Explain with the use of examples, the various product mix pricing strategies which a firm may utilize when setting the price of their goods and services. Ensure that your answer is in essay format
Q: Differentiate among these on practical ground i.e. through definition or theoretical perspective and…
A: Marketing is an activity which the firm takes up to make customers. For this marketing strategies…
Q: Explain the concept of “everyday low pricing” used by supermarket chain Puregold. Evaluate the…
A: The pricing of products in retail organizations is fixed based on many criteria. There are many…
Q: This gives an opportunity to explore direct and indirect price discrimination within the context of…
A: Direct price discrimination occurs when a firm break up consumers into identifiable groups. for…
Q: Discuss the difference between the two (2) types of pricing approaches when launching a new service…
A: Ans. Different pricing strategies are used by the firms to place the product or service at best and…
Q: Marketers may choose from various pricing strategies when selling a product or service. a)…
A: Price refers to the value of a product or service. Price is determined in different ways, depending…
Q: Why are ethical concerns important issues when designing service pricing and revenue management…
A: Disclaimer: Since you have asked multiple question, so as per company policy, we will solve the…
Q: Suppose a manufacturer of exercise equipment sets a suggested price to the consumer of $395 for a…
A: Given, Retail margin factor = 0.4 Wholesale margin factor = 0.25 Market price = 395
Q: An approach services use to set prices according to changing market conditions is known as
A: Price is the monetary value assigned to a good or service, and it is the outcome of a complicated…
Q: As a CEO of an airline company what pricing strategy would you employ for high season and low season…
A: Pricing strategy depends upon the contextual events in which flights operate
Q: Tell about pricing. More precisely, write what the companies should take into account when doing…
A: Pricing is the process of setting or deciding the price of a particular product. Pricing is the…
Q: Assume Netflix applies different pricing for corporate buyers than for individuals, even if the…
A: According to above given situation Netflix uses third degree price discrimination Third degree…
Q: Discuss briefly the advantages and disadvantages of two traditional pricing methods used by the…
A: The goals of a hospitality operation, according to pricing theory, should be to optimise sales of…
Q: If you were planning on creating an online financial brokerage service, how would you approach…
A: Here are some fundamental stages for beginning our own business establishment. Ascertain Expenses.…
Q: A business wants to capture market share in a short period of time priced its services at a…
A: A pricing strategy is a model or strategy used to build up the best price for an item or service. It…
Q: Which pricing objectives are profit-oriented, and which objectives are sales-oriented? What factors…
A: Introduction: The term Market refers to an exchange of goods and services between the buyer and the…
Q: Pricing that is adopted to influence the perception of the value of the product by comparing the…
A: Pricing: Pricing refers to setting a value for the product based on the required cost to manufacture…
Q: Create a pricing scheme of certain product. Search for a product you think that the price is not…
A: PRICING SCHEME: It is used to set a range of different prices for a product other than the default…
Q: providing healthy food lunch boxes to school children what do you suggest about their product…
A: The marketing mix is the planning done by the company to carry out the various functionalities and…
Q: Cite three (3) pricing strategies that companies or firms implement. Discuss the circumstances or…
A: The three pricing strategies are penetrating, skimming, and following. Penetrate: Setting a low…
Q: what is the Competitive pricing between vaseline intensive care body lotion and other competitors
A: Price is the perception of product in customer's mind. A product which is highly perceived can be…
Q: Value-based pricing is the reverse process of Select one: O a. good-value pricing O b. cost-based…
A: Value based pricing: This price setting is based on perceived consumers value oF a product or…
Q: You have recently been appointed as the marketing manager of a 100-room hotel located in the central…
A: Revenue management refers to the strategic decision and pricing strategy that is used to sell the…
Q: increase for their new running shoes quickly in a short period, Sprinters Inc. set the initial price…
A: Marketing is the method to create exchange with the customers. It is a vast topic including various…
Q: Price is the only element of marketing mix that helps in generating income. A marketer should adopt…
A: I am not a poet but can help you in learning this topic by mnemonics. It will be in bullets form :
Q: At a strategic meeting of your company, other managers in the meeting want to know the company’s…
A: Pricing refers to setting a price for a product or service at which it will be sold in the market…
Q: Pricing is a critical component of any company’s strategy. Discuss some of the pricing strategies…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: The first Target store opened in 1962. Its initial strategy was to set prices low to attract a large…
A: There are different types of pricing strategies and according to different business suitability they…
Q: Pricing usually occurs during which step in the sales business process? A. contract creation B.…
A: Billing process occurs after a sale is made. Billing is done to keep a record of the sales that has…
Q: The retailer who sets prices below its costs to drive competitive retailers out of business is…
A: A firm or company uses various pricing strategies to sell the product in the market. The pricing…
Q: Now that you know how yield management pricing works, let's conduct research to identify other…
A: INTRODUCTION: A business technique known as yield management pricing aims to maximize the yield of…
Q: How does the profit of a business firm behave during the product life cycle? “Knowledge of the…
