You and your two roommates are starting a pet grooming service tohelp put yourselves through college. There are two other wellestablished pet services in your area. Should you set your price higheror lower than that of the competition? Justify your answer.
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You and your two roommates are starting a pet grooming service to help put yourselves through college. There are two other well established pet services in your area. Should you set your price higher or lower than that of the competition? Justify your answer. |
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- You are in the process of planning a hypothetical airline flight from New York to St. Louis. Visit the websites of three differentairlines and compare prices for this trip. Try travel dates that include a Saturday night layover and those that do not. Try dates lessthan seven days away, and compare, those prices with flights that are more than twenty-one days out. How do you explain thesimilarities and differences you see in these prices?1. How do you price physiological, is it low, moderate or high? please explain briefly your answer. 2. How do you price sociological, is it low, moderate or high? please explain briefly your answer. 3. How do you price psychological, is it low, moderate or high? please explain briefly your answer. 4. How do you price life-cyclical, is it low, moderate or high? please explain briefly your answer.a. Knowing that price competition is very fierce in this market, is firms’ choices of maximumdifferentiation optimal? b. Imagine that entry in this market became easy and, as a consequence, many firms enteredwith ice creams with intermediate levels of smoothness between Ben&Jerry’s and Haagen-Dazs.How could you represent this situation and how will it affect prices and profits as more firmsentered? How would you expect the level of advertising to change ifentry took place in this market.b. Both firms advertise heavily to consumers. What do you think that is the effect of advertisingon competition in this market? Based on what you know about this market and the type of product, which type of advertising would you expect the firms to mostly engage in?
- Suppose you are in the market for a new Samsung 4K television. Yousee one advertised at a locally owned store for $300 less than it costs atBest Buy. The salesperson at the local store tells you that the televisioncame from another retailer in a nearby state that had too many units ofthat model. Explain who benefits and who is harmed from such a graymarket transaction: you, Samsung, Best Buy, and the local store.Give me one 2 threats/opportunity of Jollibee corporation interms inflation, with strong basisOne roommate believes the most important objective in setting pricesfor your new pet grooming business is to generate a large profit whilekeeping an eye on your competitors’ prices; the other roommatebelieves it is important to maximize sales and set prices according towhat your customers expect to pay. Who is right and why?
- Your friend, Lisa Ryan, is opening a smoothie shop that will sell a variety of smoothie drinks in the $5 to $7 price range. When you ask her if she is worried that the steep price of her smoothies might encourage prospective customers to buy a soft drink or a sports drink instead of buying her product, Lisa says:“You are right. This is a real concern I have. Is there anything I can do to discourage potential customers from making such a choice?” What information would you provide to Lisa in response to her question?A. Sellers grant credit to customers: a. During periods of high interest rates to reduce the overall cost of capital (WACC) and to increase return on assets b. When granting credit is a low-cost addition to the value proposition relative to other alternatives c. When the seller does not want new customers d. When the seller wants to increase its marketing costs B. Which from the following list is NOT a primary cost of granting credit to customers: a. The cost of managing credit and credit collections b. Some customers will not pay c. The cost of carrying the receivables d. Advertising costs C. Matching the credit period to the buyer’s cash cycle time makes purchasing from the seller: a. Less attractive for the buyer b. Increases the elasticity of buyer demand c. Does not impact attractiveness for the buyer d. More attractive for the buyerYou have been hired by a regional supermarket chain as the candy andsnack buyer. Your shelves are dominated by national firms such asWrigley’s and Nabisco. The chain imposes a substantial slotting fee toallow new items to be added to their stock selection. Managementreasons that it costs a lot to add and delete items, and besides, theseslotting fees are a good source of revenue. A small, minority-operated,local firm produces several potentially interesting snack crackers and aline of gummy candy, all with natural ingredients, added vitamins,reduced sugar, and a competitive price—and they also happen to tastegreat. You’d love to give the firm a chance, but its managers claim theslotting fee is too high. Should your firm charge slotting fees? Areslotting fees fair to the relevant shareholders—customers, stockholders,vendors?
- Explain how a pharmaceutical company's pricing for a non-proprietary drug might change if the objective was: (a) profitability, (b) sales volume, or (c) market share.7 ? Which of the following is true of the price equation? ? ?Extra fees are not part of the price equation ?The amount paid by customers is always the same as the quoted price ?Sellers subtract the add-on charges from the list price ?Customers are more inclined to pay additional fees than a higher list price 8 ?What is the difference between a marketing plan and a business plan? ?A marketing plan addresses the financial projections of an organization, whereas a business plan does not A marketing plan contains a description of an organization, whereas a business plan does not contain any description A marketing plan deals with marketing actions, whereas a business plan addresses the entire organization ?A marketing plan contains details on operations, research, and manufacturing, whereas a business plan does not 9 ?What must an organization use to determine its position respective to the competition during the new-product strategy development stage? ?SWOT analysis and environmental…On Sunday morning, a major international news organization broke a story that the company who manufactures three critical custom John Deere parts is treating their employees as slave-labor. To compound problems, a terrorist group launched an attack in a Middle Eastern country where the back-up supplier is located. The back-up supplier’s factory was badly damaged by a bomb and will be out of commission for at least 12 months. The “good news” is that they will sell you one-month of parts at 1000% the normal price. The final challenge is that the US government in January 2022 will require tracking and auditing on manufacturing inputs purchased abroad, which means that John Deere will have to devote extra company resources to maintaining compliance. Discuss options for addressing this situation in the short-term and long-term. Put together detailed strategic recommendations for managing future costs and risks over the next 5 years(Branding; Production; Sales; etc.