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Describe the first in, first out, last in, first out and average 4.7 cost methods of stores pricing.
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- Discuss the three major pricing strategies in relation to Hammerpress. Which of these three do you think is the company’s core strategic strategy?Retailers typically use two basic pricing strategies. Explain the advantages of the two pricing strategies and provide examples for each type. When setting prices, what are some important factors that retailers must consider?Illustrate a simple price strategy for a retail sports company for one of its products using at least 2 common pricing objectives and pricing strategies. Give reasons for your suggestions and why you think this is the best recommendation for a retail organisation.
- List the general approaches to pricing. Select examples of products that you regularly use. i. Notice the price of each of these items For each item, ii. State the main benefits you are looking for in using the product. iii. Does the price communicate the total benefits sought? iv. Does the product’s price suggest good value? v. Do you think the manufacturer or retailer is overcharging or undercharging consumers for the product?Retail Price Comparison To demonstrate the wide variation in pricing of an identical item, visit three different stores online and compare prices on similar items. Please do not just get on Amazon and compare prices there for an item. Actually visit different independent store websites. It might be really interesting to visit a local store's website and a national store's website, comparing pricing for the same item. 1. Select a category of store. Some suggestions are: Grocery: large chain store, local chain store, convenience store Health and beauty aids: grocery store, drugstore, discount store Over-the-counter drugs: chain drugstore, local drugstore, discount store Clothing: specialty store, department store, discount store 2. Select several items to compare in your category. For example, in the grocery category, you may want to compare a type of cereal, a canned soup, and a snack item. If possible, you might check prices at a local store…in terms of marketing how would you identify and discuss the important internal and external factors affecting a business’s pricing decision. Use examples to illustrate your answer
- What is meant by pricing? Describe any three strategies that can be done by firms if they do not want to increase the price of a product.Describe bundle pricing, and give three examples usingdifferent industries.Explain the concept of customer value pricing strategies in relation to Maggie Moo's® Ice Cream and Treatery..
- Is subscription pricing likely to be as popular withcust- omers as it is becoming with many product suppliers?Why or why not?Consider that you are trying to choose a pricing plan for your company. Explain everything you need to consider in choosing a pricing plan which will be meaningful for your company whilst also considering costs and benefits.
