1. What did you learn about pricing that you did not know? (any pricing that works with Starbucks Coffee Shop).
2. How do you plan to incorporate that pricing from question 1, incorporating the new knowledge about pricing into the 'Starbucks Coffee Shop Marketing Audit?
Please use a pricing term/model that works with the Starbucks Coffee Shop marketing audit. Explain thoroughly---using a few examples and at least one resource.
1, What did you learn about pricing that you did not know? (Any pricing that works with Starbucks Coffee Shop).
This question implies that you have already researched Starbuck's pricing or taken in class pricing strategies, and it is asking you to consider what you have learned. I am wondering what you have learned about pricing that you could apply to Starbucks Coffee Shop. There are several types of pricing strategies that could be used for a certain product or service.
For example, MarketingTeacher.com (2006) suggests several strategies such as: First is 'premium pricing' that uses high price and uniqueness within a product or service. Second is 'penetration pricing' wherein prices are artificially low in order to gain market share. Third is 'economy pricing' wherein the cost of marketing and manufacturing are both kept low. Fourth is 'price skimming' wherein there is high price for a substantial competitive advantage. Fifth is 'optional product pricing' wherein the initial goal is to increase customer through optional extras. Sixth is 'captive product pricing' wherein ...
This solution provides a detailed discussion and examples of pricing strategies and which one fits best for the Starbucks Coffee Shop. It also explores how to apply this pricing strategy and the relationship with the Starbucks Coffee Shop Marketing Audit.