Nike running shoes in competitive environment

Assignment Help Marketing Management

Reference no: EM134015092

Question

Kindly provide a business presentation on possible pricing strategies for Nike running shoes in a competitive environment:

In forming the presentation, please take into consideration the below factors which are very important and give rationale

1. Cost Analysis: Marketers must understand the costs associated with producing, distributing, and marketing the product.
2. Market Demand: Understanding the price sensitivity of customers and their willingness to pay helps in determining the optimal price point
3. Value Perception: The price should align with the perceived value of the product in the eyes of customers.
4. Competitive Landscape: Pricing strategies can involve pricing at a premium to convey exclusivity, pricing at a par with competitors, or pricing at a discount to gain market share.
5. Pricing Objectives: Pricing objectives can include maximizing profit, increasing market share, maximizing revenue, achieving a specific ROI, or penetrating a new market.
6. Pricing Strategies: Can include cost-based pricing (adding a markup to cover costs and profit), value-based pricing (setting prices based on the perceived value to customers), competitive-based pricing (matching or undercutting competitor prices), or dynamic pricing (adjusting prices based on demand, time, or customer segments).
7. Discounts and Promotions: Marketers may also consider offering discounts, promotional pricing, or bundling strategies to incentivize customers and create a sense of urgency to purchase.
8. Introduction phase: skim, penetrate, cost-plus
9. Growth phase: gradually reduce prices as competitors enter market
10. Maturity: Offer different version of product at different prices
11. Decline: leave prices low, focus on lowering costs
Potential Pricing Objectives

Please select three pricing objectives , state rationale for each and share info

? Maximize profits
? Maximize unit sales
? Discourage market entry by competitors
? Create perception of brand quality or exclusiveness
? Create store traffic by slashing price of staple item
? Encourage trial purchases

Reference no: EM134015092

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