Reference no: EM131605251

Required Resources

Text Chapters

White, S. (2012). Principles of marketing [Electronic version]. Retrieved from https://ashford.content.edu

Chapter 5: The Marketing Mix: Price

In this chapter, we'll explore the role of price in the marketing mix. Key concepts:

What is "Price"

Buyer psychology

3 objectives of sales promotions

Challenges to setting price

In the featured case study, Price War in Mariachi Plaza, you will learn how price decreases as demand decreases (known as "elastic") and examine the pricing decisions a budding Mariachi band might face and how it can leverage the remaining marketing mix elements to differentiate itself.

Chapter 6: The Marketing Mix: Promotion

In this chapter, we'll explore the role of promotion in the marketing mix:

Analyzing the business portfolio

Growth opportunities and market-product strategies

Corporate and marketing department organization

In the featured case study, Barilla's "Summer of Italy," you will learn how a manufacturer of Italian food, Barilla, combined brand ambassadors, food bloggers, and local promotional activities to increase its market share in an American city.

DISCUSSION 1 : Pizza Pricing Strategies

This week you learned about the three core pricing strategies: penetration, neutral, and skim. Now we're going to examine those pricing strategies in action. Hope you're hungry, because you're going to be looking at a lot of pizza.

In this interactivity, you're going to briefly recap the three pricing strategies, use them to classify the major pizza chains based on exploring the online ordering process and then answer a few related questions. So let's dig in!

Guided Response:

Re-familiarize yourself with the three main pricing strategies

Review section 5.2 in the text as needed.

Research actual pizza pricing

Visit each site, identify your location and simulate an order.

Price out a medium cheese or pepperoni pizza.

Proceed to payment stage, observing the selling process.

Record your pizza choice and final price (minus tax).

Execute your purchase as you see fit.

Note: One brand doesn't offer online ordering. Poke around their website for an online menu or consult fastfoodmenuprices.com (Links to an external site.)Links to an external site..

Create a forum post that includes the following:

A brief description of the three pricing strategies (from least to most expensive).

Your research driven price strategy classifications of the five brands.

For any pricing strategy where you have multiple brands, rank them from least to most expensive.

Include the kind of pizza you priced out, your recorded prices and any other pertinent notes.

Your classifications may differ from others. That's okay.

Your answers to the following questions:

Did your perception of these chains' pricing strategies change based on this exercise? If so, how?

Based on this exercise, identify three factors that complicate price comparisons.

For you, which of these chains represents the greatest value and why? Explain how each of the Ps contributes to your answer.

Reply to and pitch your peers.

Price-value perceptions vary by individual. Respond to three of your peers, including one who selected a different chain as offering the best value. Customize your "pitch" to try to change their mind.

DISCUSSION 2 : IMC Campaign Stories

One Message, Many Media: Integrated Marketing Campaigns

In this interactivity, to examine integrated marketing in action, you're going to tell the Storify story of a particular campaign from your internship brand across multiple media.

We want to know what unifies the campaign and how the unique nature of each medium is being utilized (or underutilized if you feel so). And we want to hear if you think the campaign is effective or not and why.d then answer a few related questions. So let's dig in!.

Guided Response:

1. Check out our sample Twix campaign storify (Links to an external site.)Links to an external site.for inspiration.

Note: you only need to include three media in your Storify. We overachieved.

2. Identify a significant marketing campaign from your internship brand.

Find one that was supported across multiple media (e.g, TV, print, website, banner ads, etc.).

How to identify and research major marketing campaigns?

Search the web or major advertising publications (Adweek (Links to an external site.)Links to an external site. or AdAge (Links to an external site.)Links to an external site.) for articles about your brand's advertising campaigns.
Check your brand's Twitter feed for recurring ad messages.

3. Find campaign executions for at least three different media

Search for links you can include in your Storify story. Where? See our advertising creative finder (Links to an external site.)Links to an external site. for suggestions by media type.

4. Create a new storify story containing the following elements:

Title and subtitle

Headings for the three media you've found

For each medium, a brief description of how it is being used, focusing on what it can do that other media cannot.

A final paragraph summarizing what unifies the campaign and whether or not you think it's effective and why.

Reference our example and our Storify tutorial (Links to an external site.)Links to an external site. as needed

5. Post your Storify link to the forum below

6. Provide feedback to three of your peers

Do you agree with their assessment of the campaign's effectiveness? What previously unmentioned factors contribute to your assessment?

In our Twix example, this might relate to your feelings about chocolate, whether you found the ads funny or not, your past experiences with Twix, your reaction to specific imagery, other ads in the campaign, etc.