What profit-based pricing approach should a manager use if he or she wants to renect the percentage of the firm"s resources used in obtaining the profit?
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| What profit-based pricing approach should a manager use if he or she wants to renect the percentage of the firm"s resources used in obtaining the profit? |
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- Describe the basic market forces that are relevant to pricing and decision-making for companies. Include the following: What information would you want to have in order to make sound pricing decisions? With financial information, there is often some level of uncertainty and estimation. How would you explain any risk or uncertainty about information to senior management? How would you suggest monitoring and responding to competitors' pricing actions?If you were planning on creating an online financial brokerage service, how would you approach creating a pricing strategy with consideration to marginal cost, demand, the elasticity of demand, no of competitors, no. of substitutes, prices of similar products on the market etc.• 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)
- Some firms have profit as a pricing objective. whereas others set prices forcustomer satisfaction. What are the ma;or drfferences between these two?Which is betterSuppose 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?Though organizations sometimes base pricing decisions on the cost of materials, another option is to base price on perceived customer value. Choose a product and estimate the perceived value of that product as a function of customer benefits and customer costs. Compare your estimate to the actual price charged for the product. What modifications to the price would you recommend?
