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1.1. Give FIVE (5) examples of the following:
1.1.1. Fixed marketing costs
1.1.2. Variable marketing costs
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- 1. As an entrepreneur, one of the most significant and strategic decisions you will ever make during the life cycle of your new venture will be one of selecting your pricing approach and setting your initial price. Few decisions have such wide-ranging implications for the success of the venture, especially as this decision directly impacts every area of the business, such as customer acquisition, the break-even point, and profitability. Research several newly emerging start-ups that are focused on product-based offerings for the consumer sector that you find interesting. Select one and in a two-page paper using the principles from the text, identify, assess, outline, and analyze the totality of the pricing models, pricing strategies, and pricing decisions. Also include whether you agree with each and be sure to explain your answer (if you do not agree, indicate what changes would you make).For ENTR550, Entrepreneurial Marketing at Keller School of ManagementAPA format, include…2. What do you think are the advantages and disadvantages of discounts in the following: a. Buyers b. Sellers c. Competitive MarketE3 1. Think of a product that you ought to sell as an entrepreneur/ businessman in the future. Describe the product.2. How much price do you ought to charge on your product?3. What are your reasons for your price? Justify the price of your product based on the input cost, value of the product and customer perception.
- 1. Suppose you are an entrepreneurial company engaged in the manufacture of smart phones. What pricing strategy would you adapt that you believe would best serve your objective? Explain. 2. What department/unit in an enterprise (ex. operations, finance etc.) is the most difficult to manage? Support your claim.5 Notice in the marketing simulation with regard to cost of production, as the number produced (sold) increases the cost per unit decreases at an increasing rate. What is not a factor? economies of scale experience/learning curve volume discounts selective distribution Sales 7 Determining whether you use a rebate falls under what marketing strategy decision? Price Product Place Promotion Price and promotion 9 Everyone wants more for less. A lower price for the same goods is a powerful magnet for customers. What is the concern? It is counter to market penetration strategy Company value Support niche marketing Is not valuable to all consumers All are correct All are incorrect 11Selecting the number of sales personnel for training and therefore available for services falls under what marketing strategy decision? Price Product Place None are correct 15When your desired consumer compares features such as costs and benefits of your laptop, it represents which marketing concept? positioning…How do price increases caused by environmental factors (recession or inflation) affect marketing strategy? How does price affect your view of a product’s quality, brand, or benefits? (300 words)
- Which of the following is an advantage of a company following a focused strategy? Companies following the focused differentiation strategy can charge very high prices. Damaging attacks never comes from larger firms. The companies are protected from the damaging attacks of smaller firms that adopt an even narrower focus. Companies following the focused differentiation strategy never have their growth stymied irrespective of the fact that they serve a niche market. The niche that is an area of operation of one company cannot be made to disappear or be taken over by larger competitors.Q 1. How do marketers classify products? Q 2. How can companies combine products to create strong co-brands or ingredient brands? Q 3. How can companies use packaging, labelling, warranties, and guarantees as marketing tools?Please invent an imaginary company producing a good or a service, located in whatever place and having whatever name. You should treat the aspects given in the following table: Table of Contents Introduction - The Company and its Environment (the name of the author) The Company and its Customers (The Buyers) (the name of the author) The Company and its Products (the name of the author) Price (the name of the author) Distribution (the name of the author) Promotion (the name of the author) Social Media Marketing (the name of the author) Conclusions I want an expert to give me some ideas of an imaginary companies to inspire from.
- Q 1. Describe the four characteristics of services that marketers must consider when designing marketing programs. How do the services offered by a doctor’s office differ from those offered by a bank?Only typing answer 3. IKEA has been apractitioner of value pricing (i.e., win loyal customers by charging a fairly low price for a high-quality offering). Visit the IKEA website. Does the website enhance the firm’s ability to continue with value pricing? Is value pricing just a matter of simply lowering prices? Describe viable target markets for IKEA. Has IKEA changed the way people shop for furniture? Explain1. What are the five competitive forces? Explain them in 2-3 sentences. 2. How can a retailer remove the threats of new entrants? Give 3 ways and explain them by giving examples 3. What do we mean when the retailer is a PRICE TAKER?