write the following procedures and formulas for calculating price for products in marketing? Cost Plus pricing Breakeven pricing Return on investment pricing Value based pricing
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write the following procedures and formulas for calculating price for products in marketing?
- Cost Plus pricing
- Breakeven pricing
Return on investment pricing- Value based pricing
Step by step
Solved in 6 steps with 6 images
- 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.The three factors that affect pricing decisions for marketers are: Value-Based Pricing, Cost-Based Pricing, and Competition-Based Pricing. Explain them.Elaborate on 4 different pricing strategies that companies can utilize? Explain when would each of them be they most appropriate for use? Discuss the 2 main pricing strategies utilized for a new product?
- What is the main (most important) way that Cost-Based Pricing is different from Customer Value-Based Pricing? Would the cost of coffee beans purchased by McDonald’s be a Fixed Cost or a Variable Cost?Marketers may choose from various pricing strategies when selling a product or service. a) Identify and briefly explain five pricing strategies. b) What factors should be considered before selecting the best pricing strategy?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?
- Select a basis for pricing your product (cost, demand, and/or competition). How will you know when it is time to revise your pricing strategy?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.Although more than one strategy can achieve profitable results, even within the same industry, nearly all successful pricing strategies embody three principles. They are value-based, proactive, and profit-driven. True or False?
