Compare the menu prices of two fast-food restaurants and two fine-dining restaurants. Identify the similarities and differences in pricing between the two fastfood menus. Identify the similarities and differences in pricing between the two finedining menus. Can you find examples of product/price bundling, price-led promotions and prestige pricing?
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Compare the menu prices of two fast-food restaurants and two fine-dining restaurants. Identify the similarities and differences in pricing between the two fastfood menus. Identify the similarities and differences in pricing between the two finedining menus. Can you find examples of product/price bundling, price-led promotions and prestige pricing?
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- Discuss why a restaurant chain might employ a discount menu as a pricing option.Describe how a firm might use menu-based pricing to restore profitability to a high-cost-to-serve customer who demands extensive service and customized support.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.
- Penetration pricing and price skimming are marketing strategies commonly implemented when companies launch new products or services. Both approaches have worked for businesses, but you have to understand how your price relates to your overall marketing and promotions strategies. Penetration pricing relies on a low upfront price to attract customers, while skimming is the use of high upfront prices to maximize short-term profits from the most eager and interested customers. Compare and contrast market skimming and market penetration pricing with the help of above definitions. Discuss how companies adjust their prices to take into account different types of customers and situations?Elaborate on 4 different pricing strategies that companies can utilize? Explain when would each of them be they most appropriate for use? Discuss the 2 main pricing strategies utilized for a new product?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?
- Your management has requested you to suggest different types of food retailers for new retail investment. Based on any THREE (3) different types of food retailers of your choice, evaluate their characteristics in reference to (1) the size of stores, (2) the variety and assortment of the merchandise, and (3) the pricing method.1 What are some examples of bundle pricing? 2 What are some other examples of promotional pricing? 3 How does promotional pricing contribute to a business’s overall marketing strategy? Please number your responses for each question (1, 2, and 3)Which pricing strategy (or maybe a combination of strategies) is best for your product/service? Why? How did you come to this conclusion? What price will you offer your product(s) or service for exactly? Will you use any promotional strategies?
- What is the main reason for establishing pricing objectives? a. to give direction for price movements over the product life cycle b. to define the initial pricec. to establish a good understanding of the market and the needs of the consumerd. to interact with the other elements of the marketing mixBriefly explain, and provide an example of, the four types of markets companies must consider for pricing decisions. Are these markets relevant for all types of products?Effective application of marketing mix is an effective tool in making the product reach the awareness to the prospective customers, set competitive price, identify key people, right presentation and, most importantly in generating sales, for any business organization. The marketing mix My marketing mix will consist of the following: Price: Product: Promotion: Place: People: Packaging: Positioning: