Skimming or Marketing Penetration? Explain your choice.
- What 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?1. 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.What does ͞price mean and what are the objectives of pricing? What is the pricing procedure? What does it consist? What must be considered first before setting the price? What are the various approaches to pricing? What is the purpose of ͞target rate of return pricing? What is ͞odd-numbered pricing͟? What are the reasons behind this method? What are price adaptation strategies? Why are discounts given to customers? What is the degree of control over price by the seller in a monopsony? Why is this so?