Range of options at different prices

Assignment Help Marketing Management
Reference no: EM131321061

Step 1 Identify a product line that has a range of options at different prices

An product line means that one company will sell related products using a single brand name. Good examples include hair care products, automobiles, iPods, smartphones, laptops, and the like.

Select a product line that offers different products, such as basic, intermediate and "expert" versions, at different price points. Your selected product line should have at least three products in the line but no more than six products.

As an example, the 2015 Ford Taurus is a product line with four products -- the SE, SEL, Limited, and SHO. Each of these four products has a manufacturer's suggested retail price:  

  • SE: $24,688
  • SEL: $26,906
  • Limited: $31,394
  • SHO: $40,220

Source: Tom Wood Dealer Inventory, Indianapolis Indiana. Obtained MSRP excluding destination, options & incentives on October 23, 2015 at http://www.inventory.ford.com (Links to an external site.) .

(Because the Taurus has been provided as an example, choose another product line for your memo. If you have an interest in Ford automobiles, then simply choose a different model that otherwise meets the requirements.)

Step 2 Summarize the product line's pricing in a table. 

Create a table which describes the current product line, including the features & benefits of each product, as well as the manufacturer's suggested retail price (MSRP). For product features, focus on features which distinguish the products in the line, rather than features which the product line shares.

Use this template for your table, or a close facsimile.

Step 3 Prepare a 1-2 page memo for the Chief Marketing Officer (CMO).

After creating your table, put yourself in the role of a newly hired marketer at the manufacturer. Imagine that one of your first tasks is to review the product line pricing and to recommend a change to the pricing strategy.

Include the following in your memo:  

Product Line Review. 

  • Are there gaps or redundancies in the product line? Describe the presence (or, absence) of gaps or redundancies. 
  • What are the risks and benefits of making a change to the existing product line? 

Pricing Review. 

  • Is the current pricing sound for this product line? Why or why not?
  • Provide sufficient elaboration & justification so that your analysis is clear to anyone who might read your memo. 

Recommendation.

  • Should the product line pricing be changed? Why?
  • What might the company gain and lose by your recommendation? Elaborate.

Use these three elements to structure your memo appropriately. Include the table of products and prices, and append it to your memo (i.e., the table comes after your memo). Include an additional page for reference materials consulted after the table. Examples of things you might reference include company websites, press releases, or retail store prices; any formatting style (e.g., APA, MLA, Chicago, etc) will be OK for this assignment, provided you are consistent and use a commonly accepted style. Not sure? Use APA.

As a form of business communication, use an appropriate format and style. For instance, limited use of headers, bullet points, and/or images can be highly effective & is encouraged. Consider your audience (the CMO) when crafting your memo. Go to the link under "Deliverables" for more information about creating a memo.

Reference no: EM131321061

Describe challenge that harley davidson is presently facing

In your own words, describe the challenge that Harley Davidson is presently facing, as described in the WSJ article. What beliefs and attitudes do you think young consumers wh

Independent southeast asian agent

A customer executive from Southeast Asia will visit your HQ facility and meet with your executive team. Your independent Southeast Asian agent requests that you reimburse th

Benefit an organization by increasing its sales

Discussion do you think that this brand promotion technique can benefit an organization by increasing its sales or hitting competitive brands may leave a negative impression

Evaluate the effectiveness of the advertisement you selected

Select a newspaper or magazine advertisement that attempts (a) to provide the consumer with a decision strategy to follow in making a purchase decision or (b) to reduce the

Advantages and disadvantages about bureaucratic model

What are some of the advantages and disadvantages about Bureaucratic Model? Would this type of organizational business model be a great work environment for you? Why or Why no

Steps in price planning for raffles hotel

Raffles Hotel Singapore 1. Write definition of pricing (with 20 referencing) - at least 8 pages a) What is price (explain in price) b) Explain the steps in price planning fo

Develop an initial budget for your plan

Prepare a pie chart showing the dollars/percentages budgeted for each included marketing activity for the first year. Provide justification for your choices. Explain the evalu

What solutions would you recommend to the board and why

Michelle, Elena, and the Mobile Manufacturing, Inc. (MM) board of directors know how important it is to understand the environment in which it is operating. What solutions w

Reviews

Write a Review

 
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd