Discussion 5

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Columbia College *

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MKT310

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Marketing

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Apr 3, 2024

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docx

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1. Find a company whose strategy is value based pricing. Is this an effective pricing strategy? Discuss. IKEA concentrates its pricing strategy on providing consumers with value by offering premium items at competitive prices. One of the leading furniture shops in the world, IKEA, has had success with this kind of method. IKEA bases its pricing strategy on providing value to the company's customers. IKEA is able to serve a wide range of clients because it offers reasonably priced, high-quality products. IKEA has had a lot of success with their price strategy because they are one of the biggest furniture retailers in the world. 2. Find a company with a different pricing strategy. Identify the strategy and its success or failure in your own opinion. ‘ Apple has a pricing strategy known as premium pricing, which involves charging a high price for their products because buyers feel they provide a high degree of value and quality. Thanks in significant part to the approach the business adopted, Apple is currently among the most valuable companies in the world. Apple bases its method of pricing its goods and services on the idea of premium pricing. Because the corporation charges premium prices for its products, Apple is able to convince buyers that they are of exceptional quality and offer good value. Apple's price approach has been extremely effective for the business, and as a result, the company is currently among the most valuable businesses in the world.
3. Discuss partnerships in marketing channels using an example. It is likely for both parties involved in a marketing partnership to gain from the alliance. In order to sell its products within the stores of a retailer, for instance, a corporation could partner with that business. With more individuals to reach, the company stands to gain, and the merchant stands to gain by being able to sell items that their customers would be interested in buying. Partnerships in various kinds of marketing channels have the ability to benefit all parties involved in different ways. For instance, a business could collaborate with a retailer in order to sell its products in the merchant's physical storefronts. This might be advantageous for both the business and the store owner. The business may reach out to new clients, and the shop can market products that would be of interest to their current audience. 4. Provide an example of disintermediation and how this could be a threat. Disintermediation is the process of eliminating middlemen from a supply chain. Businesses may be at danger as a result of this since it might reduce both their customer base and revenue. For instance, if a business relies on a distributor to sell its goods and the distributor gets fired, the business will need to come up with a new plan of action for interacting with its customers. Businesses may be at risk if middlemen are eliminated
since doing so might reduce both their client base and revenue. For example, if a business relies on a distributor to distribute its goods and that distributor suddenly terminates its relationship with the business, the business will need to find a new way to reach its customers. This may be difficult and expensive, and it may also result in the firm perhaps losing clients as a result of its efforts. 5. Discuss 3 trends and developments in retailing and wholesaling. Recent trends and developments in the retail and wholesale markets, for example, include the growth of internet shopping, the rise of omni-channel retailing, and the continuously rising demand for private label items. The development of e-commerce has been one of the biggest changes in recent years in the retailing and wholesale industries. Due to its convenience and simplicity of use, internet shopping is becoming more and more popular, which has contributed to this. The growth of omni-channel commerce has been one of the most noticeable trends in recent years. Businesses at this level provide clients a unified experience across all channels, which could include mobile devices, mobile websites, and physical storefronts. The growing acceptance of goods marketed under their own brand names is another trend that has gained momentum in recent years. Businesses in this industry produce their own branded goods, which are frequently thought to be of higher quality than cheaper alternatives.
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DOE, P. author By. (2021). Apple’s pricing strategy - global marketing professor. Retrieved from https://globalmarketingprofessor.com/apples-pricing-strategy/ IKEA marketing mix (IKEA 7Ps of marketing) - research- methodology. (2022). Retrieved from https://research- methodology.net/ikea-7ps-marketing/