Mini Sim 03 - Wk 3
.jpg
keyboard_arrow_up
School
Franklin University *
*We aren’t endorsed by this school
Course
721
Subject
Marketing
Date
Apr 3, 2024
Type
jpg
Pages
1
Uploaded by jdreynolds321 on coursehero.com
Decision Point: Overnight Bag Pricing Strategy Your next task is to recommend to the marketing team the pricing strategy for the overnight bag. The priority in the overnight bag decision is for the company's online store. Again, you seek more information from your marketing research team. They tell you that they learned from focus groups that the Carry Tu overnight bag is viewed very similarly to the Grazzi overnight bag. In fact, consumers felt that price could be the deciding factor in selecting Carry Tu over Grazzi. Which of the following pricing strategies would be best for selling the overnight bag online? Select an option from the choices below and click Submit. Promotional pricing: Reduce the regular price of the overnight bag for a short period of time to create buying excitement and gain market share. Captive-product pricing: Attract customers to the core product (the overnight bag) with a low price but charge higher prices for replacement parts or supplementary products. Dynamic pricing: Change the price of the overnight bag based on perceptions of how much a consumer is willing to pay for an item at a specific time, competitor pricing, and other variables. 0O Product bundle pricing: Charge a lower price for the purchase of an overnight bag/laptop bag "bundle" than if those items were purchased separately.
Discover more documents: Sign up today!
Unlock a world of knowledge! Explore tailored content for a richer learning experience. Here's what you'll get:
- Access to all documents
- Unlimited textbook solutions
- 24/7 expert homework help
Related Questions
Describe the first in, first out, last in, first out and average 4.7 cost methods of stores pricing.
arrow_forward
In the list of Attractive Price Strategies, what is the most appropriate strategy for a t-shirt brand? why? (support your answer with literature)
arrow_forward
The cost to produce the shake is relatively low, with total manufacturing costs running about $0.05 per ounce. Each shake is eight ounces. What pricing strategy do you recommend for this product?
arrow_forward
Determine the best strategy for pricing a new product, giving two reasons for your choice
arrow_forward
Retailers typically use two basic pricing strategies. Explain the advantages of the two pricing strategies and provide examples for each type. When setting prices, what are some important factors that retailers must consider?
arrow_forward
Discuss pricing
methods for selected 5 brands
and justify your selection of
method
arrow_forward
Which pricing objectives will you use for your product? Consider the product life cycle, competition, and product positioning for your target market during your discussion. PlayStation
arrow_forward
What are Jetblue pricing strategies? In what way it works in alignment with Jetblue competitive marketing strategy
arrow_forward
A study indicated that the optimal price for a consumer product is $32.45. Most products in the market sell for $29.99. What price would you suggest to retailers for selling the product and why?
A haute cuisine restaurant is opening down the street, and its owner asks you for advise on pricing. Should you suggest that the restaurant price an appetizer at $6.99 or $7, and why?
arrow_forward
What are the factors that influence cell phone mobile plan pricing?
arrow_forward
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.
arrow_forward
Review the various types of pricing strategies. Which of these is the most appropriate for PlayStation products?
arrow_forward
What then is the product’s pricing based on, if not costs?
Present the product’s pricing and what the pricing strategy should be for your company’s IT/digital product.
arrow_forward
What is meant by product-line pricing?
arrow_forward
Briefly list and explain the decisions required to design a full sales promotion program(eg: discount, contest, etc) for promoting the sales of Lux lotion in this upcoming winterusing the price adjustment strategies.
arrow_forward
A business has significant costs in the development stage of a new product prior to launch as well a high number of decommissioning costs at the end of the product’s life. Which method of costing would be most suited for the business to ensure that all of the costs associated with the product are considered in arriving at a pricing strategy to help achieve profitability over the product’s life?
A Activity based costing
B Target costing
C Marginal costing
D Total lifecycle costing
arrow_forward
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.
arrow_forward
List the general approaches to pricing. Select examples of products that you regularly use.
i. Notice the price of each of these items For each item,
ii. State the main benefits you are looking for in using the product.
iii. Does the price communicate the total benefits sought?
iv. Does the product’s price suggest good value?
v. Do you think the manufacturer or retailer is overcharging or undercharging consumers for the product?
arrow_forward
Explain how brand of a commonly purchased consumers packaged good, such as toilet tissue, could be skim-priced?
arrow_forward
what is IKEA pricing decisions?
arrow_forward
Discuss the three major pricing strategies in relation to Hammerpress. Which of these three do you think is the company’s core strategic strategy?
arrow_forward
developed a new weight-loss breakfast Shake that has proven to be successful in the test market phase. Users have experienced an average weight loss of two pounds per week. You hold a patent on the product. The cost to produce the shake is relatively low, with total manufacturing costs running about $0.05 per ounce. Each shake is eight ounces. What pricing strategy do you recommend for this product?
arrow_forward
Week after week, consumers shop for many of the same groceries. At some point, the product may be priced the same and look the same as before but with less in the package. If consumers are not made aware of the change, is this deception? Is this different from deceptive pricing? Explain.
arrow_forward
the challenge with using this pricing scheme is determining an accurate relationship between the price per unit and the quantity demanded.
a. market-based pricing
b. cost plus pricing
c. percentage of mark-up
d. target costing
arrow_forward
SEE MORE QUESTIONS
Recommended textbooks for you
Purchasing and Supply Chain Management
Operations Management
ISBN:9781285869681
Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:Cengage Learning
Related Questions
- Describe the first in, first out, last in, first out and average 4.7 cost methods of stores pricing.arrow_forwardIn the list of Attractive Price Strategies, what is the most appropriate strategy for a t-shirt brand? why? (support your answer with literature)arrow_forwardThe cost to produce the shake is relatively low, with total manufacturing costs running about $0.05 per ounce. Each shake is eight ounces. What pricing strategy do you recommend for this product?arrow_forward
- Determine the best strategy for pricing a new product, giving two reasons for your choicearrow_forwardRetailers typically use two basic pricing strategies. Explain the advantages of the two pricing strategies and provide examples for each type. When setting prices, what are some important factors that retailers must consider?arrow_forwardDiscuss pricing methods for selected 5 brands and justify your selection of methodarrow_forward
- Which pricing objectives will you use for your product? Consider the product life cycle, competition, and product positioning for your target market during your discussion. PlayStationarrow_forwardWhat are Jetblue pricing strategies? In what way it works in alignment with Jetblue competitive marketing strategyarrow_forwardA study indicated that the optimal price for a consumer product is $32.45. Most products in the market sell for $29.99. What price would you suggest to retailers for selling the product and why? A haute cuisine restaurant is opening down the street, and its owner asks you for advise on pricing. Should you suggest that the restaurant price an appetizer at $6.99 or $7, and why?arrow_forward
- What are the factors that influence cell phone mobile plan pricing?arrow_forwardDoes "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.arrow_forwardReview the various types of pricing strategies. Which of these is the most appropriate for PlayStation products?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Purchasing and Supply Chain ManagementOperations ManagementISBN:9781285869681Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. PattersonPublisher:Cengage Learning
Purchasing and Supply Chain Management
Operations Management
ISBN:9781285869681
Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:Cengage Learning