Reference no: EM131267463
Demonstrate how the product life cycle, competition, distribution and promotion strategies, guaranteed price matching, customer demands, the Internet, and perceptions of quality can affect price. The price of a product normally changes as it moves through the life cycle and as demand for the product and competitive conditions change. Management often sets a high price at the introductory stage, and the high price tends to attract competition. The competition usually drives prices down because individual competitors lower prices to gain market share. Adequate distribution for a new product can sometimes be obtained by offering a larger-than-usual profit margin to wholesalers and retailers.
The Internet enables consumers to compare products and prices quickly and efficiently. Price is also used as a promotional tool to attract customers. Special low prices often attract new customers and entice existing customers to buy more. Price matching positions the retailer as a low price vendor. Firms that don't match prices are perceived as offering a higher level of service. Large buyers can extract price concessions from vendors. Such demands can squeeze the profit margins of suppliers. Perceptions of quality can also influence pricing strategies. A firm trying to project a prestigious image often charges a premium price for a product. Consumers tend to equate high prices with high quality.
1. Divide the class into teams of five. Each team will be assigned a different grocery store from a different chain. (An independent is fine.) Appoint a group leader. The group leaders should meet as a group and pick 15 nationally branded grocery items. Each item should be specifically described as to brand name and size of the package. Each team will then proceed to its assigned store and collect price data on the 15 items. The team should also gather price data on 15 similar store brands and 15 generics, if possible. Each team should present its results to the class and discuss why there are price variations between stores, national brands, store brands, and generics.
2. As a next step, go back to your assigned store and share the overall results with the store manager. Bring back the manager's comments and share them with the class.
3. Go to Priceline.com. Can you research a ticket's price before purchasing it? What products and services are available for purchasing? How comfortable are you with naming your own price? Relate the supply and demand curves to customer-determined pricing.
Compare the direction of current and past trends
: Trends in Communications and Networking. Please respond to the following: Compare the direction of current and past trends in both communication and networking and explain how these changes have impacted business.
|
Describe cost oriented pricing strategies
: Describe cost-oriented pricing strategies.- Why is it important for managers to understand the concept of break-even points? Are there any drawbacks?
|
Define mainframes computers
: Take a position on the following statement, "Mainframe computers are still needed even though personal computers and workstations have increased in capabilities." Defend your position by providing at least one example to support your position.
|
Explain the issue from both points of view
: Explain the issue from both points of view. Summarize the positions taken on the issue in both articles. Describe and evaluate the support, warrants, and backing in both. Identify any fallacies and describe how the authors use rebuttal.
|
What products and services are available for purchasing
: Can you research a ticket's price before purchasing it? - What products and services are available for purchasing?
|
Determine the probability of error for binary orthogonal
: Determine the probability of error for binary orthogonal signaling with Lth-order diversity over a Rayleigh fading channel. The PDFs of the two decision variables are given by Equations 13.4-31 and 13.4-32.
|
Planning for a security policy
: The policies that organizations put in place are similar to laws in that they are directives for how to act properly. Like laws, policies should be impartial and fair and are often founded on ethical and moral belief systems of the people who crea..
|
What vlans should devices in the ip subnet be in
: What VLAN(s) should devices in the IP subnet be in? What type of route adds the subnet to the routing table of a Cisco device when the ip address command is issued on an interface with a state of Up/Up?
|
Write lyrics of song across the universe
: Write lyrics of song "Across The Universe" and its story of inspiration by director John Lennon.
|