A: The product life cycle can refer to how a product goes through when introduced to consumers in the…
Q: Give 2 examples of pricing strategy of a monopoly and monopsony with explanation. Please be specific…
A: Monopoly is a market situation where there is a single seller and multiple buyers. The seller in…
Q: The airline industry alters the price of its seats based on the type of seat, the number of seats…
A: Dynamic estimating (or dynamic value segregation) is widely concentrated in the aircraft business…
Q: 64) Revenue ganagement consist of 3 levels of traditional approach to pricing except a) Cost-plus b)…
A: MARKET-BASED:- structured such that, instead of a government, the supply and demand for products and…
Q: What is the difference between a price skimming and price penetration strategy and when should each…
A: Price Skimming strategy: Price Skimming is a pricing strategy in which high initial prices are…
Q: PLEASE help me answering in your words as fast as you can As a Marketing Manager in Apple company,…
A: Apple is one of the biggest brands in the market. The marketing mix of Apple company created a lot…
Q: The Walt Disney Company is "reimagining" its pricing strategy. Responding to the ever-increasing…
A: From the given case summary: 1.What is the decision facing Disney? As the customers may perceive the…
Q: Product line pricing refers to setting a price for by-products in order to make the main product’s…
A: Yes, Its True! By-product pricing refers to setting a price for by-products to make the main…
Q: If an item is particularly valuable to a customer, using customer-based pricing might suggest a…
A: Customer based pricing is the method of pricing where a company sets price for the products or…
Q: Discuss 2 internal factors and 2 external factors that can impact the pricing decision of a company?
A: Disclaimer: Since you have asked multiple question, so as per the company guidelines, we can solve…
Q: escribe the general advantages and drawbacks of the penetration pricing strategy. For example,…
A: Whenever a product sells cheaper than that of the competitors throughout its original launch phase,…
Q: Directions: Create a pricing scheme of certain product. Search for a product you think that the…
A: Marketing is to build customers for the firm. It is the exchange of value between customers and the…
Q: The new book, The secrets of the world of Fungi was published as a hardback edition for £20 in March…
A: Book has initially priced at £20 and later after some months, it was priced at £9.90. Here the price…
Q: Over the past year, you and your friend have decided to embark on a new business venture, you have…
A: 5 aspects that might be needed to consider when developing a price of your new offering: 1. Cost -…
Explain with the use of examples, the various product mix pricing strategies which a firm may utilize when setting the price of their goods and services. Ensure that your answer is in essay format.
Step by step
Solved in 2 steps
- If an item is particularly valuable to a customer, using customer-based pricing might suggest a price that is higher than the one that would be indicated by use of a standard markup. Describe a situation where the use of customer-based pricing would suggest a price that is lower than the one that would be indicated by use of a standard markup.Consider the advertisement for a gutter cleaning service shown below. What is the external reference price in this ad? According to the course material, an advertisement could attempt to frame a price as a single loss, as two losses, as a gain and a loss, or as a gain foregone. Which one of those framings is this advertisement attempting to accomplish? Explain your reasoning. If your internal reference price for gutter cleaning service was $125, how would you perceive this advertised price of the company’s gutter cleaning service? Would you perceive it as a single loss, as two losses, as a gain and a loss, or as a gain foregone? Explain your reasoning.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).
- Create a poem that contains the information about the factors affecting pricing decisions.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?Pricing Q: What are different factors that should be considered by marketers before deciding price of the product? Q: How the total cost is determined/calculated by company for deciding price of the product? Q: What is breakeven point? How is it calculated? Q: How the net profit is calculated? Q: write the following procedures and formulas for calculating price? a. Cost Plus pricing b. Breakeven pricing c. Return on investment pricing d. Value based pricing Q: Write the methods for determining pricing of new products?
- Kindly state and analyze the pricing strategy of stree foods and how being used or the probable pricing strategy used by the business. Describe how the prices of their product may affect the sales and demand of the product.A business has significant costs in the development stage of a new product prior to launch as well a high number of decommissioning costs at the end of the product’s life. Which method of costing would be most suited for the business to ensure that all of the costs associated with the product are considered in arriving at a pricing strategy to help achieve profitability over the product’s life? A Activity based costing B Target costing C Marginal costing D Total lifecycle costingCan I get assistance with the following 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.
- Pricing Q: What are different factors that should be considered by marketers before deciding price of the product? Q: How the total cost is determined/calculated by company for deciding price of the product? Q: What is breakeven point? How is it calculated? Q: How the net profit is calculated? Q: Consult your book and write the following procedures and formulas for calculating price? Cost Plus pricing Breakeven pricing Return on investment pricing Value based pricing Q: Write the methods for determining pricing of new products?List and briefly explain what internal factors companies must consider for pricing decisions. How important are these, in your opinion?An approach services use to set prices according to changing market conditions is known as a. premium pricing b. dynamic pricing c. cost-based pricing d. value-based pricing
