ommon Pricing Strategies: 1.Value-based pricing 2.Competitive pricing 3.Price skimming 4.Cost-plus pricing 5.Penetration pricing 6.Economy pricing 7.Dynamic pricing Question: Among the different types of pricing strategy, what do you think is the most effective and has factual basis? Explain briefly. Thank you for answering:)
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Common Pricing Strategies:
1.Value-based pricing
2.Competitive pricing
3.Price skimming
4.Cost-plus pricing
5.Penetration pricing
6.Economy pricing
7.Dynamic pricing
Question: Among the different types of pricing strategy, what do you think is the most effective and has factual basis? Explain briefly.
Thank you for answering:)
Step by step
Solved in 3 steps
- 1. What is the role of cost in pricing? 2. Pricing strategies work best when they take into consideration the four major pillars of pricing: 2.1 customers 2.2 current positioning 2.3 competitors 2.4 costs Explain each pillar. 3. Of the so many pricing strategies explain at least four pricing strategies that should be used in pricing either product or service 4. What are the steps in developing effective marketing communication? Explain each clearly. 5. How are you going to set the price in each phase of the product life cycle? Explain each clearly.Pricing Determined by Buyer Behavior 1. How do you price? 2. Should it be low, moderate or high? (please answer the attached pic below) 3. Explain briefly your choice.1. Given that there is a serious disadvantage to cost-based pricing, how would your account for its widespread use in retailing and other businesses? 2. What is parity pricing? How does it differ from other forms of competition-based pricing? 3. Describe some ways that a seller using competition-based pricing could deal with the presence in the marketplace of a variety of prices for an item.
- 3.Based on the way SBC's brand manager describes its overall pricing strategy across various types of bikes with varying attributes for different types of riders and varying degrees to which those attributes are incorporated, SBC employs Multiple Choice A) product line pricing. B)competitor-based pricing. C) odd/even pricing. D) penetration pricing. high/low pricing.Assume Netflix applies different pricing for corporate buyers than for individuals, even if the content of the package is the same. What type of pricing strategy does the different options offered to individuals and businesses represent? a. Predatory pricing. b. First degree price discrimination. c. Second-degree price discrimination. d. Third degree price discrimination. e. Market segmentation.Imagine that you are the manager of a large clothing company with market power that specializes in selling blue jean pants. 1) Choose two pricing strategies that were discussed in Chapter (Pricing Strategies for Firms with Market Power) that you would implement as the firm manager. 2) Explain how exactly you would implement these two pricing strategies in the real-world Please answer the 2nd part Expert Answer Step 1 "Since you have asked two questions, we will answer only first question for you. If you have any doubt, then repost the questions separately." Step 2 1) Market Power is the degree to which a firm can influence the price of an item by exercising control over its demand, supply, or both. Pricing strategies are aimed at finding a product’s optimum price, considering the various factors like market objectives, consumer demand, product attributes, price of competitors and market and economic trends. Firms with market power use different price strategies to…
- Does "value" mean the same thing as "low price"? How do these concepts differ? Pick two competing brands from a familiar product category (watches, perfume, consume electronics, restaurants) - one low priced and the other high priced. Which, if either, offers the greatest value? Why might the strategy for setting a product's price need to be changed when a product is part of a product mix? What are the five product mix pricing strategies? Provide an example of each. (4 points) Alicia is a self-employed hair stylist who owns her own salon. She has asked you to consult with her on how to generate more revenue. Using the price adjustment strategies discussed in the chapter, advise Alicia on her options to increase sales. Please be detailed in your response with why you are choosing each.Go online to a shopping site you use regularly and note theprices for different types of products. Does this firm usepsychological pricing? Product line pricing? Note any pricingstrategies you can identify. Do any of these strategies makeyou prefer the site over a competitor’s site?hink of the various pricing methods - mark-up pricing, target-return pricing, perceived value pricing, value pricing, going rate pricing, and auction-type pricing. As a consumer which method do you personally prefer to deal with. Why? If the average price were to stay the same, which would you prefer: (1) for firms to set one price and not deviate, or (2) to employ slightly higher prices most of the year, but slightly lower discounted prices or specials for certain occasions.
- What does ͞price mean and what are the objectives of pricing? What is the pricing procedure? What does it consist? What must be considered first before setting the price? What are the various approaches to pricing? What is the purpose of ͞target rate of return pricing? What is ͞odd-numbered pricing͟? What are the reasons behind this method? What are price adaptation strategies? Why are discounts given to customers? What is the degree of control over price by the seller in a monopsony? Why is this so?1. What tactics are used in pricing at .99 2. Should companies opt for psychological pricing? If yes what are the benefits of using this pricing method? 3. Should prices be rounded off every time ? In what situation does this pricing strategy not hold good? 4. What are the different strategies for pricing a product based on psychological pricing? Please include references.Explain what is 'psychology pricing' and discuss three types of psychology pricing. Support your answer with an example how the psychology pricing had been implemented for each type.
