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Trident Symposium International’s (TSI) focus for this week is pricing strategy: a component of the marketing mix. Consider the Target Market, Competition, Core Strategy, and Communications & Promotions when making a decision on how pricing will be determined.
WEEK 1 DISCUSSION POST
- Provide a brief introduction of the company with which you are working.
- Discuss what pricing objectives you would consider for your product/service.
- Identify the pricing objective and strategy you will ultimately choose and explain why.
This post should be 3 paragraphs in length (300 words). Since you are engaging in research, be sure to cite and reference the source(s) in APA format.
WEEK 1 INTERACTIVE RESPONSES TO CLASSMATES
1st Interactive Response:
- Select one student’s pricing decision post. Is it supported by solid rationale? Would you make a different decision?
2nd Interactive Response:
- Select another student’s pricing decision post. Is it supported by solid rationale? Would you make a different decision?
Each reply should be one paragraph in length (or about 75 words) and must be substantive in nature. Do not simply say “I agree” or “That is great.” Specify why and be detailed in your explanation. You may use research in your responses, but it is not required.
Not all benefits or costs can be quantified in dollars. A product’s aesthetic appeal, extra technical support, and reputation are harder to quantify in economic terms, yet they can have a profound impact on customer perceptions of value.
Contains unread posts
posted Feb 19, 2019 4:38 PM
There are several different types of price objectives to consider when we begin to develop marketing strategies for gluten-free gift baskets. This is an important issue to deal with when it comes to gluten-free products because, in general, specialty health products are more expensive to manufacture and will have a higher COGS to get to the consumer. One type of pricing is competitor based pricing. This is the idea that you base prices on comparisons to what other companies that sell the same product as you are selling. This doesn’t mean you match their prices, but that the strategy for choosing pricing is related to their prices; whether that means you price higher than their products or lower, the foundation for your pricing is a comparative to theirs (Gartenstein, 2019). Competitor based marketing is not likely the best strategy for our product since there is so little true competitors and the comparisons would not be apples to apples. Market penetration pricing is likely the best strategy for gluten-free gift baskets. Working to provide the lowest possible price early on so that there is an opportunity to draw in new customers and then slowly increasing the price after they have gained an appreciation for the product (Gartenstein, 2019). This would work well for our product because it will be so important to get customers to try our product line. Skimming pricing strategies work well for companies that can bring a product to the table with a foundational reputation and charge the top dollar while the product is innovative (Gartenstein, 2019). This is not likely to work well for our product; we are not Apple.
Gartenstein, D. (2019, January 31st) Four Types of Pricing Objectives. Chron. Retrieved on February 19th, 2019 from:
Contains unread posts
posted Feb 18, 2019 7:40 AM
The demands and the pressure of the current economy have made it difficult for individuals to go through their lives as they desired to. One of the factors that has proved challenging for the present generation for example is the fact that some of them do not find adequate time for them to nurture relationships that can result in deep friendships and marriages. The established service firm will therefore be offering dating and matchmaking services to their clients. Interested parties will be expected to pay for a membership fee. Once the membership fee has been paid, the firm will proceed and identify a suitable partner for the client, before organizing events where the two can meet and interact in order to determine whether they can make something out of their friendship (Smith, 2012).
One advantage that the dating firm will have over other players in the market is that in as much as technological platforms offer dating services where people do not understand the personality of their partners, the firm will provide its clients with an opportunity for face to face interaction. To make sure that it penetrates the market and that it remains competitive, the firm should make sure that its clients get value for their money. I hold the view that the firm should embrace price skimming. Price skimming is advantageous given that it will ensure that the firm maximizes its returns at the introductory phase before lowering prices steadily in order to accommodate the services that are offered by their competitors. Another advantage of this approach is that the reduction of prices will ensure that the firm attracts a considerable share of the market. Over and above, it is imperative for the firm to make sure that its clients get a unique experience, as that is the only way through which they will be able to develop into a reputable brand.
Smith, T. J. (2012). Pricing strategy: Setting price levels, managing price discounts, & establishing price structures. Mason: South-Western Cengage Learning.
Module 4 – Background
PRICING & MARKETING PLAN IMPLEMENTATION
“5 Marketing KPIs You Cannot Measure but Should Care About” – Nicole Rodrigues