A former co-worker now represents a company
Not what you're looking for?
A former co-worker now represents a company that manufactures a new type of laboratory-made gemstone, called ZC, which is similar to, but better than, cubic zirconia. These gemstones are used in rings, pendant type necklaces, bracelets and pins which your firm designs. While they have begun to sell their ZC jewelry to selected stores, they have just received an invitation to sell their ZC products on one of the largest television home-shopping networks in the United States with the potential, if the products sell well, for an airing on the network's European show. Your friend's company must now determine the best pricing method for their products in this environment.
The television program has given them complete control over how your products will be priced.
Your former co-worker brings this challenge to your marketing networking association. meeting.
Individual Work: Each group member should select one or more of seven pricing methods (listed below) to evaluate and determine the advantages and disadvantages of his or her chosen strategy for this special marketing situation
I NEED TO DO ANOTHER FORM OF PRICING AND I CHOOSE VALUE-PRICING (EDLP)
Purchase this Solution
Solution Summary
The response addresses the queries posted in 718 Words, APA References
Solution Preview
The response addresses the queries posted in 718 Words, APA References
Pricing Methods
The pricing of the product is not an easy task. Pricing is the biggest challenge that the marketers face. There is a formula set to find out the best price for the product or service. The position of the product plays an important role in price determination. The traditional approach is to follow the 'cost plus' pricing method in which all the expenses are added up and the profit amount is included to determine the final price. But this approach is suitable to only few of the industries. If the value is provided to the customers, they should be charged maximum which helps the company to make high profits.
A marketer should bear in mind the following factors before adopting a price strategy -the demand for the product/service in the market, customer's perception, how much margin is adequate to sustain in the market, the image of the company in the market, the expenditure incurred for producing the goods and finally the intensity of competition. Sometimes, marketers fell that they have not set the right price which is due to several reasons. One of the most important is that prices are dependant ...
Education
- MBA (IP), International Center for Internationa Business
- BBA, University of Rajasthan
Recent Feedback
- "Thank You so much! "
- "Always provide great help, I highly recommend Mr. Sharma over others, thanks again. "
- "great job. I will need another help from you. "
- "first class!"
- "Thank you for your great notes. Will you be willing to help me with one more assignment? "
Purchase this Solution
Free BrainMass Quizzes
Organizational Leadership Quiz
This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.
Basics of corporate finance
These questions will test you on your knowledge of finance.
Marketing Management Philosophies Quiz
A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.
Transformational Leadership
This quiz covers the topic of transformational leadership. Specifically, this quiz covers the theories proposed by James MacGregor Burns and Bernard Bass. Students familiar with transformational leadership should easily be able to answer the questions detailed below.
Accounting: Statement of Cash flows
This quiz tests your knowledge of the components of the statements of cash flows and the methods used to determine cash flows.