If you were planning on creating an online financial brokerage service, how would you approach creating a pricing strategy with consideration to marginal cost, demand, the elasticity of demand, no of competitors, no. of substitutes, prices of similar products on the market etc.
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Customary Pricing
There are various types of pricing strategies followed in the market. They are psychological pricing, odd pricing, free onboard pricing, customary pricing, prestige pricing, dual pricing, ruling pricing, negotiated pricing, mark up pricing, etc. each one can be explained as follows:
Multiple Unit Pricing
“Multiple-unit pricing is a practice where a company offers consumers a lower than unit price if a specified number of units are purchased.”
If you were planning on creating an online financial brokerage service, how would you approach creating a pricing strategy with consideration to marginal cost, demand, the elasticity of demand, no of competitors, no. of substitutes, prices of similar products on the market etc.
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- Suppose you have been asked by a food company to design an experiment that examines consumers’ purchase intentions toward their product (i.e., cereals), as a result of their recent pricing strategies (i.e., low price, high price) and product quality (i.e., organic offerings, nonorganic offerings) strategies. Basically, they would like to know the best combination of product quality offering and pricing strategy that yields the highest levels of consumers’ purchase intentions. How would this experiment look like? When working on this assignment, you should consider the following: Subjects: The experiment participants should be customers who consume significant breakfast cereals and are diverse in terms of income group, age group and work type. Experimental conditions: Independent variables – quality (categorical), price Dependent variable – Propensity to pay Effects: The main effect shall be impact of independent variables on propensity to pay such as how much affect does quality or…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?What profit-based pricing approach should a manager use if he or she wants to renect the percentage of the firm"s resources used in obtaining the profit?
- 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.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…You are in the process of planning a hypothetical airline flight from New York to St. Louis. Visit the websites of three differentairlines and compare prices for this trip. Try travel dates that include a Saturday night layover and those that do not. Try dates lessthan seven days away, and compare, those prices with flights that are more than twenty-one days out. How do you explain thesimilarities and differences you see in these prices?
- Assume you are the finance officer of a private school; due to pandemic the revenues are declining. However, you suspect that raising tuition might not be a good decision. What internal and external pricing factors should you consider before deciding? Support your answer with an exampleDescribe the basic market forces that are relevant to pricing and decision-making for companies. Include the following: What information would you want to have in order to make sound pricing decisions? With financial information, there is often some level of uncertainty and estimation. How would you explain any risk or uncertainty about information to senior management? How would you suggest monitoring and responding to competitors' pricing actions?Consider the advertisement for a gutter cleaning service shown below. What is the external reference price in this ad? According to the course material, an advertisement could attempt to frame a price as a single loss, as two losses, as a gain and a loss, or as a gain foregone. Which one of those framings is this advertisement attempting to accomplish? Explain your reasoning. If your internal reference price for gutter cleaning service was $125, how would you perceive this advertised price of the company’s gutter cleaning service? Would you perceive it as a single loss, as two losses, as a gain and a loss, or as a gain foregone? Explain your reasoning.
- Value-based pricing is the reverse process of Select one: O a. good-value pricing b. cost-based pricing c. cost-plus pricing d. variable cost pricingreview the topic below and include the concept, a description of the concept, and what about the concept you understand and what it is about the concept that is confusing to you. -The advantages of marginal analysis and how to use it for price setting.Describe information that consumers may perceive from price. For example, some consumers think that if an item has a high price, then it will probably be better than its competitors. That may or may not be true.