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Pricing Strategy and Market Planning

I need help with these responses in 200 words at least. Thank you.

Select a product or service and then select three different organizations that provide this product or service. Now compare the prices associated with your selected product or service between these organizations. What is the difference between the prices? What pricing strategy do you think each organization is using and why? What do you believe is the reason for the difference in prices and pricing strategies?

Why is planning important in marketing? What are the essential components of a marketing plan? If you joined a company that did not believe in planning how would you convince management that the marketing department should develop formal marketing plans?

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In the paper, I have selected a product of the automobile industry, i.e. 'a car' to explain the pricing strategy. The three automobile companies that I have selected are Ford Motors (USA), General Motors (USA) and Toyota Motor Corporation (Japan). Ford Motor Company is an American multinational corporation and based on the worldwide vehicle sales, it is the world's third largest automaker. General Motors (GM) was formed in 1908, in Flint, Michigan. According to the global industry sales, GM is the world's largest automaker. Toyota Motor Corporation is a multinational corporation with its headquarters in Japan. It was founded in 1937 by Kiichiro Toyota.

Pricing in the companies

All the three companies have different prices for their product though they produce the same product. Ford manufactures luxury cars so it has high prices and General Motors manufactures cars for all sections of the society so it has different prices for different cars it produces. Toyota usually manufactures cars that can be used for long distances, i.e. for traveling to far away places, so it has a price which varies between the luxury cars and the cars used by common people (Hunter, 2008).

Pricing strategies in the companies

The pricing strategy of Ford Motors is one price for all. Ford's strategy was based on the concept of reducing production costs to continuously gain market share. General Motors wanted to exceed Ford and become ...

Solution Summary

The product selected is a car, specifically selected by Ford Motors, General Motors and Toyota Motors. In the beginning, the companies are introduced, then the pricing strategies of each company are described in detail. Then the concept of market planning and its importance is discussed, as well as how each company can use the components of a marketing plan effectively. The response addresses the queries posted in 819 Words, with APA references.