Please read the chapter-opening case “The Price of Free College” on page 381 and answer the following questions: What kind of marketing changes if any, are likely to change expensive cost to attend 4-year college degree programs? Any target marketing that you would suggest? What do think about the UC Regents or Cal-State Universities tuition pricing system? Do you have better pricing strategy you can recommend?
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1. Please read the chapter-opening case “The Price of Free College” on page 381 and answer the following questions: What kind of marketing changes if any, are likely to change expensive cost to attend 4-year college degree programs? Any target marketing that you would suggest? What do think about the UC Regents or Cal-State Universities tuition pricing system? Do you have better pricing strategy you can recommend?
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- Imagine you are the product manager for Neutrogena’s sun protection product line and your team developed a new type of sunscreen. Which two B2B pricing tactics would you use to promote it? Why?What are the advantages of everyday low prices (EDLPs)?Toy'r'us Discuss buyer reactions to pricing strategies employed in the toy retailing industry. How can you explain this reactions?
- One of the easiest places to see the impact of the Internet on marketing is by looking at its effect on pricing decisions and consumer's perceptions of prices. Since its inception, the World Wide Web (WWW) has developed the reputation as being the place to shop to get the lowest prices. Why has this reputation developed? Why might it be possible to charge lower prices online? Are products really cheaper? To answer this last question, choose two products and find them for sale online (books, CD's, and software work very well). Calculate the total price that would be charged to your credit card, then go to a "brick and mortar" retailer and find prices for the same product there. Make your comparisons. Where is the cheapest place to buy the products that you have selected? What costs go into determining which place you buy your product? Are there any non-financial costs to shopping online? To off-line shopping?What is psychological pricing, and how is it used by sellers? Give an example.Given that there is a serious disadvantage to cost-based pricing, how would you account for its widespread use in retailing and other businesses?
- 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.What is algorithmic pricing?Why might penetration pricing potentially negatively impact brand image and product positioning in the long run? Given this risk, why would a marketing manager use penetration pricing? Identify a brand that you believe is engaged in penetration pricing.
- What are some ways that a company's marketing mix might give it a competitive edge? How can a company benefit from a well-executed marketing strategy? Why is it necessary to acknowledge the significance of the marketing mix in the formulation of marketing strategies? For the entrepreneur, which pricing scheme makes the most sense? Explain your answer. What are the most important considerations to keep in mind when choosing a location? Can I use what I've learned here when I start my own business in the future? In the event that you were granted the opportunity to start your own business, what would you sell and where would you sell it? What marketing strategies do you have in mind?Why might penetration pricing potentially negatively impact brandimage and product positioning in the long run? Given this risk, whywould a marketing manager use penetration pricing?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?