DAY 5 Reconsider your pricing against ALL relevant factors. Carefully consider your revenue model and your overall financial viability.
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Step by step
Solved in 3 steps
- Describe what you are selling (1 item only): What is the price you will sell at to sustomer: How will you explain to potential customers WHY they should buy your product? If your total costs to run the company is $5,000 per month, how many do you have to sell each month to cover your costs? Show your calculation! Do you think this is a realistic number to achieve each month? Explain your answer. In case sales go slower than expected, come up with a volume discount offer for customers and describe how it will work in the box below: (for example if you buy 5 items instead of 1, you will give customer a 10% discount).What measurement issue is hedonic pricing meant to fix? Be specific as possible as why as measurements without it can fail to capture what the relevant statistic was designed to capture. How does it work in practice?Explain the six-step process in setting company’s pricing policy with proper example? Describe, in as much detail as possible, If you don't able then please skip it.
- 1. As an entrepreneur, one of the most significant and strategic decisions you will ever make during the life cycle of your new venture will be one of selecting your pricing approach and setting your initial price. Few decisions have such wide-ranging implications for the success of the venture, especially as this decision directly impacts every area of the business, such as customer acquisition, the break-even point, and profitability. Research several newly emerging start-ups that are focused on product-based offerings for the consumer sector that you find interesting. Select one and in a two-page paper using the principles from the text, identify, assess, outline, and analyze the totality of the pricing models, pricing strategies, and pricing decisions. Also include whether you agree with each and be sure to explain your answer (if you do not agree, indicate what changes would you make).For ENTR550, Entrepreneurial Marketing at Keller School of ManagementAPA format, include…Your friend Brianna is considering getting a credit card. She is going to use the credit card to help build her credit. The credit card she is considering has an APR of 24.99%. It also has a yearly fee of $150.00, but it does offer 1% cash back on most purchases. She asks you for your advice. Use CER to answer the question: Should Brianna get the credit card?Competitive advantage can be gained through options A. Skimming pricing strategy B. Focusing on distribution of your products in large retail stores C. Customer service enhancements D. Strategically following a low cost strategy
- Sanjit sells homemade gyros from his stand next to campus. Students flock to his stand to buy his gyros, but rarely anything else. What type of pricing strategy could Sanjit use to improve his sales?1.What pricing strategy is the best suitable for your practice venture? Explain 2.Discuss the types of financial statements.Distinguish between an actual costing system and a normal costing system. What are the componentsof actual manufacturing costs and the components of normal manufacturing costs?
- What is the amount of the difference between the variable costing and absorption costing net operatingincomes? What is the cause of this difference?Discuss the following briefly. 1. Pricing 2. Price 3. Payment 4. Costing 5. Cost Please answer 1-5. Thank you1. Suppose you are an entrepreneurial company engaged in the manufacture of smart phones. What pricing strategy would you adapt that you believe would best serve your objective? Explain. 2. What department/unit in an enterprise (ex. operations, finance etc.) is the most difficult to manage? Support your claim.