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Pricing Strategy and Consumer Behavior

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Questions

1.Which pricing strategies should not be pursued by companies? Why? Give a contemporary real life example of each of these pricing strategies.

2.What is meant by "reservation prices"? Which complex relationships need to be considered when pricing is viewed from this perspective?

3.What is a penetration price policy? What is a skimming price policy? Give a contemporary real life example of both policies.

4.Give the four types of consumer costs and explain.

5.What is the most common objective of pricing? Why?

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1. Which pricing strategies should not be pursued by companies? Why? Give a contemporary real life example of each of these pricing strategies.

Some of the pricing strategies should not be pursued by companies because they are considered illegal or because they are perceived as unfair by customers. They can also seriously affect the long-term performance of a firm. These strategies are:

1. Price fixing: Conspiring with competitors to fix prices (e.g. cartel).
2. Deceptive pricing: These are the pricing practices that mislead consumers (e.g. marketing items with a fictitious price, crossing this price out and then putting on the normal price as though it were a bargain).
3. Predatory pricing: Setting prices low to drive ...

Solution Summary

Pricing Strategy and Consumer Behaviors are noted.

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See Also This Related BrainMass Solution

Create a marketing strategy that focuses on consumer behavior

You are asked to choose a consumer product or service about which you either know something or on which you can find good research. You may use either a product/service with which you are actively involved in your business or one from another business.

You are to create a thorough, tightly focused Marketing Strategy that focuses on consumer behavior for either a product or a service. Develop a tightly focused, strategically-oriented paper. I will be seeking your depth and breadth of your findings and arguments that communicate via your logical, business-oriented writing that you are a thinking, educated, marketer.

As you create your paper, please NUMBER each section so that I can easily determine on which one of the seven (7) sections you are writing. You want to demonstrate in-depth critical thinking, provide examples, and support your assertions with legitimate scholarly resources. Use APA citations each and any time that you have referenced scholarly content. Demonstrate scholarly research that utilizes respected resources that identify the subject-matter-expert by name.

NOTE: No more than 25-30% of your Course Project should come from external sources. Although this is a research paper, I am more interested in learning YOUR perspectives, based on your analysis. After all, this is a paper that YOU are writing. All assignments are submitted to Turnitin.com to ensure originality of work. Thus at least 70%+ of your paper's content comes from your fingertips and demonstrates your synthesis of content reviewed, your critical analysis, critical thinking, and application of key concepts that you have learned from our MM578 textbook. Papers that are a collection of cobbled-together snippets from other websites will not earn a passing grade and when minimal adult learner synthesis and minimal original content is apparent.

Your Course Project asks you to utilize the following seven topics as headings for clarity, as well as subtopics as subheadings. Please clearly label each Heading and Subheading in your paper.

Headings and Subheadings

Additional Instructions

1: Market Analysis
Company
Customers
Competitors
Conditions

Market Analysis
(continued) Utilize concepts from your MM522 Marketing Management course and Chapter ONE of our MM578 Consumer Behavior etext book to complete this section.
Describe your Company and your Customers. Who are your Competitors with which you do (or will do) battle? Describe the market Conditions in which you find your product/service being marketed

2: Market Segmentation
Segmentation Criteria
Segments
Attractiveness Analysis
Target Market Use culture, demographics, and the other external influences, as well as self-concept and lifestyle information to accomplish this.

3: Product Positioning Put this in the form of a 'statement'

4: Impact on the Consumer
Perception
Learning and Memory
Motivation, Personality, and Emotion
Consumer Attitude Assessment
Self-Concept and Lifestyle Assessment
Your ability to provide detailed insights on this topic will call for you to demonstrate mastery of content from Chapters 8 through 12.
Reflect on each of these five topics and discuss how each may have an impact on your target market's decision-making process.
How does your marketing strategy demonstrate application of your strategy to each?

5: Consumer Decision Process
This is where you apply Chapters 13 through 18.
Discuss the process by which consumers will come to a conclusion to include your product/service in their evoked set.

6: Marketing Mix
Product
Place
Promotion
Price
Service

Marketing Mix
(continued) This is where all of your conceptual discussion comes true in the marketplace. What does your product look like? Where are you selling it? How are you communicating with your consumers? What price signals are you sending? How do you service the customer through the decision process and post purchase?

7: Market Plan Assessment
Competitor Response
Anticipated Results and Contingencies
Forecast the future. You finally get to recommend a 'go' or 'no go' decision.

What will your competition likely do when you enter the market with your product?
What will likely happen when you enter the market insofar as your target market's receptivity to your product/service offering?
What is it that you have done via your marketing strategy that suggests the likelihood of success based on Consumer Behavior considerations?
What could possibly occur and for which you have not planned, thus resulting in contingencies?

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