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AI Brainstorming- Core Strategy

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It is the( third )week of the AI Brainstorming Conference and the discussion turns toward Core Strategy. In five to six paragraphs:

State your core strategy (which includes the Value Proposition and Product Positioning).
Give advice to at least two other participants with regard to their core strategy. Does the strategy make sense? Do you understand it? Do you have suggestions for revision?

WEEK FOURTH IS BELOW

The AI Brainstorming Conference topic for this (fourth)week is pricing strategy (another element in the Marketing Mix). How do you set a price for your product or service? In five to six paragraphs:

Based on the strategies of the other three marketing mix elements, explain what pricing objectives you would consider.
Identify the pricing objective you ultimately will choose and explain why.
Give advice to at least two other participants with regard to their pricing decisions. Do they make sense? Would you make a different decision? Why or why not?

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AI Brainstorming- Core Strategy

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The price for our services, that is, financial advisory with respect to equity markets, commodity futures markets, mutual funds and insurance, etc. will be based on a combination of factors such as average prices prevalent in the industry, prices of competitors (large as well as small), service differentiation or value added services, etc.

Since we are trying to establish our brand name and enhance our presence in a competitive industry by identifying a new kind of service for a niche market, we will try to be as competitive as possible in the beginning to capture people's attention and induce them to become our customers. Since financial services is a business of relationship and most of our clients will not be price sensitive once relationship is established, it is easier to charge premium prices in the future but not at the present moment.

Ultimately, the pricing objective is to maximize long term revenue and profitability by increasing the market share in our niche market. With the typical nature of financial ...

Solution provided by:
Sandeep Bardia, MBA
Education
  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
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